If you’re looking to save money by moving high-interest debt to a balance transfer credit card, the Barclaycard Ring® Mastercard® has just made a couple of adjustments that might catch your eye.
The Barclaycard Ring® Mastercard® is unique among balance transfer cards in that it offers new cardholders a choice between a $0 balance transfer fee and an introductory 0% APR period on transfers. (You can’t have both.) What you get depends on whether you transfer a balance within the first 45 days or wait until after that.
Under the card’s new terms, your options are:
- 0% period: You get an introductory APR of 0% on Balance Transfers for 15 months on balance transfers made within 45 days of account opening, and then the ongoing APR of 14.24% Variable APR. With this option, you pay a balance transfer fee of 2% of the amount transferred or $5, whichever is greater.
- $0 fee: The balance transfer fee is $0 for transfers after 45 days. With this option, you will pay the card’s ongoing APR, noted above.
Previously, for transfers within the first 45 days, the introductory 0% APR period was only 12 months, and the balance transfer fee was 3% or $5, whichever was greater. The terms for transfers after 45 days are unchanged.
It seems like a small difference, but it could mean significant savings for someone considering a balance transfer to help shave down their debt. For example, on a debt of $10,000, paying a 2% balance transfer fee instead of a 3% fee saves $100. And having three more months of breathing room is nice, too.
The Barclaycard Ring® Mastercard® has an annual fee of $0.
NerdWallet recommends the Barclaycard Ring® Mastercard® in particular for people who foresee making multiple transfers over time, as its $0 transfer fee and relatively low ongoing rate can save money over the long term.
Keep in mind that the ideal balance transfer card is one that packs a triple punch of a $0 annual fee, a $0 introductory transfer fee and an intro 0% APR period on transferred debt you’re transferring.