One of the best cards among those that aim to help you get out of your debt.
There are some credit cards out there that are meant to be perfect. This is true for the Barclaycard Ring™ Mastercard® that became unbelievably popular almost right after it was introduced to the market.
At first, the card was introduced as one of the most beneficial low-interest credit cards. 5 years after it was introduced to the market, the emitting bank decided to improve the features that come with it. At present, the card implies an interest free period that will be more than enough for those dealing with debts. There is only one thing that may prevent you from getting the card – your credit score is required to be excellent if you want to be approved for it.
The reasons for you to consider applying for the card
- The card allows you to successfully decrease your debt. The card let’s you focus on the only thing you need to think about at present that’s decreasing your debt. In order for you to be able to do that, there is the set of the following features:
- There are no balance transfer fees that you need to pay once the “bonus” period is over. It’s common for credit cards start charging you fees for balance transfer operations after a certain time. With this card you won’t ever have to bother about such like fees.
- You’re not expected to pay any fee for the privilege of using the card.
- There is a long bonus period during which you’re not required to pay any interest for making purchases with the card. In other words, you can make purchases with the card for 15 months and not worry about the need to pay interests. Once the period is over, your APR will amount to 13.99%. Pay attention to the fact that the rate may vary depending on your creditworthiness.
The features mentioned above make Barclaycard Ring a truly unique credit card. The only other credit card that may seem as beneficial is the Chase Slate. This card also implies a large “bonus” period during which you don’t have to pay any fees for transferring your balance. Keep in mind that later on you’ll be required to pay the fee of 5% or 5 dollars depending on whichever is greater. Besides, no fee will apply only for those operations that are carried out during the period of the first 60 days after you open an account with the bank.
- You’re encouraged to give feedback. Actually, almost no emitting banks encourage you to give feedback and share any ideas you have on the way to improve the card you have. With this card everything is different. If you dislike certain features of your card or you think that it lacks something, you’re welcome to share your thoughts. The emitting bank also shows its clients the card’s profit-and-loss statements. This is one more thing that almost no other bank does. Depending on the financial performance of the card, you’ll have an opportunity to earn some rewards.
- If you’re going to travel soon, you can take the card with you. The crux of the matter here is that the card doesn’t imply any fees that you’re required to pay for using it abroad. This is the feature that people expect from travel rewards cards, not balance transfer cards. Well, once again, the card turns out to be an exception.
The reasons for you to consider applying for a different card
- It may be hard for you to get the card since only those with excellent credit qualify for it. It may seem ridiculous but the truth is that the majority of balance transfer cards require good to excellent credit score. This card, in particular requires your credit score to be excellent. It’s obvious that maintaining such a credit is hard for those who are struggling to decrease their debts.
Well, if you think that you’re unlikely to get the card, you may be interested in the Chase Slate that’s meant for those with an average credit score. However, you need to be aware that the higher your current debt is, the smaller credit line you’ll be approved for. It means that you’ll actually be unable to take advantage of the balance transfer feature.
- The rewards you get with the card depend on its performance. As a rule, you earn rewards while making purchases with a credit card. The structure of earning rewards implied by this card isn’t that straightforward. You’re rewarded bonuses depending on both how much you spend and the card’s financial performance. In other words, if the performance is bad, you’re not to expect any rewards irrespective of any sums you spend with the card.
If you’re looking for a card that will allow you to earn rewards once you’re done paying off your debt, you may want to pay attention to the Citi® Double Cash Card – 18 month BT offer. Once you get it, you start earning rewards at a relatively high rate. There is also a rather long bonus period concerning balance transfer operations. Still, you’ll be expected to pay 3% or 5 dollars for any operation later on depending on whichever is greater.
Summary: Is the Barclaycard Ring™ Mastercard® the card that you certainly need?
The Barclaycard Ring™ Mastercard® is ideal for those looking for opportunities to pay off or at least decrease their debts. If you’re one of those people, don’t hesitate applying for the card. Still, before you do it, make sure that you qualify. In case you think that you won’t get the card, consider other options we provided you with in this article.