2017 Review & Ranking: Snag a Good Rewards Card with Poor Credit (Indigo® vs Barclaycard vs Credit One Cards)
If a credit card doesn’t come with rewards, is it even a credit card? Many consumers searching for a new credit card think this way, but there is a whole sector of consumers who are not in the most ideal place for a rewards card.
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Their credit score has put them in a position where they feel lucky just to be approved for any credit card, let alone a credit card with a rewards program.
This comparison of the Credit One Platinum Visa, the Credit One Bank® Unsecured Visa® Card, and the Indigo® Platinum MasterCard will allow you to take a quick peek at some of the rewards cards on the market for less than average credit.
Comparison Review List
The list below is sorted alphabetically (click any of the credit card names below to go directly to the detailed review section):
- Barclaycard CashForward™ MasterCard®
- Credit One Bank® Platinum Visa
- Credit One Bank® Unsecured Visa® Card
- Indigo® Platinum MasterCard
High Level Comparison Table
Barclaycard CashForward™ MasterCard
14.99%, 19.99%, or 24.99%
Credit One Bank® Platinum Visa
15.65% – 24.15%
$0 – $99
Credit One Bank® Unsecured Visa®
15.65% – 24.15%
$0 – $99
Indigo® Platinum MasterCard®
Table: The above list is sorted alphabetically
Barclaycard CashForward™ World MasterCard Review
The Barclaycard CashForward™ World MasterCard® is a cash back credit card offered by Barclay Bank. The Barclay World MasterCard® provides an opportunity for customers to use their card for everyday purchases while also earning some needed cash. This review will provide the key features and details about the Barclaycard World MasterCard so that consumers can make an informed decision about whether this card is suited for their needs.
Barclaycard CashForward™ World MasterCard® Rates and Fees
The Barclay World MasterCard® comes with a variable APR of 14.99%, 19.99%, or 24.99% for regular purchases. The exact APR you receive for your Barclaycard World MasterCard depends on your creditworthiness, which the bank will determine based on your credit score.
If you wish to carry out a balance transfer to your Barclaycard CashForward™ MasterCard, you’re in luck. The Barclay World MasterCard comes with an introductory balance transfer APR of 0% for the first fifteen months.
This means that if you have high interest credit card debt on another card, you can pay off that balance using your Barclaycard World MasterCard®, and then work on paying down your debt for fifteen months without worrying about any interest.
The only stipulation is that the balance transfer to your Barclaycard CashForward™ MasterCard® must be made within 45 days of opening your Barclay World MasterCard® account. After the fifteen months (or if you have not made a balance transfer within 45 days), the balance transfer APR on your Barclaycard World MasterCard® is 14.99%, 19.99%, or 24.99%, depending on your creditworthiness.
Cash advances from your Barclaycard CashForward™ MasterCard® come with an APR of 25.49%.
There is a balance transfer fee with the Barclay World MasterCard, however, even if you use the introductory balance transfer APR promotion. Any balance transfers to your Barclaycard World MasterCard are charged a balance transfer fee of 3% of each balance transfer ($5 minimum).
Cash advances on a Barclay World MasterCard® come with a cash advance fee of 5% of each cash advance ($10 minimum).
There is no annual fee for the Barclaycard CashForward™ MasterCard®. The foreign transaction fee for purchases made abroad using your Barclay World MasterCard® is 3%.
Barclaycard CashForward™ MasterCard® Rewards Program
The Barclaycard CashForward™ MasterCard® comes with unlimited rewards of 1.5% on all purchases. Whether you’re getting some much needed retail therapy or grabbing some food on your way home from work, your Barclay World MasterCard® is working as hard as you are.
You are even rewarded for redeeming your Barclaycard CashForward™ MasterCard® cash back points. You get a 5% cash rewards redemption bonus when you redeem your Barclay World MasterCard points. Redemptions start at $50, and you can have your Barclaycard World MasterCard cash back deposited into your bank account, provided as a statement credit, or awarded in the form of gift cards.
Additional Perks and Features of the Barclaycard CashForward™ MasterCard®
The Barclaycard CashForward™ MasterCard® comes with the kind of security that is expected from any consumer credit card. Customers have 0% liability for any unauthorized purchases made using their Barclay World MasterCard®. The Barclaycard World MasterCard® also comes with the chip technology that makes point-of-sale purchases faster and easier.
The Barclaycard CashForward™ MasterCard® account also comes with free access to your FICO credit score, a fantastic resource considering it costs money to retrieve that valuable number. Barclay Word MasterCard® customers can keep tabs on their creditworthiness and see if their lifestyle habits are improving or ruining their credit.
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Credit One Bank® Platinum Visa Review
The Credit One Bank® Platinum Visa from Credit One Bank is another credit card option for those who wish to build their credit. You can find out if you prequalify for the Credit One Bank credit card without your credit score being affected by the inquiry.
Image Source: Credit One Bank® Platinum Visa
Credit One Bank® Platinum Visa Rates and Fees
When considering a card for poor credit like the Credit One Bank® Platinum Visa, you have to recognize that there are likely higher fees. There is no intro APR rate for regular purchases or balance transfer. The APR on the Credit One Bank credit card is a variable rate of 15.65% to 24.15% — so if you do have good credit, you can benefit, and if you have poor credit, you still have a chance to acquire the Credit One Platinum Visa at a rate closer to 24.15%.
The Credit One Bank Visa comes with an annual fee of $0 to $99.
An important detail to note in this Credit One Platinum Visa review is that this card is very forgiving of its applicants. Credit One Visa reviews the applications with people who are even at the credit score deemed by FICO as poor. While this will definitely affect the Credit One Bank credit card APR you’re eligible for, if you want a Credit One Bank® Platinum Visa, your application won’t be dismissed out of hand.
