Barclays Ring Approved!

[nyancat]

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@CC365 wrote:

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@nyancat wrote:

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

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

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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.  

[CreditWorld2013]

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@nyancat wrote:

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@CC365 wrote:

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@nyancat wrote:

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

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

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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.  

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

[Anonymous]

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@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.

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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.

[Anonymous]

Congrats

[injustifiiable]

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.

[CreditWorld2013]

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@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.

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

[injustifiiable]

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.

[Anonymous]

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@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.

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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.

[CreditWorld2013]

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@Anonymous wrote:

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@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.

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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.

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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!

[navigatethis12]

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@CC365 wrote:

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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!

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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.