Barclaycard Ring Review: Off the Market, but a 0% Star in Its Time

A break for balance transfers

This card gives you two ways to save money on balance transfers — but it's a one-or-the-other proposition:

• If you transfer a balance within the first 45 days, you get a fairly lengthy 0% APR period, but you have to pay a transfer fee. That 2% fee, though, is lower than the standard 3% to 5% charged by most cards in its class.

• If you transfer a balance after 45 days, the transfer fee is $0, but you have to pay the card's regular APR. That ongoing APR was at one time among the lowest available on any card from a major issuer, but it later rose into the mid-teens.

Because there are no balance transfer fees after 45 days, keeping this card in your wallet gives you the option to execute multiple transfers over time. Say you have a big purchase coming up that you'd like to pay down over a few months. Put it on your rewards card to earn cash or miles, but avoid paying the high APRs typically charged by rewards cards by shifting the balance to the Barclaycard Ring® Mastercard®.

Low fees

The annual fee is $0, and there are no foreign transaction fees. Though cash advances on a credit card are best avoided, they're cheaper on this card than on many others: Each advance comes with a flat $3 fee, and you pay the same APR for cash advances as for purchases (many cards charge a much higher rate on advances). Late fees on this card max out at $28.

Voting on product features

If you want to bend your bank’s ear, the Barclaycard Ring® Mastercard® is your card. You’ll be able to suggest new card features to the community managers directly and weigh in on new product ideas, the sort of influence you wouldn’t be able to get with any other type of credit card.

You’ll also get to see the profit and loss reports for the Barclaycard Ring® Mastercard®, and earn a small payout through the card’s Giveback program every six months if you meet certain spending requirements. These rewards can be redeemed as a statement credit or check. This profit-sharing system is similar to the loyalty-based dividends many credit unions pay their members: The more money the card makes, and the more you use it, the more you'll get back.

You can get a longer 0% period — and for purchases, too

The U.S. Bank Visa® Platinum Card offers an introductory APR of 0% intro APR for 18 billing cycles on purchases and balance transfers, and then the ongoing APR of 17.74%-28.74% Variable APR. The annual fee is $0.

Rewards tied to the credit card’s performance

Profit-sharing is nice, but unpredictable. If you want to have more direct control over the rewards you earn, go for a card with a long introductory APR period, no annual fee and a clear-cut rewards program. Good alternatives include:

• The Discover it® Cash Back which offers 5% cash back in rotating bonus categories that you activate (on up to $1,500 in sending per quarter) and 1% on everything else.

• The Chase Freedom Unlimited®, which pays 5% on travel booked through Chase, 3% on dining and drugstores and 1.5% cash back on everything else.