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Other members (and myself as well) on the Ring community forums have repeatedly advocated for a fixed-rate version of the Ring on multiple occasions, and the Ring community managers considered but ultimately turned down the idea, as far as I am aware. So for the most part, I only use my Ring card for BT and cash advance purposes, and which are pretty infrequent. A fixed-rate APR would have really made the Ring stand out from other cards that are out there. So instead my cards that get much more regular usage than the Ring are my Premier America MC at 7.50% F, my FNBO Amex at 6.50% V, and a few other rewards cards with higher APRs that are PIF monthly. IMO, it's sad that Barclay's Ring division won't consider adding a fixed-rate or lower variable-rate APR with rewards version of the card, since there are other cards out there that can easily outperform it.
@SouthJamaica wrote:2. How haughty is that to say that cash advances are a "very poor use of credit". How about
you decide what's a good use of credit for you, and I'll decide what's a good use of credit for me?
To me the interest rate on cash advances is much more significant than the interest rate on purchases
and balance transfers because I never pay interest on purchases or balance transfers, but I do occasionally
take out cash advances, and cash advance interest -- unlike the interest on purchases and some balance transfers -- has
no grace period.
OK, but can you give an example when taking a cash advance with a $3 fee and immediate interest isn't a poor use of credit, where there aren't cheaper alternatives
the guy selling the bazooka isnt going to wait until tomorrow for you to go into the bank and open a LOC because it saves money and more credit wise. You cash advance.
Not PC. I know. Bleh. I used to flip cars, if you need another 600 bux to close a cash deal with a provate party on a Sunday, its what you gotta do.
@longtimelurker wrote:
@SouthJamaica wrote:2. How haughty is that to say that cash advances are a "very poor use of credit". How about
you decide what's a good use of credit for you, and I'll decide what's a good use of credit for me?
To me the interest rate on cash advances is much more significant than the interest rate on purchases
and balance transfers because I never pay interest on purchases or balance transfers, but I do occasionally
take out cash advances, and cash advance interest -- unlike the interest on purchases and some balance transfers -- has
no grace period.
OK, but can you give an example when taking a cash advance with a $3 fee and immediate interest isn't a poor use of credit, where there aren't cheaper alternatives
Why do I need to give you examples? I'm not trying to prove anything. I sometimes find Barclay Ring cash advances to be very convenient and cost effective. If you don't, that's your right.
@Anonymous wrote:the guy selling the bazooka isnt going to wait until tomorrow for you to go into the bank and open a LOC because it saves money and more credit wise. You cash advance.
Not PC. I know. Bleh. I used to flip cars, if you need another 600 bux to close a cash deal with a provate party on a Sunday, its what you gotta do.
That's the problem with impulse buying bazookas. But where do you get the cash advance from, still have to have got the cash first in that case.
I agree about the car though
@longtimelurker wrote:
@Anonymous wrote:the guy selling the bazooka isnt going to wait until tomorrow for you to go into the bank and open a LOC because it saves money and more credit wise. You cash advance.
Not PC. I know. Bleh. I used to flip cars, if you need another 600 bux to close a cash deal with a provate party on a Sunday, its what you gotta do.
That's the problem with impulse buying bazookas. But where do you get the cash advance from, still have to have got the cash first in that case.
I agree about the car though
Some people have said they just find it more convenient and less risky than carrying around a debit card. If some unexpected need for cash arises, a very small fee and/or a few days' interest is trivial.
Just got my Ring card in the mail under the old rules glad I did so before the change. The new card dies not interest me. There are lower interest cards out there but some such as Iberia and Simmons are difficult to obtain. Also some people Simply don't like CU so for them this is or was a great card. And really I have had 3 BC over the last 3 years with no CLD or issues of any kind
This saddens me. Why not offer 0% offers for 9-12 months with a 2-3% fee, then rever to 8.25%?? So strange. Another reason why I steer clear of barclays.
Glad to hear existing cardmembers aren't being impacted....yet. With my SOs recent ring CLI, it would kinda lessen the incentive to use, but thanks to credit unions I wouldn't lose any sleep over it.
The other day I was calling up some random CUs and was shocked to hear that a score of 650+ would automatically grant their lowest rate.
Also don't understand the folks being overly critical on how a person uses a card. If they want to take a cash advance, then so be it. Heck, with my CU card, the only way to do a BT is to move money to my checking account from the credit card, or go in branch and let a banker type everything in.
Closest iv come is 8.49% across the board with my Hanscom Federal CU card...
https://www.hfcu.org/loans-and-credit-cards/credit-cards.html
So I just got this offer in the mail;
0% for purchases and transfers for 12 months. apr is 12.25 thereafter. I would have been a bit more excited at 8%. Even at 12, its not a bad offer, just not one thats enough to take me out of the garden (I have cards that are lower)