Review of the Barclaycard Financing Visa® Credit Card

In the market for a new computer? Eagerly anticipating the next iPhone model?

You’re about to check out from the Apple store, when you see that flashy offer: “Take 18 months to pay at no interest!”

Is that a good idea?

Apple wants you to apply for the Barclaycard Financing Visa®, which is designed to help you pay for your next computer or iPhone (or anything else from Apple).

The major feature of this card is the deferred financing offer. You’ll get a certain amount of time to pay for purchases from Apple at no interest, with more time given for larger purchases.

But since this is a deferred financing offer, rather than a true 0% introductory APR, it comes with some strings. If you make a late payment or fail to pay back the full balance by the end of the term, you’ll be charged interest for the entire length of the plan, going all the way back to the purchase date.

So if you slip up, you’ll be charged a whole lot of interest. This is not how credit cards with 0% introductory APRs work; with those cards, once the intro period ends you’ll only be charged interest on any balance that remains. There are no retroactive interest charges. Those cards can also be used to make purchases anywhere, not just Apple.

We discuss how to get the most out of this card below, and explain how to use deferred interest financing offers safely if you do end up taking one. If you follow our guidelines and plan ahead, the Barclaycard Financing Visa can be a valuable way to help you get that new Apple Watch, iPhone, or whatever you have your eye on.

Barclaycard Financing Visa®

Our rating

Min. credit levelFair

Details

Annual Fee$0

Regular APR15.99% – 28.74% Variable

Apply Now

securely on the issuer's website

Our Rating: 3 Out of 5 Stars

We give this card 3 out of 5 Stars because it’s a mix of good and bad. It offers a decent reward rate at Apple and gives you time to finance purchases, but those rewards are a bit restricted and the financing offer is only deferred interest, rather than 0% APR.

Why We Like It

• Deferred financing offers can give you extra time to pay off purchases
• Use it to make an Apple purchase instantly upon approval

Why It Could Be Better

• Deferred financing is not as good as a true 0% intro APR period, and you could end up being charged interest
• No rewards
• No special perks at Apple, like early access to sales or discounted products

The Barclaycard Financing Visa might be a good choice if you’re planning to buy an expensive computer or other hardware from Apple, but there are quite a few other options that could work better. Check out some of those alternative cards below.

Insider Advice: Getting The Most Out of Your Card

• Follow the terms to pay over time: This card is designed to help you make big purchases at Apple, where purchases made within the first 30 days are eligible for deferred financing plans, with term lengths that depend on how much you spend. All purchases made within the first 30 days will be counted in the deferred financing plan.
• You can use the deferred financing offer again: After using your initial deferred interest offer for purchases within the first 30 days, you can renew that offer by calling customer support and requesting a new deferred financing plan. That will give you 60 days to make purchases from Apple, which will qualify for a deferred financing plan depending on how much you spend.
• But beware the deferred interest offers: The financing plans are deferred interest, which means if you make a late payment or don’t pay off the entire balance on time you’ll be charged interest going all the way back to the purchase date. Make every monthly payment on time, and be sure to pay off the entire balance by the end of the term.
• Set up an appropriate repayment plan: If you use a deferred financing offer, divide your total balance by the number of months in the term. The result is the monthly payment you’ll need to make to pay off the entire loan by the end of the term. Set up autopay for this amount every month to use the deferred financing safely and effectively.
• Put it away and just make payments: After using a deferred financing offer, don’t use the card for more purchases because you’ll be charged interest at a high rate. Instead, put the card away and just make your monthly payments on time until you’ve paid off the entire balance.
• Consider other options: Instead of using this card to finance a large Apple purchase, consider using other cards with true 0% introductory periods. They don’t use deferred interest, and their 0% rates apply to any purchases you make.

Where Can I Use the Barclaycard Financing Visa?

You can use this card anywhere Visa credit cards are accepted, which is pretty much everywhere.

But it will be best to only use this card for big purchases at Apple, rather than for general spending. Check out the following sections to learn why.

The Benefits

Deferred Financing Plans

The Barclaycard Financing Visa comes with a deferred financing offer, giving you an opportunity to pay off purchases over time at no interest. Most people probably get this card because of this feature, with the aim of taking some time to pay off a new computer or iPhone.

