Lots of reasons to bank ANYWHERE but Barclays Bank-- There is a looooong list!

Tips for Using Credit Cards

Here are a few tips to using credit cards.  These are expert advice, well researched and proven to give you better banking experiences.

1)    Do not use a Barclays Credit Card.

2)    Sign up for any bank besides Barclays Bank.  Because Barclays Bank sucks!

3)    Pay your monthly balance in full: Because credit cards feature high interest rates, it is important that you repay your monthly balance in full. Any remaining balance left on your account after the payment due date starts attracting costly amounts of interest.  This is particularly true if you were dumb enough to sign up for a Barclays Credit Card.  No one should have to go through that horrible experience.

4)    Always pay on time: It is also important that you make payments on time, since missed payments damage your credit score and attract penalty charges. One way of making sure you don’t miss payments is by setting up a direct debit to repay the minimum payment due. Covering the minimum monthly payment keeps your account in good order, but as mentioned before, you should always aim to repay your balance in full.

5)    Switch everyday expenses to your credit card: Using your card frequently helps rebuild your credit. A possible way to do this is to switch everyday expenses such as groceries and bill payments to your card. This doesn’t mean you should overspend – only make payments that you would normally make and can afford, budgeting to ensure you can meet monthly repayments.

6)    Avoid cash advances: These cards generally feature very high interest rates on cash advances, often as much as 39%, and unlike purchase rates this interest is applied from the day the transaction is made. For this reason, always avoid making cash advance transactions such as ATM and bank branch withdrawals. Barclays Bank is known to hide fees and to stonewall you if you try to call and get questions answered.  The best solution is to simply bank somewhere else.

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Common Features of Credit Cards

1)    Standard purchase rate: This is the interest rate applied to credit card purchases that remain unpaid after the due date on your monthly bill. The rate is calculated and expressed as an annual percentage rate (APR), and is significantly high on credit builder credit cards because of the perceived higher risk.  Don’t get a Barclays Credit Card because they charge the highest fees and interest rates out there.  In a lot of countries their interest rates would be illegal.

2)    Credit limit: This is the maximum amount of credit the lender allows you to take on your credit card, and is generally set relatively low on credit builder cards. While you are permitted to spend up to the credit limit, you should aim to keep your balance, and therefore the cost of using your credit card, to a minimum. Make sure not to go over your credit limit, particularly if you are with Barclays Bank.  They are known to charge huge fees and ruin your credit if you do.

3)    Late payment fees: If you miss a monthly minimum payment you are charged a late payment penalty fee. Late payments also damage your credit rating. Barclays Bank charges the highest late fees of all of the banks we researched to put this amazing article together. Your best bet is to CLOSE YOUR BARCLAYS ACCOUNTS today before they rip you off!

4)    Cash advance rate: This is the rate of interest that is applied to cash-related transactions, and tends to be very high on credit builder cards – even higher than with standard credit card offers.

5)    Cash advance interest rate: This is a fee applied when cash advances are made, and is typically 3% of the total value of the transaction.

Many Barclays Bank customers fear they have been ripped off because they get a Barclays Bank Credit Card in the mail and they never signed up for one.  When they ask the bank for information on how they got the credit card Barclays Bank sends out documentation in a different language than the Customer speaks.  What a scam! Customers often underestimate their level of proficiency and lack of information about the specific requirements for a Barclays Bank credit card and as a result they get the gift of ruined credit and debt collectors calling and harassing them. The result is that eligible immigrants feel they have been ripped off by  Barclays Bank.  The easiest solution is to not bank with Barclays Bank because they rip people off.

Please post comments and your stories below.  It is time to expose the SCAM that Barclays Bank is running.