topic Re: Barclay Ring -- worth having? in Credit Cards

Barclay Ring -- worth having?

maiden_girl — Fri, 18 Apr 2014 01:20:15 GMT

This card has no BT fees, $1 per cash advance fee, 8% APR. I mean...it seems like a decent card to carry a balance for a short period of time. It it even worth the trouble of applying for it?

Re: Barclay Ring -- worth having?

-Wade- — Fri, 18 Apr 2014 01:22:05 GMT

@maiden_girl wrote:
This card has no BT fees, $1 per cash advance fee, 8% APR. I mean...it seems like a decent card to carry a balance for a short period of time. It it even worth the trouble of applying for it?

I would say it's worth having .

Re: Barclay Ring -- worth having?

maiden_girl — Fri, 18 Apr 2014 01:24:43 GMT

I was considering applying for it because I don't have a mastercard anymore and having one would be nice.

Re: Barclay Ring -- worth having?

grinlikechelsea — Fri, 18 Apr 2014 01:30:24 GMT

It intrigues me as well, but I'm going to hold off on it until everything ages and to see if I actually need it in the future.

Re: Barclay Ring -- worth having?

colinstu — Fri, 18 Apr 2014 01:37:26 GMT

Didn't realize it didn't have a BT fee! No 0% intro APR though. Variable 8% is still good though.

Chase Slate also doesn't have a BT fee (for the first 60 days) and a 15mo 0% apr period. After that the lowest variable apr one can have is 12.99% (the others are ridiculous). Have heard some stories of people sweet talking Chase into lowering it further.

Ring would be a great card for someone who's already carrying balances on >8% apr cards (and do this quite a bit). Slate looks better if it's for shorter term things.

Re: Barclay Ring -- worth having?

newUser0 — Fri, 18 Apr 2014 01:49:30 GMT

Curious how did you get your Freedom as NPSL? is that even allowed?

Re: Barclay Ring -- worth having?

grinlikechelsea — Fri, 18 Apr 2014 01:51:50 GMT

@newUser0 wrote:
Curious how did you get your Freedom as NPSL? is that even allowed?

It is probably a Visa Signature, which has a set limit but allows you to go over.

Re: Barclay Ring -- worth having?

maiden_girl — Fri, 18 Apr 2014 02:09:52 GMT

@grinlikechelsea wrote:
@newUser0 wrote:
Curious how did you get your Freedom as NPSL? is that even allowed?
It is probably a Visa Signature, which has a set limit but allows you to go over.

I have a Freedom Visa signature. After my account went over my 5k limit and it hit 1 years of age, I sent Chase a secured message. Nice rep called me and verified my info and within a few days they had my account converted. They told me they had to check my eligibility and would get back to me.

Re: Barclay Ring -- worth having?

maiden_girl — Fri, 18 Apr 2014 02:11:27 GMT

@colinstu wrote:
Didn't realize it didn't have a BT fee! No 0% intro APR though. Variable 8% is still good though.

Chase Slate also doesn't have a BT fee (for the first 60 days) and a 15mo 0% apr period. After that the lowest variable apr one can have is 12.99% (the others are ridiculous). Have heard some stories of people sweet talking Chase into lowering it further.

Ring would be a great card for someone who's already carrying balances on >8% apr cards (and do this quite a bit). Slate looks better if it's for shorter term things.

I'm tempted but I don't need it right now...the standard 8% APR and 1 dollar cash advance fee is verrrrry intriguing. Cash advances on credit cards is the best invention ever!

Re: Barclay Ring -- worth having?

maiden_girl — Fri, 18 Apr 2014 02:56:01 GMT

@colinstu wrote:
Didn't realize it didn't have a BT fee! No 0% intro APR though. Variable 8% is still good though.

Chase Slate also doesn't have a BT fee (for the first 60 days) and a 15mo 0% apr period. After that the lowest variable apr one can have is 12.99% (the others are ridiculous). Have heard some stories of people sweet talking Chase into lowering it further.

Ring would be a great card for someone who's already carrying balances on >8% apr cards (and do this quite a bit). Slate looks better if it's for shorter term things.

I considered Slate but I don't think they offer recurring BT offers on it like they do with the Freedom. I have a 2% BT offer for 14 months on my freedom. I currently have two offers.

Re: Barclay Ring -- worth having?