You’ll receive special financing for purchases made from Apple within the first 30 days of opening the account. After the first 30 days, all purchases will be given the standard APR of 15.99% – 28.74% Variable.

After using this initial deferred financing offer, you can contact customer support to request another deferred financing term for more purchases. You’ll then have 60 days to make purchases from Apple, which will qualify for deferred financing again.

The length of your deferred financing term will depend on how much you spend:

This financing offer will automatically apply to the total amount you spend at Apple during the specified time period, aggregating all of your purchases. The total amount spent will be used to determine the length of the term. You’ll still earn rewards on any purchases that qualify for financing.

Take note that this is a deferred financing offer, rather than a true 0% APR offer. That means if you make a late payment or fail to pay back the entire balance by the end of the term, you’ll immediately be charged interest for the entire length of the term, going all the way back to the purchase date.

Say, for example, you buy a new MacBook Pro for $2,000, getting an 18-month deferred interest plan with a regular APR of 28%.

If your first month’s payment comes in late by just a day or two, you’ll immediately be charged interest at 28% APR for the full 18 months. That comes to $840 in interest! And that will be added to your balance right as you start paying it off.

Similarly, if you failed to pay off the entire $2,000 balance by the end of the term — even if you paid $1,999 and only had $1 left to go — you’ll be charged $840 in interest.

This is why deferred financing offers are so dangerous, and why we recommend using credit cards with true 0% introductory rates on purchases instead. They let you carry a balance at 0% APR, and there is no deferred financing; once the 0% period runs out, you’ll only be charged interest on any balance that remains unpaid. They can also be used anywhere, and don’t have purchase requirements to activate the 0% APR.

Deferred financing plans aren’t evil — they’re just a potentially costly way to pay for something. In many cases they work out fine, and people are able to pay over time for purchases that wouldn’t be affordable otherwise, without getting burned with extra interest. But it’s easy to make a mistake, and the consequences could be expensive.

Follow these three instructions to stay safe with deferred financing plans:

• Divide the total balance by the length of the term (in months) to find the payment amount you should make each month
• Always make that monthly payment on time, and try to be early to allow for processing times (set up autopay to make this easier)
• Pay off the entire balance by the end of the financing term (this should happen automatically if you make that payment every month)

Your statement will show a minimum required payment each month, but if you only pay this minimum amount you probably won’t pay back the entire balance on time. Don’t assume that if you just pay the minimum amount they ask for, everything will be fine. Many people have paid just the minimums, thinking they were doing everything right, only to find a leftover balance at the end which triggered the retroactive interest charges.

Instead of just paying the minimum, divide your total balance by the number of months in the term: that should be your monthly repayment amount. There is no penalty for early repayment, so you should do so if possible. Consider dividing by one less than the number of months in your term, which could help avoid potential problems by paying off the balance a month early.

If you took a deferred financing offer and now find yourself in a situation where you won’t be able to finish paying it off by the end of the term, consider transferring that balance over to a different card with a 0% rate. There are many great balance transfer credit cards, with long 0% periods that could give you 12 or 18 months to finish paying off the balance, or even more.

Free FICO Credit Score

As a cardholder you can check one of your FICO credit scores for free whenever you’d like, based on your TransUnion credit report. You’ll also see the key factors affecting your score, such as if your revolving credit utilization is too high.

Many credit cards today offer a free credit score of some kind, although it’s a bit more rare to find on a retail store credit card. There are several ways to access some of your FICO credit scores for free, whether you have credit cards that offer that service or not.

Shopping Protections

• Price Protection: If you buy an eligible item and find it being advertised for less, you can be reimbursed for the price difference.
• Warranty Manager: Eligible manufacturer’s warranties of three years or less can be extended by up to one additional year.

Travel Protections

• Auto Rental Collision Damage Waiver: Eligible rental cars are covered against damage and theft when you decline the rental agency’s own insurance.
• Global Assistance Services: 24-hour assistance with lost and stolen card reporting, emergency card replacement or cash advance, and more.

