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Balance transfer credit cards can make life easier for people trying to get out from under credit card debt.
The Barclaycard Ring® Mastercard® can make it especially easy by offering an introductory APR promotion on balance transfers. But the deal may not be as sweet as it seems on the surface.
Read on to learn more about the Barclaycard Ring® Mastercard®, what it offers to cardholders, and what other cards you should consider for your balance transfer needs.
|What we like||Heads up|
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- The rundown: Everything we like about the Barclaycard Ring® Mastercard®
- Heads up: What you should consider before applying for the Barclaycard Ring® Mastercard®
- Do the math: How to get the most out of the Barclaycard Ring® Mastercard®
- Bottom line: Is the Barclaycard Ring® Mastercard® right for you?
The Barclaycard Ring® Mastercard® has a few key benefits for balance transfers.
- The intro APR offer for balance transfers could help you eliminate your credit card debt
- There’s no introductory 0% APR on new purchases you charge to the card, but the variable APR of 14.24% for purchases is still relatively low
- If you transfer a balance after the initial 45-day transfer period, you’ll pay no balance transfer fee — for balances transferred within those 45 days, there’s a fee of either $5 or 2% of the amount of each transfer (whichever is greater)
You can also join the Barclays Ring Community. Benefits include access to discussions about the card, financial health and other topics with other members of the community. You’ll also get a chance to share in a portion of the card’s estimated profits through the Giveback™ program. Your share is based on your account activity and how many account referrals you’ve generated.
If you transfer a balance in the first 45 days of opening your account to take advantage of the intro balance transfer APR period, you’ll have to pay a balance transfer fee of either $5 or 2% of the amount of each transfer (whichever is greater). If you want to avoid the balance transfer fee, you’ll need to transfer the balance after your account has been open for more than 45 days — at which point you’re no longer able to get the intro APR offer for balance transfers.
You should also be careful about swiping this card for new purchases if you haven’t paid off your transferred balance yet. You can be charged interest on your purchases unless you pay them off by the due date. Take note: We found the Barclaycard Ring® Mastercard®’s terms and conditions a little confusing on this issue. If you’re unsure of how much interest you’ll be charged on purchases while carrying a balance transfer on this card, reach out to Barclaycard directly.Read more: Balance transfer risks and pitfalls
If you plan to transfer a balance and make purchases on your new card, it may be worth looking into cards that offer identical introductory 0% APR promotions on balance transfers and purchases.
Since this card’s main benefit is its intro balance transfer APR offer, you’ll get the most value out of it by transferring a credit card balance and paying it down within the promotional time frame.
But you’ll need to do some math to figure out if you’ll save the most money by transferring the balance before or after the first 45 days.
Transferring a balance within the first 45 days of opening your account gets you the intro balance transfer APR, but if you wait until after then to make that transfer, you’ll get to take advantage of the card’s $0 balance transfer fee. Compare the cost on each to decide which works best for you.
The Barclaycard Ring® Mastercard® has some unique terms. But unless you’re interested in the card’s community benefits, you could get more value with credit cards that also offer rewards, an introductory APR on purchases, and an introductory APR on balance transfers plus no balance transfer fee.
As with any credit card, it’s important to shop around and compare to make sure you’re getting the best deal. Check out the cards we’ve listed along with other balance transfer credit cards to see which one will give you the most value.