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Barclays iTunes Rewards Visa – Worth Listening to?

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Barclays Bank has joined with Apple to produce the Barclays iTunes Rewards Visa. For those familiar with Apple products and most especially iTunes, the card may produce some excitement, but is it really worth ‘listening’ to? This is not the credit card that’s used only for downloading your favorite songs or albums, but a full-fledged Visa credit card that offers all the perks of Visa credit cards do. We’ll offer a brief overview of the Barclay’s iTunes Rewards Visa so that you can decide for yourself.

Barclays iTunes Rewards Visa Basics

Barclays iTunes Rewards Visa is offering interest-free financing on new card accounts if you pay your balance in full within a certain time frame, depending on the amount of purchases you’ve placed on the card following your use of the card in 30 days. For example, you won’t pay any interest if your balance is paid in full within 6, 12, and 18 months, but there are stipulations. You’re offered no interest if you pay off a balance of less than $499 within six months or a balance of between $499 and $1,998 paid in full within 12 months. If your balance is $1,999 or over, you’ll get 18 months to enjoy this interest-free offer.

Basically, the amount of purchases you make for qualifying purchases – meaning Apple stores – will determine which promotional period you’ll enjoy. Apple only bills your account when the product or merchandise you have purchased or ordered online or over the phone is available and has been shipped. Barclays Bank monitors the account and keeps track of the amount of dollars you spent at your Apple store within the first 30 days of your account opening, and that amount determines which promotional deferred financing offer you get.

The balance in full must be paid within the timeframe specified. Make sure that your payment will clear the bank and post to your account by the due date as specified by the deferred financing period if you want to enjoy that interest free offer. Again, if you don’t pay your balance in full by the end date of the promotional period or you make a late payment, interest charges will be accrued for that promotional period and the 22.99% or up to a 26.99% APR will be attached to your account.

You may also be interested to know that qualifying Apple purchases for these promotional financing offers must be made within the first 30 days of opening your account and only at Apple retail stores, by calling their 800 number for My Apple, or for purchased made in an Apple online store.

Barclays iTunes Rewards Program

The Barclays iTunes Rewards Visa is designed for use at the Apple store, but of course, you can use the Visa card like any other Visa credit card. When it comes to the iTunes rewards, you’ll earn two iTunes points for every dollar you spend at any Apple store.  That means retail, over the phone, online, or when visiting the iTunes store.  You can earn one iTunes point for every dollar spent anywhere else.

A unique perk of the Barclays iTunes Rewards Visa card is that you’ll earn 1,000 bonus points with your second purchase. You read that correctly. Not your first purchase, but your second. In addition, every time you accumulate 2,500 points, you’ll earn a $25 iTunes gift card.

Terms and Conditions

After the introductory period, if you choose to go that route, the APR on purchases ranges between 22.99% and 26.99%, depending on your credit history and your perceived credit worthiness. The same APR applies to balance transfers. When it comes to cash advances, you can expect to pay 25.24%. If you make a late payment, your APR may rise to 27.24%, again based on your credit history.  Be advised that if a penalty APR is applied to your account, it may stay there indefinitely.

The Barclays iTunes Rewards Visa card doesn’t charge an annual fee, but it does charge a variety of other fees. When it comes to transaction fees, you’ll pay $10 or 4% of the amount of every balance transfer, whichever is larger. When it comes to cash advances, you’ll pay $10 or 5% of the amount of the cash advance, again whichever is larger.  You’ll pay 3% in foreign transaction fees in US dollars.

Be prepared to wait up to four weeks for any balance transfers to post to your other accounts and also be aware that Barclays reserves the right to decline your request or may even prefer to send a partial request for your balance transfers to other creditors. In addition, you may be limited to making balance transfers to Visa, MasterCard, Discover, and American Express card accounts. For other credit card vendors or accounts, you’ll need to call Barclays Bank to determine whether you can make a balance transfer.

If you make a late payment, not only does your APR rise, but you may be charged up to $35, and the same applies to returned payments.  You will not be charged a penalty fee if you go over your credit line.

Barclays reserves the right to alter the terms and conditions associated with the Barclays iTunes Rewards Visa card. Your APR is determined by your purchases and the prime rate. Check out the website for more detailed information. The Barclays iTunes Rewards Visa charges interest on cash advances as well as balance transfers from the transaction date forward, but if you pay off your entire balance in full every month, you will not be charged interest. Be advised that traveler’s checks, lottery tickets, wire transfers, gambling chips, money orders and other similar types of transactions are classified as cash advances by Barclays Bank.

Bottom Line

The Barclays iTunes Rewards Visa is nothing special, with average APR rates. Because the rewards card focuses on purchases made at Apple stores, the promotional period will not seem especially attractive to those not into iTunes, Apple products, or merchandise.  Regardless, always read the fine print when it comes to the perks offered with rewards offers as well as the terms and conditions associated not only with the credit card, but with the rewards program. The Barclays iTunes rewards Visa is average, but nothing to really sing about.

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