topic Re: Barclays Ring Approved! in Credit Card Approvals

Barclays Ring Approved!

CreditWorld2013 — Thu, 24 Jan 2013 02:38:20 GMT

Updated

Re: Barclays Ring Approved!

chnceit — Mon, 21 Jan 2013 07:24:58 GMT

Congrats, they have a great low apr.

Re: Barclays Ring Approved!

nyancat — Mon, 21 Jan 2013 07:37:58 GMT

I'm curious, but what's the point of this card? It's only real benefit is low interest. But what's that really matter? If you're being resposible you'll never pay interest anyways. No rewards, nothing.

Re: Barclays Ring Approved!

chnceit — Mon, 21 Jan 2013 07:42:20 GMT

@nyancat wrote:
I'm curious, but what's the point of this card? It's only real benefit is low interest. But what's that really matter? If you're being resposible you'll never pay interest anyways. No rewards, nothing.

Some people carry a balance, some people dont care about rewards, some people target low interest rate cards and some people cannot pay balances in full every month.

Re: Barclays Ring Approved!

nyancat — Mon, 21 Jan 2013 07:49:22 GMT

@chnceit wrote:
@nyancat wrote:
I'm curious, but what's the point of this card? It's only real benefit is low interest. But what's that really matter? If you're being resposible you'll never pay interest anyways. No rewards, nothing.
Some people carry a balance, some people dont care about rewards, some people target low interest rate cards and some people cannot pay balances in full every month.

Maybe, it's true, life can sure lead to the unexpected, but if you have a situation where you need to carry a balance for awhile, why would you pick this card and not a card with a long-term (year +) zero interest promo? This is not an easy card to get approved for, if you can get it, you can surely get some nice no interest offers to carry you through your period of needing to carry a balance.

Re: Barclays Ring Approved!

chnceit — Mon, 21 Jan 2013 08:02:26 GMT

nyancat wrote:
chnceit wrote:
nyancat wrote:
I'm curious, but what's the point of this card? It's only real benefit is low interest. But what's that really matter? If you're being resposible you'll never pay interest anyways. No rewards, nothing.
Some people carry a balance, some people dont care about rewards, some people target low interest rate cards and some people cannot pay balances in full every month.
Maybe, it's true, life can sure lead to the unexpected, but if you have a situation where you need to carry a balance for awhile, why would you pick this card and not a card with a long-term (year +) zero interest promo? This is not an easy card to get approved for, if you can get it, you can surely get some nice no interest offers to carry you through your period of needing to carry a balance.

True, but if one is conservative about apping then a low interest rate of the life of the card is worth it, especially now a days a rewards card after promo 0% can be obsurd

Re: Barclays Ring Approved!

CreditWorld2013 — Mon, 21 Jan 2013 08:04:46 GMT

@nyancat wrote:
@chnceit wrote:
@nyancat wrote:
I'm curious, but what's the point of this card? It's only real benefit is low interest. But what's that really matter? If you're being resposible you'll never pay interest anyways. No rewards, nothing.
Some people carry a balance, some people dont care about rewards, some people target low interest rate cards and some people cannot pay balances in full every month.
Maybe, it's true, life can sure lead to the unexpected, but if you have a situation where you need to carry a balance for awhile, why would you pick this card and not a card with a long-term (year +) zero interest promo? This is not an easy card to get approved for, if you can get it, you can surely get some nice no interest offers to carry you through your period of needing to carry a balance.

Well, for one thing as others say...the APR is low. I never carry a balance unless I plan on showing utilization of 1-9% but even then I always PIF before the date. With that being said, I always prefer to have a low rate just in case I ever needed to carry a balance I don't have to worry about it and I don't have to worry about applying at a later date for other cards but rather let it grow. The Ring does provide rewards depending on how much you contribute. It is known as "Giving Back." If the community shows profits, etc then each card holder (if they have used it/contributed to the community) gets a part back. For me...I wanted a MasterCard with low APR...the rewards may or may not be great (I'll report on it once I get more involved on the community site) are just added extras.

Re: Barclays Ring Approved!

CreditWorld2013 — Mon, 21 Jan 2013 08:06:15 GMT

@chnceit wrote:
Congrats, they have a great low apr.

Thanks!

Re: Barclays Ring Approved!

nyancat — Mon, 21 Jan 2013 08:09:55 GMT

@CC365 wrote:
@nyancat wrote:
@chnceit wrote:
@nyancat wrote:
I'm curious, but what's the point of this card? It's only real benefit is low interest. But what's that really matter? If you're being resposible you'll never pay interest anyways. No rewards, nothing.
Some people carry a balance, some people dont care about rewards, some people target low interest rate cards and some people cannot pay balances in full every month.
Maybe, it's true, life can sure lead to the unexpected, but if you have a situation where you need to carry a balance for awhile, why would you pick this card and not a card with a long-term (year +) zero interest promo? This is not an easy card to get approved for, if you can get it, you can surely get some nice no interest offers to carry you through your period of needing to carry a balance.
Well, for one thing as others say...the APR is low. I never carry a balance unless I plan on showing utilization of 1-9% but even then I always PIF before the date. With that being said, I always prefer to have a low rate just in case I ever needed to carry a balance I don't have to worry about it and I don't have to worry about applying at a later date for other cards but rather let it grow. The Ring does provide rewards depending on how much you contribute. It is known as "Giving Back." If the community shows profits, etc then each card holder (if they have used it/contributed to the community) gets a part back. For me...I wanted a MasterCard with low APR...the rewards may or may not be great (I'll report on it once I get more involved on the community site) are just added extras.

