If you’re looking for a new credit card, you may have come across the American Airlines Credit Card from Barclay. But before you jump in, there are a few things you need to know about this card. In this article, we’ll cover five important points you should consider before deciding if this card is right for you.
1. No grace period
One thing you should know is that Barclay does not offer a grace period for payments. Unlike other credit card companies that usually give you a few days after the due date to make your payment, Barclay requires you to pay by the exact due date. Even if you pay one day late, you may have to pay late fees and interest. It is important to stay on top of your payments to avoid these fees.
2. No overpayments
Barclay also has a policy that prohibits overpayments. This means that if you make a purchase with your Barclay credit card, you cannot pay for it the same day. You must wait for the purchase to be validated before you can make a payment. This can be inconvenient if you want to pay your balances immediately.
3. Strict credit limits
When applying for a Barclay credit card, be prepared for potentially lower credit limits than other issuers. Barclay is known for being strict when it comes to credit limits, especially for new applicants. Don’t be surprised if your limit is lower than expected. However, you can always request an increase in your credit limit later.
4. Thoroughly Investigate Credit Limit Increases
If you decide to request a credit limit increase from Barclay, please be aware that they will perform a hard credit inquiry on your TransUnion credit report. This can temporarily lower your credit score. Some other credit card issuers may offer flexible credit requests for credit limit increases, which do not impact your credit score. So if you’re concerned about difficult inquiries, you may want to consider other options.
5. The 6/24 rule
Finally, Barclay has its own version of a credit card approval rule. It’s called the 6/24 rule, meaning if you’ve gotten six or more credit cards in the last 24 months, your application with Barclay will likely be declined. This can be a deal breaker for people who like to apply for multiple cards in a short period of time.
In summary, the Barclay American Airlines credit card has its pros and cons. While it may offer benefits to some people, such as authorized users and those who prefer cashback rewards, it is important to consider the disadvantages mentioned above. If any of these points are deal-breakers for you, it may be best to explore other credit card options. Remember to always do your research and choose a card that fits your financial goals and preferences.
Until next time, happy money growing!
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