The Barclays Priceline Rewards Visa is a relatively well-known credit card, thanks mainly to their marketing and promotional team using Star Trek Alumni William Shatner as its spokesperson for the popular Priceline.com brand marketing and promotion. However, when it comes to choosing a credit card, it’s not always a simple matter of liking the front man, or the commercials. It pays to do your homework, especially when it comes to determining benefits, interest rates, fees, and of course, drawbacks. We’ll help you get started when it comes to researching the Barclays Priceline Rewards Visa card.
Benefits of the Barclays Priceline Rewards Visa card
The Barclays Priceline Rewards Visa offers a variety of benefits, including no annual fees and 5,000 bonus points after your first purchase. However, it always pays to read the fine print, because, according to Barclays the bonus points are only awarded at the end of the first billing statement during which you make the first purchase or balance transfer. According to this very same fine print, 5,000 bonus points are equal to approximately $50 in cash value.
You can also earn an additional 5,000 bonus points when the card is used during the first 90 days after the account has been opened on purchases that total $1,000 are more. (Keep in mind that you can’t later return, dispute, or rescind those purchases – and they’ll make sure you don’t) That extra 5,000 points can earn you $100 credit on your statement. So basically, if you spend $1,000, you earn $100 that can be applied to your statement balance. How does that sound to you?
While earning thousands of points is definitely attractive to many consumers, do the math when it comes to determining exactly how many actual dollars you have to spend in order to accrue those bonus points, and then what those bonus points will get you. Dollar for dollar, many credit rewards programs aren’t worth much, especially when you’re comparing actual dollars spent against the value of the rewards.
According to the Priceline.com website, the Barclays Priceline Rewards Visa card also earns five times the points if you make purchases through Priceline.com, depending on the type of purchase transaction that is charged to the card account. For example, you can earn five points (instead of one) for every dollar spent on eligible purchases. However, even purchases that are not considered eligible for the 5x bonus points are eligible for the one point per $1 spent when you use your card on “cruise bookings, non-“Name Your Own Price” car reservations, and hotel reservations classified under the “Pay When You Stay” stipulations. Points are also accrued at the rate of one point for every dollar spent on all other transactions.
When applying, you’ll find the application process is relatively simple, and you’ll get a decision within 30 seconds. There are no limitations on points earned and you can earn bonus points on your first use of the card.
Keep in mind that the ‘no annual fee’ stipulation is subject to credit approval, and that benefits may vary depending on which card for which you have been approved. Filling out an application does not guarantee that you’ll qualify for the Priceline Signature Visa card, and you may receive the Barclays Priceline Rewards Visa Platinum card instead.
Note About Exclusions – It always pays to know the exclusions before you sign on the dotted line. For example, you will not earn points on interest, finance charges, cash advances, credit fees, convenience checks, or balance transfers.
When it comes to redeeming your points, you can return points toward statement credits for any purchases on your account statement that equal or exceed $25. Points are credited for a number of transactions including gift cards, car rentals, airline tickets, hotel stays, and more.
Let’s Talk about the Terms and Conditions:
The Barclays Priceline Rewards Visa charges an annual percentage rate of 14.99% or 21.99%, depending on your credit worthiness. The same APR is applied for balance transfers. Cash advances come with a 25.24% APR.
Penalty APRs may shoot up to 27.24% if you make a late payment, and that APR may remain “indefinitely” according to the terms and conditions of the Barclays Priceline Visa terms.
Minimum interest charges may apply, and won’t be less than two dollars. While the Barclays Priceline Rewards Visa does not charge an annual fee, transaction fees are applied to balance transfers, cash advances, and foreign transactions.
When it comes to balance transfers, you’ll pay $10 or 4% of the amount of the transfer, whichever is greater. Cash advances come with a $10 minimum charge, or 5% of the amount of each cash advance. Foreign transactions charged 3% of the transaction in US dollars.
Penalty fees are assessed for late payments and returned payments. A $35 dollar fee will apply to a late payment or a returned payment. There is no penalty fee for over the credit line.
Additional Details of the Barclays Priceline Rewards Visa
As stipulated by Barclays, your account must remain open and in “good standing” in order to maintain your perks and benefits. You must also be credit worthy and use your card at least once every six months, or have an account balance every six months in order to continue participating in the rewards program.
If you don’t meet the above stipulations, your account may be closed and your reward points forfeited. Be aware that if you make a late payment, you may face forfeiture of the points that you earned within that billing cycle, and they will not be reinstated.
Bottom line – The Barclays Priceline Rewards Visa is probably a relatively good deal when it comes to frequent travelers who utilize Priceline.com on a regular basis, as earning five times the points on purchases made on Priceline.com can certainly add up quickly. However, always take into consideration interest rates and the fact that one late payment can mess up your rewards. While it may take some time, we do suggest that consumers download and read the Terms and Conditions of the Barclays Priceline Rewards Visa card, or any other credit card, in order to be truly informed when making a decision to apply for one credit card over another.