Barclaycard Ring MasterCard Review

Advertiser Disclosure

Barclaycard has introduced a number of interesting credit card concepts to the marketplace over the past few years, and the Barclaycard Ring MasterCard may be the most interesting of them all, with some less than mainstream benefits and offerings.  Let’s check out the card’s features below!

 

Apply Now: Barclaycard® Ring MasterCard®

 

Features

  • Profit Sharing

In an interesting move, this credit card does not offer any points or miles for using the card.  Instead, the credit card “offers borrowers the chance to share in the profits over time,” according to this article from the Wall Street Journal.  Cardmembers will receive information about the program’s profitability and enable a two-way communication to suggest new offerings.

  • Low APR

Normally, a credit card’s APR is around 14% at its lowest.  However, this card offers a very low 8% as its APR, making it an attractive card for those that like to carry a balance, but are responsible about paying it off quickly and don’t like being taxed greatly.

  • No Fees

Under normal circumstances, one will pay a fee for missing a payment, transferring a balance, or even for just owning the credit card.  Not so with the Barclaycard Ring MasterCard.  There are no annual fees, balance transfer fees, or late fees.  You’ll just incur the low APR on your balance.  This card is all about transparency, and not hidden fees.

  • GiveBack Program

As mentioned earlier, users share in the profits of the program.  As a nice “good feeling” gesture, users can opt to donate the profits to charity instead of receiving them in their account as a statement credit.  I can’t imagine profits being very large when split over thousands of users, so donating to charity may not be a bad choice.

 

Cons

While a low APR and donating to charity are good benefits for some, for others who pay off their bill each month in full, there are a decidedly small amount of benefits with this card.  There are no opportunities to redeem points or miles for travel or gifts. Users of this card simply receive benefits in the form of no fees and low APR.  The user values low cost of card ownership more than, say, low cost travel.  I find this to be a good concept, as there are obviously people out there who need credit and an affordable way to finance their lives.  This card fills that void left by other, more popular cards.

 

Conclusion

The Barclaycard Ring MasterCard is an incredibly interesting concept.  Profit sharing in the credit card space?  That’s unheard of.  But the lack of real rewards and benefits for those that pay off their bills each month makes this a card that doesn’t appeal to me.  However, there may be those of you reading this that need a cheaper way to finance basic debt in their normal lives.  Maybe you need to pay for a few holiday gifts and pay it off next month.  This card is great for that, due to its low APR of 8%.  As someone who does not represent the whole market, for obvious reasons, there may be a spot for this card in your wallet yet.  Comment below if this card appeals to you!

 

 

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