@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:Could you explain the ring? I've seen it mentioned a number of times here but didn't really understand it's value from the application page.
The Ring is an 8% APR card. No FTF, no balance transfer fees, a $3 cash advance fee (yes that's 3 dollars not percent) and everything is only 8% APR period (cash advance, balance transfers, purchases, etc.). I love my Ring! There's no rewards or anything, but the community (us Ring cardholders) get to decide the Ring's features, and we get a share of the profits (this part is a little complicated, but it's called giveback).
Interesting, a bit better than my 9.9% that has a balance. The profit share actually worth anything?
Well not yet anyway. I just got the Ring a few months ago, so I haven't gotten anything yet, but I believe others will be getting something soon because they finally made enough profit for giveback. But even if I get nothing, I still love having a card like this to fall back on. The low APR and the no or low fees for everything is what sold me.
My guess is for most people you more or less ignore the profit share, as, with no rewards, you are only going to use the card to carry a balance or get a cheap cash advance (assuming that the give back is going to be less than 1.5% of your purchases say, which is pretty likely!) Since you can get reward cards with only slightly higher APRs, not sure why there is all the love, but ok.
Agreed, LTL. I don't get the love for the Ring. Yes, it's a nice low APR option, but (and I'm not saying this is for the poster above) all too often, people get cards like this and psychologically the "low APR" makes you think "well, I can use it for emergencies and carry a balance and not as pay as much...." which can quickly make trips to Vegas emergencies for some posters 
The one I'm referring to also took cash advances in Vegas from the Ring to gamble with and insisted it was a great idea....point is, the "low APR and no fees" thing can overtempt some people (though not everyone of course).
Anyway, you can absolutely get rewards cards with 11-12% APR anyway, which realistically is not a huge difference, especially if you are truly only using it when you have an emergency. To me, the Ring would just be one more account to monitor with little benefit, even though my lowest APR is 15.24% on Discover which is almost double the Ring.
PC it to the no Annual Fee version and go for the Citi TY Premier which is also a WEMC. The current sign up bonus is worthy of a HP and also since the annual fee is waived off the first year you can see if the card fits your spending pattern before the annual fee actually hits after a year.
You may get rewards at 11%, but cash advances are still typically 20% or higher with a nasty fee. The Ring has it's purpose for those who can appreciate it. Wasn't this thread about the Arrival Plus anyway? 
But since no one can PC arrival+ to ring, what is the point?
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