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DON鈥橳 Get a Barclays Credit Card UNLESS You Can HANDLE These 5 Things - YouTube
Channel: Money Growth Project
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what's up money growers jacob back here
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with another video coming you guys today
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to talk about barclays credit cards all
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right this is a subject that uh some of
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you i know are big barclays fans some of
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you i know or not some of you are kind
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of on the fence with barclays i do have
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a credit card with barclays if you guys
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have been following this channel for a
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little while you guys have seen my card
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i've seen some videos i've done about my
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card with barclays and that kind of
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thing so i'm going to be talking about
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that today and you know reasons that
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if you can't handle some of these things
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with barclays and you probably should
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not get a credit card from them that's
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we're gonna be talking about today so
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guys go ahead and subscribe the channel
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if you haven't done so yet go ahead and
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smack that like button because you guys
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have been helping this channel grow in a
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major major way you guys are like the
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ogs of this channel you know i'm not
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even at 10 000 subscribers yet
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but the growth has been good the growth
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has been good i'm liking it i'm enjoying
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it and i'm happy to do what i can to
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share with you guys things i've learned
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some of these things like actually one
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of these we're going to be talking about
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in this video uh is a lesson that i
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learned the hard way so you know
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sometimes i you're going to make
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mistakes in life you're gonna make
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mistakes with finances you're gonna make
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mistakes with credit and sometimes maybe
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something that uh you thought was gonna
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be a certain way was not you know you
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make the mistake oh well it happens and
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you move on so i like to share you know
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things on here that both go well for me
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and hey things that don't always go well
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for me so um it happens right it happens
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to all of us so let's go ahead and talk
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about this today when it comes to
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barclays so barclays
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originally is from the uk so i think
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they're uh i think aren't they giving
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credit i think for being like the first
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like can they invent the atm or
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something like that i don't know they've
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been around for a long time but they do
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have uh obviously they do have
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operations here in the u.s i am in las
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vegas nevada for those of you who didn't
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know so if you live here in america yes
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you can get a barclays credit card even
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though they originally found it across
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the pond so talking about barclays and
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their cards now uh one of the things
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i'll tell you guys that
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we're gonna have five things we talk
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about here if you don't um this is a
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surprise to me okay i learned this one
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the hard way so we're gonna talk about
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the first scenario that i learned the
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hard way and that is they give zero and
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i mean
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zero grace period when it comes to that
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time between you like when you're um
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billing like when your payment is due
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for your credit card and when your
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billing cycle ends you know there's
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often times like that three-day window
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so say uh your payment is due like on
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the eighth of the month but your
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statement doesn't actually close until
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the 11th so you have the eighth is when
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it's due but you have the 9th 10th and
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11th before that statement actually
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closes so oftentimes like say with chase
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it's maybe federal um i think with
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american express too uh you know say you
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do you pay on the eighth and the payment
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doesn't go through until the ninth or
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the tenth as long as it clears and you
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know post by the 11th like you're good
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to go with barclays no
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i did a video on this and with barclays
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that's a big hell no they don't do that
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at all they give you no grace period so
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when your payment is due on the 8th it's
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due on the 8th if it if you pay on the
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8th and it's not in time and doesn't
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post until the ninth yeah you're gonna
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get hit with a late fee you're gonna get
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with the late fee you're gonna get hit
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um with some interest you have to pay so
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they're gonna hit you with that late
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penalty and some interest now you can
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call them
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that's what i did uh i called and i said
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hey um you know i pay this on the eighth
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i know it cleared on the ninth do they
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not give any grace period on this or you
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know they don't honor that like three
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day window ladies no she's like they
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don't uh but she has a new customer so
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she said um you know i was a new
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customer so she goes okay well look i
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can wave the fee for you and waive the
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interest uh for you on this i said oh
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thank you and i appreciate that so if
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that does happen give them a call that's
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why i say a lot of times the stuff
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doesn't go your way whether you get
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denied on a credit card or maybe you
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said you get a late payment or something
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like that um you know maybe you just
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forgot to pay right whatever happens you
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know things happen in life just call
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them and see say hey is you know can we
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work something out is there they give me
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any kind of leeway on this right
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sometimes they will so it doesn't hurt
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to call them and ask and see what can be
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done
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now
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this actually factors into um
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the second point i'm going to talk about
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here with barclays and i learned this
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one and because i learned this one it
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helped me learn the first the the first
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point i just talked about
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where you cannot
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pay on the card uh you can't overpay on
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the card okay so you can't pay on a
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pending transaction with barclays so you
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make a purchase you cannot pay the same
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day they won't let you do that so some
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people i know you like to pay something
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on your credit card go home and then
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right away you just pay it off you go
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home get on your app or get on the
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laptop and you just pay it off right
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away barclays does not allow that so
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basically unless you have like automatic
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payments set up
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then you know you just have to remember
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on your own to go ahead and pay that uh
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bill later so you know the purchase must
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post it has to post before you can pay
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on it so that was something because my
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first made that purchase with barclays i
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wanted to pay it that same day like i
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made the purchase and bam i tried to pay
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it but i couldn't and then um down the
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road i was i was like okay i know my due
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date's coming here soon um paid it on
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the due date but it didn't clear in time
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so i was like i hit with the penalty and
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the interest and they waived it for me
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but you cannot pay ahead on the card you
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can't overpay you have to wait for the
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purchase to post so if a pen uh
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transaction is pending you just have to
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wait you have to wait for it to post
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which i think is i don't i don't know if
