Posted by: John S Kiernan

Barclaycard Ring® Mastercard® EDITOR’S RATING 3.9 / 5 PROS

• No annual fee
• Low regular APR

CONS

• No spending-based rewards

The Verdict: The Barclaycard Ring® Mastercard® doesn’t charge an annual fee or a foreign transaction fee and features one of the lowest APRs (14.24% (V)) on the market.

This card is not an option for the best rewards cards, as it lacks traditional spending-based benefits. Below we’ll explain these features and more in additional detail.

The Highlights

• No Annual Fee: When you have good credit — you must in order to get approved for Barclaycard Ring — paying an annual fee in return for better terms can make sense in certain situations, particularly when it comes to people who regularly use their cards and always pay their bills in full. But if you’re planning to finance a big-ticket purchase or use your card only for emergency expenses, then paying for plastic wouldn’t make much sense. You aren’t likely to have much money to spare if you’re in debt, after all, and you probably don’t want to pay an expensive fee for something you’ll hardly ever use.It is in this context that you should consider the Barclaycard Ring® Mastercard®’s lack of an annual fee. Depending on your circumstances and objectives, it could be either a necessity or simply another factor to account for when comparing cards.

• 14.24% (V) APR: It’s not the lowest regular rate available from a credit card, but it’s definitely lower than the 14.49% market average for people with excellent credit. The fact that it’s advertised as a single number, rather than a range from which approved applicants are assigned a rate depending on their creditworthiness, also makes the comparison process far more straightforward.

• No Foreign Transaction Fee: The Barclaycard Ring® Mastercard® won’t nickel-and-dime you for being a member of the global economy, as it doesn’t charge a foreign transaction fee. That will prove quite important to your bottom line if you travel abroad or make a purchase from an internationally based merchant. It will also help you maximize the average 7.14% currency-conversion savings you’ll derive from Mastercard.

The Lowlights

• No Spending-Based Rewards: You won’t earn a certain number of points or miles or a particular percentage of cash back for each dollar that you charge to the Barclaycard Ring® Mastercard®. And you won’t qualify for any sort of initial bonus by spending a certain amount during the first few months your account is open, either.  

Other Things To Consider

• Above-average balance transfer offer. The new Barclaycard Ring offer has a 0% balance transfer APR for the first 15 months, assuming you transfer your balance within 45 days of account opening, with a 2% balance transfer fee. Any balance transfers posted after the 45 days will have a $0 balance transfer fee. To put this in context, the average balance transfer credit card offers 0% for 12 months and charges a 2.71% fee.

• $3 Flat Fee For Cash Advances: This is by no means a recommendation to get a cash advance, as doing so will always be expensive. However, it figures to be a lot less costly if you complete such a transaction with the Ring Card. Its $3 cash-advance fee pales in comparison to the market average of $8.19, according to WalletHub landscape reports, and its 14.24% (V) APR – which also applies to cash advances – is equally minute in the context of the 19.26% average rate you’d be charged by other plastic.

Compared To The Competition

	Barclaycard Ring® Mastercard®	SponsoredCiti Simplicity® Card - No Late Fees Ever	Santander Bank Sphere Credit Card
Annual Fee	$0	$0	$0
Rewards Bonus	N/A	N/A	N/A
Rewards Rate	N/A	N/A	1 point / $1
Purchase Intro APR	Not Offered	0% for 12 months*	0% for 18 months
Transfer Intro APR	0% for 15 months*Transfer Fee: 2% (min $5) for the first 45 days, $0 after**	0% for 21 months*Transfer Fee: 5% (min $5)	0% for 18 monthsTransfer Fee: 4% (min $10)
Regular APR	14.24% (V)	16.24% - 26.24%* (V)	14.74% - 24.74% (V)
Editors’ Rating	3.9 / 5	3.7 / 5	N/A
Details, Rates & Fees	Learn MoreRates & Fees	Learn More	Learn More
Winners	Barclaycard Ring® Mastercard®

from Wallet HubWallet Hub


via Finance Xpress