Are you regularly spending money on prescription drugs and other medical expenses? You can save money if you use a certain credit card for this purpose. In this AART Essential Rewards Mastercard from Barclays review, I’ll list all of its features, rewards, and requirements so you can determine if it is the right credit card for you.
The new AARP Essential Rewards Mastercard from Barclays is a credit card that offers a $100 cashback bonus after you spend $500 in the first 90 days of getting the card. You can also earn unlimited 2% cashback on your medical expenses, charitable contributions, and other related expenses.
In addition to these benefits, if you are an AARP member, you will be able to earn a maximum of 3% cashback bonuses on your purchases. The best thing is that you don’t have to pay an annual fee to enjoy the benefits offered by this credit card.
Read on to learn more about the New AARP Essential Rewards Mastercard from Barclays credit card, its benefits, earning rates, requirements, and pros and cons.
About The New AARP Essential Rewards Mastercard from Barclays
The new AARP Essential Rewards Mastercard by Barclays is Barclays Bank Delaware (Barclays) by a license from Mastercard International Incorporated. The benefits given to AARP members come from third parties, not from AARP itself or any of its affiliates.
AARP receives royalty fees from Barclays Bank Delaware (Barclays) as payment for Barclay’s use of AARP’s intellectual property. The fees received by AARP are used for its general purposes. There are some offerings of Barclays that may have restrictions and are subject to changes.
With that said, you can earn a $100 cashback bonus after spending $500 on purchases during the first 90 days of your approval. You can also earn unlimited 2% cashback bonuses on your prescription drug purchases, medical expenses, and charitable contributions.
In addition, you can also earn up to 3% cashback bonuses on your purchases as an AARP member. You are not required to pay an annual fee to enjoy these benefits when using this Barclays credit card.
Key Rewards of the AARP Essential Rewards Mastercard from Barclays
This credit card is an ideal option for members of AARP who are looking to get something out of their health and medical care expenses. Generally, this Barclays credit card has three key reward features:
- You will earn 3% cash back on your drugstore and gas spending
- Get 2% cash back on your medical expenses
- You will earn 1% cash back on all your other purchases
It is worth noting that if you are not an AARP member, you are not required to be a member to apply for this new card. So, this credit card is ideal for those who are always spending money on their medicines and their health care regardless of age.
Barclays is not charging an annual fee for you to enjoy the benefits of this credit card. It also provides a 15 billing cycle introductory 0% APR on balance transfers that you make within 45 days of your account opening.
You will also get a $100 introductory cashback bonus on your purchases if you spend at least $500 on your first 90 days. A variable APR ranging from 16.74% to 25.74% will be charged on your purchases after 45 days of your account opening.
With regards to the redemption of your rewards, Barclays has set it at a 1:1 (one is to one) ratio. This will hold for all cash backs, gift cards, statement credits, merchandise, and AARP membership. Rewards can be redeemed starting at $16.
Medical Expenses Category
This category is worth exploring because Barclays definition of it is comprehensive. It includes more than 15 classifications. Included in the medical expenses category are the following:
- Osteopathic physicians
- Nursing and personal care facilities
- Optical goods and eyeglasses
- Prosthetic devices
- Medical and dental laboratories
- Medical services and health practitioners that are NEC or not elsewhere classified
- Doctors not elsewhere classified, as defined by the merchant category codes
- Ambulance service
- Hearing aids
- Orthopedic goods
It is also worth noting that of the many reward credit cards offered by card issuers in the market, there are only very few that allow you to earn cash backs on medical and health-related expenses.
Aside from that, if you need to combine some medical bills or credit card debt, you can take advantage of this card’s 0% APR on balance transfers. Just as long as you do it within the first 45 days of your account opening and for the first 15 months.
After that, your APR will turn into a variable APR of 16.74%, 20.74%, or 25.74%, depending on your creditworthiness.
As you can see, the new AARP Essential Rewards Mastercard from Barclays credit card is ideal for those who spend a lot of money on drugstore purchases and medical bills. It is also a better choice for those who want to consolidate their credit card debts.
You can earn these rewards on an unlimited basis. These rewards will never expire, just as long as you keep your Barclays account open. And just for being a Barclays cardholder, you can also access your FICO (Fair Isaac Corporation) credit score for free.
Benefits of the New AARP Essential Rewards Mastercard from Barclays
Understanding the benefits that you can get by being a new AARP Essential Rewards Mastercard cardholder will help you determine if it is the right card you should use.
Here are some of the key benefits of this credit card:
1. $100 Cash Back Bonus
Right after your approval, you will be entitled to a $100 cashback bonus. You will earn this bonus if the total amount of your spending reaches $500 within the first 90 days of your approval.
2. No Annual Fee
You earn all the cash bonuses and rewards from the new Essential Rewards Mastercard without paying an annual fee.
3. Cash Back Bonuses on Credit Card Purchases
Essential Rewards Mastercard holders also earn cashback bonuses from their credit card spending. Basically, you can earn 3% cash back on drug store and gas purchases if you are a cardholder. On medical expenses, you can earn 2% cashback. For all other expenses, you are entitled to 1% cashback.