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too many other credit card companies who
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do that i don't see the big benefit uh
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in barclays for doing that um other than
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i guess if you have a situation like
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mine where you do get hit with a late
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fee because you forgot about it or
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whatever the case was and then you know
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you wind up paying that fee but i know
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it doesn't seem like if that is their
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strategy doesn't seem like a great
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business strategy to me so those are
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just my two cents on it
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now the third thing with barclays you
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also want to know
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is they are strict on the limits they
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give out i found this out when i applied
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for the card and i got approved for my
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card with them i applied um for one of
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their aarp cards even though i'm
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not anywhere close to being aarp
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eligible because it was one of the i
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think it was their only card they have
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two aarp cards and they were the only
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ones i think that had any kind of cash
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back signup bonus everything else was
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with you know like um like frontier
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airlines or with uh like cruise
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companies and stuff like that so you
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would get like uh flyer miles and that
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kind of thing and i really prefer to get
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cash back uh with my signup bonuses so
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that's why i wouldn't got that card now
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at the time when i applied for it um
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let's see my
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i mean i had what an 8400 limit on my uh
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chase car one of my chase cards i had
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ten thousand dollar limit on my uh
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or an 8 900 limit on my american express
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personal card at 10 000 limit on my
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american express business card a 15 000
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limit on my
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navy federal
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flagship card so i'm thinking like okay
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i'm gonna get probably a pretty decent
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limit here and they approved me for two
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thousand dollars
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that was it two thousand which hey if
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you're starting off you know i'll take
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the card right two thousand two thousand
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because i got the card so i got the
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approval got the card um you know you
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could always try to get an increase
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later but i mean
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when i got my first credit card in years
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because i cut my old cards up did the
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whole dave ramsey thing uh when i got my
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first credit card in like four or five
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years i mean even that was a three
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thousand
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or four thousand i think three thousand
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dollar limit on that and since then i'd
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you know continue to get cards with with
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higher limits for the most part so when
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barclays approved me for two thousand
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dollars i was kind of surprised uh to
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see like a re like a lower limit the
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lowest limit i've ever been approved for
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maybe ever because even the first two
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cards i had 10 years ago or whatever it
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was uh
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both of those i think had higher limits
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than 2000 so i was just kind of
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surprised to see that then when i did
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the video on it several of you commented
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said yeah barclays is known for giving
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out low limits in the beginning you know
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they're known for being strict with that
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and that kind of thing now that's going
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to bring me to the fourth point with
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barclays
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same thing that a lot of you comment in
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the comments section as well saying that
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they're strict on credit limit increases
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because if you initiate a credit limit
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increase with them it's going to be a
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hard pull and they do hard pull on
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transunion when you apply for the card
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so when you apply for the card initially
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they are going to hard pull you on
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transunion and if you ever um
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apply for a credit limit increase
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they're going to hard pull you i believe
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just on transunion again but nonetheless
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they're strict with the limit when you
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first start and then if you want any
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increases from there they're going to
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hit you with another hard inquiry so for
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a lot of people they look at them like
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okay why would i go with barclays for
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that when i could just go with like navy
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federal who you know i asked them for a
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um
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credit limit increase and if i do it on
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the app or do it online there's a really
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good chance it's going to be a soft pull
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so another thing that barclays does that
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you know if you don't like that then it
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may be best you don't get a card with
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them
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now that brings you to the fifth and
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final thing we're going to talk about
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with barclays is they are increase
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sensitive okay
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i didn't really know this um
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until pretty recently because you hear
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so much about chase's 524 rule and that
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kind of thing and barclays you know
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they're popular and lots of people have
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their cards but i don't think they're as
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popular as like you know chase or
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american express or something like that
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so
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almost everyone who's you know familiar
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with credit cards know that chase has
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their 524 rule or if you've been
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approved for uh five cards or more in
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the last 24 months you apply for car
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with chase there's a really really good
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chance they're going to deny you it's
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not like 100 but there's a really good
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chance they are going to deny you
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barclays has the 624 rule so it's like
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same same concept except instead of five
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approvals in 24 months it's now six
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approvals and with barclays it was my
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sixth card in 24 months now i did speak
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to one of the um
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phone reps he did say yeah i said once
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you get around that six seven like uh
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eight credit cards and that area says
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yeah they do get more strict with the
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approval so i guess it looked like i was
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right on the edge like right on the
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border of what they would approve so you
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know if you are going to be strategizing
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to get credit cards a lot of people like
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to try to strategize to get chase cards
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first because the 524 and some also like
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to strategize to get barclays as well
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because of the 624. so if you're in that
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um
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you know if you're looking for to get
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another credit card understand barclays
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is going to be inquiry sensitive they're
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going to be strict about it so you know
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barclays for with a lot of people
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they're popular
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i think they're really popular for um
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authorized users if you want to do that
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kind of thing with them so i mean
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there's definitely benefits to it lots
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of people do like their cards but there
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are some things that when you look at it
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you know the things i talked about this
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video if some of these things really
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don't appeal to you or they're a deal
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breaker that's probably better off that
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you just you know exercise options
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somewhere else so if there's anything i
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missed please tell me about it down
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below other than i do want to say thank
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you guys for watching thanks for being
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so awesome and until next time keep
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growing your money
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