Features

Who is Barclaycard Ring MasterCard Designed For?

Barclaycard Ring MasterCard is designed for people with good to excellent credit who want a credit card with no annual fee and a low APR. It's also a good fit for people who are frustrated with traditional cards and just want a simple card with transparent terms and fees.

The Ring MasterCard is marketed as a balance transfer card, due to its low rates, but it doesn't have an 0% APR introductory rate. Therefore, consumers who have a significant credit card balance should probably try to go qualify for a card that offers a long introductory rate and has no balance transfer fee first; and then switch to Ring MasterCard once their balance is under control.

What are the Rates for Barclaycard Ring MasterCard?

- Barclaycard Ring MasterCard charges all cardholders the same low rate for balance transfers, cash advances and purchases: just 8% APR. The Ring MasterCard doesn't have an introductory 0% APR rate for purchases or balance transfers.

What Are the Fees for Barclaycard Ring MasterCard Credit Card?

- The fees for the Barclaycard Ring MasterCard are nearly as simple as its APR rate schedule. It charges $3 for each cash advance, 0% for each foreign transaction and $26 for late payments and returned payments. That is it. No annual fee, no balance transfer fee or even an over the limit fee.

The cash advance and foreign transaction fees are supposedly designed to just cover Barclaycard's cost for processing the transaction. Regardless of whether that is completely accurate, the fees are certainly low, particularly for a card with an 8% APR.

What Is Barclaycard Ring MasterCard's Rewards Program Like?

Barclaycard Ring MasterCard is also unconventional in the way it structures its rewards program. Instead of having a points system or a straightforward cashback ratio, it uses a Giveback program that promises to share a fraction of its profits with the community of cardholders. The card even reveals its profit and loss statements every month.

However, the small print states that the profit sharing features are offered at the sole discretion of Barclaycard, which doesn't reveal how it actually calculates the profit sharing feature, apart from saying that it is not based on the actual profits of the program and that the it may or may not approximate actual profits. Needless to say, this is where the simplicity and transparency of the card breaks down. Not that it matters much. The cashback rewards program, which is essentially what the Giveback program is, is not what will attract customers to this card.

What about Barclaycard Ring MasterCard's Signup Bonus?

Barclaycard Ring MasterCard doesn't have a signup bonus.

Does Barclaycard Ring MasterCard Have Any Other Benefits?

The Barclaycard Ring MasterCard markets itself as a true community where rules and decisions are decided by the cardholders. The card lets users vote on the card's terms and conditions, and the perks it includes. This sounds great until you realize it means other cardholders get to pick your credit card's terms and conditions.

How Is Barclaycard Ring MasterCard Better Than Other Credit Cards?

The Barclaycard Ring MasterCard has an 8% APR for purchases, cash advances and balance transfers, and it doesn't have an annual fee. Those features alone would be enough to make this card worthy of a second look. The fact it has a transparent and inexpensive fee schedule, provides a form of cashback to its cardholders, and allows its cardholders to vote on the card's terms and conditions, just add to the allure of the card.

  • Card Type
    • Low APR
    • Balance Transfer
    • Rewards
  • Customer Type
    Personal
  • Card Network
    Mastercard
  • Credit Score Range
    700 - 850
  • Minimum Age
    18
  • Grace Period / Deferred Interest
    23
  • Late Payment Penalty
    $26
  • Minimum Interest Charge
    $1
  • Returned Payment Fee
    $26
  • No Annual Fee
  • No Foreign Transaction Fee
  • Free FICO Score
  • Purchases APR
    Starting at 8.25%
  • Balance Transfer APR
    Starting at 8.25%
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