'Xbox Mastercard' Launches This Month, A New Credit Card From Microsoft & Barclays

Well let’s have it the UK please, probably Xbox second biggest territory in the world.

@OldGamer999 If I were MS I'd roll it UK dead last in everything. My revengences would be subtle and many.
But the banking industry over international borders is a very tricky thing to pull off.

I'll probably get this. It sounds like a pretty good deal for a few online purchases and what-not. I can wait until '24.

I might have to get this. I like using credit for everyday purchases and paying it off every month. My current one just does cashback but thats not as fun. I can't wait to pick up the check on a hot date and use the glossy Xbox card customized with my Gamertag.

Loooooool.

Branded credit cards always have been and always will be a scam.

Honestly disgusting seeing this and very predatory.

I can just see all the uneducated people going for these the second they turn 18 since there is absolutely no education about credit in America. Despite it being so integral to the society.

I mean I wouldn’t want it. But MS need to remember they have customers outside the US sometimes.

@Cashews
I would definitely consider it might as well earn something.
You get all things first in the USA 😂

@InterceptorAlpha
Why is it a scam?
It’s like other credit cards, just make sure you pay the full amount off each month and there is no interest charged.
You can even set them that way when you apply for a credit card.

@OldGamer999 Branded credit cards generally have double to triple the interest rates as a standard credit card, sometimes even higher, with no discernable benefits.

@InterceptorAlpha
Ok I see, but if you paid it off each month the interest rate does not matter.

@OldGamer999 And that goes back to my initial comment about people not being educated on the matters.

Adding to that, these high interest cards generally are aimed toward people that don't have the means to keep up with payments to begin with. They have lower barriers of entry in the interest of ensnaring those that they will rake in interest from.

While I don't condone credit cards to begin with, and no sane person does, if you're getting a credit card, you might as well get one that properly rewards you for use and doesn't punish you severely if you have a rainy day. Even secured credit cards are better than this tripe.

Now it all makes sense why they keep taking away opportunities to earn Microsoft rewards points

@Maddie47 credit cards, but more specifically credit, are for super successful, intelligent people as well.

here is a simple life hack: if you have the ability to use other people's capital as a means to an end you are going to win the game. here is something all suckers do not understand. People with real money NEVER use their own money to finance their projects.

Access to capital is the key to accumulating wealth. Just holding on to your ridiculous stash will ensure you are someone else's slave forever - and your children will be slaves too.

Now if you are using credit cards to build debt and buy game consoles and japanese weeaboo toys - you will always lose.

I have the Apple credit card and a credit card with my bank. No more for me and i pay them off every month for the points and cash back. Me and the wife just bought a new house so it took my credit score from a 817 to a 755, i want to build those points back so this is a no for me, but i think it’s cool for those that want it.

@InterceptorAlpha
The bank always wins 😊

As with all things if you know how to manage it, (and don’t get hit with a life altering event) credit cards are quite beneficial due to the rewards as well as the security (I’m not carrying a wad of cash that can’t be replaced if stolen. If my card gets taken I can lock it down and report fraud to quickly get my money back). That being said a card like this is gonna be marketed to very young people so they can torpedo their credit before 20. But if you use ms services a lot, this is a decent card. I prefer general cash back cards or mileage cards myself though.

@Ryu_Niiyama my wife had her debit card # stolen last night - they made a few 100 in charges before we caught it no big deal really - but it's always harder to deal with when it's your cash account rather than the protected credit.

tl;dr you wise

Good job I can't be trusted with credit cards.
The old woman takes care of all that.

This is nice, but they have to get rid of the yearly points redemption limit if this is in place.

@Kaloudz because you don't have credit history. Age of credit cards is a big factor in the score. You are seen as a risk by banks since you have not shown the ability to pay off previous debts yet.

You've got to give Microsoft credit. Credit where credit is due.

@Kaloudz you said it yourself most likely. You have no or little credit history (you have something that has been reported which is why you have a score. If you didn’t you would be considered invisible) and credit history for people that otherwise maintain good standing is heavily weighted to help determine your score 15% (and on time payments are 35%…I am assuming you are good on that since you have no active payments). But if you don’t actively work on the other weighted factors including history your credit is rather frozen. The score goes up as debt ages and/or as you increase your limit but keep owed debt low and as you take out new types of credit. That’s why working on credit isn’t just paying down debt. A lender would essentially look at your score and lack of history as a risk because they have little proof that you can actually pay debt. Which is fine if you have no big purchases to make (like a house) in the future. Also credit score goes to 850. Granted this is how it works in the US.

That's...interesting.

Depending on the interest rates you might just break even. Or lose money if you take longer to pay.

I never go on credit for anything. It's not worth it and in the end the only one who wins is the bank.

@Kaloudz well it’s cause you don’t have enough of a credit report history. The whole score thing is dumb and makes little sense. But long story short, they want you to have some debt and pay on it monthly to increase your score. House and vehicle payments help a lot too.

@Maddie47 As you are in the UK this is more apt but here is another life hack - if they are for suckers better become a sucker if you want a mortgage!

Unfortunately Credit Scoring requires you spending beyond your means then paying it off to show you can manage spending beyond your means then paying it off.

Isn"t Captialism just beautiful.

@Kaloudz As others have said - lack of history. You will appear on the reports as things like lets say gas and electric bill payments are reported on there. But otherwise you have no debt repayment history to drive up the score.

But tbh - the number matters less than whats in the full credit file so dont worry. Small credit ie credit card lenders, loan lenders etc may go by the number. The important stuff like mortgage lenders would look at the full file and ignore the number so I wouldnt be concerned with it.

If you were just take a card out with a small limit. Buy the shopping from Asda every week (or Aldi, Lidl avoid M and S!) Pay it off the next morning eventually that number will creep up a bit.

If you want an Xbox logo on your card you can just buy one of those custom made card stickers. It'd be far cheaper than signing up for an Xbox card to get some BS reward points in return for a probably over the odds interest rate, or monthly fee.

Plus with contactless payments my cards just stay in my wallet all the time, or even integrated into a phone or smartwatch so you don't even need to bring the cards.

I don't do credit cards. If it came to the UK, I would be interested if it was a debit card thing.

@Kaloudz crazy world indeed. The credit score thing is crazy dumb tho. Hey lower your score when someone checks your credit score. I mean how dumb is that? Your score would jump up fast when you had a steady monthly payment on it. Now where’s our Quake reboot announcement? Hahaha

The Sedentary MasterCard by Xbox popped into my head when they soloed out streaming and delivery services. It'd be nice to get dining out points & a few other earnings categories. The 5x back on purchases on Xbox is quite nice though but not sure it's worth getting an all new credit card for..

@Kaloudz i can’t say i blame you a bit buddy. Been nice to see all the news going on lately with Xbox. I think they have a great roadmap ahead and we all knew it started with Starfield. Forza will for sure be a big hit. From there we need to better learn the roadmap. Thinking Avowed, HellBlade 2 and maybe south of Midnight or that Clockwork RPG game. But having some new info on whats to come will be nice. the Xbox has no games chants are over.

@Kaloudz the answer to that is easy. As you mentioned you've never had credit. So the credit agencies and lenders have no idea how well you pay credit back. I never wanted a credit card and was sitting low 400. But after using one and being good with it I'm over 900 now. It's a slow burner though.