If you’re thinking about doing a balance transfer, several credit cards offer promotions to help you pay off your debt interest-free. Two of the best include the Barclaycard Ring® Mastercard® and the Citi Simplicity® Card.
The right balance transfer credit card for you depends on a few things, so we’ll cover each of these in detail to help you decide if one is right for you.
Barclaycard Ring® Mastercard® vs. Citi Simplicity® Card
Both credit cards offer balance transfer promotions, but the length and what else you get from the card will vary. Here’s a breakdown of each card and what you’ll get.
Balance transfer promotion
Right out of the gate, the Citi Simplicity® Card is the clear winner for folks who want to transfer and pay off a high-interest credit card balance.
The card offers an introductory 0% APR promotion on balance transfers for 18 months. The card also offers a 0% APR promotion on new purchases, also for 18 months.
The Barclaycard Ring® Mastercard®, on the other hand, offers a 0% APR promotion on balance transfers for 15 months made within 45 days of account opening. The card doesn’t offer the same promotion for new purchases.
Neither credit card offers a traditional rewards program. But the Barclaycard Ring® Mastercard® offers something similar. Barclaycard has what’s called the Giveback program, which gives cardholders a portion of the card’s profits.
How much you earn depends on how many people you’ve referred to the card and how much you use it.
While the Citi Simplicity® Card doesn’t offer any type of rewards program at all, you do get access to Citi Private Pass. This program allows cardholders to get access to VIP events, sporting events, concerts, movie premiers, and more.
These cards don’t charge an annual fee, but one fee you should know about is the balance transfer fee. This is a fee that you’ll pay just for the privilege of transferring a balance to your new card.
The Citi Simplicity® Card’s balance transfer fee is $5 or 5% of the transfer amount, whichever is greater. The Barclaycard Ring® Mastercard®, however, charges a fee of $5 or 3%, whichever is greater.
This means that if you transfer $10,000, you’d pay $500 with the Citi Simplicity® Card and $300 with the Barclaycard Ring® Mastercard®.
Also, it’s important to note that the Barclaycard Ring® Mastercard® doesn’t charge a balance transfer fee after you’ve had the card for 45 days. That said, the 0% APR promotion ends at the same time, so you can’t use both together.
One other thing to note is that the Barclaycard Ring® Mastercard® offers a low ongoing APR once the 0% APR promotion is over. The Citi Simplicity® Card, however, charges an above-average rate, which is based on your creditworthiness.
The Citi Simplicity® Card doesn’t really offer much else in value beyond its 0% APR promotion and Citi Private Pass membership. One thing to note, however, is that it doesn’t charge a late fee or penalty APR.
When you get approved for the Barclaycard Ring® Mastercard®, you’ll become a member of the Barclaycard Ring community. Once there, you’ll be able to discuss various personal finance topics with other members. You can also propose and vote on potential new changes to the card.
Which credit card is better for me?
As you can see, you won’t get a ton of value out of either of these credit cards after the initial 0% APR promotion is over. But if that’s all you want in a credit card, they can fit the bill.
If you’re looking for a long 0% APR promotion, or you want one for both purchases and balance transfers, the Citi Simplicity® Card is the clear winner.
But if you like the idea of being part of a cardholder community and you want to participate in the Barclaycard Ring® Mastercard®’s Giveback program, it might be worth considering that card.
Either way, be sure to compare these cards with other top balance transfer credit cards to make sure you get the best one for your needs. There are others out there that waive the balance transfer fee up front, and some even offer rewards and sign-up bonuses.
So, take your time to pick the right one. Then once you do, transfer your balance and make it a goal to pay it off as quickly as possible.
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This article was last updated September 13, 2018 but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.