Lowest APR Credit Card
- No annual fee and a low variable APR (14.24%)
- 0% introductory APR for the first 15 months on balance transfers (within first 45 days)
- Can double as a travel credit card, with no foreign transaction fees
- Great for saving while paying off debt
- 0% intro APR & low APR ongoing
- No balance transfer fees or foreign transaction fees
- It is geared towards being a low interest rate card, not a rewards card
- Functions first and foremost as a card to help those paying off debt, but requires good credit in order to be approved
Application Process: Easy to do online.
Annual Fee: None, as with the rest of the options on this list of the best no annual fee credit cards.
APR: A nice 0% introductory APR for the first 15 months, which includes balance transfers made within 45 days of account opening. After that, a 14.24% variable APR regardless of creditworthiness.
Balance Transfer APR: 14.24% variable.
Rewards: None. Unfortunately, there's not a whole lot of glory and excitement when building credit or fixing your finances.
Bonus Offers: Also none, see above.
The Ring™ Mastercard® is one of the most innovative credit cards on the market today. While this credit card does not offer rewards, it is one of the lowest cost credit cards out there.
It includes a low APR, no balance transfer fees, no foreign transaction fees, and no annual fee. If you want a simple card that just works, continue on to learn more about why the Barclaycard Ring™ Mastercard® may be the right fit for you.
Let's go over some examples of what you could be saving if you used the card wisely.
$5,000 in Credit Card Debt
#1: You Make $100 Payments On Your Current Credit Card
Assume you keep your current credit card, which has an 18% APR. You decide to make payments of $100 per month to pay off your $5,000 balance.
It would take 94 months (or nearly 8 years!) to pay off the full balance. You would also have to pay $4,311 in interest over that time period. 46% of all your payments would go to interest!
#2: You Transfer Your $5k Balance to BarclayCard Ring & Make $166 Payments
If you transferred your $5,000 balance to the BarclayCard Ring and made $166 payments each month. During the first 15 months your interest rate is 0% APR. So all you pay is the $100 balance transfer fee.
Then, after the 15-month period, you continue to pay $166 per month. In just 18 more months your $5,000 balance will be totally paid off. You will have only paid $355 in interest. That’s a $3,856 total savings!
#3: You Transfer Your $5k Balance to BarclayCard Ring & Make $333 Payments
If you decide to transfer your $5,000 to the Barclaycard Ring and make payments of $333 per month, your savings would be even bigger.
You would pay off the entire balance during the 15-month 0% APR period. This would save you $4,211 compared to interest from the old card that you would pay if you made $100 per month payments.
How to Save Money If You Have $10,000 in Credit Card Debt
#1: You Make $200 Payments On Your Current Credit Card
Assume your current credit card has a 20% interest rate (same cards have rates that are much higher). With a $10,000 balance and $200 monthly payment, it would take 109 months, or a little over 9 years, to pay off the card.
At that rate, you would pay $11,680 in interest. That’s more than the total balance!
#2: You Transfer Your $10k Balance to BarclayCard Ring & Make $340 Payments
If you could manage $340 per month, you would knock the balance down to $5,000 during the 15-month 0% APR period.
Then after that, there are still material savings with the lower 14.24% APR. If you could keep up the same $340 per month, you could pay off the remaining $5,000 in 18 more months while paying just $783 in interest. That’s a $10,697 savings!
#3: You Transfer Your $10k Balance to BarclayCard Ring & Make $680 Payments
After a $200 fee, if you could pay $680 per month, you would be fully debt free in 15 months. And your savings would be $11,480 compared to making $200 payments on your old card.
Barclaycard Ring™ Mastercard® review
The Ring™ credit card is a low-fee, low-interest credit card from Barclays. The card isn’t just a credit card, however. It also gets you access to the unique Ring Community with credit-related resources and a unique feedback tool to share your thoughts with the Barclays team.
If you think the Ring™ features are great, that’s because they were picked by existing cardholders. Barclays gave the Ring Community an opportunity to share feedback on new perks and options, and the result is the low-cost Barclaycard Ring™ Mastercard®.
The only major downside is that this card does not offer any cash back or travel rewards. If rewards are a priority for you, consider the Barclays Arrival® Premier World Elite Mastercard® instead. But among cards with no rewards program, the Ring™ credit card ranks among the best.
Barclaycard Ring™ Mastercard® rewards and perks
Instead of rewards, this credit card focuses on low costs. The biggest perks of this card include the Ring Community and low fees for all activity.
The Ring Community gives cardholders access to resources designed to help you manage your personal finances along with a place to share your ideas about the credit card. Barclays really listens to user feedback on this card and uses it to shape new and upcoming features.
Barclaycard Ring™ Mastercard® credit card benefits
While the card does not have many rewards, it is packed with benefits. Here’s a run down on the big benefits every cardholder enjoys:
- No annual fee - This is pretty self-explanatory. A large number of top cards have annual fees up to $550. This card… $0.
- No balance transfer fees - Some people use balance transfers to move balances to a lower interest credit card, but usually have to pay up to 5% of the balance transfer in fees. Not with this card. No balance transfer fees.
- No foreign transaction fee - Traveling to Mexico or Canada for vacation, or maybe some far-flung destination across the world? Don’t pay expensive rates to convert cash. Just use this credit card and it will convert to dollars for you at a competitive rate with no extra fee. Many cards charge 3% for foreign transactions, but not Ring™.
- Free FICO® credit score - Get your real FICO® credit score for free when logged into your online account at Barclays.
- Low interest rate - This card’s interest rate ranks among the lowest of any popular credit cards. The interest rate is 14.24% APR - a variable rate that can adjust with market rates. And you pay the same rate for purchases, balance transfers, and cash advance transactions.
Barclaycard Ring™ Mastercard® costs and fees
If you pay your card off in full every month, you won’t have to pay any interest. If you don’t pay it off, you will have to pay variable rate interest, currently 14.24% APR. Outside of that, there are only a couple of fees you might encounter.
While cash advances don’t charge a higher APR, they do have a fee. The cash advance fee is $3 per occurrence. You can avoid this fee by not taking out any cash advances from this credit card.
Late or returned payments cost up to $27 each. The fee varies by state. You can avoid this fee by making your payments early or on-time every month and paying from an account that has enough funds to cover the payment.
Does the Barclaycard Ring™ Mastercard® make sense for me?
The costs and fees of the Barclaycard Ring™ Mastercard® are so low that this card is perfect for anyone looking for any regular credit card without cash back or travel rewards. The low costs are cheaper than virtually every other credit card available today.
When used responsibly, you can’t go wrong with the Ring™ Mastercard®.
- Enjoy a 0% intro APR for 15 months on balance transfers made within 45 days of account opening. After that, a variable 14.24% APR will apply
- Low 14.24% variable APR on purchases and cash advances
- No annual fee
- No foreign transaction fees
- International Chip and PIN
- See Rates & Fees