About Barclaycard® Ring MasterCard®
- No Balance Transfer Fees - start saving immediately!
- A low 8% variable APR on balance transfers and purchases
- No Annual Fees
The Barclaycard Ring MasterCard boasts a set of features that is unique to the credit-card market. In addition to having a low interest rate and a friendly transaction-fee structure, the Ring card allows cardmembers to have a say in the terms and conditions of the card.
The Ring cardmember community is able to view the card’s profits and financial statistics and vote on how some of those profits can be returned to cardmembers -- such as cutting down certain fees or rewarding cardmembers with cash back.
This transparent and crowd-sourced approach may be refreshing for credit-card users who’ve had their card issuers change card terms or reduce perks on them.
However, when it comes down to hard numbers, the combo of the Ring card’s low APR and $0 balance-transfer fees is what makes the card so attractive. Ring cardmembers can move balances from any other credit card without incurring any costs and just contend with the low interest rate of the Ring. Essentially, the high interest rates on your other credit cards are negligible because the balances can always be moved to the Ring card for free.
If you keep a high-interest credit card because it offers attractive perks, but carry a balance from time to time, you can benefit from the Ring card. It’ll help reduce the amount you pay in interest charges.
Pros Cons Low interest rate No mobile banking app $0 balance transfer fees Community-built product
With the game-changing features of the Barclaycard Ring MasterCard, it wouldn’t be a surprise to see the card come with an annual fee of some sort. However, intended to be a low-cost credit-card option, the Ring has no annual fee, which just makes it more appealing.
The Ring card has no balance transfer fee, a $1 cash advance fee and a 1% foreign transaction fee. Compared to most credit cards on the market, all of the Ring card’s transaction fees are noticeably lower.
With no balance transfer fee, you can move balances from any other credit card to the Ring card at any time. You’ll reap the benefits and rewards that are often available by a high-interest credit card but your balances won’t accrue outrageous interest charges when they’re moved to the Ring card.
Also, if you are trying to consolidate credit-card debt, the Ring card will be a great tool to get the job done.
Finally, the Ring card can be used to delay your credit-card payments for a few weeks. For example, you just receive the monthly credit-card bill but you are not yet able to pay it. You can transfer the balance to the Ring card to avoid interest charges and late payment fees. Now, you have a few more weeks before the Ring card statement arrives.
It’s also nice that the Ring card only charges $25 for returned and late payments when other credit cards usually charge around $35.
The Ring only charges a low, variable 8% APR, which is lower than most interest rates available from other credit-card. However, the card requires excellent credit histories from its applicants.
Proclaiming itself as “the first and only community-built credit card,” the Ring card takes pride in the ability to tap its cardmember-base to shape the card’s features.
With enough demand for a particular benefit or features, the team behind the Ring card could consider a cardmember idea (provided it can be accommodated by the card’s financial position).
A program called Giveback allows cardmembers to choose how they want to receive their share of the profits made by the Ring card. You can choose to keep your share or donate it to a charity.
This open-ended policy can allow for many other programs with different rewards and perks.
Ring cardmembers have access to a very clean online-banking interface that is easy to navigate. However, Barclaycard has not yet offered mobile-app access to Ring customers. There is a Barclaycard US mobile app, but the Ring card is not supported on it.
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