Archives for February 9, 2017

Barclaycard Ring MasterCard Review: No Balance Transfer Fee

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BarclayCard Ring MasterCard

The Barclaycard Ring™ Mastercard® has been updated with a 0% Intro APR offer and a low, variable APR on purchases, balance transfers and cash advances after the introductory period. Here are the highlights:

  • Enjoy a 0% intro APR for 15 months on balance transfers made within 45 days of account opening. After that, a variable 13.99% APR will apply
  • Low 13.99% variable APR on purchases and cash advances
  • No annual fee
  • No foreign transaction fees
  • International Chip and PIN
  • Free online access to FICO Credit Score

Balance transfer fee details. Balance Transfers that post to the account within 45 days of account opening: Either $5 or 2% of the amount of each transfer, whichever is greater. Balance Transfers that post to the account after 45 days of account opening: $0. Basically, you can’t get the no balance transfer fee on the introductory promotional offer, but you can get it otherwise ongoing.

Balance transfer to checking bank account. This posting on the their Ring Community page suggests that you can even perform a balance transfer directly to your checking account:

Online ACH Transfers. You can use the available credit on your Barclaycard Ring account to complete a Balance Transfer to your checking account online. We carefully monitor fraud and credit risk, therefore this ACH transfer capability may not be available to all cardmembers. Also, you can only complete one ACH transfer within a 30 day period.

Free FICO Score details. The free FICO score is based on your your TransUnion credit report, and updates every 1 to 3 months. Specifically, you will get your FICO Score 8 or FICO 08 model, which is the most widely used version of FICO. You can see how your FICO changes as you pay down your balances. Here’s a screenshot from my Barclaycard account:

b_ring_fico1

b_ring_fico2

This card does not have any cashback, points, or miles rewards program. It appears to be primarily focused on balance transfers and providing lower interest rates for those carrying a balance.

Bottom line. The Barclaycard Ring MasterCard has been updated with a 0% Intro APR offer and a low, variable APR on purchases, balance transfers and cash advances after the introductory period. The lower rates on this card may be of interest if you are still carrying a balance. Of course, I encourage paying off credit card balances aggressively as that is often the first step towards financial independence.