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Barclaycard Ring MasterCard

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  • First and only community-built credit card
  • 8% fee (about half the industry average) for purchases, balance transfers and cash advances
  • $25 late fee
  • No penalty rate hike for late payers

Rates & Terms

Purchase Intro APR Regular APR Annual Fee Balance Transfer Period
N/A 8.0% $0 N/A
  • Purchase Intro Period: N/A
  • Balance Transfer Intro Rate: N/A
  • Balance Transfer Rate: 8.0%
  • Cash Advance Rate: 8.0%
  • Late Fee: Up to $25
  • Cash advance Fee: $1 for each cash advance
  • Balance Transfer Fee: $0
  • Cash Advance Minimum: N/A
  • Balance Transfer Minimum: N/A
  • Credit Profile: Fair Credit Score

Barclaycard Ring MasterCard Review

This is a radically different card. 

Barclaycard Ring MasterCard is the first and only community-built, crowd-sourced credit card. 

It’s a flat-fee, no-frills offering, with no complicated contracts full of sneaky fees and rate-hike triggers. 

Terms are easy to understand. The card has one fee — 8%, about half the industry average — for purchases, balance transfers and cash advances. There’s a $25 late fee but no penalty rate hike for late payers. The foreign transaction fee is 1%, lower than the 3% most issuers charge.

Ring customers act as a democracy. They have access to online forums where they can discuss issues with fellow cardholders. Barclaycard also provides Ring customers with the card’s profit and loss information so they can see how much the bank is earning from interest and late fees and how much the bank spends on things like customer service and write-offs. The Barclaycard website is well designed and the customer service through the Ring community is said to be top notch.

This card has no reward points, but does offer a profit-sharing percentage back to its cardholders.