There’s only a week left to sign up for what one expert describes as a “ridiculously generous” credit card bonus.
Those who qualify for the Barclaycard Avios Plus Mastercard can claim a sign-up bonus of 50,000 Avios points.
This is worth £500 in airline vouchers, or at least £333 in Nectar points to be spent at Sainsbury’s, according to Rob Burgess – editor of the Head for Points website.
Barclaycard is offering a sign-up offer of 50,000 Avios on its Barclaycard Avios Plus Mastercard.
To qualify, new cardholders must spend £3,000 within the first three months.
In addition to the introductory offer, cardholders will receive 1.5 Avios for every £1 spent on eligible purchases.
Those who spend £10,000 on the card within 12 months can also choose between a British Airways upgrade voucher for an Avios Reward Flight booking, or 7,000 bonus Avios.
It also includes access to over 1,000 airport lounges worldwide at a discounted rate of £18.50 per lounge pass, per person, plus up to five months of free Apple TV+, Apple Music, Apple Fitness+, Apple News+ and Apple Arcade.
However, the card will not be suitable for everyone. Existing cardholders are not eligible, while the card also comes with a £20 monthly fee, which may put some people off.
Anyone who has previously canceled a Barclaycard Avios credit card in the past is eligible as long as there has been a gap of 24 months.
Rob Burgess – editor of the Head for Points website – says these are the most rewarding non-Amex travel credit cards on the market and arguably the most valuable Visa or Mastercard credit card in the UK.
Those who have had another Barclaycard are only eligible if they canceled their non-Avios Barclaycard more than six months ago.
The offer runs until May 30.
Mr. Burgess, says it’s the most rewarding non-Amex travel credit card on the market.
“This is an unbeatable deal, especially when you consider the monthly cost,” says Burgess.
‘If you think you can get 1 pence per Avios through premium cabin flights, that’s a £500 sign-up bonus for a £20 a month credit card that you can cancel at any time.
“As long as you can meet the target spend, and as long as you qualify as a new Barclaycard customer, it’s ridiculously generous.
The worst case scenario, even for a non-Avios collector, is to take the 50,000 Avios points and convert them into 66,666 Nectar points, worth £333, which isn’t exactly a bad deal.
If you don’t want to pay a fee at all, there’s also a special offer of 10,000 Avios on the free Barclaycard Avios Mastercard, for those who spend £1,000 in three months.
But Mr Burgess says: ‘I really don’t recommend buying the free card with 10,000 Avios if you think you can spend £3,000 in three months to earn 50,000 Avios with the paid card.’
As always with any credit card loyalty points program, it’s vital to play by the rules – most importantly, pay off the balance in full each month or face skyrocketing interest.
Why is Barclaycard offering such a good deal?
According to Burgess, Barclays is trying to replenish its customer base and fight back against American Express.
This is an argument that piles up when you consider how many bank customers have lost in recent years.
Barclays has lost more switchers than any other bank since the introduction of the switching service (CASS) nearly 10 years ago.
Since the start of 2014, Barclays has lost more than 544,000 switchers than it has gained, according to figures from Andrew Hagger, a personal finance expert at MoneyComms.
To put that in context, the second worst player is RBS, which has lost about 273,000 more switchers than it has gained in that time.
Meanwhile, Nationwide Building Society has brought in nearly 800,000 bank account switchers.
Says Burgess, “The average Barclays checking account customer is probably in their 50s — do you know 20-year-olds with a Barclays checking account?
‘The average Avios customer – at least the average BA Gold or Silver member is 30-45, fairly well off with an average income of probably around £70,000.
“This is attractive to Barclays as they try to rebuild their base. They are willing to lose money on the credit cards to attract people to Premier checking accounts, personal loans, mortgages, etc.”
How does it compare to Amex’s British Airways Premium card?
The British Airways American Express Premium Plus Card is an obvious alternative to Barclaycard’s Avios Plus.
The card comes with an annual fee of £250 – so £20.83 per month – and also offers 1.5 Avios for every £1 spent. Purchases made with British Airways or BA Holidays increase this to 3 Avios for every spent £1.
The card comes with a sign-up bonus and offers 25,000 Avios if £3,000 is spent in the first three months.
Plus, it also offers a companion voucher in every cabin, including business and first class when new cardholders spend £10,000 a year.
Emily Herring, of comparison site Finder, says: ‘Barclaycard has gone head-to-head with the British Airways American Express Premium Plus credit card by offering the most generous Avios bonus on the market.
“This bonus of 50,000 Avios points exceeds Amex’s current bonus of 25,000, but if you travel a lot with BA, it’s still worth considering the Amex as you get triple Avios on BA spend.
Plus, you can get a companion voucher – an extra plane ticket for a friend – if you spend £10,000 in a year.
For frequent flyers, a credit card that offers airline miles, cabin upgrades, and lounge access is a great way to make your day-to-day expenses more rewarding — but it’s only worth it if you always pay your balance each month.
“Both cards have a pretty hefty fee, so only consider them if you’re going to use the points and perks. You also need a pretty decent credit score to qualify for these cards.”
Some links in this article may be affiliate links. If you click on it, we may earn a small commission. That helps us fund This Is Money and use it for free. We do not write articles to promote products. We do not allow any commercial relationship to compromise our editorial independence.