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This article was last updated Aug 28, 2018. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.
Who the Barclaycard Ring® Mastercard® is best for
The Barclaycard Ring® Mastercard® can be good for balance transfers, but there are probably better deals out there. This is a no-frills card with a subpar balance transfer offer and no rewards program.
Where the Barclaycard Ring® Mastercard® stands out in its category
Low ongoing APR. The Barclaycard Ring® Mastercard® has a 14.24% Variable APR. A low ongoing APR is ideal for people who plan on making purchases that they are unable to pay off by their statement due date.
While we don’t recommend carrying a balance month-to-month, it is a reality for some people. However, while the low 14.24% Variable APR can minimize your interest charges compared to cards with APRs around 25%, you’d be better off using a card that offers a 0% intro period for purchases.
Where the Barclaycard Ring® Mastercard® falls short in its category
Below average balance transfer offer. This card’s BT offer is nothing to write home about: 0% intro APR for 15 months on balance transfers made within 45 days of account opening. After that, a variable 14.24% APR will apply. There are plenty of other balance transfer cards that offer longer intro periods up to 21 months, and/or intro $0 balance transfer fees.
The balance transfer fee — See Issuer Terms. While the BT fee is often outweighed by the amount you save in interest, you can find several other cards with intro $0 balance transfer fees that can save you even more money.
How to use the Barclaycard Ring® Mastercard® most effectively
Transfer your balance within 45 days from account opening. There’s a 0% intro APR for 15 months on balance transfers made within 45 days of account opening. After that, a variable 14.24% APR will apply. Transferring your balance within the 45 days from account opening prevents you from missing out on the offer. After your transfer is complete, make frequent and on-time payments with the goal of paying off your debt before the intro period is over.
How to do a balance transfer with Barclays
If you have debt on a non-Barclays card and have decided to transfer it to the Barclaycard Ring® Mastercard®, here are a few things you should know prior to transferring your balance.
The total amount of your balance transfer cannot exceed your available credit limit, including balance transfer fees. For example, if you receive a $5,000 credit limit, the amount of your balance can’t exceed $4,850 since there will be a $150 balance transfer fee. For transfers made within 45 days from account opening, simply multiply your credit limit by .97 to find the maximum balance you can transfer. If you try to transfer more than your credit limit, Barclays reserves the right to decline your transfer or send partial payment to your creditor.
How to complete your balance transfer online: From the credit card menu select “Transfer Balance,” then select “New Transfer.” From there, enter the account number and the amount you would like to transfer to your card. You can also call the number on the back of your card and a customer service representative will help you request a balance transfer.
Note, the balance transfer may take up to four weeks to post to your other accounts.
Compare the Barclaycard Ring® Mastercard® to Chase Slate®
0% Intro APR on Purchases and Balance Transfers for 15 months*
$0 for the first 60 days that your Account is open, after that, either $5 or 5% of the amount of each transfer, whichever is greater.
16.49% - 25.24% Variable
- 0% Intro APR for 15 months on purchases and balance transfers. After that, 16.49% - 25.24% variable APR.
- $0 Intro balance transfer fee for the first 60 days your account is open. After that, the fee for future transactions is 5% of the amount transferred with a minimum of $5.
- Free credit score, updated weekly with Credit Journey ℠
- No Penalty APR – Paying late won’t raise your interest rate (APR). All other account pricing and terms apply
- No annual fee
See additional details for Chase Slate®
If you want to benefit from an intro $0 balance transfer fee, check out the Chase Slate®.
The Barclaycard Ring® Mastercard® and the Chase Slate® offer similar balance transfer offers, but the Chase Slate® offers a money-saving intro balance transfer fee of $0 for the first 60 days that your Account is open, after that, either $5 or 5% of the amount of each transfer, whichever is greater. That can save you a good amount of money.
Let’s take an example where you want to transfer $3,000 to a new card. We’re assuming you make the transfer within 45 days of account opening. Transferring a $3,000 balance to the Barclaycard Ring® Mastercard® will incur a $90 fee, while transferring $3,000 to the Chase Slate® will not incur a fee. The winner is clearly the Chase Slate® — as long as you plan on transferring a balance from a non-Chase card (BTs can’t be done between cards from the same issuer).
Looking at other benefits of the Chase Slate®, it provides you 15 more days to transfer your balance and qualify for the intro rate. Plus, there’s a 0% Intro APR on Purchases for 15 months (after, 16.49% - 25.24% Variable APR). That’s compared to the Barclaycard Ring® Mastercard®, which does not offer an intro period for new purchases. If you plan on using your new card to make purchases that you want to pay off over time, consider the Chase Slate®.
Overall, if you’re looking to save the most money by completing a balance transfer, we recommend the Chase Slate®.
Here’s a breakdown of the key features of each card:
|Barclaycard Ring® Mastercard®||Chase Slate®|
|Purchase Intro Rate||N/A||0% Intro APR on Purchases for 15 months|
|Balance Transfer Intro Rate||0% intro APR for 15 months on balance transfers made within 45 days of account opening. After that, a variable 14.24% APR will apply.||0% Intro APR on Balance Transfers for 15 months|
|Balance Transfer Fee||Promotional Balance Transfers that post to your account within 45 days of account opening: Either $5 or 2% of the amount of each transfer, whichever is greater.||Intro $0 for the first 60 days that your Account is open, after that, either $5 or 5% of the amount of each transfer, whichever is greater.|
|Regular Purchase APR||14.24% Variable||16.49% - 25.24% Variable|
|Transfer Period||45 days from account opening||60 days from account opening|
The Barclaycard Ring® Mastercard® is a just-OK card for people looking to complete a balance transfer in a reasonable amount of time. While the regular purchase APR is low at 14.24% Variable, the transfer period is average and you may do better with a BT card with an intro $0 balance transfer fee.