July 19th, 2013
Review: Barclaycard Ring Pays You for Your Balance Transfer (Basically)
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Launched last year, Barclaycard Ring MasterCard is already proving itself as a creative, community-driven credit card. Initially, the card attracted consumers with its low, 8% interest rate, no annual fee and $0 balance transfer fee.
Now the card has gotten even more interesting.
At the time of launch, the press release promised that, “In the future, the Barclaycard Ring community will have an opportunity to voice its opinions about specific product features and community functionality.” With new features cropping up, it sure seems like this is proving true.
One of the more recent innovations that this card boasts is 1% statement credit back on any balance transfers made in the first 60 days of account opening. So, combined with the $0 balance transfer fee, you’ll essentially make money when you open a Barclaycard Ring Mastercard and transfer balances.
What’s the Trade-Off?
There isn’t one really. But it’s important to know that the cash back benefits of this card currently stop at the 1% statement credit for balance transfers. In a time when a lot of people are craving constant cash back and rewards for their credit card spending, Barclaycard Ring really focuses on a low APR and the return on balance transfers.
What You’re Getting
Here’s a run-down of Barclaycard Ring’s features:
- 1% Statement Credit back on the amount of balance transfers made in the first 60 days of account opening
- No balance transfer fees
- 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
- 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
Curious to know what people are saying about this card? Check out the positive buzz in the Barclaycard Ring Mastercard reviews on Credit Karma:
“The Barclaycard website is premium, extremely well designed, and the customer service through the Ring community is absolutely top notch.” – philipwhuff
“How can you beat 8% for purchases and cash withdrawls? Answer: You can’t!” – revkurtsimon
Bottom Line: If you’re a cash back or rewards fan, this card might not be right for you. But if you’ve been looking for a worthwhile balance transfer deal with a low APR, Barclaycard Ring could fit the bill.
Bethy Hardeman is the Social Media Manager and Writer at Credit Karma, where she’s been since February 2011. When she’s not writing about credit and finance all over the web, you can find her playing her guitar, catching the latest movie, training for her next race or just exploring the city of San Francisco. Say “Hi” on Twitter: @bhardeman.
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Disclaimer: All information posted to this site was accurate at the time of its initial publication. Efforts have been made to keep the content up to date and factual. This content is not provided or commissioned by the bank or issuer. Opinions expressed here are author’s alone, not those of the bank or issuer, and have not been reviewed, approved or otherwise endorsed by the bank or issuer. For complete product details visit bank or issuer website for details.