Does Barclays Have Credit Cards For Bad Credit?

Posted on March 22, 2012 by Amy in Bad Credit, Credit Card Tips

Barclaycard may be one of the biggest credit card issuers in the UK, but that does not mean it will be the best option for people with bad credit.

Anyone with a low credit rating quickly realises that it makes getting approved for a credit card more difficult.

Simply put, this factor creates a higher lending risk for issuers and often leads to application rejections and limited credit options.

There is a wide range of reasons poor or bad credit, including limited credit history, past or current debts and bankruptcy.

But regardless of the reason for bad credit, if you are looking for a credit card from Barclays, there is only one that caters for below average credit scores – the Initial credit card.

As the name suggests, this card is designed as for people new to credit, but anyone can apply. The Barclays website actually states this card is designed for people who meet any of the following conditions:

  • No credit history
  • No previous bankruptcy declarations
  • No County Court Judgments or Individual Voluntary Arrangements (in the last five years); and
  • No current Barclaycard

There is also a minimum income requirement of £10,000 and you must have lived at your current address for three months prior to applying, but basically if you meet these conditions there is a good chance your application will be approved.

Who Should Get The Initial Barclaycard?

While this card is designed for first-time cardholders, if you have never been bankrupt and have no court judgements then it may be worth applying.

But the other thing to consider about this card is what kind of features it provides.

The APR is one of the most important factors, particularly for people worried about ending up in credit card debt. In this case there could be good cause to pay balances in full every month, as the representative APR is 29.99%.

A secured credit card or a card designed specifically for rebuilding credit, like the Granite card, could end up giving you a better chance of building up a score that will help reduce the APR.

Once you have a higher credit rating, you can then consider other Barclays credit cards that offer a lot more advantages than the basic Initial card.

While some people think Barclays is the ideal credit card issuer, there are not many options for people dealing with bad credit,

But considering the Initial and comparing it to other options will help you make the best decision for you and your credit rating.