topic Barlcay Ring Variable? in Credit Cards

Barlcay Ring Variable?

-Cal- — Sat, 09 Jan 2016 00:16:26 GMT

Was the Barclay Ring card always Variable APR? For some reason I thought it was fixed. I just noticed its at 8.25% now.

Re: Barlcay Ring Variable?

Aahz — Sat, 09 Jan 2016 00:26:21 GMT

@-Cal- wrote:
Was the Barclay Ring card always Variable APR? For some reason I thought it was fixed. I just noticed its at 8.25% now.

Pretty sure it was always variable.

According to this Ring Blog post from June 2012 it was variable then - and the card was only introduced in February or March 2012 (I believe).

Re: Barlcay Ring Variable?

galahad15 — Sat, 09 Jan 2016 00:32:26 GMT

@-Cal- wrote:
Was the Barclay Ring card always Variable APR? For some reason I thought it was fixed. I just noticed its at 8.25% now.

AFAIK, the Ring has always been variable. I have actually submitted requests and made suggestions on the Ring forum in the past for Barclay to introduce a slightly higher APR, fixed-rate card, sadly without any luck though

Re: Barlcay Ring Variable?

jsucool76 — Sat, 09 Jan 2016 02:22:57 GMT

Ring has been variable forever. =]

Re: Barlcay Ring Variable?

-Cal- — Sat, 09 Jan 2016 02:33:57 GMT

/thread

Re: Barlcay Ring Variable?

Anonymous — Sat, 09 Jan 2016 04:13:12 GMT

What are some fixed rate cards that are easily attainable? I have learned that some CU cards do not fluctuate.

Re: Barlcay Ring Variable?

Anonymous — Sat, 09 Jan 2016 09:06:36 GMT

Jfriend check tmwc charts bud. He lists fixed cards near the end.

Re: Barlcay Ring Variable?

Anonymous — Sat, 09 Jan 2016 15:04:36 GMT

Where can one find those charts?

Re: Barlcay Ring Variable?

Aahz — Sat, 09 Jan 2016 15:34:35 GMT

@Anonymous wrote:
Where can one find those charts?

Themanwhocan's Cash Back Charts

Re: Barlcay Ring Variable?

Anonymous — Sat, 09 Jan 2016 18:04:31 GMT

What are the rules for fixed-rate cards? Clearly something like a 30 year fixed rate mortgage gives you a guaranteed rate for the life of the mortgage. But can't fixed rate cards change the rate (with notice) impacting the rate on new purchases? I thought the real difference was just that variable are linked to an index and can change without notice, rather than fixed being "fixed" for ever.

Re: Barlcay Ring Variable?

Anonymous — Sat, 09 Jan 2016 21:39:12 GMT

Not sure what the rules are now but back in 2008 all my fixed rate cards changed to variable. So i guess they can increase, decrease, or change to variable at any time with notice

Re: Barlcay Ring Variable?

jsucool76 — Sun, 10 Jan 2016 04:49:39 GMT

Banks can alter the rate on a fixed rate card whenever they see fit. When they say "fixed rate credit card" they simply mean it doesnt automatically adjust itself with the prime rate, but the bank can still opt to change the rate.

Re: Barlcay Ring Variable?

Anonymous — Sun, 10 Jan 2016 05:19:30 GMT

@jsucool76 wrote:
Banks can alter the rate on a fixed rate card whenever they see fit. When they say "fixed rate credit card" they simply mean it doesnt automatically adjust itself with the prime rate, but the bank can still opt to change the rate.

Right, that's what I thought (although I assume the CARD act requires some notice). And that means fixed rate cards aren't that much of a prize....

Re: Barlcay Ring Variable?

Anonymous — Sun, 10 Jan 2016 05:30:17 GMT

The only card I have that can never alter the rate (currently 3.5%) is the Wells Fargo prime For Life. adjustable to prime rate but they cannot just bump it up and change the terms....As my terms are prime for life. (At least they have not in 8 years, but I guess they could)

Re: Barlcay Ring Variable?

galahad15 — Tue, 12 Jan 2016 23:07:19 GMT

@Anonymous wrote:
@jsucool76 wrote:
Banks can alter the rate on a fixed rate card whenever they see fit. When they say "fixed rate credit card" they simply mean it doesnt automatically adjust itself with the prime rate, but the bank can still opt to change the rate.
Right, that's what I thought (although I assume the CARD act requires some notice). And that means fixed rate cards aren't that much of a prize....

Except that if fixed rate cards are in fact changed to variable rate cards by the lender, the change is still not retroactive to existing balances under CARD Act, right? Meaning in theory, that any balances that were incurred before the switch to the variable rate would still remain fixed permanently, and that the variable rates only applies to new charges? Not the best deal in the world I know lol, but perhaps something of a consolation prize of sorts still?

Re: Barlcay Ring Variable?

galahad15 — Tue, 12 Jan 2016 23:11:08 GMT

@Anonymous wrote:
The only card I have that can never alter the rate (currently 3.5%) is the Wells Fargo prime For Life. adjustable to prime rate but they cannot just bump it up and change the terms....As my terms are prime for life. (At least they have not in 8 years, but I guess they could)

That's a very nice card that you have with Wells Fargo there! J/w, does your prime for life card carry an AF? No AF? I know that FNBO has a similar (targeted audience) prime rate card product, but it also has a corresponding $90-something AF, I believe...

Re: Barlcay Ring Variable?

Anonymous — Wed, 13 Jan 2016 03:00:37 GMT

@galahad15 wrote:
@Anonymous wrote:
@jsucool76 wrote:
Banks can alter the rate on a fixed rate card whenever they see fit. When they say "fixed rate credit card" they simply mean it doesnt automatically adjust itself with the prime rate, but the bank can still opt to change the rate.
Right, that's what I thought (although I assume the CARD act requires some notice). And that means fixed rate cards aren't that much of a prize....
Except that if fixed rate cards are in fact changed to variable rate cards by the lender, the change is still not retroactive to existing balances under CARD Act, right? Meaning in theory, that any balances that were incurred before the switch to the variable rate would still remain fixed permanently, and that the variable rates only applies to new charges? Not the best deal in the world I know lol, but perhaps something of a consolation prize of sorts still?

I wasn't thinking of just fixed-to-variable, more fixed rate to higher fix rate. Yes, applies only to new balances. I said that in my earlier post but I think you are right, with a variable rate card it will apply to current balances because the terms haven't changed (just the index). And maybe if the fixed rate changes you have the option to close and payoff at the old rate.

Re: Barlcay Ring Variable?

Anonymous — Wed, 13 Jan 2016 04:10:55 GMT

@galahad15 wrote:
That's a very nice card that you have with Wells Fargo there! J/w, does your prime for life card carry an AF? No AF? I know that FNBO has a similar (targeted audience) prime rate card product, but it also has a corresponding $90-something AF, I believe...

Yes it does have an annual fee. i think it is $75.00. But I carry a balance on that card to the fee is worth it, especially since they added Wells Fargo Rewards to the card.

Now, CLI is another story. I am at 9.6K and just got turned down for a CLI since I carry a balance (util is 60% on this card). Overall util is 14%. once I pay it off I will request a CLI and see what happens. At 3.5% though no incentive to pay it off quickly. They did balance chase me in 2008 but I got it back to the 9.6K 3 years ago.