The very first balance transfer I made was while I was a student at the University of Miami. Initially, I had signed up for a terrific student credit card (with a 29.99% interest rate) because someone was handing out a free duffel bag to everyone that signed up for the Capital One student card. Have you ever heard of anything so awesome? Ugh.
Anyway, after racking up around $2,000 in credit card debt, I soon realized that my work study student job could only cover part of the balance. I’d be on the hook for the rest, in addition to paying an additional 30% in interest. For the mathematics major I was, that just didn’t work so I also applied for a Citi Platinum Select Mastercard so I could transfer the balance and save some money. The details of the transfer weren’t great; 3% fee and 12 months at 0% interest, but it allowed me a chance to pay down my debt to zero, so for that I’m grateful.
Crushing that old balance transfer offer is the Barclaycard Ring™ MasterCard®. Rarely is an offer so lucrative, this card offers a 0% intro APR for 15 months on balance transfers made within 45 days of account opening with NO BALANCE TRANSFER FEE. No annual fees or foreign transaction fees to speak of either. So for anyone in need of a balance transfer, this card is a great way to pay down debt without adding a single penny to your balance. The interest rate after the 0% intro rate expires is a very low 13.74% variable.
To give you an idea of just how much money can be saved by owning the Barclaycard Ring™ MasterCard®, let’s assume a $15,000 balance in need of a transfer from another card that has a 19.99% APR. Making $1,000 per month payments, you’ll have the full $1,5000 balance paid off if you utilize the 15 month 0% APR option w/ no balance transfer fee. However, on your old credit card, making the $1,000 per month payments, you’ll end up paying $2,387 in interest! (and it will take 18 months to pay the balance down to zero). There aren’t many credit cards on the market today that can offer up a savings this high, and consider the larger the balance transferred, the higher the possible savings.
Barclaycard Ring™ MasterCard® Perks
A full review of perks on the Barclaycard Ring™ MasterCard® can be found below:
- 0% Introductory APR for the first 15 months on purchases. Plus, you’ll get a 0% introductory APR for 15 months on Balance Transfers made within 45 days of account opening. After that, a variable APR will apply, 13.74%
- No balance transfer fees
- No foreign transaction fees
- Chip technology, so paying for your purchases is more secure at chip-card terminals in the U.S. and abroad
- Free online access to FICO® Credit Score
The Barclaycard Ring™ MasterCard® is one of the best balance transfer cards on the market today and one of only two balance transfer credit cards that can provide no balance transfer fee. Sure, you can find a few more months of 0% interest elsewhere but when you combine 15 months of 0% APR, no balance transfer fee and a free FICO credit score, I can honestly say you won’t find a better overall option.
- Apply for the Barclaycard Ring™ MasterCard®