Profile: Barclaycard CashForward MasterCard

The BarclayCard CashForward MasterCard promises an “instant decision” on your credit card application, and if that decision is a thumbs-up, you’ve been approved for a very nice cash back credit card. However, be aware that a good rewards card usually requires you to have at least decent credit, so if your history is poor, this one is probably not for you.

But if you qualify, the CashForward MasterCard has a very competitive cash back formula of 1.5% back on every purchase with the card. You can redeem your cash into a bank account or take it as a statement credit or as gift cards — but you must reach $50 in rebates before you can get your hands on that money.

The CashForward card offers another unique feature that actually lets you bump your rebate a little past the 1.5% mark. Every time you redeem your reward, Barclaycard gives you a redemption bonus of 5% of the amount redeemed. This bonus serves as a new beginning toward your next reward. For example, if you hit $50 in rewards and redeem that reward, Barclaycard puts $2.50 into your account to get you started toward the next $50.

There is an upfront bonus you’ll want to know about, too. If you spend at least $500 with the card in the first 90 days of having it, you’ll get a $100 reward added to your account.

As far as the card’s interest rate, those with excellent credit can get an interest rate as low as 15.24%. If your credit history is good but not great, you could be approved at a 20.24% or even 25.24% interest rate, neither of which is very good at all. Don’t get this card for the rebate unless you’re going to pay it off each month and avoid those nasty interest charges.

Other instant approval categories: Credit Cards You Can Use Today, Store Credit Cards, Rewards Credit Cards