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Does Barclaycard Sound Like a Reputable Bank? – Patti

“Dear Steve,

You suggested a credit card for those needing to establish new credit (can’t think of the name now). it has a $29 annual fee, which is not surprising because they are trying to help you & themselves at the sametime. Anyway i just received an offer from barclaycard, preapproved to help those reestablish credit & with no annual fee. Does Barclay Bank from Delaware sound like a reputable bank to you? thank you

Patti”

The Answer

credit good

Dear Patti,

Barclaycard is part of Barclays which is a big bank, especially in Europe. I would not have any reservation about the bank.

The key to a card to rebuild credit is to find one that reports to all three credit bureaus and also has some feature to allow you to increase your credit limit.

A card with a low credit limit does not do much to help rebuild your credit. If it is an unsecured card then the credit limit will be determined and controlled by the lender.

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If it is a secured card then you can add additional deposits to the card to increase your credit limit and give the card more weight.

Maybe you can share more details about the card in the comments.

Don’t forget, preapproved does not mean you are approved to get the card, but approved to get the offer.

Also remember that as long as you don’t carry a balance on your card, the interest rate they charge is the least important factor.

Please post your responses and follow-up messages to me on this in the comments section below.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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