The Barclaycard Ring® Mastercard® is no longer the go-to balance-transfer option it once was. In the latest changes, the card that once touted “no balance transfer fees ever” and a low ongoing APR is now charging a fee on certain transfers and has bumped up its interest rate. However, the card also brought back a 0% introductory APR period for transfers.
What it all means is that new cardholders have a choice: They can enjoy a 0% introductory APR on transfers, or they can get a $0 balance transfer fee — but they can’t get both on the same transfer. The details:
- The APR is 0% on Balance Transfers for 12 months on balance transfers made within 45 days of account opening, and then the ongoing APR of 13.74% Variable APR.
- Balance transfers made in the first 45 days — those that qualify for the 0% intro APR, in other words — incur a fee of 3% of the amount transferred or $5, whichever is greater. After 45 days there is no balance transfer fee.
If you’re eyeballing this card to pay off debt, you’ll have to consider which option saves you more money over the long term.
Here’s a look at what changed:
|Previous terms||New terms (current as of July 11, 2018)|
|Balance transfer fee||$0||$0 for balance transfers that post to the account after 45 days of account opening.
Either $5 or 3% of the amount of each transfer, whichever is greater, for balance transfers that post to the account within 45 days of account opening.
|APR||10.74% for purchases and balance transfers. No 0% period.||0% on Balance Transfers for 12 months on balance transfers made within 45 days of account opening, and then the ongoing APR of 13.74% Variable APR.|
Between February 2017 and February 2018, the Barclaycard Ring® Mastercard® was one of the top balance transfer cards on the market, as it offered a $0 balance transfer fee, a 0% intro APR period for both purchases and transfers, and a $0 annual fee. Before that period, and after it, the card distinguished itself by never charging balance transfer fees and maintaining a relatively low ongoing APR without a 0% period.
If you’re looking for a credit card that offers a little more breathing room to pay down debt, consider the The Amex EveryDay® Credit Card from American Express. This card charges no fee on balance transfers made within the first 60 days of account opening, and it offers an introductory APR of 0% on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 14.74% - 25.74% Variable APR (terms apply). The annual fee is $0.