Consolidating your credit card debt with a balance transfer credit card can help you eliminate it more quickly and with less interest. In some cases, you may even be able to score an introductory 0% APR promotion.
The Barclaycard Ring® Mastercard® and the Chase Slate® are among the best balance transfer credit cards on the market. Neither card is inherently better than the other. Each has pros and cons that could make it better than the other for your situation.
In this comparison guide, you’ll learn the important details about each card, so that you can get the right one for you.
Barclaycard Ring® Mastercard® vs. Chase Slate®
As you learn about each of these credit cards, it’s important to know what you need from a credit card. Then base your decision on that need. Here’s what you need to know.
Balance transfer promotions
Both credit cards offer a balance transfer promotion, which is the main reason why you would apply for either credit card.
The Barclaycard Ring® Mastercard® offers a 0% APR promotion on balance transfers for 12 months. The Chase Slate®, on the other hand, offers an introductory 0% APR on both balance transfers and purchases for 15 months.
What’s more, the Chase Slate® waives the balance transfer fee for the first 60 days you have the account, making it a kind of get-out-of-debt-free card.
Interestingly, the Barclaycard Ring® Mastercard® also waives its balance transfer fee, but only after the initial 0% APR promotion is over.
Neither credit card offers a traditional rewards program. But the Barclaycard Ring® Mastercard® offers a unique program to allow cardholders to share in the card’s profits.
It’s called the Giveback program and how much you earn depends on how much you use the card and how many people you refer. Unfortunately, there’s no set way to measure how much you might earn.
But if you’re looking for a balance transfer card that provides you with value after the 0% APR promotion ends, the Barclaycard Ring® Mastercard® has something going for it.
As previously mentioned, the Chase Slate® doesn’t charge a balance transfer fee in the first 60 days you have the account. If you want to transfer a balance after that, though, you’ll pay a fee of $5 or 5% of the transfer amount, whichever is greater.
The Barclaycard Ring® Mastercard® reverses this order. It starts by charging you a balance transfer fee of $5 or 3% of the transfer amount, whichever is greater, for the first 45 days.
Once you reach that 45-day mark, though, and you’ve missed the boat on the introductory 0% APR promotion, the card will no longer charge a balance transfer fee.
That sounds odd, but the card has an ongoing APR is a variable 13.74% APR — that’s lower than the average interest rate of 15.54%, according to the Federal Reserve.
This means you could still save money by transferring future balances to the Barclaycard Ring® Mastercard® and skip the fee.
The Chase Slate®, on the other hand, charges a wide range of interest rates based on your creditworthiness; the high end is well over 20%.
Neither card charges an annual fee.
For the most part, these cards are one-trick ponies, so they don’t offer much value beyond the introductory 0% APR promotion. That said, there are some other benefits that could make one more appealing to you than the other.
For starters, the Barclaycard Ring® Mastercard® has a community of cardholders and encourages them to learn from each other in forums. Also, cardholders can propose and vote on changes to the card product.
The Chase Slate® doesn’t charge a penalty APR if you’re late on your monthly payments. It also offers free access to your FICO score, but so does the Barclaycard Ring® Mastercard®.
Which credit card is better for me?
Neither of these cards is perfect, so it’s essential for you to focus on your priorities for your new card. The Barclaycard Ring® Mastercard® is generally better if you want to participate in the card’s community and like the idea of sharing in the card’s profits.
But if you’re looking for a card that focuses more on providing value with its balance transfer promotion, the Chase Slate® would be a better pick.
The card’s combination of no balance transfer fee and an introductory 0% APR promotion can save you money. Plus, the addition of a 0% APR promotion on new purchases can give you even more flexibility with how you use the card and make payments.
As you think about which card is better for you, also consider other top balance transfer credit cards. As you do your research, look at more than just the balance transfer promotion.
Some cards, for instance, also offer rewards and sign-up bonuses in addition to a 0% APR promotion. As you do your due diligence, it’ll be a lot easier to find the card that best suits your credit card needs.
Editorial Note: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.
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.