Barclay’s Launches The First Social Credit Card
Barclaycard US plans to officially launch the Barclaycard Ring next month, a crowdsourced, community-powered credit card with a low rate, no annual fees and a forum for cardmembers to exchange ideas and have a say in how it works.
The Barclaycard Ring will have easy-to-understand terms that use straightforward language, an interest rate of 8% for all balances, and no annual or balance transfer fees. Other fees are simple and upfront: the late fee is a maximum of $25, the cash advance fee is $1 per transaction and the foreign country fee is 1%.
Through a virtual community, cardmembers will work together to shape the Barclaycard Ring. They’ll be able to see the card’s financial profit and loss statements, which show how the company makes money from it, and a “Giveback” program will let them keep some of the profits for themselves. There will also be a forum for exchanging ideas and suggesting new features, giving them a chance to influence decisions that affect how the card is managed and developed. Watch the video below for more information on this new business model: