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The Barclaycard Ring® Mastercard® could save you hundreds of dollars in fees and interest charges, if you use it strategically.
For starters, it has a 0% annual percentage rate: 0% on Balance Transfers for 15 months on balance transfers made within 45 days of account opening, and then the ongoing APR of 13.99% Variable APR. And unlike most credit cards, it never charges balance transfer fees. When you’re paying down credit card debt, its rare combination of features can help you come out ahead on savings.
Here’s how you can get the most out of this offer.
Get out of debt free
All balance transfer credit cards can help you get out of debt for less, but the Barclaycard Ring® Mastercard® goes one better: It can help you get out of debt for free. It’s one of the few cards that come with a 0% APR period, an annual fee of $0 and no balance transfer fees.
Put all these benefits together, and this card can help you avoid interest charges and fees entirely. Just transfer your debt within 45 days of getting approved for the card, and pay down your balances within the promotional period.
More about this card
Make a debt payoff plan
There are at least two ways to pay down credit card debt: the planning way and the flying by the seat of your pants way. Planning generally can help you better prioritize your debts and save more money.
Make a clear debt payoff plan and figure out how you can use the perks on the Barclaycard Ring® Mastercard® to help you pay less on your debt. If you’re carrying several large balances, make it a priority to transfer your highest-interest debts to your card first, to trim costs. Figure out how much you can afford to put toward your debt each month and stick to it.
Pair it with a rewards credit card
As a “get out of debt” card, the Barclaycard Ring® Mastercard® is top-notch. As a rewards card? Not so much. You can earn a modest payout every six months through its Giveback program, but only if you meet certain spending requirements.
If you want to earn big rewards while paying down debt interest-free, you’re better off pairing the Barclaycard Ring® Mastercard® with your favorite rewards credit card. Keep the Barclaycard Ring® Mastercard® as a “just for debt” card and pay your rewards card off in full each month to avoid interest charges.
The Barclaycard Ring® Mastercard® lets you make suggestions to the card’s product managers. It’s the only card that provides a direct line of communication between product managers and cardholders, so if you have ideas, take advantage of the soapbox.
You can submit your ideas by logging in to your credit card portal, selecting “Influence” on the top rail and going to “Submit an idea.” You can also read other cardholders’ ideas and comment on them or give them “kudos,” similar to upvoting. The managers will review your request and decide whether to pursue your suggestion. There’s no guarantee they’ll implement your idea, but it’s worth a shot.
How balance transfers work
You can transfer just about anything — including credit card debt, auto loans and personal loans — to the Barclaycard Ring® Mastercard®. Here’s how:
- Select the “balance transfers” button on the application, if you’re applying for a new card. If you already have an account, select “Services” on the upper rail and then select “Balance transfer offers.”
- Enter your credit card or loan number and specify the amount you want to transfer. Remember, Barclaycard doesn’t accept same-issuer transfers. That means you can’t transfer another Barclaycard debt to the Barclaycard Ring® Mastercard®.
- Submit your application, if you’re applying for a new card. If you’re doing a balance transfer from an existing account, select “Review and verify.” Barclaycard will process your request shortly afterward, but it might take up to four weeks to post to your other accounts. Continue to pay your other accounts regularly until the transaction is complete.
Updated March 27, 2017.