Ring APR went way up

[CreditCuriosity]

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@SouthJamaica wrote:

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@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.

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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.

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My AMEX ED card has a lower rate than the RIng at 8.5 % ...  Many CU cards are way lower just use themanthatcan charts and find plenty.   As long as you are happy though is what is important.

[galahad15]

I've said it before, and I'll say it again, lol:  there are other CU cards out there that are clearly superior to the Ring, many of which I have recently added to my existing card collection, so if my grandfathered Ring at the 8.50% V rate is ratejacked to the 13%+ V rate, I will not hesitate to close my Ring card out in a heartbeat and ASAP.  Some concrete examples of cards that have way better terms than Ring (assuming that you can also qualify for the best terms and rates):

(1)  BEFCU VISA:  as low as 4.99% F, with rewards program

(2)  Unify Variable-Rate VISA:  as low as 5.24% V, no BT fee

(3)  PACU MC:  as low as 7.50% F, no BT fee or FTF fee, plus ~1.5% rewards per dollar spent (also many WEMC-equivalent benefits)

(4)  Unify Fixed-Rate VISA:  as low as 8.99% F:  while this is technically higher than the old Ring's rate, it has additional benefits:  a fixed-rate APR, no BT fee, and no cash advance fee either.

Heck lol, even Simmons is better than Ring, as cited in this thread! 

[CreditMagic7]

Looks like my sixth sense came in handy for this one.

I never got any AA from Sir Barclays in (2) years a cardholder but it didn't exactly sit well in the old tummy by them having to take from peter to pay paul just to get the Ring Card, and now this.

Sometimes it really pays to read the handwriting on the wall.

That Proactive closing of their Ring Card of which i waited a long time just to obtain in the first place wasn't exactly a knee-jerk reaction but seemed to make sense given all their erraticness and seemingly imploding decisions.

[Erusidhion]

    I really wanted this card for a long time. It's a shame the APR has been increased on it and now it definitely makes more sense to go with a credit union card over this card because of the 8.5%-10% APR. Some credit unions also let you have free cash advance fees and let you transfer up to your entire credit limit if you want to; mine does anyways. The APR is about 2% higher when you do this so it's not bad in situations where cash is king and also for vehicle/home emergencies.

    Not only that but Discover IT, Capital One, Bank of America are going pretty crazy of late offering 18-24 months 0%-4.99% balance transfers. If you know how to make money by having access to cash anytime you need it... this is the time to make some money on some good investements/property/flipping houses/flipping vehicles etc. I've even read on here and other places that people are using the 0% balance transfers to their checking to fund their 401ks for the 7% average return ASAP.

    2017 looks like it's going to be an interesting year in finance.

[woodyman100]

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@Anonymous wrote:

Meh.. I'm still happy with my Ring, and will still be attempting to roll my Sallie limit into it in a few months and make the ring 22K.  For swipe it's worthless but valuable to me as a cash advance card.  Esentillay a PLOC at 40% of limit with a 3% fee, and 8.5% variable dumping ground for any balances.  I hope to never need either feature but I'll keep it around for those purposes.

Barclays does kinda suck though.

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I thought the same thing until I charged 4K on a 20k limit and floated it for 3 months.

Got Balance chased so I closed all 4 of my Barclay cards and 2 of DW's

[SouthJamaica]

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@CreditCuriousity wrote:

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@SouthJamaica wrote:

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@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.

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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.

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My AMEX ED card has a lower rate than the RIng at 8.5 % ...  Many CU cards are way lower just use themanthatcan charts and find plenty.   As long as you are happy though is what is important.

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You're talking about interest rate on purchases. Which doesn't affect me, or most of us, since we never ever pay interest on purchases.

But according to American Express the interest rates on the ED card are:

purchases & balance transfers 13.49% to 23.49%

cash advances 25.74%

The only things I ever pay interest on are (a) cash advances, for which the Amex ED rate is much higher than 8.5%, and (b) balance transfers, which they don't even have. I don't know of any card, credit union or otherwise, which charges a $3 cash advance fee and 8.5% interest on cash advances, like the Ring does.

[kdm31091]

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@SouthJamaica wrote:

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@CreditCuriousity wrote:

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@SouthJamaica wrote:

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@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.

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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.

---

My AMEX ED card has a lower rate than the RIng at 8.5 % ...  Many CU cards are way lower just use themanthatcan charts and find plenty.   As long as you are happy though is what is important.

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You're talking about interest rate on purchases. Which doesn't affect me, or most of us, since we never ever pay interest on purchases.

But according to American Express the interest rates on the ED card are:

purchases & balance transfers 13.49% to 23.49%

cash advances 25.74%

The only things I ever pay interest on are (a) cash advances, for which the Amex ED rate is much higher than 8.5%, and (b) balance transfers, which they don't even have. I don't know of any card, credit union or otherwise, which charges a $3 cash advance fee and 8.5% interest on cash advances, like the Ring does.

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A low cash advance fee and interest are great, but there's still no reason to pay for cash advances regularly. I understand in an emergency, but otherwise, why not just take cash from your checking account?

I don't find myself needing (or wanting) to pay with cash often anyway, very very rarely in fact. So while a low cash advance fee is nice, I can't say it would prove useful for me, as I'd rather not pay any fee and just take the money directly from checking, unless it were a true extenuating circumance.

[Aahz]

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@SouthJamaica wrote:

I don't know of any card, credit union or otherwise, which charges a $3 cash advance fee and 8.5% interest on cash advances, like the Ring does.

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There are none so blind as those who refuse to see....

There are two examples right in this very thread:

(1)  BEFCU VISA:  as low as 4.99% F, with rewards program

(2)  Unify Variable-Rate VISA:  as low as 5.24% V, no BT fee

Both offer significantly lower rates with $0 Cash Advance fees

[Chickenpotpie]

I got an offer in the mail on this card last year @ rates.     You guys (general you) thankfully kept me from bothering with it.  Thanks   FWIW I have cards lower than 13 which I'm very happy with.

[CreditCuriosity]

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@SouthJamaica wrote:

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@CreditCuriousity wrote:

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@SouthJamaica wrote:

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@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.

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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.

---

My AMEX ED card has a lower rate than the RIng at 8.5 % ...  Many CU cards are way lower just use themanthatcan charts and find plenty.   As long as you are happy though is what is important.

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You're talking about interest rate on purchases. Which doesn't affect me, or most of us, since we never ever pay interest on purchases.

But according to American Express the interest rates on the ED card are:

purchases & balance transfers 13.49% to 23.49%

cash advances 25.74%

The only things I ever pay interest on are (a) cash advances, for which the Amex ED rate is much higher than 8.5%, and (b) balance transfers, which they don't even have. I don't know of any card, credit union or otherwise, which charges a $3 cash advance fee and 8.5% interest on cash advances, like the Ring does.

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That is their published APR's.. Chat does wonders if you have bad the card for quite some time (think I have had 3-4 apr reductions) hence why I am below 8.5 apr% on the card actually around 8.1 on purchases with prime included.. Just saying the RING by far isn't anything special as most CU card can put it to shame. I was just using AMEX as an example of a big lender beating it out as well.

Regarding Cash Advance fees obviously one shouldn't really do that, but if needed other CUs offer very similiar cash advance structures as the Ri/ng and BT offers etc.  

Once again if you are happy with it and you are then that is what matters.  Just saying their are MANY other cards out their that can complete with the RING w/regards to APR and BT and cash advances and not be such a bi-polar lender that will shut you down at the blink of any eye.  Options are good and the RING is working for you and others that is what is important, but others such as myself I have other options