Barclaycard US launches first social credit card

Barclaycard Ring

The card is called the Barclaycard Ring MasterCard and it’s the first social credit card to be designed and built through the power of community crowdsourcing (view press release). The card is driven by an online community of cardmembers and offers a universal interest rate of 8%, no balance transfer or annual fees, simple terms and the opportunity for cardmembers to ‘shape and share’ in the products financial success. The cardholder community has visibility into the cards profit and loss statements and, through an online framework, can influence decisions on how the card is managed and serviced. They can also share in the profit generated from collective decisions through a unique ‘Giveback’ programme. Community members can also discuss future features of the product through social media forums.           

We want to change the way people think about credit cards and their credit card company by putting the power back in the hands of the customers,” said Paul Wilmore, managing director of consumer markets at Barclaycard US. “Barclaycard Ring will give cardmembers a voice to help decide how the card can best work for them – along with the unique opportunity to benefit from its collective performance.”         

Originally launched in alpha testing, Barclaycard is now welcoming new cardmembers “into the community.” 

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