Press Release: The Wait Is Over….Barclaycard US Welcomes Cardmembers to Join Barclaycard Ring® MasterCard® Card Community
Posted on April 17th, 2012
Simple Terms, Dynamic Online Community and Cardmember Insights Unveiled
Wilmington, Del., April 17, 2012 – Barclaycard US, the payments business of Barclays in the United States, today announced the availability of the first social credit card designed and built through the power of community crowdsourcing. Previously in alpha testing, Barclaycard is now welcoming new cardmembers to join the Barclaycard Ring® MasterCard® card community.
“We have learned a great deal from our first cardmembers and are thrilled to be able to open up the Barclaycard Ring community to see how the product will begin to evolve based on the needs and collective input of our customers,” said Paul Wilmore, Managing Director-Consumer Markets, Barclaycard US. “Offering our cardmembers simple, transparent terms as well as the opportunity to help decide how this card can best work for them is all part of our vision to revolutionize the credit card business.”
The Barclaycard Ring MasterCard card has simple, easy-to-understand terms and benefits, including:
- One, low 8 percent interest rate for all balances (not 7.99%).
- No annual fees.
- No balance transfer fees, enabling revolving credit card holders to transfer balances from higher interest-rate reward cards and still earn points.
- Giveback™, allowing community members an opportunity to share in the profit generated from their collective decisions.
- A simplified summary of the standard cardmember agreement.
The Barclaycard Ring community provides a forum where cardmembers can exchange ideas, share knowledge and provide direct feedback to Barclaycard US to help determine future product features. Through weekly online polls, the current community has already provided input on topics ranging from product feature preferences to marketing programs.
“We know that interest rates are still very much top of mind among our cardmembers as one of the most important considerations when choosing a credit card and one of the most important topics they want to have a voice about — along with fees and rewards,” Mr. Wilmore added. “Yet our community has also told us that it wants a say in the direction of the card program in other areas such as servicing and how the GiveBack™ is administered, which allows the community to share in the program’s profitability. We have a highly engaged group within the community and we expect this engagement to grow.”
In the future, the Barclaycard Ring community will have an opportunity to voice its opinions about specific product features and community functionality.
To support the new credit card, Barclaycard US has also developed a dynamic new online community and servicing website that simplifies the account management process for the cardholders. The web servicing site for Barclaycard Ring represents a new digital service experience for Barclaycard with enhanced functionality and easy to use tools.
Posted on March 9th, 2012
Have you ever wanted to pick your credit cards features? The new Barclaycard Ring MasterCard might just let you do that.
Barclays US, the payments business of Barclays in the United States, recently announced the new Barclaycard Ring as the “first social credit card.” What does that mean? It’s being designed and built through online community suggestions, also known as crowdsourcing. The company hopes to change the face of the credit card industry through this new approach.
How exactly? Well, those details remain a ltitle fuzzy. It’s difficult to tell from the card’s website what exactly the Barclaycard community will be able to influence about the card’s future features. What is clear is that Barclays hopes to become a company that listens to its community members by turning suggestions made through social media channels into real, product-changing action.
“You + Community + Barclaycard”
In addition to Barclaycard Ring’s promise to keep the terms simple, Barclaycard will be providing its community with a forum—via social media—to exchange ideas, knowledge and send direct feedback to the company about the card and potential future features. This video suggestions that community members will be able to vote on crowdsourced ideas that will result in changes to the card.
It’s also sharing privileged material with its community: Cardmembers can will be able to view the profit and loss statement on the card to give insight into how the card is generating revenue for the company. This is the first time Barclays has been completely transparent with cardmembers in this manner.
“Built on a community”
It will be a while before we begin to see the effects of the Barclaycard Ring community on product features. But it’s interesting to speculate about the kinds of features a community could influence, such as:
- A generous cash-back rewards program in exchange for a low annual fee. (The card is currently annual fee-free.)
- An even lower variable APR if cardmembers maintain on-time payments for six months. (The card currently comes with a low 8 percent variable APR.)
- No foreign transaction fee. (As opposed to the current 1 percent.)
What features would you want to see in a crowdsourced credit card?
Bottom Line: Currently the card is in private alpha testing, but it will be available to the public in the spring.
It’s likely that, after the alpha testing, Barclaycard will reveal some of its crowdsourced findings. In the meantime, you can request an invite to become a part of the community and—who knows?—be a part of changing the face of the credit card industry.