4. Unlimited Rewards Do Not Expire
There is no cap to the number of rewards you will get from this credit card. But the best thing is, they are not time-bound, so these rewards will not expire, just as long as your account is valid and is in good standing. In other words, you only need to maintain your account to enjoy this benefit.
5. Rewards Are Easy to Redeem
Your unlimited rewards are straightforward to redeem. There are several ways you can redeem them, such as cash backs, AARP membership, and other ways that are based on the instructions provided by Barclays.
6. 0% Introductory APR on Balance Transfers
You can enjoy a 0% introductory APR for a period of 15 months on your balance transfers if you make them within 45 days of your account opening. Thereafter, your account will be under a variable APR of 16.74%, 20.74%, and 25.74%, depending on your creditworthiness. A fee is charged for every balance transfer.
7. Complimentary FICO Credit Score
As an Essential Rewards Mastercard cardholder, you will also get access to your FICO credit score without any charge.
8. $0 Fraud Liability Protection
This card offers complete protection for unauthorized use. For charges or purchases without your authorization, you will enjoy $0 liability protection.
Again, what does the new AARP Essential Rewards Mastercard from Barclays offer? The new AARP Essential Rewards Mastercard from Barclays is a credit card that gives you a $100 cashback bonus after spending $500 in the first 90 days of acquiring the card. You can also get unlimited 2% cashback for your medical and charitable expenses and other expenses.
The New AARP Essential Rewards Mastercard from Barclays – Rewards Earning Details
The basic system by which you can earn your rewards for purchases that you made or that you have authorized are as follows:
- Earn a $100 cash back bonus after you spend $500 in purchases during the first 90 days of your account opening.
- Get 3% in rewards for every $1 spent on drug store and gas Net Purchase.
- Earn 2% in rewards for every $1 spent on medical Net Purchases.
- Get 1% in rewards for every $1 spent on all other Net Purchases.
- The equivalent of one (1) reward is $0.01 in US dollars. For instance, if you spend $100 in “Gas and Drugstore Purchases,” your reward will be $3.00.
- Barclays will donate $10 to AARP Foundation for every new account opened.
- Barclays will donate 1% of eligible purchases to AARP Foundation.
- Merchants should submit your purchases using the merchant category codes for “Gas and Drugstore Purchases” if you want to qualify for more rewards. Incorrectly coded purchases are not a responsibility of Barclays. You will not earn additional rewards if the merchant submits the purchase through a wireless card reader or a digital wallet or a mobile to pay for the purchase. In addition, purchases made through third parties, including resellers, and online marketplaces, or by using a third-party payment account will not earn additional rewards.
- The following are not considered by Barclays as Net Purchases and therefore cannot earn rewards:
- Balance transfers,
- Unauthorized/fraudulent purchases,
- Interest charges,
- Lottery tickets,
- Foreign currency,
- Traveler’s checks, and
- Cash advances.
AARP Essential Rewards Mastercard Requirements
You need to satisfy certain requirements so that Barclays can entertain your application for a new Essential Rewards Mastercard credit card:
- You can only apply for this credit card if you have a good credit score of not less than 670. Your chances of approval will increase if your credit score is higher.
- Your age at the time of application should be at least 18 years old.
- Meet the minimum income requirement of Barclays.
- Agree that Barclays can access your Credit Score so that they can validate your application for this credit card.
- You should not use this card for gaming activities which are not consistent with the typical consumer activity.
Fees Related to the Essential Rewards Mastercard
The table below lists all the fees related to using the new Essential Rewards Mastercard credit card from Barclays:
|Balance Transfer||Either $5 or 3% of the amount of every transfer, whichever is greater.|
|Cash Advances||Either $10 or 5% of the amount of every cash advance, whichever is greater.|
|Foreign Transactions||3% of each transaction in U.S. dollars|
|Late Payment||Up to $39 (the amount of the fee varies by state)|
|Returned Payment||Up to $39 (the amount of the fee varies by state)|
Pros and Cons of the New AARP Essential Rewards Mastercard from Barclays
You also need to consider the pros and cons of the Essential Rewards Mastercard credit card to see if it is really what you need:
- Good earning rates on drug stores, medical expenses and gas, without any limit.
- Zero annual fee
- Long 0% APR on balance transfers
- Ideal for those who spend a lot on medical expenses, regardless of the age
- Balance transfer limitations – only 45 days limit, while other cards have 60 days limit.
- Normal APRs are potentially higher – the lowest APR after the introductory period is 16.74%, usually the average rate in the market. However, it can go as high as 25.74 based on your creditworthiness.
- Other cards offer a higher sign up bonus
Conclusion: The New AARP Essential Rewards Mastercard from Barclays [Details and Review]
A credit card that gives you a $100 cash back bonus after spending $500 on your first 90 days of getting is this new AARP Essential Rewards Mastercard from Barclays. This card will also help you earn unlimited 2% cashback on your medical expenses, charitable contributions, and other similar payments.
This new AARP credit card is the best for those who are regularly spending lots of money on their medicines and other medical-related expenses.