Barclaycard Ring Mastercard Review: Great for Paying Down Debt, But No Rewards
Barclaycard Ring® Mastercard®
The Barclaycard Ring® Mastercard® is designed for balance transfers, with a generous introductory 0% APR period and minimal fees. If you’re serious about paying down your debt and improving your credit, the Barclaycard Ring® Mastercard® compares favorably to other 0% APR credit cards. To its detriment, the Barclaycard Ring® Mastercard® doesn’t offer any rewards, so nearly all of its value comes from that 0% intro APR. If you’re looking for better rewards, try out the CardCruncher tool to see which credit card will be best for you. Otherwise, read on to see our full review of the Barclaycard Ring® Mastercard®.
Barclaycard Ring® Mastercard® Quick Review
Here’s a look at the key details of the Barclaycard Ring® Mastercard®:
Annual Fee: $0
APR: 0% for 15 months on balance transfers, then 14.24%
Sign-Up Bonus: $0
- No foreign transaction fees
- No fee on balance transfers completed after the first 45 days
- Free FICO credit score
- Balance transfer fee of $5 or 2%, whichever is greater, for transfers completed within the first 45 days of account opening
- $3 cash advance fee
- Up to $27 late payment fee
- Up to $27 returned payment fee
Why Apply for the Barclaycard Ring® Mastercard®
Consider applying for the Barclaycard Ring® Mastercard® for the following reasons:
You want to pay off a large credit card balance
The Barclaycard Ring® Mastercard® offers a an APR of 0% for 15 months on balance transfers, then 14.24% for new cardholders for all balance transfers that post within 45 days of account opening. That’s generous, as few credit cards offer a 0% APR period longer than 12 months. The low standard APR makes the card even more appealing, though, compared to a lot of cards with 0% APR periods. Even if you don’t pay off your full balance within the intro period, any remaining debt will have a lower APR than you’d find on most credit cards.
You don’t want to pay an arm and a leg for balance transfers
Some balance transfer credit cards charge a fee as high as 5% of the transferred balance, but the Barclaycard Ring® Mastercard®’s balance transfer fees are surprisingly low. You’ll only pay the greater of $5 or 2% of the balance for transfers completed within the first 45 days of account opening, and you won’t pay anything at all for balances transferred after 45 days.
You want to improve your credit
All Barclaycard Ring® Mastercard® holders receive free online access to their FICO score. That lets you track your credit score while you pay down your debt. You’ll also receive alerts about every change, so you’ll always know what’s going on with your credit.
Barclaycard Ring® Mastercard®: Drawbacks and Downsides
While the Barclaycard Ring® Mastercard® is an excellent choice for paying down credit card debt, there’s one big reason to stay away:
The card doesn’t offer rewards
The Barclaycard Ring® Mastercard® doesn’t offer any rewards. It simply won’t have any value if you don’t have credit card debt to pay down. Even for people with credit card debt, most of the card’s value disappears after the 0% APR period ends. It’s still worth considering if you have a large balance to pay off, but if rewards are a top priority, plenty of other credit cards offer rewards and 0% APR periods.
Barclaycard Ring® Mastercard® Alternatives
If the Barclaycard Ring® Mastercard® isn’t a good fit, try one of these cards instead:
Discover it® Card
The Discover it® Card offers an impressive APR of 0% for 14 months, then 13.99% to 24.99%, making it another excellent choice for paying off a large credit card balance. Its standard APR varies and could be higher than the APR on the Barclaycard Ring® Mastercard®, but if you have excellent credit, you could still qualify for a rate similar to that of the Barclaycard Ring® Mastercard®.
More importantly, the Discover it® Card also offers rewards. You’ll earn 5% cash back on the first $1,500 you spend in categories that rotate each quarter, plus 1% back on all other purchases. Discover will also match all the cash back you earn in your first year. That’s lucrative if you use the card often.
Citi Simplicity® Card
The Citi Simplicity® Card has one of the longest 0% APR periods of any credit card. Its APR is an impressive 0% for 12 months on purchases and 21 months on balance transfers, then 15.99% to 25.99%. The card does charge a higher balance transfer fee than most balance transfer cards, however. You’ll have to pay the greater of $5 or 5% of the balance transferred. The standard APR is also slightly higher than the Barclaycard Ring® Mastercard®, depending on your credit.
Unfortunately, the Citi Simplicity® Card doesn’t offer any rewards. To its credit, the card does offer a free FICO score, and no late fees. This makes it worth considering if you’re trying to improve your credit and have paid any late payments in the past. You should note that even though you won’t pay extra for late payments, they’ll still show up on your reports with the credit bureaus.
Barclaycard Ring® Mastercard® FAQs
Here are answers to some of the most frequently asked questions about the Barclaycard Ring® Mastercard®:
How do I pay my Barclaycard Ring® Mastercard®?
You can pay your Barclaycard Ring® Mastercard® bill by logging into your online account or using the Barclays credit card mobile app. You can also set up an automatic payment from your bank account for either the full balance, the minimum balance or a set amount in between. Paying by phone is also an option if you don’t have an internet connection.
Is it hard to get approved for a Barclaycard Ring® Mastercard®?
Barclays evaluates all credit card applicants based on their credit scores. The company does not publish information about the minimum credit score required for approval. Nevertheless, it’s safe to assume you need good to excellent credit. This is usually considered a score of about 700 or higher. If your score is lower than that, you may want to apply for a secured credit card instead to boost your credit score before applying for the Barclaycard Ring® Mastercard®.
Bottom Line: Should You Apply for the Barclaycard Ring® Mastercard®?
The Barclaycard Ring® Mastercard® is an excellent option for paying down credit card debt. Its balance transfer fees and standard APR are lower than most other balance transfer credit cards, but this comes at the cost of rewards. If you want to earn rewards and pay down your debt at the same time, look into a rewards credit card that offers a 0% APR period instead.