We’ve spoken before about the ins and outs of prepaid debit cards. They carry both benefits and drawbacks for the everyday consumer. The perks — including convenience and assistance with personal budgeting — need to be weighed against the drawbacks, which include ample fees for a variety of card-based activities. Prepaid debit cards have recently been thrust into the national...
|Signing Promotion||Great For: Low interest rates with no balance transfer fees|
|Annual Fee||8.00%* Variable|
|Intro APR Promotions||
- 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
- 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.
Excellent Credit Needed
- Transparent about fees
- Profit-sharing scheme
- Innovative social features
- Very low APR - 8%
- Essentially no rewards system beyond profit-sharing.
- Depending on cardholder profile, it can be difficult to increase credit limit
The Simple Dollar’s Review
The Barclaycard® Ring MasterCard® isn’t your average credit card. Barclay’s new offering hopes to give cardholders something a little different from your traditional card. With the Barclaycard® Ring MasterCard®, all fees usually hidden deep in the fine print are displayed prominently both on their site and in the card agreement. These fees are all pretty reasonable — a very low 8% APR on everything, including purchases, balance transfers, and cash advances. Late fees are $25, and cash advance fees are $1 per advance. This card has no annual fees, and only a 1% foreign transaction fee. In terms of fees, the Barclaycard® Ring MasterCard® can’t be beat.
The other innovative features the card offers include a profit-sharing scheme and a “social” bent. The issuer might promote changes to the card term’s agreements, but before they do so, the entire cardholder “community” must vote before any changes are made. The profit-sharing scheme functions as a de facto rewards program, called the GiveBack program, in which you can decide to either keep what’s given back to you based on a specific calculation Barclay uses, or you can donate what you get back to charity.
While it’s a nifty concept, Barclay states, “The profit sharing program is not based on the actual profits of the program.” If you look at the GiveBack program as a replacement for a traditional rewards program, it’s not a very good one. Still, it’s tough to beat the rock-bottom 8% APR rate, making it a terrific card for balance transfers.
By now, it’s clear that our modern lives are being monitored. What we do, say and buy, and where we live – it’s all out there. Our financial lives are of particular interest to Big Data, especially credit scores. It’s a number that invisibly follows you everywhere, impacting your life in more ways than you imagine. It is the ultimate...
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