Via Reddit, Barclay is set to launch a new cashback credit card called the CashForward. As you’ll see at the link below, this card is currently available by invitation only.
Here are the main details of the card:
- Earns unlimited 1.5% cashback
- Gets 5% cash redemption bonus toward your next redemption (total cashback is close to 1.6% after the bonus)
- No annual fee
- The card is a World Mastercard like the no-annual-fee version of the Arrival card – NOT like the Arrival Plus which is a World Elite Mastercard
- 3% foreign transaction fee
- Minimum redemption of $50
- Free FICO score
Some people are getting mailed invitations to apply for the card. As noted, it’s not yet publicly available yet. It’s possible that they are testing out some of the above details and the public launch will be slightly different.
The signup bonus that is being reported is $100 after spending $500 within 90 days. Update: Another report is of a $200 bonus.
Overall, the card doesn’t sound like something too exciting. It seems likely that this card is meant to replace the Sallie Mae card which is no longer available for signup and they may be targeting the card to that demographic.
View Comments (14)
pay back the signup bonus*
delete this group, computer glitched and didn't mark it as 'reply' from the above
Any idea how long I have to have the account open before closing it to not have to pay it back??
Thanks!
pay back the signup bonus*
I received a letter saying I was denied approval for one of these cards. It had my address but the name was Loshondra Stanko
I am not Loshondra and I did not apply for this card!!!
I would like to know who did.
Luckily it was denied.
Thank you for that.
It would be a lot better if they got rid of the minimum redemption amount of $50, like Capital One Quicksilver and Discover It. I got a bonus offer of $200 for $500 in purchases over 90 days (and having 18 months with 0% APR)...that $200 makes it worth at least applying, but it wouldn't really be my card of choice for anything after that first 90 days (again, unless they get rid of the minimums for the cashback redemption).
And the no AF 2% cards STILL best this card. Yawn.
I think this is the rewards rate Barclay wished Sallie Mae users racked up- ~10-20% of spend would be gas, groceries and books, 80-90% would be general spend- giving total rewarda in the sub 2% ballpark, not totally unreasonable for a hip college grad. Unfortunately they didn't think people would be so cunning as to split spending across cards.
Yawn.
What happened to the Sallier Mae card. Great Card for amazon/grocery purchases
Why not just get the Citi Double card? 2% cash back for everything.....
Eh. It's like a worse version of the Capital One Quicksilver. Has foreign transaction fees, a $50 redemption minimum, and no 20% uber discount. The only thing it has going for it is the 5% bonus and who even cares at that point.