The Barclaycard® Ring MasterCard® - 1% Back on Balance Transfers, issued by Barclays bank (BCS) is a low interest credit card that's suitable for those of you who will be carrying a card balance on a regular basis as it offers a very low variable APR all year round. This MasterCard (MA) has no balance transfer fee as well as no annual fee, which makes it cheap and very easy to use, knowing that you won't be spending extra money when using the card and transferring balances.
Here is a review of the Barclaycard® Ring MasterCard® - 1% Back on Balance Transfers, so that you can see which features could benefit you and know what to watch out for.
Things We Like About This Card
No annual fee. You don't have to pay any annual fee for this card.
Low ongoing interest rate. You will enjoy a very low variable APR of only 8% on purchases and balance transfers. This is a very low interest rate that will benefit you if you carry a balance regularly.
No balance transfer fee. Apart from the incredibly low APR that you will enjoy, if you transfer any other card balance to this card, you won’t have to pay any balance transfer fee, a fee that many other credit cards will charge.
1% of each balance transfer back as statement credit. You earn a statement credit equal to 1% of each balance transfer made within the first 60 days of account opening. Since you don't pay any balance transfer fee, this is almost like 1% cash back on balance transfers.
Its Giveback program lets you share its profits. Although you don't earn cash back when making purchases, Barclaycard US claims that you will be able to earn money through the Giveback "profit sharing" feature. This is what the fine print reads: "This profit sharing feature is not based on the actual profits of the program. Instead, the Giveback program contains a transparent calculation that is used to determine what will be shared with the community members and which may or may not approximate actual profits." This sounds ambiguous to me. A bank spokesperson has said that this amount would depend on how often cardholders use the card and refer new customers. Anyway, this feature shouldn't be a main reason for getting this card, as its strength lies in its low ongoing variable APR of 8%.
No over-the-limit fee. If you spend more cash than your limit, you won't have to pay any fee. Most cards charge a $35 fee when you go over-the-limit with your credit card.
Our Least Favorite Things About This Card
No rewards or cash back program. Unlike the Barclaycard® Rewards MasterCard®, this card doesn't have a rewards program. If you prefer a cash back card over a low APR card, see our list of best rated cash back cards.
No 0% introductory APR. This card doesn't have any 0% promotional rate on purchases and balance transfers. If you are looking for one that comes with 0% intro APR for a certain period of time, you might be better off with the Citi Simplicity® Card that has a 0% intro APR on purchases and balance transfers for 21 months, then a 12.99% - 22.99% variable APR on purchases and balance transfers based on your creditworthiness (read review of Citi Simplicity® Card here) or the Discover it® - 18 Month Balance Transfer Offer that has 18 months of 0% intro APR on balance transfers and 6 months of 0% intro APR on purchases and a variable purchase APR of 10.99% - 22.99% variable APR thereafter. The balance transfer fee on the Discover it® is 3% (read review of Discover it® - 18 Month Balance Transfer Offer here).
The Barclaycard® Ring MasterCard® - 1% Back on Balance Transfers is a good choice of card to get if you tend to carry a balance as you will have a very low ongoing variable APR of 8%. While this card is being marketed as a balance transfer card, if your main intention is to transfer a balance from another card to one that has lower APR, it would be more beneficial for you to get one with a 0% intro APR on balance transfers for a period of time. However, if you simply want a card with a very low ongoing interest rate, then I highly recommend this card for you.