With so many great credit cards to choose from, you might feel overwhelmed by your choices! Today, we are going to look at two top cards with no annual fees, the Barclays Ring and the Capital One Platinum card - two of the top credit card companies in the United States.
In one corner is the Barclaycard Ring® Mastercard®. This card is one of the lowest cost cards available today, and benefits come from suggestions from card users in the Ring community. In the opposing corner: The Platinum Card from Capital One®, a popular card with a range of valuable benefits. But which belongs in your wallet? Let’s look at the gritty details in the Barclaycard Ring vs. Capital One Platinum debate to help you pick the best card for your unique needs.
You never have to pay interest on a credit card if you pay it off in full by the due date. However, if you make less than a full payment, you’ll have to pay your card’s interest rate. Both Barclays Ring and Capital One Platinum offer simple, flat rates for all activity on the card, but one comes out significantly ahead of the other.
Barclaycard Ring charges a variable APR of around 15% while the Capital One Platinum charges variable rate APR of around 25%. If you plan to carry a balance at any point, Barclays Ring is the winner. Both rates can change at any time with market interest rates.
The Barclaycard Ring credit card actually has even one more benefit over Capital One Platinum for interest rates. Ring charges 0% APR on balance transfers completed within 45 days, so you can use Ring to pay no interest on some balances.
WINNER: BARCLAYCARD RING
Both cards come with no annual fee, so we have to look at other fees the cards may charge to understand which credit card is better.
Capital One Platinum charges no balance transfer fee and 3% ($10 minimum) for cash advance transactions. Late payments cost up to $38 per occurrence.
Barclaycard Ring charges no balance transfer fee after 45 days. If you want to complete a balance transfer during the 0% APR introductory period, you’ll pay 3% ($5 minimum) for balance transfers. There is no fee for cash advances. Late and missed payments cost up to $27 per occurrence.
Because of how Barclays treats the balance transfer fee during the 0% APR period, you can’t compare fees exactly on an apples-to-apples basis. All of these fees can be avoided with both cards if you avoid certain card activity. But Barclays is a bit cheaper overall.
It is noteworthy that both cards offer foreign transactions with no fees. Many cards charge up to 5% for international charges. No matter where your travels take you, you can swipe away with either of these cards without any added costs.
WINNER: BARCLAYCARD RING
No cash back or travel rewards from either card. The “rewards” come in the form of benefits and lower costs than many other cards. If you want to earn from your card, you’ll have to look elsewhere. Both Barclays and Capital One offer travel and cash back rewards cards that may better suit your needs.
While Barclaycard Ring charges very low fees, it does not offer extensive benefits. Cardholders get free access to a FICO credit score and chip and PIN security for international purchases, but the card doesn’t offer anything else for benefits.
The Platinum card from Capital One offers great benefits. Some benefits from this card look more familiar to cards with an annual fee than a no-fee card. Those include an auto rental collision damage waiver, travel accident insurance, and automatic extended warranties on eligible purchases.
WINNER: CAPITAL ONE PLATINUM
The bottom line
The overall winner in the Barclaycard Ring vs. Capital One Platinum showdown is Barclaycard Ring due to its low-interest rates and low fees. But if you are the kind of person who pays off your card in full every month, there is something to be said for the travel and purchase benefits from Capital One Platinum.
In most cases, Barlcaycard Ring comes out on top. Even if you don’t really like credit cards but want to keep one for emergencies or to help your credit, the ultra-low-cost Barclaycard Ring is a great choice.
Editorial Note: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.
This article was last updated April 30, 2019 but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.