Credit Card Rules: Barclays Edition
American Express (AMEX) and Chase are two big players in the credit card world. They sure do have amazing credit cards like the AMEX Gold card or the Chase Freedom Flex card, but Barclays also offers lucrative sign-up bonuses and solid credit cards that can be worth holding for the long term. If you are looking to apply for a Barclays-issued credit card, you are at the right place.
How many credit cards can you get from Barclays?
First and foremost, you are more than welcome to apply for a card that you previously held or that you either downgraded or canceled, but you won’t be approved for the card you currently hold. Other than that, unlike Chase’s 5/24 rule or Amex’s Once-In-A-Lifetime rule, Barclays doesn’t have a set rule. This translates to more flexibility but at the same time, it also means Barclay’s credit card approval process is more ambiguous. Because of this, there are no known rules on the number of credit cards you can have from Barclays. Based on my personal experience, Barclays seems to analyze one’s income and credit score the most.
I’ve earned more than 120,000 miles with my JetBlue Business card and AAdvantage Aviator Business card by Barclays.
What credit bureau does Barclays use?
There are three different credit bureaus: Equifax, Experian, and TransUnion. Each institution handles and compiles credit data on individuals differently, which means your credit scores will vary across the three bureaus. This is important because credit card issuers will pull your credit reports from one of the three bureaus. The credit score on the report will play a critical role in determining whether you are approved or denied a credit card. For instance, Chase will use any one of the three bureaus, depending on where you live. On the other hand, American Express almost always pulls from Experian. Barclays will almost always pull from TransUnion. Generally speaking, most issuers use either Equifax or Experian. If you are looking to get a credit card from Barclays, this is great news since not many issuers use TransUnion, which means your TransUnion credit score will be on the higher end, boosting your chance of approval. Also, you can “combine” two credit card applications into one hard pull as long as the applications are submitted on the same day. Again, there are no written rules for these suggestions, but I personally don’t recommend going over two applications in one day.
How can I boost my chance of approval?
Because Barclays pulls credit reports from TransUnion, avoid a hard pull of your TransUnion credit file before you apply for a Barclays credit card. A dip in your credit score should be avoided prior to a credit card application. In addition, if you are already a Barclays cardholder, use your credit card! It appears that Barclays likes to see current cardholders use their Barclays-issued credit cards before they ask for a new one. To show activities for sure, I recommend using it for at least one billing cycle. If you would like to boost your chance of approval for a business credit card, click HERE to learn more.
Barclays cards have great downgrade paths
It is generally not recommended to open a credit card and cancel one in a short period. It’s because not only does the hard inquiry lower your credit score temporarily when you apply but also closing an account can negatively affect your credit health by lowering the overall length of credit history. The good news for potential and existing Barclays credit card users is that most Barclays credit cards have no-annual-fee counterparts. This means after your first year of card ownership, if you do not see any value in keeping the card anymore, you can downgrade to a no-annual-fee card and still grow your credit history by keeping it alive. These types of cards are usually called keeper cards. For instance, after getting the sign-up bonus for the JetBlue Plus card, and if you no longer see the value in the card, you can downgrade to the JetBlue card. Of course, you should ask for a retention offer before product-changing, but having a no-annual-fee card option is comforting at the end of the day.
Wyndham properties are solid in Europe, and Barclays can help you earn those points. Photo by Barclays.
Summary
From JetBlue to Hawaiian Airlines, Barclays offers many travel-focused credit cards. Most credit cards have either $99 or $0 annual fee, and you can easily product-change the card if you don’t see a long-term value after your first year of card ownership. Barclays almost always pulls a credit report from TransUnion, and you can even “combine” credit card applications by applying for two credit cards on the same day. Be aware that if you are a current Barclays credit card user, you should use your Barclays card for at least one billing cycle before applying for a new Barclays credit card.
