WILMINGTON, Del.--(BUSINESS WIRE)--Barclaycard US, the payments business of Barclays in the United States, today introduced the Barclaycard Ring® MasterCard® card, the first social credit card to be designed and built through the power of community crowdsourcing. Driven by the influence of an online community of cardmembers, the new card will offer a low interest rate, low fees, simple terms and the opportunity for cardmembers to shape and share in the product’s financial success.
“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 customers,” said Paul Wilmore, Managing Director-Consumer Markets, 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.”
The Barclaycard Ring MasterCard card will have one, low interest rate of 8 percent for all balances, no balance transfer fee, no annual fees and simple, easy-to-understand terms.
For the first time, through a virtual cardmember community, cardmembers will have visibility into the card’s financial profit and loss statements. An online framework will provide cardmembers with the ability to influence decisions that impact how the card is managed and serviced and a unique Giveback(TM) program will enable the community to share in the profit generated from its collective decisions.
Using social media, the community will also provide a forum where cardmembers can exchange ideas, share knowledge and provide direct feedback to Barclaycard US to help determine future features of the product.
“Through simple and transparent terms, we want to pull back the curtain that has traditionally separated banks from their customers and give our community a say in weighing economic tradeoffs that can create a better cardmember experience,” Mr. Wilmore added. “Some might say we’re creating a virtual credit union or community bank, but we’re taking that model much further by giving our members a seat at the table to help decide what card features and benefits are really best for them.”
Barclaycard Ring is currently in alpha testing and will be available to consumers later this spring.
For more information or to request an invitation to join the Barclaycard Ring cardmember community visit www.barclaycardring.com.
About Barclaycard US
Headquartered in Wilmington, Del., Barclaycard US creates customized, co-branded credit card programs for some of the country's most successful travel, entertainment, retail, affinity and financial institutions. The company employs 1,300 associates. For more information please visit www.barclaycardus.com.
Barclaycard, part of Barclays Global Retail Banking division, is a leading global payment business that helps consumers, retailers and businesses to make and accept payments flexibly, and to access short-term credit when needed.
The company is one of the pioneers of new forms of payments, and is at the forefront of developing viable contactless and mobile payment options for today and cutting edge forms of payment for the future. It also issues credit and charge cards to corporate customers and the British Government. Barclaycard partners with a wide range of organizations across the globe to offer their customers or members payment options and credit.
Barclaycard operates in the United States, Europe, Africa and the Middle and Far East.
For further information about Barclays, please visit www.barclays.com.
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