Barclaycard Ring® Mastercard®
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The Barclaycard Ring Mastercard recently updated its balance transfer offer, making it an unattractive choice compared to other balance transfer cards in the market.
This card advertises a 0% intro APR for 15 months on balance transfers made within 45 days of account opening. After that, a variable 14.24% APR will apply. However, you will be charged $5 or 2% of the transferred balance. On the other hand, if you make a balance transfer beyond 45 days of opening an account, you won’t have to pay a balance transfer fee, but your APR will be a variable 14.24%. What this boils down to is that you are either going to be paying a balance transfer fee, or you will be charged the regular APR on your balance transfer. It’s a lose-lose situation, and you would be better off with a card that has a stronger introductory balance transfer offer.
As a balance transfer card, the Barclaycard Ring Mastercard falls short compared to the competition. The card is able to redeem some of its value as a low-interest card, but there are plenty of better options on the market for consumers looking to decrease their debt payments.
It’s one stab at a reward effort is its Giveback program, which was designed to share some card profits with cardholders. Unlike traditional rewards programs, there are no guaranteed rewards, and Barclay’s says it may discontinue the program at any time. You may also designate any Giveback rewards to charity.
We do like that this card preaches transparency and that cardholders are both alerted to upcoming changes and are offered an opportunity to vote on certain card features.
Who should get this card
Fees and APR
- You’ll pay no annual fee with the Barclaycard Ring Mastercard.
- You will be charged either $5 or 2% of the amount of each transfer, whichever is greater on balance transfers that post to your account within 45 days of account opening.
- There are no foreign transaction fees for purchases made outside of the U.S.
- The card includes a variable 14.24% APR for purchases and balance transfers.
- See Rates and Fees
Extras and perks
The Barclaycard Ring Mastercard touts itself as a “community-minded” credit card and has a dedicated website featuring tips and tools for money management as well as a place to start a discussion or submit an idea. The card also has a profit-sharing feature that gives an opportunity to either get a statement credit, donate your earnings to charity, or a combination of both. Keep in mind that, according to the fine print, any payouts are at the discretion of Barclay’s and it’s not a guarantee that any payouts will actually occur.
How this card compares
There are other credit cards on the market offering 18- and 21-month 0% APRs offers on balance transfers, as well as cards that don’t charge a balance transfer fee. We recommend looking into some of those other options before applying for this card.
If you have a great deal of credit card debt, you have a choice to make when it comes to balance transfer credit cards: Pick the one that on the surface offers the cheapest way to get out of debt or pick the one that gives you a long 0% APR introductory period.