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Barclaycard Ring™ Mastercard® Review

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by Derek Silva Updated
Barclaycard Ring™ Mastercard®

A Straightforward Card With Almost No Fees

The Barclaycard Ring™ Mastercard® is a straightforward low-APR card with next to no fees. You won’t pay an annual fee, foreign transaction fee or balance transfer fee with this credit card. Additionally, the Barclaycard Ring™ Mastercard® carries a low 10.49% Variable APR.

While this card has no traditional rewards system, it does give small rewards to cardholders through a profit-sharing program called Giveback™. If you don’t like the sound of that, Barclaycard also has an online community where all cardholders can discuss and vote on future benefit changes for the card.  

Smart Features

Low APR – The Barclaycard Ring™ Mastercard® offers a 10.49% Variable APR on purchases, balance transfers and cash advances.

No annual fee – Hate paying annual fees on credit cards? No worries -- the Barclaycard Ring™ Mastercard® doesn’t have an annual fee.

No balance transfer fee – There is no fee on balances transferred to your Barclaycard Ring™ Mastercard®, making it easy to consolidate debt from other credit cards.

No foreign transaction fee – Use your Barclaycard Ring™ Mastercard® internationally without paying any foreign transaction fee. The card has an EMV chip for simple and secure transactions across the globe.

Free access to FICO® credit score – The Barclaycard Ring™ Mastercard® gives cardholders free online access to their FICO® credit score. You can also receive alerts when your score changes.

Who It Benefits

The Barclaycard Ring™ Mastercard® is best for people who want a simple credit card and who don’t mind missing out on credit card rewards. The low 10.49% Variable APR on purchases, transfers and cash advances is a better offer than you’ll find with many other cards.

While there are no rewards, for the right person, the low APR and lack of fees could result in savings greater than what you would earn in rewards from another card anyway.

How It Works

You’ll only qualify for a Barclaycard Ring™ Mastercard® if you have excellent credit. This is because there is no annual fee, no balance transfer fee and no foreign transaction fees. There’s a late payment fee that varies by state, up to $27. There’s also no penalty APR if you miss a payment.

The Barclaycard Ring™ Mastercard® also offers access to an online community where you can learn about financial topics, talk with other cardholders and vote on future changes to the card’s features and benefit structure.

There is no typical rewards system, but cardholders may receive occasional rewards through a proprietary system from Barclaycard called Giveback™. When cardholders make a purchase with their Barclaycard Ring™ Mastercard®, a percentage is put aside into a pool. Once the amount in the pool reaches a certain amount, all cardholders receive an equal part of the pool.

What’s the Catch

You will need to have excellent credit (likely above 720) in order to qualify for the Barclaycard Ring™ Mastercard®. This is due to its strong fee and interest rate structure, making it within reach only for the top of the credit food chain.

Many cards like this one will include a 0% introductory APR on balance transfers and/or purchases for a year or more. This card doesn’t have anything to match that offer, though its 10.49% Variable APR is over six points better than the 16.38% national APR average.

There is also no traditional rewards system with the Barclaycard Ring™ Mastercard®. It does offer payouts through a profit-sharing program called Giveback™, but these rewards are infrequent and won’t compete with what you can get through other credit card rewards systems. This may not be the card for you if rewards -- like cash back, miles or points -- are your primary interests. 

Just the Math Please

Rewards

The Barclaycard Ring™ Mastercard® does not have a traditional rewards program. Cardholders can get small payouts through Giveback™, a profit-sharing program. This will pay all cardholders a certain amount based on how much money they collectively spend using their cards.

Balance Transfers

If you transfer balances to the Barclaycard Ring™ Mastercard®, you will receive a 10.49% Variable APR. This card also does not have a balance transfer fee.

Rates and Fees

Annual Percentage Rate (APR) for Purchases

10.49% Variable. This APR will vary with the market based on the Prime Rate.

APR for Balance Transfers

10.49% Variable. This APR will vary with the market based on the Prime Rate.

APR for Cash Advances

10.49% Variable. This APR will vary with the market based on the Prime Rate.

Penalty APR and When It Applies

There is no penalty APR with the Barclaycard Ring™ Mastercard®. However, there is a late payment fee of up to $27.

How to Avoid Paying Interest on Purchases

Your due date is at least 23 days after the close of each billing cycle. You will not be charged interest on purchases if you pay your entire balance by the due date each month.

Annual Fee

$0

Transaction Fees

  • Balance Transfer None 

  • Cash Advances $3 for each cash advance

  • Foreign Purchase Transaction None

Penalty Fees

  • Late Payment Up to $27 

See all Rates & Fees

How It Stacks Up

The Barclaycard Ring™ Mastercard® offers no traditional rewards system. If you are looking to pay off debt and get rewards from your credit card, you could consider the Citi® Double Cash Card. It offers 2% cash back, divided between 1% cash back on purchases and 1% cash back when you pay off your bill. The Citi® Double Cash Card has a 0% introductory APR on balance transfers for 18 months. The Barclaycard Ring™ Mastercard® doesn’t match this offer, though its 10.49% Variable is lower than that offered by many of its competitors.

Unlike the Barclaycard Ring™ Mastercard®, though, the Citi® Double Cash Card has a balance transfer fee of $5 or 3% of each transfer, whichever is greater. It also has a 3% foreign transaction fee and a cash advance fee of either $10 or 5%, whichever is more.

If your credit score isn't high enough to qualify for the Barclaycard Ring™ Mastercard®, but you have good credit and still want a strong all-around credit card, consider the Chase Slate® credit card.  It has no annual fee and a 0% introductory APR for 15 months on purchases and balance transfers. It also waives its fee for balance transfers for the first 60 days after opening your account. Balance transfers after 60 days are subject to a fee, however, at $5 or 5% of each transfer, whichever is higher.

Bottom Line

The Barclaycard Ring™ Mastercard® is a straightforward credit card that lets responsible users avoid the fees and high interest charges that accompany many credit cards. It has a competitive 10.49% Variable APR.

Cardholders have their own online community where they can learn about financial topics and vote on future changes to the Barclaycard Ring™ Mastercard®. You will need excellent credit to qualify for this card, so avoid applying if you don’t. It also doesn’t have a traditional rewards system, so if earning rewards is important to you, consider other options.