Another great part about the Credit One Bank® Platinum Visa is that it is a totally unsecured credit card. Customers with poor or no credit looking for a card like the Credit One Platinum Visa are often forced to settle for a secured card and provide a security deposit. In the case of the Credit One Bank Visa, customers get the flexibility of an unsecured card with the accessibility of the Visa brand.
Credit One Bank® Platinum Visa Rewards, Perks, and Features
While the Credit One Bank Visa does not pack as many comprehensive rewards as other cards, there is still some earning power to be had when you make purchases using your Credit One Platinum Visa. The Credit One Bank credit card earns cash back on gas and groceries only.
In a sense, this is the ideal rewards situation for a card like this. If you are applying for the Credit One Bank® Platinum Visa because you want to build up a good credit history, then you likely want to practice good spending habits while using your card. If you get a Credit One Platinum Visa and then find yourself buying everything under the sun simply to earn a fraction of the cost in cash back, then your “credit building strategy” is counterproductive.
The fact that the Credit One Bank Visa rewards are only earned when you buy gas or groceries means that rewards are only incurred while making necessary purchases. (Although it’s important to note in this Credit One Platinum Visa review that you should try to cut back on all expenses when you are rebuilding your credit score so that you can pay down existing debt.)
Credit One Bank® Unsecured Visa Card Review
If you are worried that you may be unable to curb your spending habits while using a credit card and fear falling into additional debt, perhaps consider getting a secured card. An unsecured card may be a bit to handle at first if you are completely uncertain about your ability to commit to a decent spending schedule.
There is another type of card offered by Credit One Bank with similar features: the Credit One Bank® Unsecured Visa Card. The interest is the same interest rate and features as the Credit One Platinum Visa (a variable APR of 15.65% to 24.15%).
What Customers Have to Say About the Credit One Bank® Unsecured Visa Card
There are multiple Credit One Bank card reviews online. A Credit One Platinum Visa review written by consumers can be more helpful than simply reviewing the information that the Credit One Bank credit card company has made available on their website.
Credit One Bank card reviews point out how helpful the Credit One Bank® Unsecured Visa card is for people wanting to build up their credit. One customer wrote:
“It was easy to apply. It keeps you updated with your credit score and easy to maintain love this card.”
The aggregate of all the Credit One Bank Card reviews on Credit Karma amounts to a Credit One Visa reviews score of 3.2 out of 5 stars.
Studying reviews like the Credit One Visa reviews can be helpful for making a well-rounded decision about the credit products you choose. Credit One in general can be exceptionally helpful for getting yourself back on your feet financially if you use the card responsibly.
Indigo® Platinum MasterCard® Review
Indigo offers a number of credit cards that can help customers either build or rebuild their credit. The Indigo® Platinum MasterCard® is one such product that offers rewards and credit building for credit card customers.
Indigo® Platinum MasterCard® is great for individuals with less than perfect credit who are looking for a second chance with a decent credit card. The Indigo credit card helps people climb their way out of the “need credit to get credit” hole, which is a frustrating situation to be in.
Image Source: Indigo® Platinum MasterCard®
In order to build credit, you need to demonstrate that you can responsibly use credit products, but in order to get credit products, you need to have decent credit — something that’s difficult to do if you have bad or zero credit. The Indigo Bank credit card helps people in this situation.
The Indigo Bank credit card comes with a quick pre-qualification process. The Indigo® Platinum MasterCard® is friendly to those with less than perfect credit. And the process to check if you qualify for the Indigo credit card does not affect your credit score, so there is nothing to lose from applying.
Indigo® Platinum MasterCard® Rates and Fees
Cards like the Indigo credit card are great for people looking for a second chance to rebuild their credit. At the same time, it is important for you to look closely at the rates and fees on cards like the Indigo bank credit card. Credit cards for people with poor credit often come with higher than normal interest rates to offset the risks associated with lending to people with a less than good credit score.
The APR for regular purchases on your Indigo credit card is 23.9%. If you wish to receive a cash advance from your Indigo® Platinum MasterCard®, the APR is 29.9%. In addition to the APR of 29.9%, cash advances incur a 5% charge of the total amount being advanced or $5, whichever is greater (upper limit is $100).
For the most part, if you are using your Indigo bank credit card to build up your credit, you should do your best to avoid carrying a balance — let alone taking out cash advances. Try charging only items you have budgeted for to your Indigo® Platinum MasterCard® so that you can pay your balance off in full at the end of every month.
It’s also important to look out for any hidden fees that may not be explicitly mentioned. The Indigo® Platinum MasterCard® does not have an annual fee; however, the terms of the card note that there may be set-up fees that are charged to your card from the jump. There is also a fee of $25 if you wish to add an authorized user to your Indigo credit card.
There are also penalty fees that come with the Indigo® Platinum MasterCard® for things like late payments, overlimits, and returned payments. All three of those occurrences on your Indigo credit card result in a $37 penalty fee.
The Indigo® Platinum MasterCard® can be great for someone who is looking to build their credit from scratch (students, young people) or rebuild their credit (those with a poor credit history). But to do so, you will need to use your Indigo credit card responsibly.
Conclusion – Second Chances and Rewards Programs
Just because you have poor credit doesn’t mean you’re condemned to years of sub-par credit cards. While you may be required to pay higher than usual interest rates on cards like the Barclaycard CashForward™ MasterCard® or the Indigo® Platinum MasterCard®, you can still build back your credit with a great card and earn a few cash back points at the same time.
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