The Barclay Ring MasterCard is a credit card that comes packed with a variety of desirable features. You will need excellent credit to qualify for this card.
The main attribute of this card is that it is a low-interest card that will not kill your financial life with high fees and interest over time.
The APR is kept low on this card for the entire year, and there are no annual or balance transfer fees either.
When it comes to the main selling point of this card, you just have to look at the fact that it gives you the ability to not spend a lot of extra money on a purchase just because you are using a credit card.
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What are the best aspects of this card?
Some of the most desirable components of the Barclays Ring Mastercard as listed below.
- No Balance Transfer Fees – start saving immediately!
- A low 8% variable APR on balance transfers and purchases
- Get rewarded through the new Giveback™ program, where Barclaycard Ring members get money back for good performance
- Get exclusive access to our online community and vote on the card features you like and view the financials of the Barclaycard Ring
- Learn more about personal finance from Barclaycard and other MasterCard online members
- Complimentary FICO® Scores as a benefit to active cardmembers.
- Opt-in to have instant and convenient access to FICO® Scores from your Barclaycard online account.
- No Annual Fees
- Choose your card benefits and features
There is no annual fee - While most of the cards out there these days come with an annual fee, the Barclays Ring MasterCard helps you make sure that you are only making payments towards things that you actually purchase.
Any card that keeps fees to a minimum is going to get high marks in our book, and the main reason that people get credit cards in the first place is not to end up paying more for the simple items that they wish to purchase on a regular basis.
The interest rate always stays low - Another positive aspect of this credit card is that the rate of interest is always going to be rather low. Card holders will be able to get a low 8% APR on the card, and this is not just for some kind of introductory period. You can count on this rate to stay low as long as you continue to use this card on a regular basis.
This is especially useful for individuals who are usually carrying a balance at all times. For most people, there is always at least a little bit of credit card debt that is being paid down each month.
No fee for transferring balances over from other cards - For some people, the main reason that they may get this card in the first place is to lock in that lower rate of interest. This makes a lot of sense when you consider the fact that there are no extra fees attached to a credit card balance transfer to this card.
You will be able to take all of your credit card debt and lock in the 8% APR associated with this card if you are able to qualify with your application. It is rather difficult to find this kind of low APR attached to a card that does not charge a fee for balance transfers.
A unique giveback program - While most of the other cards in the world focus on cash back schemes that do not really offer a lot to the customer in terms of savings, the Barclaycard Ring MasterCard actually shares its profits with its card holders.
You do not earn cash back when you make purchases with this card, but you will be able to earn a good chunk of change through the profit sharing program.
The amount of money that can be earned through this program is hard to understand, but a spokesperson with the bank said that the amount that is shared through this program depends on how often people use the card and refer new people to the card.
This is really not a main feature of this card since the main selling point is the 8% APR.
There is a $1 per cash advance fee, as well as 8% APR on cash advances.
No fee for going over your limit - One more aspect of the Barclaycard Ring MasterCard that you will probably enjoy is the fact that you will not have to pay an extra fee if you go over your limit. Most credit cards out there will charge you anywhere from $30 to $50 for going over your limit, but this is not the case with this card.
This is a nice added feature that most people will like because there are always certain situations that pop up where a person may need to go over their limit for a particular month. There is a fee for late payments, however; up to $25.
Top notch customer service - Although most people do not give much thought to customer service when it comes to whether or not they will get a new credit card, the fact of the matter is that this is an extremely important factor.
Problems will pop up from time to time when you are using any kind of credit card, so it is important to make sure that you will be able to get help in a timely manner when those kinds of problems pop up.
The Barclaycard website is hard to beat when compared to some of the websites for other credit card companies these days. There is an entire Barclaycard Ring MasterCard community on the website, and it is easy to solve any kind of issue rather quickly when you are a member of this community.
You will also be able to chat with other members to try and figure out whether or not you should be using your card in a different manner.
You can actually qualify for this low APR card - One last thing that needs to be mentioned on the positive side of the Barclaycard Ring MasterCard is the fact that you may actually be able to qualify for this card. There are other low APR cards out there, but they are basically possible to obtain unless you have had a perfect record for a ridiculously long period of time.
Some other cards even offer a lower APR rate, but the fact of the matter is that you will probably not be able to access those cards without a perfect credit score.
What are the Drawbacks of This Card?
Like most cards out there, the Barclaycard Ring MasterCard is not perfect.
While the 8% APR is a wonderful feature, there are some other common features that are not included on this card.
You should always read the pros and cons of any card before you sign up for it, so let’s take a look at some of the main downsides of going with this particular credit card.
There is no rewards program - To be honest, the profit sharing program involved with this card is rather ambiguous. It is hard to tell how much money you will be able to earn with this program, and it would be best to just assume that you are not really going to be earning much money back on the purchases that you make with this card.
Some people need to have a rewards program attached to a card for it to be useful, and this is a perfectly understandable point of view. When you go with the Barclaycard Ring MasterCard, you are basically choosing a low APR over a rewards program; however, this is a decision that will make sense for a lot of people out there.
There is no 0% APR introductory rate - Most cards will use a low intro APR to bring new people in on a regular basis. This kind of perk does not really make sense with this card because they are already giving you a low 8% APR when you sign up for this card in the first place. The intro APR is really a gimmick more than anything else, but it is still something that a lot of people like to see when they switch over to a new card for the first time.
There are plenty of other cards out there that will be able to give you a 0% introductory rate for six months or a year, but you will want to stick with the Barclaycard Ring MasterCard if you want that low APR to last longer.
Where are the sign up bonuses - One last aspect of this card that people are not going to like is the lack of a sign up bonus. This is something that is usually seen with cards that focus on rewards programs more than anything else.
Since this card is not really made for people who are only interested in rewards and bonuses, it does not really make sense for a sign up bonus to be included with this card. It is really hard to offer a huge bonus to new card holders when you are already getting a low 8% APR with the Barclaycard Ring MasterCard.
The Final Verdict
The Barclaycard Ring MasterCard is really a mixed bag. There is a certain segment of the population who will be dying to use this card, while others will find that a card with more rewards will suite their needs.
Whether or not this card will be the right choice for you really depends on what you are trying to get out of the card in the first place. If you are someone who needs to switch to a lower APR, then it would be hard to find a card better than this one.
It may actually be a good idea to combine this card with another card that offers large bonuses and rewards. You can use this card to pay down your credit card debt at a low rate, and you can use the other card to get all kinds of cash back rewards on new purchases.
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