The Ring Mastercard is unique among balance transfer cards as it offers new cardholders a choice between a $0 balance transfer fee and an introductory 0% APR period on balance transfers. In addition, the card doesn’t charge an annual fee or foreign transaction fees.
Updated Introductory Terms
Under the new terms, which took effect in July 2018, the introductory 0% APR period has been extended from 12 month to 15 months and the balance transfer fee was lowered. Cardholders can only select one offer. Options are only available on transfers made within the first 45 days of account opening.
Previously, for transfers within the first 45 days, the introductory 0% APR period was only 12 months, and the balance transfer fee was 3% or $5, whichever was greater. The terms for transfers after 45 days are unchanged.
The revised introductory terms could mean significant savings for cardholders. For example, under the new terms, for a debt of $10,000, you would pay a 2% balance transfer fee instead of a 3% fee saves $100. In addition, you get an extra three months to pay down or pay off the balance.
In addition to the adjusted terms, the Ring Mastercard offers the following features:
Due to the low fees and interest rates, the Ring Mastercard is a great card for cardholders transferring a balance and for those needing to carry a balance. The card charges a low ongoing APR on balance transfers and you won’t pay ongoing annual fees, which can lead to further savings. Even if the balance isn’t paid off after 15 months, the Ring card charges a competitive 13.99% variable rate APR, which is less than most other balance transfer cards.
In addition, the card is a good option for cardholders who want a credit card for occasional purchases to build credit. Because this card has no annual fee, it can be used as an emergency card with no balance.
Amex EveryDay Credit Card from American Express – offers a longer 15-month 0% intro APR that applies to both purchases and balance transfers, as well as $0 balance transfer fees for transfers made in the first 60 days, and it lets cardholders utilize both of these benefits at the same time. The card also earns 2X points at U.S. supermarkets (up to $6,000/year in purchases, then it’s 1%), as well as 1 point per $1 spent on all other purchases, and has a 10,000-point bonus (worth $100 in travel through American Express travel) that cardholders can earn after spending $1,000 on purchases in the first 3 months.
Wells Fargo Cashwise Visa Card - earns a flat 1.5% cash back on all purchases with no limits, and if you spend $1,000 on purchases within the first 3 months of card ownership, you’ll receive a $200 intro bonus. Th balance transfer fee is 3% for the first 12 months and then increases to 5% after 12 months of card ownership, it has a 12-month 0% intro APR on both balance transfers and purchases.