Thanks for your perspective on it! I always find it interesting why people apply for certain things. Hope you enjoy it!

Re: Barclays Ring Approved!

CreditWorld2013 — Mon, 21 Jan 2013 10:05:54 GMT

@nyancat wrote:
Thanks for your perspective on it! I always find it interesting why people apply for certain things. Hope you enjoy it!

Thanks! I think it will be a very new experience to say the least.

Re: Barclays Ring Approved!

nyancat — Mon, 21 Jan 2013 10:27:24 GMT

@CC365 wrote:
@nyancat wrote:
Thanks for your perspective on it! I always find it interesting why people apply for certain things. Hope you enjoy it!
Thanks! I think it will be a very new experience to say the least.

Yes, the social aspect is quite interesting. I will note, you say you never carry a balance unless it's to show utilization, but you also say you pay in full by the due date. If you pay in full by the due date, it's NOT carrying a balance and you won't pay interest.

Re: Barclays Ring Approved!

CreditWorld2013 — Mon, 21 Jan 2013 10:42:03 GMT

@nyancat wrote:
@CC365 wrote:
@nyancat wrote:
Thanks for your perspective on it! I always find it interesting why people apply for certain things. Hope you enjoy it!
Thanks! I think it will be a very new experience to say the least.
Yes, the social aspect is quite interesting. I will note, you say you never carry a balance unless it's to show utilization, but you also say you pay in full by the due date. If you pay in full by the due date, it's NOT carrying a balance and you won't pay interest.

One time I forgot to go back and pay in full so I paid a tiny bit

Re: Barclays Ring Approved!

Anonymous — Mon, 21 Jan 2013 10:49:13 GMT

@nyancat wrote:
I'm curious, but what's the point of this card? It's only real benefit is low interest. But what's that really matter? If you're being resposible you'll never pay interest anyways. No rewards, nothing.

I seriously doubt you can label someone as irresponsible because they revolve a balance.

Besides, other benefits with this card are cash advance fees capped at $1.00 and no BT fees. Show me any cards you own that give you virtually free cash advances On a permanent basis.

Re: Barclays Ring Approved!

Anonymous — Mon, 21 Jan 2013 14:03:46 GMT

Congrats

Re: Barclays Ring Approved!

injustifiiable — Mon, 21 Jan 2013 15:34:04 GMT

That's interesting. I didn't know they offered credit limits that low...for whatever reason I thought this card usually had really high limits.

Re: Barclays Ring Approved!

CreditWorld2013 — Mon, 21 Jan 2013 15:58:00 GMT

@injustifiiable wrote:
That's interesting. I didn't know they offered credit limits that low...for whatever reason I thought this card usually had really high limits.

Honestly...I'm surprised it was an instant approval. I've seen the majority being instant denials with good credit and even recons failing.

Re: Barclays Ring Approved!

injustifiiable — Mon, 21 Jan 2013 16:10:58 GMT

I remember reading this board when the card first came out...they made it seem like it was gonna be a hard card to get. Maybe Barclay's is loosening up the reigns a little...or maybe the board overdramatized it in the first place. lol.

Re: Barclays Ring Approved!

Anonymous — Mon, 21 Jan 2013 16:14:36 GMT

@injustifiiable wrote:
I remember reading this board when the card first came out...they made it seem like it was gonna be a hard card to get. Maybe Barclay's is loosening up the reigns a little...or maybe the board overdramatized it in the first place. lol.

I guess two common strategies:

1) BCP/Cash +: Get market share by offering outsize rewards, then nerf them, hoping enough people stay

2) Create a mystery buzz, so people REALLY want to get approved, then relax the restrictions

But in this case, hard to know if 2 has yet happened. But a $500 CL for a card requiring excellent credit does seem strange.

Re: Barclays Ring Approved!

CreditWorld2013 — Mon, 21 Jan 2013 16:26:24 GMT

@Anonymous wrote:
@injustifiiable wrote:
I remember reading this board when the card first came out...they made it seem like it was gonna be a hard card to get. Maybe Barclay's is loosening up the reigns a little...or maybe the board overdramatized it in the first place. lol.
I guess two common strategies:

1) BCP/Cash +: Get market share by offering outsize rewards, then nerf them, hoping enough people stay
2) Create a mystery buzz, so people REALLY want to get approved, then relax the restrictions

But in this case, hard to know if 2 has yet happened. But a $500 CL for a card requiring excellent credit does seem strange.

It can't be 1 as the card isn't meant to target the reward group. Number 2 seems a bit off as they only have 3,524 active accounts, a total of $4.9 Million in transactions and about $10.5 Million in balances. So it seems they are still being picky. The topic even came up in a discussion on the boards from what I've read by saying they should work on a new criteria. It just seems nuts but I'm glad!

Re: Barclays Ring Approved!

navigatethis12 — Mon, 21 Jan 2013 16:57:53 GMT

@CC365 wrote:
It can't be 1 as the card isn't meant to target the reward group. Number 2 seems a bit off as they only have 3,524 active accounts, a total of $4.9 Million in transactions and about $10.5 Million in balances. So it seems they are still being picky. The topic even came up in a discussion on the boards from what I've read by saying they should work on a new criteria. It just seems nuts but I'm glad!

Although the application does say something about no bankruptcies or derogatory information or something, multiple people with those have said they were approved. Multiple people got 5000 or more than 5000 with bad information on their repprts. The card does not seem to be advertised much, if at all. Low interest rate is not really a draw for that many people. I personally would never apply for a card with no rewards or zero interest promotions. If it is a card you will utilise, then good job and congratulations.