|Highlights||Credit Card Feature|
|Things We Like||0% intro APR for 15 months on balance transfers made within 45 days of account opening|
|Our Least Favorite||No rewards or cash back program|
|Our Verdict||Great card for balance transfers and a low 14.24% variable APR|
Barclaycard Ring® Mastercard® is really quite unique as far as balance transfer credit cards go. Most balance transfer credit cards give you a long introductory APR, but then pin you with high ongoing APR's after your intro period runs out. But Barclaycard Ring® Mastercard® issued by Barclays, is a low interest credit card that's suitable for those of you who will be carrying a card balance on a regular basis as it offers a very low ongoing APR all year round. This Mastercard is marketed as a community based credit card, and as a cardholder you can vote on product changes, share your ideas with fellow cardholders, and even share in community profits.
But all that aside, this card packs all the right ingredients to save you money if you regularly carry a balance or use other credit cards, rewards cards for example, which have high APR rates. In this review of Barclaycard Ring® Mastercard® you find out if this card is what you need, and learn how to use it to save money on APR payments.
Things We Like About Barclaycard Ring® Mastercard®
Low ongoing APR on balance transfers and purchases. You will enjoy a low 14.24% variable APR on purchases and balance transfers from the very beginning. This is a very low interest rate that can benefit you if you carry a balance regularly.
0% intro APR for 15 months on balance transfers made within 45 days of account opening. This intro APR offer for balance transfers makes this card a good choice for those of you who are looking to transfer your balance from a card that's charging you a high APR. Especially because even after the intro APR period there is a low, ongoing 14.24% variable APR. Just keep in mind that on balance transfers made within the first 45 days of account opening, there's a balance transfer fee of either $5 or 2% of the amount of each transfer, whichever is greater. Balance transfers made after 45 days of account opening have no balance transfer fees.
No annual fee. You don't have to pay any annual fee for this card. That leaves you with more money to invest in paying off your debt, or getting things you need.
Barclaycard Ring members get money back for good performance through the new Giveback™ program. Although you don't earn cash back when making purchases, Barclays US claims that you will be able to earn money through the Giveback "profit sharing" feature. This is what the fine print reads: "This profit sharing feature is not based on the actual profits of the program. Instead, the Giveback program contains a transparent calculation that is used to determine what will be shared with the community members and which may or may not approximate actual profits." This sounds ambiguous to me. A bank spokesperson has said that this amount would depend on how often cardholders use the card and refer new customers. Anyway, this feature shouldn't be a main reason for getting this card, as its strength lies in its low ongoing 14.24% variable APR.
Access your FICO® Credit Score for free. As long as you are an active cardmember, you can opt-in for complimentary access to your FICO® Credit Scores right from your Barclays online account. The FICO® Credit Score is one of the most widely used credit scores in the U.S., and gives you a good idea of what your overall credit looks like.
No foreign transaction fee. If you make purchases in a foreign currency or abroad, you won't have to pay any foreign transaction fee. Most cards charge a 3% or $5 fee when you make purchases in another currency with your credit card.
Embedded chip technology makes using this card more secure when you pay for your purchases at chip-card terminals and gives it greater global acceptance. Since EMV chip technology seems to be the new trend in the U.S. as well, having a card with an embedded chip will guarantee that your card will be usable for a long time to come.
Low cash advance fee. This card has a much lower cash advance fee than most other credit cards. If you regularly use your credit cards to get cash, then a low cash advance fee is a life saver (well, a cash saver really). Most cards charge you 5% to 10% of the amount you draw from an ATM or other cash dispenser, with a minimum payment of at least $10 every time. Imagine paying $10 every time you get $50 or $100 using your credit card! But this card only charges you $3 for each cash advance, no matter how much cash you get!
Our Least Favorite Things About Barclaycard Ring® Mastercard®
Balance transfer fee on transfers made within the first 45 days of account opening. This card has a balance transfer fee of either $5 or 2% of the amount of each transfer, whichever is greater for balance transfers made within the first 45 days of account opening. The good news is that after the first 45 days of account opening there are no balance transfer fees.
No rewards or cash back program. This card doesn't have a rewards program. You do earn some rewards through the Giveback program, but those rewards are based on the performance of the whole cardholder community, rather than purchases you make. For that reason, this isn't really a rewards card, but rather an excellent ongoing low interest and balance transfer credit card.
How Other Cards Compare With Barclaycard Ring® Mastercard®
|Intro APR:||0%* intro APR on purchases* for 12 months and balance transfers* for 21 months|
|Regular APR:||16.99% - 26.99%* (Variable)|
|Credit Required:||Excellent, Good|
|Intro APR:||0% Introductory APR for 12 billing cycles for purchases and for any balance transfers made in the first 60 days|
|Regular APR:||16.24% - 26.24% Variable APR|
|Intro APR:||0% Introductory APR on purchases and balance transfers for the first 12 months from account opening|
|Regular APR:||Variable APR of 15.24%, 19.24% or 25.24% will be applied|
|See Rates & Fees|
Barclaycard Ring® Mastercard® has a low APR and intro balance transfer APR offer, making it a useful card to carry your regular ongoing card balances on and to transfer balances to.
Barclaycard Ring® Mastercard® is a good choice of card to get if you tend to carry a balance as you will have a very low ongoing 14.24% variable APR. While this card is being marketed as a balance transfer card, if your main intention is to transfer a balance from another card to one that has a lower APR then I highly recommend this card for you.
Click here to go to Barclays official website and apply online for Barclaycard Ring® Mastercard® now.
This card offer is currently unavailable through GET.com! However, check out our Best Credit Cards