topic Re: Ring APR went way up in Credit Cards

Ring APR went way up

kdm31091 — Thu, 09 Feb 2017 23:47:06 GMT

I don't have this card, but I noticed Barclay's Ring is now offering 0% for 15 months, then a 13.49% APR (variable). This is a big jump from the previous 8.xx% APR that was one of the main selling points of the card. Now it's pretty ordinary since, with great credit, you can get similar rates on several rewards cards.

It still has no BT fee and a low cash advance fee, but the purchase APR is no longer very unique. Things just don't seem to be working out for Barclay. They seem to be trying rather hard to increase profit, all while their lineup diminishes. I still speculate we could see their portfolio entirely sold off at some point, the way things seem to be going for them.

Link for anyone interested, http://www.findmybarclaycard.com/openmarket/?campaignId=2330&shopperid=&cellNumber=4&referrerid=CKAPP13901064074&referrerid=CKAPP13901064074&publisherid=&advertisementid=

Re: Ring APR went way up

AverageJoesCredit — Thu, 09 Feb 2017 23:48:41 GMT

Wonder how SJ feels, this is his golden egg

Re: Ring APR went way up

elim — Thu, 09 Feb 2017 23:59:34 GMT

uhhhhhg, I hope we get grandfather'd in. Now that it's 8.5% it's still not great. Anyway if I ever need a large float I'll stick with Venture 2%/12 months. I'm going to visit the Ring community and listen for some (bound to be) buzz.

Although it's bad news... great find KDM. Someone could easily slip and app for a now not so great card.

Re: Ring APR went way up

deltatee — Fri, 10 Feb 2017 00:13:50 GMT

Thanks for the update. With a 13.49% interest rate this card is pretty unappealing. There are a lot of credit unions that have no frill credit cards with 10-11%. Hopefully current card holders have a little time before the increase hits.

Re: Ring APR went way up

Anonymous — Fri, 10 Feb 2017 00:27:27 GMT

kdm31091 thanks! Was unaware. Maybe it is time for a CU or Simmons Bank. As other posters mentioned, the benefits of the card equal the low rate. Without the low rate there is no other reason to have the Barclays Ring Master card.

Re: Ring APR went way up

Anonymous — Fri, 10 Feb 2017 00:32:10 GMT

Barclay's strikes again!

Re: Ring APR went way up

elim — Fri, 10 Feb 2017 00:34:51 GMT

It was announced 7 hrs ago on Ring community... The very long post says (without quoting)... They ran a 0% trial offer test last year that boosted new accounts 138%. In order to bring in a larger number of accounts, they will host this 0% offer and offset it's costs with the higher APR (and add to give-back). It looks permanent.

Barclay is still pretty transparent when it comes to Ring card.

The full verbiage can be found at Ring Community / Big Print Blog / Barclaycard Ring: New Product Description (if you're a current card holder)

Here's the best part (and is a quote)...

"Existing cardmembers not affected by new product changes:

All current Barclaycard Ring cardmembers will keep their existing variable APR. A majority of you have an APR of Prime + 4.75% (currently 8.5%). Those of you who applied through a few of our previous marketing tests may have variable APRs that are currently 12.25% or 14.25% .

Let me repeat that all existing Ring variable APRs will not change as a result of this product change."

Re: Ring APR went way up

CreditCuriosity — Fri, 10 Feb 2017 01:53:50 GMT

Really what is the point of this card for new people? CU and alot of rewards cards have this card beat. When I say alot I mean alot of them have it beat being CU's... I use to have the card, then I learned about CU's.

Re: Ring APR went way up

DeeBee78 — Fri, 10 Feb 2017 02:44:12 GMT

@elim wrote:
It was announced 7 hrs ago on Ring community... The very long post says (without quoting)... They ran a 0% trial offer test last year that boosted new accounts 138%. In order to bring in a larger number of accounts, they will host this 0% offer and offset it's costs with the higher APR (and add to give-back). It looks permanent.

Barclay is still pretty transparent when it comes to Ring card.

The full verbiage can be found at Ring Community / Big Print Blog / Barclaycard Ring: New Product Description (if you're a current card holder)

Here's the best part (and is a quote)...

"Existing cardmembers not affected by new product changes:

All current Barclaycard Ring cardmembers will keep their existing variable APR. A majority of you have an APR of Prime + 4.75% (currently 8.5%). Those of you who applied through a few of our previous marketing tests may have variable APRs that are currently 12.25% or 14.25% .

Let me repeat that all existing Ring variable APRs will not change as a result of this product change."

I doubt that's going to be their permanent stance, but we'll see. I can get an easier approval, better CLI's, lower APR, no fear of AA, and 21 months on BT's with Discover.

What's strange is that Barclay's calls the Ring a community-driven card. This implies that the community has the power to make changes to the offering. In reality, the community just gets to peek behind the curtain a bit.

Re: Ring APR went way up

Anonymous — Fri, 10 Feb 2017 10:14:03 GMT

@kdm31091 wrote:
I don't have this card, but I noticed Barclay's Ring is now offering 0% for 15 months, then a 13.49% APR (variable). This is a big jump from the previous 8.xx% APR that was one of the main selling points of the card. Now it's pretty ordinary since, with great credit, you can get similar rates on several rewards cards.

It still has no BT fee and a low cash advance fee, but the purchase APR is no longer very unique. Things just don't seem to be working out for Barclay. They seem to be trying rather hard to increase profit, all while their lineup diminishes. I still speculate we could see their portfolio entirely sold off at some point, the way things seem to be going for them.

Link for anyone interested, http://www.findmybarclaycard.com/openmarket/?campaignId=2330&shopperid=&cellNumber=4&referrerid=CKAPP13901064074&referrerid=CKAPP13901064074&publisherid=&advertisementid=

Thanks for the heads up KDM.

