Barclaycard Ring Review: Off the Market, but a 0% Star in Its Time
The Bottom Line
3.6
Generally low costs and a curious combination of benefits can make this an attractive card for a very specific type of customer.
Rates, fees and offers
Annual fee
$0
Rewards rate
N/A
Bonus offer
None
Intro APR
0% intro APR for 15 months on balance transfers made within 45 days of account opening. After that, a variable 14.24% APR will apply
Ongoing APR
APR: 14.24% Variable APR
Cash Advance APR: 14.24%, Variable
Balance transfer fee
Promotional Balance Transfers that post to your account within 45 days of account opening: Either $5 or 2% of the amount of each transfer, whichever is greater. For Balance Transfers that post to your account at a non-promotional APR after 45 days of account opening: $0
Foreign transaction fee
0%
More details from Barclays
- Enjoy a 0% intro APR for 15 months on balance transfers made within 45 days of account opening. After that, a variable 14.24% APR will apply
- Low 14.24% variable APR on purchases and cash advances
- NEW - Control Your Card - Instantly secure your accounts by locking your cards with Barclays SecurHoldâ„¢, plus set transaction limits and block certain purchase categories for you or your authorized users. Available only on the Barclays mobile app.
- No annual fee
- No foreign transaction fees
- International Chip and PIN
Pros and Cons
Pros
No annual fee
Intro APR period on Balance Transfers
No foreign transaction fee
Cons
No rewards
Detailed Review
» This card is no longer available
The Barclaycard Ring® Mastercard® is no longer accepting applications. See our best 0% APR credit cards and our best balance transfer credit cards for other options. Below is our review from when the card was still available.
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The ideal balance transfer credit card wouldn't have an annual fee, would give you an introductory 0% interest period on debt you move to the card, and wouldn't charge balance transfer fees.
The Barclaycard Ring® Mastercard® gives you two out of three. The twist is that you get decide which two out of three: You can have the 0% intro APR period or the $0 transfer fee, but not both.
In other respects, the crowdsourced Barclaycard Ring® Mastercard® is like a credit union credit card, without the credit union: It comes with a strong sense of community and a relatively low ongoing interest rate.
Barclaycard Ring® Mastercard®: Basics
Card type: Low interest and balance transfer.
Annual fee: $0.
Rewards: None, but the card offers a profit-sharing plan, described below.
APR: 0% on Balance Transfers for 15 months on balance transfers made within 45 days of account opening, and then the ongoing APR of 14.24% Variable APR. (At times, the ongoing APR on this card was in the single digits, making it the rare card you might consider transferring a balance to even after the 0% period had ended, especially because the transfer fee dropped to zero.)
Balance transfer fee: Promotional Balance Transfers that post to your account within 45 days of account opening: Either $5 or 2% of the amount of each transfer, whichever is greater. For Balance Transfers that post to your account at a non-promotional APR after 45 days of account opening: $0.
Compare to Other Cards
Benefits and Perks
A break for balance transfers
This card gives you two ways to save money on balance transfers — but it's a one-or-the-other proposition:
If you transfer a balance within the first 45 days, you get a fairly lengthy 0% APR period, but you have to pay a transfer fee. That 2% fee, though, is lower than the standard 3% to 5% charged by most cards in its class.
If you transfer a balance after 45 days, the transfer fee is $0, but you have to pay the card's regular APR. That ongoing APR was at one time among the lowest available on any card from a major issuer, but it later rose into the mid-teens.
Because there are no balance transfer fees after 45 days, keeping this card in your wallet gives you the option to execute multiple transfers over time. Say you have a big purchase coming up that you'd like to pay down over a few months. Put it on your rewards card to earn cash or miles, but avoid paying the high APRs typically charged by rewards cards by shifting the balance to the Barclaycard Ring® Mastercard®.
Low fees
The annual fee is $0, and there are no foreign transaction fees. Though cash advances on a credit card are best avoided, they're cheaper on this card than on many others: Each advance comes with a flat $3 fee, and you pay the same APR for cash advances as for purchases (many cards charge a much higher rate on advances). Late fees on this card max out at $28.
Voting on product features
If you want to bend your bank’s ear, the Barclaycard Ring® Mastercard® is your card. You’ll be able to suggest new card features to the community managers directly and weigh in on new product ideas, the sort of influence you wouldn’t be able to get with any other type of credit card.
You’ll also get to see the profit and loss reports for the Barclaycard Ring® Mastercard®, and earn a small payout through the card’s Giveback program every six months if you meet certain spending requirements. These rewards can be redeemed as a statement credit or check. This profit-sharing system is similar to the loyalty-based dividends many credit unions pay their members: The more money the card makes, and the more you use it, the more you'll get back.
Drawbacks and Considerations
You can get a longer 0% period — and for purchases, too
The U.S. Bank Visa® Platinum Card offers an introductory APR of 0% intro APR for 18 billing cycles on purchases and balance transfers, and then the ongoing APR of 17.74%-28.74% Variable APR. The annual fee is $0.
Rewards tied to the credit card’s performance
Profit-sharing is nice, but unpredictable. If you want to have more direct control over the rewards you earn, go for a card with a long introductory APR period, no annual fee and a clear-cut rewards program. Good alternatives include:
The Discover it® Cash Back which offers 5% cash back in rotating bonus categories that you activate (on up to $1,500 in sending per quarter) and 1% on everything else.
The Chase Freedom Unlimited®, which pays 5% on travel booked through Chase, 3% on dining and drugstores and 1.5% cash back on everything else.
You also can check out the NerdWallet best credit cards page for more information on how these cards stack up.
How To Decide If It's Right For You
With its choose-your-benefit approach to balance transfers, its low fees and lower ongoing APR, and its crowdsourcing features, the Barclaycard Ring® Mastercard® is designed for a very specific person in mind. If you're that person, go for it.
The U.S. Bank Visa® Platinum Card has an APR of 0% intro APR for 18 billing cycles on purchases and balance transfers, and then the ongoing APR of 17.74%-28.74% Variable APR. The annual fee is $0.
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Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
