Credit cards account for 20% of grievances (second only to mortgages) filed with The Consumer Financial Protection Bureau, the federal agency committed to consumer financial protection. Billing disputes, interest rate charges, and credit reporting top the list of issues consumers submit to the CFPB on a regular basis. Credit cards seem simple enough: buy now, pay later. However, the...
|Signing Promotion||Great For: Low interest rates with no balance transfer fees|
|Annual Fee||8.00%* Variable|
|Intro APR Promotions||
- Get a 1% Statement Credit back on the amount of balance transfers made in the first 60 days of account opening
- No Balance Transfer Fees - start saving immediately!
- A low 8% variable APR on balance transfers and purchases
- No Annual Fees
- Choose your card benefits and features
- 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 MasterCard online
- Learn more about personal finance from Barclaycard and other members
Excellent Credit Needed
- No annual fee
- No balance transfer fee
- Only a $1 fee for cash advances
- 1% back on balance transfers within 60 days
- 8% variable APR on all purchases and balance transfers
- No introductory APR
- No formal rewards - the Giveback profit sharing benefit is less certain than with a traditional rewards card
The Simple Dollar’s Review
Barclaycard® Ring MasterCard® – 1% Back on Balance Transfers is unique for a couple of reasons. For one, instead of offering a formal rewards system, the Barclaycard® Ring MasterCard® – 1% Back on Balance Transfers gives card holders an opportunity to shape the policies and benefits of their card. Members receive a breakdown of the card’s performance and a list of benefit options to vote on each year. This program is called the Giveback Profit Sharing Program and it makes this card one of the first community-driven cards on the market. Of course, the profit sharing card community is still a new concept and you aren’t guaranteed to receive the card benefits you voted for last year. If you want a more traditional rewards system and more certain benefits, stick with a more traditional card.
The second unique feature of the Barclaycard® Ring MasterCard® – 1% Back on Balance Transfers is that it offers 1% back on all balance transfers made within the first 60 days of use. This makes it an ideal card for rolling balances for short-term periods. The card’s variable APR of 8% is relatively low; in fact it’s just half of the current 16% average found on most balance transfer cards. But if you aren’t paying off your balance within the next few months, a card with a lower APR is going to save you more in the long run than most balance transfer rewards ever will. Just think: Unless you pay down your transferred balance within 1.5 months, you’ll lose the 1% reward to interest, anyway. If you know that you’re going to carry a month-to-month balance, you should consider cards that come with a six or twelve month period of 0% APR.
It's often hard to believe your credit card bill actually reflects the amount of money you've spent. "How did I spend so much?" you ask yourself. While unrecognized charges may very well be forgotten shopping sprees, that's not usually the case. If something looks fishy on your bill, it's worth investigating. Perhaps that $400 dinner has one too many zeroes....