Barclaycard Ring® Mastercard® Review
Barclaycard Ring® Mastercard®
CardRatings Editor's Analysis: Pros & Cons
- Take advantage of no interest for 15 months on balance transfers made within 45 days of account opening.
- No balance transfer fees on transfers made AFTER the first 45 days, allowing you to take advantage of that low ongoing rate of 14.24% Variable even if you don't have a balance to transfer right away.
- No annual fee or foreign transaction fees.
- This is a no-frills card. If you're in the market to earn rewards, you'll want to look elsewhere.
Barclaycard Ring® Mastercard® Essentials
A common mistake when applying for a new credit card is getting overly excited about an introductory offer. Finding out you can get 0 percent intro APR on purchases or balance transfers for a year or more is exciting, but don’t forget once the intro period is over the APR can skyrocket. For this reason, the Barclaycard Ring® Mastercard® sparks our interest. Instead of dealing with a future rate that could easily hit 20 percent (or more), the Barclaycard Ring® Mastercard® offers a 14.24% Variable APR on purchases, balance transfers and cash advances PLUS it offers 15 months of no interest on balance transfers made within the first 45 days (subject to a balance transfer fee of 2 percent of the transfer amount or $5, whichever is greater). After those first 45 days, you can still transfer a balance and take advantage of that low ongoing rate, plus, you won't be charged a balance transfer fee at that point. (See Rates and Fees)
Other Barclaycard Ring® Mastercard® perks to consider:
- No annual fees
- No balance transfer fees after the first 45 days
- No foreign transaction fees
- Chip-and PIN technology for extra security
- Complimentary FICO® Credit Score easily accessed online any time
- Instantly secure your accounts by locking your cards with Barclays SecurHold™, plus set transaction limits and block certain purchase categories for you or your authorized users. Available only on the Barclays mobile app.
- Created for those with EXCELLENT CREDIT and approval is based on your credit rating and application review.
- Low 8.25% variable standard purchase APR and platinum benefits
- No balance transfer fee for balances transferred
- No Annual Fee
What Our Editors Like Most About the Barclaycard Ring® Mastercard®
Democracy. Any good democratic entity lets the people have control and transparency. Here's how the Barclaycard Ring® Mastercard® lets you do just that:
- You can go online and vote any time Barclays is considering changing the terms of the card, such as APR and other fees.
- You get access to the company's profit and loss statement for this card, so you can be an informed voter.
Creative perk: Barclaycard Ring® Mastercard® members share in the profits. Barclays will pay you a portion of the company's profits. You can use those "dividends" yourself or donate them to charity through a program called GIVEBACK™ and GIVEBACK™ CHARITY. It's perhaps the most creative rewards program on the market.
Potential Downsides of the Barclaycard Ring® Mastercard®
We like the GIVEBACK™ program for its creativity however, the red tape could put a damper in its luster. The company promises to make the calculation simple and transparent, but it also says it can discontinue the program at any time. Finally, your account needs to be in good standing to earn the rewards.
The 14.24% Variable APR is also not guaranteed; since it's a variable rate, it can go up or down depending on the interest rates set by the Federal Reserve. Federal interest rates are still fairly low but they have been creeping up so, fair warning, this APR will likely go up.
Who Should Get the Barclaycard Ring® Mastercard®?
We like this card for you, if:
- You are leery of using credit cards – Its dedication to transparency may put you at ease.
- You don't rely on credit spending to save for travel or gifting – You want to avoid "the trap" of spending more than you normally would to get particular rewards.
If you've been burned by credit card usage, Barclays has developed a credit card that's worthy of a second chance. It's not power-packed with perks, but it's a program that honors responsible and nominal spending. What's your vote?