Barclay Ring Master Card Changes

[Anonymous]

Found in the last two months Barclay Bank US has eliminated the Balance Transfer Option on my Barclay Ring Master Card. Then today, Barclay reduced the "Cash Advance Line" from $4,000 to $2,000 (never used it over several years). In truth, this card is on the chopping block as I don't need a no rewards card.

After being with Barclay Bank since the Juniper Master Card back in time and more recently the Barclay Sallie Mae Master Card, I added the Barclay Ring Master Card and then never really used it. In finding several references to Barclay Bank in the forum that informed us to move carefully with Barclay's I used the card for one little purchase a month. Never felt comfortable with them.

Today I likely will close it down but, do have a concern on not affecting my credit profile so lenders think I am not a prime card holder in our challenging times. 

[Viva-LV]

Interesting...the Ring has been good for me.  Good cl: 20.5k, never any issues.  Don't have any BT offers now, but the apr is currently 8, making it the lowest of all my cards.  Have had good service from the CSR's on the rare occasion, and have cancelled two previous cards: NFL and Red Aviator.  Barclays has a shaky reputation, and is a pain to deal with for some of their cards - they hit the "denied" button with light-speed.  Anyway, I've had the Ring for four years now, no problems.

[VPExecutive]

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@Anonymous wrote:

Found in the last two months Barclay Bank US has eliminated the Balance Transfer Option on my Barclay Ring Master Card. Then today, Barclay reduced the "Cash Advance Line" from $4,000 to $2,000 (never used it over several years). In truth, this card is on the chopping block as I don't need a no rewards card.

After being with Barclay Bank since the Juniper Master Card back in time and more recently the Barclay Sallie Mae Master Card, I added the Barclay Ring Master Card and then never really used it. In finding several references to Barclay Bank in the forum that informed us to move carefully with Barclay's I used the card for one little purchase a month. Never felt comfortable with them.

Today I likely will close it down but, do have a concern on not affecting my credit profile so lenders think I am not a prime card holder in our challenging times. 

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The fact that they significantally increased the APR from when it was 8% should've been a red flag to close it. 

I wish they would close up shop in the U.S and stick to the UK... Their business practices and constant changing of their products (shelving them and bringing them back) is a joke. 

[DaveInAZ]

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@VPExecutive wrote:

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@Anonymous wrote:

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The fact that they significantally increased the APR from when it was 8% should've been a red flag to close it. 

I wish they would close up shop in the U.S and stick to the UK... Their business practices and constant changing of their products (shelving them and bringing them back) is a joke. 

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The annoying thing about Barclays is that they never seem to learn. They launch Sallie Mae with great rewards and then figure out 'OMG! people just use it for the rewards and don't carry a balance at our near predatory rates, we're losing money on this card!', and nerf it. Then they launch Uber card with some of the highest cashback rewards for a no AF card and then figure out 'OMG, people just use it for the rewards and don't carry a balance, we're losing money on this card!' and nerf the rewards to nearly useless.

I cashed my Uber rewards in Dec. for statement credit but I didn't want to close my $6200 CL. so I'll find out how long my $7.xx Netflix monthly sub as the only charge keeps them happy. 

[tcbofade]

My only relationship with Barclays is a no longer used Ring Mastercard.

I used it for ONE balance transfer.  They CLD'd me.  I paid the balance transfer off.  The card has never been swiped.

Nor will it.  They'll close it when they do.  

[Anonymous]

Several years ago I was interested in this card for BT purpsoses, I never did get it because of their reputation. Fast forward to today and it has felt like tbhis car dhas taken some beatings, the APR has gone up several times making it higher than it should be. Then I read that they were limiting applications for it or other nerfs. Last year i had though I read they were going to pull it altogether. 

Most of the time I just don't understand Barclays, above thread seem to point to them wanting people who carry a balance. Yet they seem reluctant to want people to apply for this product.

Also since they have the dreaded Chase rule it will be several years before I can get a card with them. Which is too bad because I wouldn't mind getting a couple of their products as they would fit within my spend.

[AzCreditGuy]

They denied me at first and I called reconsideration line, gave me  $5k line and approved me. I didn’t research them well enough before going on my credit spree….but the BT I did had me at 41% ratio until they CLD me down to $2,350, which set me at 87% ratio when the found out I opened other cards. 6 cards and 1 personal loan later, Barclays is the only company that screwed my credit ratio and treated me like crap. When the BT is paid off, this card is going into the sock drawer and they can close it themselves. BTW they expected me to take a hard inq for a CLI, I told the office of the President to shove it, cards not worth it.

[Anonymous]

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@AzCreditGuy wrote:

They denied me at first and I called reconsideration line, gave me  $5k line and approved me. I didn’t research them well enough before going on my credit spree….but the BT I did had me at 41% ratio until they CLD me down to $2,350, which set me at 87% ratio when the found out I opened other cards. 6 cards and 1 personal loan later, Barclays is the only company that screwed my credit ratio and treated me like crap. When the BT is paid off, this card is going into the sock drawer and they can close it themselves. BTW they expected me to take a hard inq for a CLI, I told the office of the President to shove it, cards not worth it.

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In the earlier days, Barclay used to say the Ring Master Card was a community card and it helped everyone. Ok, waiting to see such results as their financials keep showing the card running in the minus for profitability. Their community website is hard to use, not maintained and they change Community Managers as often as I change cloths. Some of us old timers got the card when the Apr was 8% more or less but the last version was 13.9% or something like that for what? There are many good low Apr no rewards credit cards out there. The MyFico Forum has brought to light Aprs down to 6%+ with no benefits so why have the Ring? As many already know it is not presently available. Mine is getting closed sometime in the next few weeks by me. There I am done!

[Anonymous]

I remember when a lot of cards were in the high single to very low double digits. So i worked on my credit meticulously so that I too could benefit from a lower APR one day, sadly by the time I started to get the good APR something shifted and they as started charging the similar rates as some of the Subprime cards.

Never really was sure of the exact full reason, though them trying to offset the costs of rewards may have been one. As well as increase to the prime rates, though they're still fairly low TBH. I had also heard legislation had went through that resulted in higher rates across the board. 

Maybe it was also a move to deter peope from carring a balance, and seeing rates between 21-29% are definitely a wake up call from an average of 14%. The reaon i remember it it so vividly was because a friend of mine had a slight competition who coulkd ge the lowest rate on their CC, and would compare notes every time we got them to lower it. Then one day we noticed they were starting to steadily increase when nothing had changed in our profiles.

This is one reason that promted me to seek out CU's and fortunately the local one accepted people without requires affiliations. Then ultimately found out about NFCU here. And while for the most part I have since become a PIFer, I do like having that oiption of low APR if I had to let a balance ride out for more than oine satement. Plus it's just hard wired into my head from the old days to get the best rate possible.