MasterCard and Barclaycard US are teaming up to produce the world’s first crowd-sourced credit card.
Dubbed as Barclaycard Ring, the duo of financial institutions are touting this venture as the beginning of a new era in e-commerce and finance, in which a social media-centric online community of cardholders have a voice in their cards’ features and terms.
Those terms up for negotiation include interest rates, rewards, and fees -- the latter of which seems to stir up the most debate in the social media spectrum. (Just look at what happened with Bank of America and those $5 debit card fees.)
But for starters, the Barclaycard Ring MasterCard card will have an interest rate of 8 percent for all balances without any fees imposed on balance transfers nor an annual fee overall.
Barclaycard Ring is currently in beta testing with an online community of cardholders. The forum uses social media to let cardholders exchange ideas and provide direct feedback to Barclaycard US that will determine future features of the product.
Customers are also promised that, for the first time ever, they will have visibility into the card’s financial profit and loss statements, the ability to influence decisions that impact how the card is managed, and can share in the revenue generated as a result of collective decisions and performance.
The Barclaycard Ring is expected to be available to consumers this spring. For a closer look at Barclaycard Ring, check out the promo video below:
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