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

» This card is no longer available

The Barclaycard Ring® Mastercard® is no longer accepting applications. See our best 0% APR credit cards and our best balance transfer credit cards for other options. Below is our review from when the card was still available.

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The ideal balance transfer credit card wouldn't have an annual fee, would give you an introductory 0% interest period on debt you move to the card, and wouldn't charge balance transfer fees.

The Barclaycard Ring® Mastercard® gives you two out of three. The twist is that you get decide which two out of three: You can have the 0% intro APR period or the $0 transfer fee, but not both.

In other respects, the crowdsourced Barclaycard Ring® Mastercard® is like a credit union credit card, without the credit union: It comes with a strong sense of community and a relatively low ongoing interest rate.

Barclaycard Ring® Mastercard®: Basics

Card type: Low interest and balance transfer.

Annual fee: $0.

Rewards: None, but the card offers a profit-sharing plan, described below.

APR: 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. (At times, the ongoing APR on this card was in the single digits, making it the rare card you might consider transferring a balance to even after the 0% period had ended, especially because the transfer fee dropped to zero.)

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 19.24%-29.24% Variable APR. There's a balance transfer fee of 3% (with a $5 minimum), and 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 Ultimate Rewards®, 3% on dining and drugstores and 1.5% cash back on everything else.