VinnyofLegend — Fri, 18 Apr 2014 03:42:48 GMT

It is comparable to a good credit union card. The cash advance fee is changing to $3 and the foreign transaction fee of 1% is going to change to 0% this year due to a member vote. The CLs are more conservative than most Credit Unions though so more like Chase, Discover etc.

Re: Barclay Ring -- worth having?

maiden_girl — Fri, 18 Apr 2014 03:50:04 GMT

When will that change take affect? And does it affect existing card holders?

Re: Barclay Ring -- worth having?

VinnyofLegend — Fri, 18 Apr 2014 03:56:51 GMT

It is targeted for 4th quarter of this year. A letter will go out 45 days before according to the community representatives. It does apply to existing card holders and of course you also get your vote towards futrue changes if ideas come to a vote.

Re: Barclay Ring -- worth having?

Schadenfreude — Fri, 18 Apr 2014 04:02:47 GMT

What? Don't you pay interest immediately on cash advances that you get on credit cards? Aren't they usually considered a bad thing?

Re: Barclay Ring -- worth having?

maiden_girl — Fri, 18 Apr 2014 04:05:41 GMT

@Schadenfreude wrote:
What? Don't you pay interest immediately on cash advances that you get on credit cards? Aren't they usually considered a bad thing?

Yes, interest is calculated daily and is usually more than your standard APR in addition to a transaction fee usually 10 bucks or 5% of amount being "borrowed".

Re: Barclay Ring -- worth having?

VinnyofLegend — Fri, 18 Apr 2014 04:07:15 GMT

Yes interest still accrues immediately on cash advances but usually there is a % fee on top. For this card there is just the flat $1 on top which is being bumped to a flat $3 on top

Re: Barclay Ring -- worth having?

Anonymous — Fri, 18 Apr 2014 14:54:47 GMT

It seems pretty clear that the Ring is an attractive choice as a financing card, given the low APR (8%) and explicit low fees for cash advances ($1 moving to $3). These terms are way ahead of what nearly all regular CCs offer, and the fact that the cash advance terms are nearly the same as balance carrying and BTs basically means that taking an occasional cash advance with this card is presumably okay.

However, for someone who is willing to make a bit more of a commitment, a CU card may still be a better choice. For example, the DCU Visa has a similar APR, and I'd worry less about AA risk with this card, and the CLs might be more generous.

The downside of DCU is two hard pulls (membership + card), a Chexsystems pull, a few $$$ spent to become a member, and so on.

Re: Barclay Ring -- worth having?

johnpalley — Sat, 19 Apr 2014 01:38:47 GMT

@Anonymous wrote:
It seems pretty clear that the Ring is an attractive choice as a financing card, given the low APR (8%) and explicit low fees for cash advances ($1 moving to $3). These terms are way ahead of what nearly all regular CCs offer, and the fact that the cash advance terms are nearly the same as balance carrying and BTs basically means that taking an occasional cash advance with this card is presumably okay.

However, for someone who is willing to make a bit more of a commitment, a CU card may still be a better choice. For example, the DCU Visa has a similar APR, and I'd worry less about AA risk with this card, and the CLs might be more generous.

The downside of DCU is two hard pulls (membership + card), a Chexsystems pull, a few $$$ spent to become a member, and so on.

does dcu require proof of income?

Re: Barclay Ring -- worth having?

DaveSignal — Sat, 19 Apr 2014 01:51:28 GMT

Re: Barclay Ring -- worth having?

Anonymous — Sun, 20 Apr 2014 02:30:06 GMT

@johnpalley wrote:
@Anonymous wrote:
It seems pretty clear that the Ring is an attractive choice as a financing card, given the low APR (8%) and explicit low fees for cash advances ($1 moving to $3). These terms are way ahead of what nearly all regular CCs offer, and the fact that the cash advance terms are nearly the same as balance carrying and BTs basically means that taking an occasional cash advance with this card is presumably okay.

However, for someone who is willing to make a bit more of a commitment, a CU card may still be a better choice. For example, the DCU Visa has a similar APR, and I'd worry less about AA risk with this card, and the CLs might be more generous.

The downside of DCU is two hard pulls (membership + card), a Chexsystems pull, a few $$$ spent to become a member, and so on.

does dcu require proof of income?

I think it varies with the applicant, but I would assume that applying for credit with any CU may require you to submit pay stubs or tax returns.