Gandalf talks about lesser rings of power. In the lord of the rings he say (films) 'there are many magic rings bilbo and none of them, are to be taken lightly.' what other magic rings are there other than the 20 rings of power including the one ring.
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We are told that the Elves of Eregion crafted many lesser rings before they undertook the making of the Rings of Power,; however, we never encounter any of those lesser rings. That makes it impossible to determine exactly what they could do. One might place its bearer under a glamour so that they can pass unnoticed (but not truly invisible). Another might increase a person's insight into the intentions of others.