Other Benefits

• $0 Fraud Liability Protection: You won’t be held liable for unauthorized transactions (contact customer support immediately if you suspect fraud).
• ID Theft Protection: Provides assistance if you believe you’ve become a victim of identity theft.

Visa Signature Benefits

In addition to the benefits above, if you’re approved for a Visa Signature version of this card you’ll also get a variety of other perks. You may be approved for a Visa Signature if your starting credit limit is $5,000 or more.

If you get a Visa Signature card you may have access to the following benefits, among others:

• Luxury Hotel Collection: At eligible hotels, get a $25 food and beverage credit, VIP guest status, automatic room upgrades, and more.
• Concierge: A 24/7 personal assistant you can call for help with travel plans and reservations, shopping, and more.
• Fine Wine & Food: Invitations to exclusive dining events and wine tastings, as well as discounts at restaurants and gourmet retailers.
• Entertainment Services: Includes special offers for entertainment, sports, and cultural events.
• Travel Services: Special deals and discounts on hotels, car rentals, cruises, and more.

The Terms & Fees

The terms for this Barclaycard are simple, like any other credit card, except for the deferred financing plans described above.

Any purchases you make from Apple after the initial 30-day period will accrue interest at the rate shown above. All purchases from merchants other than Apple will get that rate as well.

But did you know that you don’t have to pay interest on credit card purchases at all? As long as you pay off your statement balance in full each billing period, you won’t be charged interest on new purchases.

However, if you’re carrying a large balance from a deferred financing plan, it won’t be feasible to pay the statement balance in full every month. If you’re using a deferred financing plan, you should just stick this card in the proverbial sock drawer and make payments each month to pay off the balance by the end of the term.

Customer Support

We’ve received many reports of poor customer support from users of the Barclaycard Financing Visa. Most of the complaints are about having a hard time dealing with customer service agents, or administrative errors that Barclays made, or problems making payments.

Although it’s difficult to say who exactly is at fault in these situations, it’s clear that many people have had issues with this card compared to others.

If you use this card be sure to completely understand the terms, especially regarding the deferred financing offer. Make your payments early, as soon as your monthly statement is generated if possible. And if you contact customer support about a serious issue, be sure to get any responses confirmed or in writing so you have a record to refer to.

The Bottom Line

The Barclaycard Financing Visa® is one of your few options for earning rewards at the Apple store, and it could be a good way to finance large Apple purchases. But overall this card doesn’t have a ton of attractive features.

Here are the main points to remember:

• Use this card for the deferred interest financing at Apple during the first 30 days (or call to get additional deferred interest periods later on)
• Don’t use this card to buy anything else! Just put it away in a safe spot (not your wallet or purse)
• Divide your balance by the number of months in your financing term; that’s how much you need to pay each month to finish paying off the balance on time
• Set up autopay for at least that much so you never miss a payment
• If you make a late payment or fail to pay back the full balance by the end of the term, you’ll be charged interest for the entire length of the plan

As long as you follow those guidelines and use this card responsibly, you should be all set to pay off your purchases safely. But remember that 0% APR offers are a much better deal than deferred financing.

The Barclaycard Financing Visa might be a good pick to help finance your next computer or smartphone, but there are quite a few other options to consider. See some alternative card recommendations below.

Applying for the Barclaycard Financing Visa

You can apply for this card by clicking the Apply Now button below. You’ll first be taken to Apple’s website, where you must click “Apply at Barclaycard.” Then you’ll be taken to Barclays’ website to submit your information. You can also apply for this card in Apple stores.

After being approved, you’ll be given instructions on how to use the card to finance a purchase from Apple. You’ll be able to use it as soon as you’re approved, and approvals often take less than a minute. For online purchases, after linking your new card to your Apple ID, the card will appear as a payment option when checking out at apple.com.

Qualifications and Requirements

• Must create an Apple ID
• Must be 18 to apply
• Personal identifying information, including birth date, Social Security number, and phone number
• Total household income and source of income
• Monthly mortgage/rent payment

Barclaycard Financing Visa®

Our rating

Min. credit levelFair

Details

Annual Fee$0

Regular APR15.99% – 28.74% Variable

Apply Now

securely on the issuer's website