Re: Ring APR went way up

Anonymous — Fri, 10 Feb 2017 10:16:10 GMT

@elim wrote:
It was announced 7 hrs ago on Ring community... The very long post says (without quoting)... They ran a 0% trial offer test last year that boosted new accounts 138%. In order to bring in a larger number of accounts, they will host this 0% offer and offset it's costs with the higher APR (and add to give-back). It looks permanent.

Barclay is still pretty transparent when it comes to Ring card.

The full verbiage can be found at Ring Community / Big Print Blog / Barclaycard Ring: New Product Description (if you're a current card holder)

Here's the best part (and is a quote)...

"Existing cardmembers not affected by new product changes:

All current Barclaycard Ring cardmembers will keep their existing variable APR. A majority of you have an APR of Prime + 4.75% (currently 8.5%). Those of you who applied through a few of our previous marketing tests may have variable APRs that are currently 12.25% or 14.25% .

Let me repeat that all existing Ring variable APRs will not change as a result of this product change."

Thanks elim for the information!

Re: Ring APR went way up

pipeguy — Fri, 10 Feb 2017 11:09:29 GMT

Glad I got in late last year and will continue to have the 8.5% even though I typically PIF most all my cards. Frankly at the higher APR I'd probably not bother with this card, well maybe for the 00% period, but otherwise no.

Re: Ring APR went way up

SouthJamaica — Fri, 10 Feb 2017 12:25:59 GMT

@AverageJoesCredit wrote:
Wonder how SJ feels, this is his golden egg

I think it's a mistake on their part, reaching out to prospective new customers at the expense of taking away some of the card's uniqueness among bank cards.

To me it's like they're just running with the crowd.

But still it has certain pluses:

$3 cash advance fee

no balance transfer fee

13.49% isn't a terrible rate for purchases & BT's, & it's a very good rate for cash advances

Re: Ring APR went way up

SouthJamaica — Fri, 10 Feb 2017 12:26:36 GMT

@elim wrote:
uhhhhhg, I hope we get grandfather'd in. Now that it's 8.5% it's still not great. Anyway if I ever need a large float I'll stick with Venture 2%/12 months. I'm going to visit the Ring community and listen for some (bound to be) buzz.

Although it's bad news... great find KDM. Someone could easily slip and app for a now not so great card.

Yes existing card holders are grandfathered.

Re: Ring APR went way up

SouthJamaica — Fri, 10 Feb 2017 12:31:29 GMT

@CreditCuriousity wrote:
Really what is the point of this card for new people? CU and alot of rewards cards have this card beat. When I say alot I mean alot of them have it beat being CU's... I use to have the card, then I learned about CU's.

My Ring card is actually better than any of my 6 credit union cards.

Even this new version has some good features, and -- for those shopping for 0% introductory offers -- this one beats any credit union offer I've seen.

Re: Ring APR went way up

pip3man — Fri, 10 Feb 2017 12:56:56 GMT

Jacking up the APR certainly changes everything appealing about this card. Hell my Citi Double Cash trumps the Ring in every possible way. I earn my 2% cashback and enjoy a 5.49% standard APR that the Ring will never see in a million years. Barclays should go outta business already! Matter of fact the U.S market isn't for them cos they certainly have no competitive advantage in comparison with other credit card providers. All they pride themselves in is unleashing adverse action left and right. Mediocre card at best!!!

Re: Ring APR went way up

redpat — Fri, 10 Feb 2017 12:58:34 GMT

Barclay Ring ran its course and has become obsolete IMO. My EDP and Prestige constantly get 0% and 1.99 offers all the time. Also, from other posts I have seen Discover also offers 0% for 12 months after a cardholders promotional 0% is over.

Getting 0% seem to be getting easier and easier with a the competition swirling around.

Re: Ring APR went way up

Imperfectfuture — Fri, 10 Feb 2017 12:59:39 GMT

@deltatee wrote:
Thanks for the update. With a 13.49% interest rate this card is pretty unappealing. There are a lot of credit unions that have no frill credit cards with 10-11%. Hopefully current card holders have a little time before the increase hits.

Yup, and some at 7.15%.

Re: Ring APR went way up

Revelate — Fri, 10 Feb 2017 13:11:32 GMT

@CreditCuriousity wrote:
Really what is the point of this card for new people? CU and alot of rewards cards have this card beat. When I say alot I mean alot of them have it beat being CU's... I use to have the card, then I learned about CU's.

To the folks on this forum and a few other places, near zero in my opinion.

That said, we're like the 0.0001% or some absurdly small population group; Barclays may not be BOFA or Chase but they're still a big player that people have heard of and wander across... and when you're fishing for people that have incomplete information, likely will still get applications. Hard to find those other places, most people probably still run their lives through the bank down the proverbial street.

Re: Ring APR went way up

pipeguy — Fri, 10 Feb 2017 13:17:10 GMT

@pip3man wrote:
Jacking up the APR certainly changes everything appealing about this card. Hell my Citi Double Cash trumps the Ring in every possible way. I earn my 2% cashback and enjoy a 5.49% standard APR that the Ring will never see in a million years. Barclays should go outta business already! Matter of fact the U.S market isn't for them cos they certainly have no competitive advantage in comparison with other credit card providers. All they pride themselves in is unleashing adverse action left and right. Mediocre card at best!!!

That's kind of harsh....

I have 3 Barclays Cards - PIF every month so the APR is no big deal to me, and the RING at 8.5% is one of my lower APR's (Old AmEx 7.25%, DCU 8.75%). Frankly I think Cap-1 sucks big time with high APR's and crappy treatment of accounts, but that's only my experience with Cap-1 (my GM card is great, few others share that opinion). Comenity....thats a different story they really should be shut down.