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Barclaycard Ring Mastercard: Where You Help Decide the Terms

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Barclaycard Ring Mastercard Credit Card Review

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[DISCLOSURE: Cards from our partners are mentioned below.]

When you’re looking for a credit card, you usually don’t get to choose what features you want on your specific card, and you don’t usually have a say in any changes to your credit card. The credit card issuer determines the features, and the consumer decides whether or not the card suits them. What if you could help decide which perks you get? The Barclaycard Ring Mastercard is different than most credit cards and is the first crowd-sourced credit card that gives you the flexibility to voice your opinion while offering extraordinarily low rates and fees. In this Barclaycard Ring review, we’ll break down how this unique card works.

An Introduction to Barclaycard Ring Mastercard 

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When you become a Barclaycard Ring cardholder, you also become a member of the community. Members can access an online forum and interact with other members and Barclaycard product managers to ask questions and propose new features or changes to the card.

Barclaycard Ring offers a

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APR for purchases, balance transfers, and cash advances — one of the lowest rates in the industry. For balance transfer fees, the Barclaycard Ring posts to the account within 45 days of the account opening: Either $5 or 2% of the amount for each transfer, whichever is greater. Balance transfers that post to the account after 45 days of opening the account are $0. There is also a late payment penalty fee up to $27. You will pay a $3 flat fee for each cash advance but no fee based on a percentage of the withdrawal. With many other cards, you would have to pay a percentage of the cash advance. This card also has annual fee. 

Through this card’s Giveback program, cardholders receive money back for good financial performance of the Barclaycard Ring product as a whole. Unlike other rewards programs, this is a profit-sharing feature of the credit card. The Giveback program determines how much will be shared with community members. Cardholders also have the option of donating their Giveback directly to charity.

This card has no annual fee and no foreign transaction fees, features voted on by the community.

What’s the Current Sign-Up Bonus?

Barclaycard Ring has no specific sign-up bonus. However, being involved in the Ring community provides benefits throughout the entirety of your membership, which you will not get with any other card.

The Advantages of the Barclaycard Ring Mastercard

Barclaycard Ring has no direct rewards program; however, users consistently say that the community and low interest rates are more important than cash back or a rewards structure.

Members can ask questions to community managers and other cardholders in the online community, which offers a member the chance to be more than simply a consumer. You get the opportunity to have input on both the Giveback program and other card features.

With no foreign transaction fees, cardholders are free to take this card abroad, unlike other simple credit cards that typically charge for foreign transactions. Additionally, this card has one of the lowest standard interest rates offered by a major card issuer. You don’t have to worry about extra fees adding up when you switch cards, since Barclaycard Ring does not charge a balance transfer fee. With other balance transfer cards, even with an introductory financing offer, the APR following the promotional period can be high. With the Barclaycard Ring, you will save a lot in the long run with a lower standard interest rate.

The Disadvantages of the Barclaycard Ring Mastercard

This is not a rewards credit card. If you are looking for a simple card with the ability to earn cash back or points at a published rate, this card does not offer that opportunity. The Giveback program is not a straightforward feature, and while the credit card managers are transparent with finances, you are not automatically entitled to receive a Giveback reward.

Ideal applicants for the Barclaycard Ring should have an excellent credit score for the best chance of getting approved. You can check your credit scores for free on to see where you stand.

Who Is This Card Right For?

This card is best for someone who carries a balance and want to reduce the interest they pay. When you make a large purchase and want to pay it off over a few months, you will save a lot on interest with the Barclaycard Ring. Additionally, this is a simple credit card with terms that are easy to understand.

Barclaycard Ring Mastercard FAQ

How does the Giveback program work?

The Giveback program is not a direct rewards program. Instead, cardmembers receive a share of the credit card’s estimated profits. The current program shares 20% of community profits greater than 2.25% annualized return, which goes towards card expenses and taxes. Cardmembers can propose charities to donate the Giveback, or they can receive the Giveback directly. When you donate your Giveback through the community, you are not eligible to take it as a tax deduction, and you will not receive a tax receipt of your donation.

What does it mean that Barclaycard Ring is a crowd-sourced card?

Product manager Jared Young said that he wanted to make a credit card that was consumer-driven rather than company-driven. In order to do that, Barclaycard Ring makes it easy to see and understand details of the credit card. Cardmembers can give input on changes they desire. Changes to the card or community as a direct result of member feedback include the late fee policy, fee structure and specifying where the Giveback donation goes.

At publishing time, the Barclaycard Ring Mastercard is offered through product pages, and is compensated if our users apply for and ultimately sign up for this card. However, this relationship does not result in any preferential editorial treatment.

Note: It’s important to remember that interest rates, fees and terms for credit cards, loans and other financial products frequently change. As a result, rates, fees and terms for credit cards, loans and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees and terms with credit card issuers, banks or other financial institutions directly.

This article was last updated on September 19th, 2017.

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