Barclaycard Ring™ Mastercard® Review Credit Card 5 2017-06-06 11:56:30

Barclaycard Ring™ Mastercard® Review

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Rating:
Bottom Line:
Combines 15-month 0% intro APR purchases & balance transfers with no balance transfer fee; includes a unique profit sharing program

Full Review:
Looking for a card that not only offers a 0% intro APR on balance transfers and purchases, but also has no balance transfer fees and lets its cardholders influence profit or loss decisions and participate in a type of profit sharing? If so, the Barclaycard Ring™ Mastercard® is the card for you. Before we dig into the details, you should know that one caveat is that the card requires excellent credit, typically considered to be a score of 750 or above. If you have less-than-perfect credit and still want a balance transfer card with no balance transfer fees, consider the comparable BankAmericard Credit Card, which is available to those with good credit (usually thought to be a score around the 700's) or better.

The Barclaycard Ring™ Mastercard® starts off with a great 15-month 0% intro APR on both balance transfers and purchases. You do need to transfer your balance within the first 45 days to take advantage of the 0% balance transfer intro APR, but for most folks, that should be easy. On top of that, it is one of the few cards with absolutely no balance transfer fees, and after the 0% intro APR period is over, it features a low ongoing APR of merely 13.74% Variable. Just having no balance transfer fees can save you a good chunk of change, as these fees are typically 3% to 5% of the transfer amount. Saving you even more money is the fact that there is no annual fee, along with no foreign transaction fees, an ideal feature for world travelers. Plus, you'll get access to your free FICO® Score, which can be helpful in keeping an eye on your credit standing.

In addition, customers are able to see the actual monthly profit and loss statement for the product and vote on program changes — in effect, help to manage the entire card program. For example, a line item on the monthly statement might indicate the cost of providing members with paper statements and how much could be saved by going paperless. Then cardholders can vote on which option they want. And instead of a traditional rewards program, the Barclaycard Ring™ Mastercard®'s Giveback™ program allows users to share the estimated profits based on the community's financial performance.

If you're looking for a balance transfer card with no balance transfer fees, no annual fee and no foreign transaction fees, or just want a credit card with a low ongoing 13.74% Variable APR, the Barclaycard Ring™ Mastercard® is a terrific choice. You'll also be able to vote on card changes and share in community profits via the Giveback program.

Highlights
  • 0% Introductory APR for the first 15 months on purchases. Plus, you'll get a 0% introductory APR for 15 months on Balance Transfers made within 45 days of account opening. After that, a variable APR will apply, 13.74%
  • No balance transfer fees
  • No foreign transaction fees
  • Chip technology, so paying for your purchases is more secure at chip-card terminals in the U.S. and abroad
  • Free online access to FICO® Credit Score

Fees and APR
  • Annual Fee: $0
  • Foreign Transaction Fee: None
  • Purchase APR: 0% intro APR for 15 months, then 13.74% Variable.
  • Balance Transfer APR: 0% intro APR for 15 months (on balance transfers made within 45 days of account opening), then 13.74% Variable.
  • Balance Transfer Fee: None


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Card Details

Features:No balance transfer fees, 0% intro APR on purchases and transfers, users help manage card program and participate in profits
Purchase APR:0% intro APR for 15 months, then 13.74% Variable
Balance Transfer APR:0% intro APR for 15 months (on balance transfers made within 45 days of account opening), then 13.74% Variable
Annual Fee:$0
Credit Needed:Excellent

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