Review: Barclaycard Ring™ Mastercard® – August 2017

A platinum credit card that doesn’t charge annual fees or foreign transaction fees

The Barclaycard Ring Mastercard is a low rate credit card that charges the same low rate on purchases, cash advances and balance transfers. Cardholders don’t have to pay any ongoing annual fees, and when they use their cards overseas they don’t have to pay any foreign transaction fees.

Through the Giveback program, a profit sharing feature, cardholders stand to receive rewards from time to time.

Product NameBarclaycard Ring™ Mastercard®
Intro APR for Balance Transfer0% Intro APR for 15 months
Balance Transfer Rate (not intro)13.99% variable
APR for Purchases ( Purchase Rate )13.99% variable
Annual fee$0
Cash Advance Rate13.99% variable
Card TypeMastercard
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 23 days
Returned Payment Fee$26
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
0% of transaction value
Minimum Interest$0.50
Minimum Age18 years of age
Annual fee$0
Returned Payment Fee$26
Late Payment FeeUp to $27
Cash Advance Fee$3 for each cash advance

Barclaycard Ring™ Mastercard® Review

If you’re looking for a no-frills low rate card, this offering by Barclaycard could work well for you. This card charges a low ongoing annual percentage rate (APR), and what helps is that this single rate applies on all transactions. Cardholders don’t have to pay any annual fees, which can lead to further savings. This card is also suitable for people who use their credit cards overseas, because they don’t have to pay any foreign transaction fees. You can avoid paying interest on purchases if you pay your account’s closing balance in full each month.

The perks

Getting the Barclaycard Ring™ Mastercard® comes with multiple benefits; here’s what you can look forward to as a cardholder:

  • Low APR. This platinum credit card charges a standard APR of 13.99%, which applies on purchases, balance transfers and cash advances alike. This low APR can lead to noticeable savings in the long run. There is also an even lower intro APR for purchase and balance transfers. See below
  • Low intro APR. Both purchases and balance transfers come with a 0% introductory APR for the first 15 months.
  • Balance transfers. If you have credit cards with outstanding balances that attract high interest, you can consider transferring the balances to this card and save in the form of interest. What also helps is that you don’t have to pay any balance transfer fee, which his almost unheard of. Balance transfers come with a 0% introductory APR for 15 months on balance transfers made within 45 days of account opening. After that, a variable APR will apply.
  • No foreign transaction fees. Using this card when you’re travelling overseas or when you shop through international websites can lead to savings. This is simply because you don’t have to pay any foreign transaction fees.
  • Complimentary FICO credit score. If you wish to find out your FICO, score you can access it for free online, at any time. They’ll also send alerts when they learn that your score has changed.

Compare Barclaycard credit cards

The nuts and bolts

In terms of features, here’s what you can expect from the Barclaycard Ring™ Mastercard®:

  • Annual fee. This Mastercard credit card does not charge an ongoing annual fee.
  • Low APR. A standard interest rate of 13.99% variable applies on all transactions made using this card. This variable rate is subject to change given the market’s prime rate. There is also a 0% introductory APR for the first 15 months on purchases. After that, the variable APR will apply.
  • Balance transfer. Balance transfers come with a 0% introductory APR for 15 months on balance transfers made within 45 days of account opening. After that, the same low rate of 13.99% p.a. applies on transferred balances. Balance transfers don’t attract any fees.
  • Foreign transaction fees. You don’t have to pay any foreign transaction fees when you use this platinum card overseas. However, you may have to pay ATM fees and currency conversion fees.
  • Interest-free days. The due date of your account would be at least 23 days after each billing cycle’s end. If you pay the account’s closing balance in full by the due date you don’t have to pay any interest on purchases.
  • Cash advance fee. You will be charged $3 for each cash advance. Withdrawing money from ATMs counts as cash advances and so do instances of using your card to purchase foreign currency, traveler’s checks, money orders, gambling chips and lottery tickets.
  • Late and returned payment fees. You may have to pay up to $27 for late and returned payments depending on the state of your residence.
  • Giveback program. The Giveback program is a profit-sharing initiative where cardholders can earn rewards periodically. This online program does not require you to log in to collect your rewards.
  • Vote on features. All cardholders get to be a part of the Barclaycard Ring community, through which you can vote on features you’d like to see in the future.
  • Card security. This card comes with an embedded microchip that offers more protection against fraud when compared to cards that rely only on magnetic strips.

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How to apply for the Barclaycard Ring™ Mastercard®

Always consider your options and your financial situation before you apply for a credit card.

Applying for this card is easy. But before you do, make sure you meet the following eligibility criteria.

Eligibility criteria:

  • You’re at least 18 years old
  • You’re a U.S. citizen or permanent resident of the U.S.
  • You have an excellent credit rating
  • Not available to residents of Iowa

Completing the application successfully requires that you provide different kinds of information, including.

Required documents:

  • Your name, residential status, residential address and time spent at current address
  • Your phone number and email address
  • Your occupation and details about your income
  • Your date of birth, Social Security number and mother’s maiden name
  • For balance transfers, relevant credit card numbers along with corresponding balance transfer amounts

Bottom line

Considering the Barclaycard Ring™ Mastercard® could be a good idea if you don’t want too many features and wish to keep paying a low APR. As this isn’t the only card of its kind, make sure you compare a few before deciding.

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Frequently asked questions

These are some of the most frequently asked questions about Barclaycard credit cards. If you still have questions about Barclaycard credit cards, please get in touch with us anytime.

Unfortunately, it won’t be possible to know what APR you’ll have until your application is approved. The best you can do is find the range of rates you might receive; for example, with the Barclaycard Visa with Apple Rewards, you’ll have an APR of 13.99% variable. Of course, the better your credit, the better your chances of receiving a favorable interest rate.

Each month, you’ll receive a summary of the transactions you’ve made with your card. You’ll see purchases you’ve made and whether you’ve accrued rewards or points with your card. By default, you’ll get your statements via mail, but you can sign up for paperless statements that are viewable online.

As with all credit cards, it’s often a good idea to pay off your balance in full each month to avoid accruing interest. With Barclaycard, you will not be charged interest if you pay off your balance by your monthly due date. If you are charged interest, you’ll be assessed at least $0.50.

Many Barclaycard cards come with generous rewards — and rewards cards typically require higher credit scores — so it is recommended that you only apply for a Barclaycard with fair to excellent credit, which is generally a score of 680 or higher.

Barclaycard has a feature called SecurPass, which is a verification method to confirm your identity whenever your account is accessed. You’ll also receive fraud text alerts that will notify you when there is suspicious activity on your card. Furthermore, Barclaycard offers its $0 fraud liability protection, which means you are not responsible for unauthorized purchases made with your card.

Yes, Barclaycard offers a free mobile app. You can use it to access your account, track your spending, see your current balance, pay bills, and even transfer balances.

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