Cancelling Barclaycard Rewards

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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RockyIV
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Postby RockyIV » Mon Jan 19, 2015 11:25 pm

Barclay won't do a PC right?


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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Jan 20, 2015 12:02 am

They allow some changes, but a lot of people who want to PC to Sallie Mae are given a flat 'no'.

I was approved with a TU 731. I got a Platinum (not World) Sallie Mae with a $4,500 CL and 22.99% APR. Those are just about the worst terms you can get on the card (though it's still a great card, don't get me wrong). A lot of people get denied, though.

I had ten months of history when I applied. A big CL isn't really needed with the card, since card comes with the $250/$250/$750 bonus caps.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
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Letting new accounts cool off since May
Really not sure what I'll add next or when

popamode72
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Postby popamode72 » Tue Jan 20, 2015 12:18 am

I've seen people who have had stuff like Barclay Apple Rewards for 16 months with scores in the 660s and even a bankruptcy on their report who have gotten approved for the Sallie Mae card so it seems like having some prior history with Barclays can possibly make a difference too.
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lobbythis
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Postby lobbythis » Tue Jan 20, 2015 2:46 am

CarefulBuilder14 wrote:
I had ten months of history when I applied. A big CL isn't really needed with the card, since card comes with the $250/$250/$750 bonus caps.


Exactly. I always thought this card was geared towards low income students and the reward limits are incredibly low. I'll never understand the hype of this card nor why it's difficult to get. I'm surprised it's even offered in anything other than a Platinum.

RockyIV
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Postby RockyIV » Tue Jan 20, 2015 6:21 pm

You can get $150 in savings a year on gas and groceries + $450 on books. If Amazon is considered a book store, are non-book purchases also eligible for the 5% cashback? If that's the case, I think I'll apply for it pretty soon.

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PlyrStar93
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Postby PlyrStar93 » Tue Jan 20, 2015 6:38 pm

RockyIV wrote:If Amazon is considered a book store, are non-book purchases also eligible for the 5% cashback?

Yes, goods sold by Amazon and third parties will be categorized as bookstore in most cases. In rare cases you may see the category being "computer/network services", but usually it is "bookstore".

Digital contents do not count towards bookstore and will not earn 5%. You can still earn 5% on these by purchasing gift cards and use them to buy digital contents.
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RockyIV
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Postby RockyIV » Tue Jan 20, 2015 7:06 pm

PlyrStar93 wrote:Yes, goods sold by Amazon and third parties will be categorized as bookstore in most cases. In rare cases you may see the category being "computer/network services", but usually it is "bookstore".

Digital contents do not count towards bookstore and will not earn 5%. You can still earn 5% on these by purchasing gift cards and use them to buy digital contents.


Wow, you even get 5% off on gift cards?! That's one heck of a deal!

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PlyrStar93
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Postby PlyrStar93 » Tue Jan 20, 2015 7:15 pm

RockyIV wrote:Wow, you even get 5% off on gift cards?! That's one heck of a deal!

Yes, buy gift cards at Amazon as it's categorized as book store in most cases (not from a pharmacy/department store/USPS store - though you still get 5% by buying GC for Amazon and others at grocery store/gas station, with a lower monthly cap). They use the merchant category code to determine if the purchase is qualified for bonus category, not the exact item you bought.
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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Jan 21, 2015 3:08 pm

lobbythis wrote:Exactly. I always thought this card was geared towards low income students and the reward limits are incredibly low. I'll never understand the hype of this card nor why it's difficult to get. I'm surprised it's even offered in anything other than a Platinum.


It's not a well-known card outside of the credit geek world, so I think it's fair to assume that a lot of people who have the Sallie Mae have a bunch of other cards. Most of them are probably going to have a card that gives something better than 1% cash back on off-category purchases. That means the Sallie Mae won't be used often in situations where it only earns 1%.

Probably 90%-95% of my spending on the card has been on a 5% cash back category. And if even a small share of customers are like me, then it must be hard for Barclaycard to make money when they are paying out so much cash on a small revenue base. I don't know how many Sallie Mae cardholders pay interest, but if most people PIF, then Barclaycard would need very high credit standards.

The reward limits are low, I absolutely agree. But with no annual fee, and a customer base consisting of a bunch of credit geeks who generally spend within the caps, Barclaycard's margins must be tiny.

You don't really have average credit card customers (non-geeks) getting Sallie Maes the way they go Freedoms and QuickSilvers. Barclaycard doesn't advertise the card on their website, either, so I think my assessment of the customer base is reasonable.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when



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