Barclaycard Ring Modifies Balance Transfer Options

October 11, 2018

By Sherry Keyles

The Barclaycard® Ring Mastercard® has made some adjustments to it balance transfer options, making the card a good choice for consumers who want to save money by moving high-interest debt to a balance transfer credit card.

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.

0% period

  • Introductory APR of 0% for 15 months on balance transfers made within 45 days of account opening
  • Ongoing APR of13.99% Variable APR
  • Balance transfer fee of 2% of the amount transferred or $5, whichever is greater.

  • $0 fee: 

  • $0 balance transfer fee for transfers after 45 days.
  • Ongoing APR of 13.99% Variable APR

  • 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.

    Card Benefits

    In addition to the adjusted terms, the Ring Mastercard offers the following features:

  • No annual fee
  • No foreign transaction fees on international purchases
  • $0 balance transfer fee after first 45 days
  • $0 fraud liability
  • Free online access to your FICO® Credit Score
  • International Chip and PIN

  • Considerations

  • No Spending-Based Rewards – This card does not offer any cash back or reward options Instead, it offers Barclaycard Ring Giveback™ program, which will distribute a portion of future profits to cardholders once the profit clears a set revenue return percentage.
  • Suggested Credit Score - FICO® Score of at least 670 is required. Annual income is another important factor that impacts both your approval chances and your credit limit. If you have any balance transfers to do, then you’ll need a high enough credit limit.
  • Low APR - 13.99% (V) APR is one of the lowest available and has one flat rate.
  • It's not the lowest regular rate available but it is lower than the 14.19% market average for people with excellent credit. The card
  • $3 Flat Fee for Cash Advances: The $3 cash-advance fee is much lower than the market average.
  • 2% Balance Transfer Fee – the fee on balances transferred within 45 days is lower than the typical 3% fee most cards charge.
  • Late and returned payments - cost up to $27 per occurrence.

  • Bottom Line

    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.

    Comparable Cards

    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.

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