If your credit rating is not as good as it could be, but is not too bad overall, then the Barclaycard Gold credit card could suit you and help you strengthen your credit rating.
You generally need to have a good credit rating to obtain the best credit card deals, such as with the Nationwide credit card, however if your credit score is average and prevents you from these offers, then you might want to consider such as the Barclaycard Gold credit card.
It has been designed for those with an average credit rating, but you must not have been declared bankrupt and not had any County Court Judgments (CCJs) or Individual Voluntary Arrangements (IVAs) registered against you in the past 5 years. The idea is that if your application is successful and you use this credit card responsibly, then you will gradually improve your credit rating.
As the interest rate is 19.9% representative APR (variable), which isn’t too bad given that those without good credit ratings will be considered, Barclaycard do impose a number of strict requirements when considering an application for this Gold card.
For example, you must not have missed any payments on a credit card or loan over the last twelve months, you must not have more than two credit cards (including this Gold one from Barclaycard) and you must receive a regular minimum income of £17,500 and be aged 21 or over.
Although the requirements do sound strict, if you are in a situation where your credit score does need improvement, but is not too bad, you should hopefully succeed with your application.
If you do, not only will you benefit from a reasonable interest rate, but you can also receive a 0% balance transfer period until May 2012, although there is a 2.5% handling fee for this.
There are other benefits, too, such as earning rewards with the Barclaycard Freedom scheme, receiving identity theft prevention measures and ongoing fraud monitoring which looks for unusual spending patterns.
So overall what do we think about the Barclaycard Gold credit card?
Well, it does not have the most competitive interest rates and there are quite a few requirements about the nature of your credit history, however it is all about building up your credit rating again, and at 19.9% representative APR, it sounds like something worthwhile to consider.
You can find out more or apply for this credit card on the Barclaycard website.