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Barclays Ring to follow the crowd

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galahad15
Valued Contributor

Re: Barclays Ring to follow the crowd

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. 


Message 31 of 46
longtimelurker
Epic Contributor

Re: Barclays Ring to follow the crowd


@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

Message 32 of 46
Anonymous
Not applicable

Re: Barclays Ring to follow the crowd

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.

Message 33 of 46
SouthJamaica
Mega Contributor

Re: Barclays Ring to follow the crowd


@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.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 34 of 46
longtimelurker
Epic Contributor

Re: Barclays Ring to follow the crowd


@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

Message 35 of 46
wasCB14
Super Contributor

Re: Barclays Ring to follow the crowd


@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.

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Message 36 of 46
morgacj2004
Valued Contributor

Re: Barclays Ring to follow the crowd

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  


AX Hilton Aspire 20k, AX Bonvoy Brilliant 15k, AX BCP 2k, AX Blue Bus Cash 15k, AX Delta Air Platinum 49k, (AU) AX Delta Gold 15k, AX Amazon Prime Bus 25k, BC Uber 29k, AKUSA FCU -10k , CITI AAdvantage Exec World Elite MC 16.5k, Discover (2) 16k, Kohls-4k, VS Comenity $3k, BofA AK Air Siggy 9.8k, WF Propel AX 5k, JCP $10k PFCU Plat Rewards Siggy 39.5k, PFCU Power Cash Rewards AX 10.5k, NFCU Flagship 50k, CLOC 15k, CITI Costco 9.5k, GAP VISA Synchrony $9k,Target MC 9k, Ulta MC Comenity 9k, Pay Pal 1k, CO Venture One 23k, US Bank Radisson Rewards Signature 10k, US Bank Fred Meyers World MC, 11k, US Bank Plat VISA 15.7k, VS Comenity 2k, 240k total available credit. Utiliz-2%, Current FICO EQ-724, EX 763,TU 802 ,Chapt 7 BK D/C 11-2012. Starting scores 520-550
Message 37 of 46
Anonymous
Not applicable

Re: Barclays Ring to follow the crowd

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.

Message 38 of 46
joltdude
Senior Contributor

Re: Barclays Ring to follow the crowd

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

 

 

  • Same low rate for purchases, balance transfers, and cash advances.
  • No annual fees or balance transfer fees.
  • No fee for cash advances or convenience checks.
  • 25-day grace period.
  • Credit Card Guide to Benefits

 

Message 39 of 46
Chickenpotpie
Frequent Contributor

Re: Barclays Ring to follow the crowd

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)

Message 40 of 46
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