Crowdsourcing Experiment: Barclaycard Ring MasterCard
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More and more companies are starting to realize the power of social media when it comes to creating products and services that would appeal to a wide number of consumers. While crowdsourcing efforts are growing ever increasingly in popularity, could a credit card company possibly find success by letting users shape the terms and conditions of its credit cards? Well, the Barclay's Group is trying to do just that with the Barclaycard® Ring MasterCard®, as it aims to bring cardmembers and banks closer together in order to create the perfect credit card for consumer, by the consumer.
How This Card Works
What makes the Barclaycard Ring MasterCard different from other credit cards is that it allows user feedback to almost directly shape the terms and conditions of the credit card and encourages users to have an investment in the performance of the card.
While the Barclaycard Ring doesn't come with a direct rewards program, it does have a special Giveback feature that allows cardmembers to potentially receive a small percentage of the Barclay's Group's company profits, although the exact amount you will receive will vary. You have the option of either donating that money to charity or to keeping it on your account as bonus credit.
Barclaycard Ring cardmembers can discuss issues with the credit card and vote on new ideas to implement in an official online community portal, where the Barclay's Group provides "real time" responses to all user suggestions. They can even give feedback on marketing ideas for the credit card as well as possible website enhancements. Cardholders can also use this online portal to monitor the company's profit and loss margins.
The Barclaycard Ring comes with a simple 8% APR across the board for purchases, balance transfers, and cash advances. On top of that, you will only be charged $25 max for any late payments, and there is no penalty APR for paying late. There are no annual fees or balance transfer fees for this card.
The Barclay's Group should be commended for being the first credit card company to allow users to have a direct input in how the credit card is shaped, and the transparency they offer their cardmembers is something rarely seen but greatly appreciated. The Giveback program is a nice little feature that gives you a chance to earn a little money without having to do anything. And if nothing else, the Barclaycard Ring MasterCard offers an easy-to-use credit card that users can rely on thanks to its incredibly low fees.
Despite their commitment to transparency, the exact amount cardmembers receive from the Giveback program isn't made very clear. Being a Barclaycard Ring cardholder doesn't make you a direct shareholder of the company, and thus your award amount won't be based on the actual company's profits.
Who This Card Is Best For
The Barclaycard Ring MasterCard is a great for people who want a straightforward credit card or a dependable backup card, thanks to its simple terms and astoundingly low fees. This card should also appeal to consumers who enjoy giving feedback and having their feedback count for something.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.