Barclay Ring Credit Card Review for People Wanting to Consolidate Debt
The BarclayCard Ring credit card has been around for a number of years and, while it has always been a good, low interest credit card option, it has now become one of the top credit cards for balance transfers and it could be the perfect product to use for debt consolidation and stretched budgets.
The introductory zero percent APR on balance transfers and purchases for fifteen months is just one of the many aspects of this card that makes it an attractive proposition for anyone in debt. But there is a catch; you do need to have good credit to be accepted for a BarclayCard Ring credit card.
If that still sounds appealing to you, here are the benefits of a BarclayCard Ring credit card that set it apart from the average credit card.
Features and Benefits of the Barclay Ring Credit Card
When you get accepted for a BarclayCard Ring credit card you get a full fifteen months 0% APR on both balance transfers and purchases.
Balance transfers have to be made within 45 days of the account being opened to qualify for the 0% APR, but any purchases made will not attract any interest until the fifteen-month period has ended.
The standard variable interest rate will apply to balances after that fifteen-month period, and it will also apply to any cash advances that are made from the date that the account is opened. The current APR is 13.74%.
No balance transfer fees
Unlike the majority of credit cards that charge a balance transfer fee of anything from 3-5%, there are no transfer fees on this credit card at all, even after the 15 month introductory period. Any little bit you can save really helps in your debt consolidation efforts.
Fixed fee for cash advances
There is a fixed fee for cash advances too, which is very unusual. Most credit cards charge a percentage fee for cash advances, plus the interest, which is charged from the date of the withdrawal. The company charges a flat fee of $3 per cash advance, plus interest, regardless of the value of the withdrawal.
No annual fee
At the time of this writing, there is no annual fee whatsoever for this credit card. Another way it can help straighten out your debt situation.
No foreign transaction fees
Another big plus in favor of the BarclayCard Ring credit card is that there is no fee charged for making a foreign transaction. Most credit cards make a charge in the region of 3% of foreign transactions, so that would be a big saving for anyone who travels or who buys goods on foreign websites.
You can vote on new product features
Most credit card companies only talk to their customers if they miss a payment, but BarclayCard Ring is one of the most transparent and communicative credit card operations on the market.
Holders of the card can suggest new features for the product and vote on which features they would like to see added to the service. The company even distributes its profit and loss statement to members and rewards are based on the company’s financial performance.
What are the drawbacks?
The biggest drawback with this card is that you need to have a very good credit rating to be accepted for one, which creates a bit of a paradox. If you have lots of existing credit card debt, BarclayCard Ring would be ideal for you, but high credit card balances usually go hand-in-hand with other credit problems.
Even if you were accepted, and you were at the lower end of the acceptable credit, you may not be granted a high enough credit limit to be able to transfer all your existing credit card debt.
The other trade off that you have to make with a BarclayCard Ring card is with regards to the rewards scheme. Rewards are based on how much spend on the card, so it is very much like a profit share scheme. The rewards are going to be very unpredictable, so if you are looking for a card that with which you can earn guaranteed big rewards, you would probably be better off looking at other options.
Who is BarclayCard Ring suitable for?
Quite simply, if you are a person who has existing debt and you want to get out of it, and you have managed to retain a good credit rating, BarclayCard Ring is the perfect fit for you. It works well for anyone that wants to consolidate and can have everything paid back by the time the interest kicks in after 15 months.
Likewise, the card would also suit someone who wants low fees and is not too concerned about the levels of rewards they can earn.
It’s also a good credit card for anyone who values the personal touch with their baking providers and who would like to have a say in the future direction of the financial products they use.