If you are looking for a balance transfer, this is one of the best offers available in the market. Barclaycard Ring has a 0% intro APR for 15 months on balance transfers made within the first 45 days of opening the card. Even better — there is no intro balance transfer fee. There is also no annual fee, so this is a great choice for anyone looking to get out of credit card debt cheaper and faster.
The Barclaycard Ring MasterCard is only for people with excellent credit. If you have good (but not excellent) credit, consider the Chase Slate® card — another card with a very good balance transfer offer. Although banks keep their approval criteria to themselves, here is a good idea of what it takes to get approved by Barclaycard:
- Have an excellent credit score.
- Don’t have too much credit card debt.
- You should be current on all of your accounts — no delinquency.
Credit card companies tend to reject people with high debt burdens. You calculate your debt burden by adding up all of your monthly fixed expenses and dividing the number by your monthly income. Your main expenses will be your housing, then any auto payments, student loan payments, and payments for any other credit lines or loans that appear on your credit report. If your debt burden is above 50%, you will find it difficult to get approved. Ideally, your debt burden should be below 40%.
If your debt burden is too high to get approved, or your score hasn’t quite reached “good” yet, you may want to consider applying for a personal loan instead. You’ll have an easier time getting approved and might get a lower APR than your high-interest card. You can use the loan to pay off your credit card debt, then make regular payments on the loan, which will help build your credit score over time.
You can shop for a personal loan from multiple lenders — without hurting your score at LendingTree (which owns MagnifyMoney).
Barclaycard is the credit card division of UK-based Barclays PLC, one of the world’s largest multinational banking and financial services companies. If you’ve never heard of Barclays, it’s probably because the bank isn’t as big in the United States; however, the bank is no small fish. Barclays is also active in retail, wholesale and investment banking, wealth management, and mortgage lending. The bank is secure — it is the only big UK bank that didn’t require a bailout from the government.
Not only does the Barclaycard Ring MasterCard offer one of the best no-fee balance transfer options on the market — but it also has a much lower go-to APR after the balance transfer period is over.
With the Barclaycard Ring MasterCard you won’t pay any interest on balance transfers made within 45 days of opening the card for the first 15 months. After that period, Barclaycard applies a 13.99% variable APR to the remaining balance. There is no balance transfer fee, and the card has no annual fee.
Barclaycard waives the interest during the balance transfer period. You do not need to worry about deferred interest charges. If you still have a balance after the promotional period is over, there will be no retroactive charges or penalties. You will only pay interest on the remaining balance on a go-forward basis.
The go-to APR is unique for two reasons. First, the 13.99% rate is pretty low compared to the 15% or higher APR consumers pay to use most credit cards, and significantly less than the more than 20% APR charged on most store credit cards. Even better — everyone approved will get the same interest rate. There is not a wide range of interest rates, which you typically find with other credit card issuers. However, this rate may vary with the market based on the prime rate.
Barclaycard has another interesting feature — charity giveback. A portion of Ring’s profits will be given to charity. And, as a Ring cardholder, you can vote on which charities get the money. We like that this card offers a great financial deal — and tries to give back to the community at the same time.
- You need to have “excellent” credit to qualify for the Barclaycard Ring MasterCard, so most people might not make the cut.
- Once you have the card, take care not to miss a payment or you’ll be hit with a $27 late payment fee.
- The introductory balance transfer offer is only for the first 45 days after you open the account. Don’t miss this window, or you’ll lose the balance transfer offer.
- Barclaycard still has high cash advance charges, so you should do your best to avoid taking one. You shouldn’t take a cash advance on a credit card anyway, as interest starts accruing immediately, and it can quickly become an expensive way to borrow money.
Completing a balance transfer with Barclaycard is easy. While applying for the product, you can provide the credit card number of the card you want paid off.
We have put together a step-by-step guide to help you through the process. The online process should take fewer than five minutes. If you have trouble completing the transfer online, you can always call the bank.
Beware: The balance transfer may take as long as four weeks to post to both of your accounts. Continue making payments to each creditor until you receive confirmation that the old balance has been paid off.
You won’t qualify for the Barclaycard Ring MasterCard if you already have your debt with Barclaycard. Also, if you don’t have “excellent” credit, you will find it difficult to get approved. Here’s an alternative, and you can also see our full list of balance transfer deals here.
For people who need more time to pay off their debt.
If you think you might need a few more months to pay off your credit card balance interest-free, you should consider the “Discover it – 18 Month Balance Transfer Offer.” If you have good or excellent credit, you have a good chance of qualifying for the Discover it card. You will have an introductory 0% APR on balance transfers for the first 18 months, with a 3% balance transfer fee.
You will have 45 days from when you open the account to complete a balance transfer that qualifies for the 0% interest introductory period. Any balance transfer completed after the 45-day period will not be subject to the promotional 0% intro-rate.
If you don’t pay off the balance transfer during the introductory period, you will be charged interest, on the remaining balance on a go-forward basis.
Yes, the introductory interest-free period applies to all charges made in the first 15 billing cycles as well as to balance transfers made within the first 45 days of opening the account.
You can transfer debts from MasterCard, Visa, American Express, or Discover Card accounts. If the debt you want to transfer is not on a MasterCard, Visa, American Express, or Discover Card account, you’ll need to call the number on the back of your card to make the balance transfer once you are approved for the card.
If you miss a payment, you will be charged a late payment fee up to $27.
The Barclaycard Ring MasterCard is a great option for those seeking to ditch high-interest credit card debt. It makes no sense to put your hard-earned money toward paying interest on your debt when you don’t have to. So, if you have excellent credit and high-interest debt to pay off, consider the Barclaycard Ring MasterCard.