Here’s a new offer for those looking to pay down debt and lower their interest rates. The Barclaycard Ring™ Mastercard® has been updated with 0% introductory APR for the first 15 months on purchases and 0% introductory APR for 15 months on balance transfers made within 45 days of account opening. Importantly, this card also has NO balance transfer fee both during and after the intro period, which is a rare feature these days. After the introductory period, the card has an 13.49% variable APR that applies to everything – purchases, balance transfers, and cash advances. Here are all the highlights:
- 0% Introductory APR for the first 15 months on purchases. Plus, you’ll get a 0% introductory APR for 15 months on Balance Transfers made within 45 days of account opening. After that, a variable APR will apply, 13.49%
- No balance transfer fees
- No foreign transaction fees
- Chip technology, so paying for your purchases is more secure at chip-card terminals in the U.S. and abroad
- Free online access to FICO® Credit Score
No fee balance transfer offer. If you have an existing balance on another card that is racking up interest charges, you can transfer it to this card with no balance transfer fee and if you make the balance transfer within 45 days of account opening, you won’t be subject to any interest until well into 2018 and all of your payments during the first 15 months will go towards paying down the balance principal. You can even continue to put new purchases on the card given the simultaneous intro 0% APR on purchases.
It is very rare these days to find a no fee 0% APR balance transfer that is available to all. Make sure to keep making your minimum payments to keep that 0% APR.
In addition, this posting on the their Ring Community page suggests that you can even perform a balance transfer directly to your checking account:
Online ACH Transfers. You can use the available credit on your Barclaycard Ring account to complete a Balance Transfer to your checking account online. We carefully monitor fraud and credit risk, therefore this ACH transfer capability may not be available to all cardmembers. Also, you can only complete one ACH transfer within a 30 day period.
Free FICO Score details. The free FICO score is based on your your TransUnion credit report, and updates every 1 to 3 months. Specifically, you will get your FICO Score 8 or FICO 08 model, which is the most widely used version of FICO. You can see how your FICO changes as you pay down your balances. Here’s a screenshot from my Barclaycard account:
Other features. This card does not have any cashback, points, or miles rewards program. There is a “Giveback program” that shares community estimated profits if you meet certain spending requirements, but there is no guaranteed amount and there is a certain hurdle that must be reached before any profits are shared. Since you have little control, I would treat any such profit sharing as a nice surprise but not as a reason to get this card.
Bottom line. The Barclaycard Ring MasterCard is all about the low intro interest rate and no balance transfer fee (even after the intro period). If you have debt, this card can help you lower your interest rate and pay off your balance faster.