Barclaycard Ring: A New Type of Credit Card?

[jeffrey]

So, I just got a press release from Barclaycard Ring which is nothing unusual -- I get lots of press releases like this. But this credit card actually does look different than most other credit cards.

Barclaycard US is introducing a new credit card product that has 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 community, cardholders will have visibility into the card’s financial profit and loss statements and will be able to influence decisions that impact how the card is managed and serviced. There is even a unique Giveback program that will enable the community to share in the profit generated by collective decisions. What’s more, the online community will serve as a forum where cardholders can exchange ideas, share knowledge and provide direct feedback to help Barclaycard determine future features.

Our goal is to pull back the curtain that has traditionally separated banks form their customers and give our community a seat at the table to help decide what card features and benefits are really best for them. Right now, the Ring is currently in alpha testing – it is scheduled to launch this Spring. But, starting today you can see what the Ring is all about and request an invitation to join the Barclaycard Ring cardmember community. Here is the link to do just that: Barclaycard Ring | Crowdsourced Community Powered Credit Card with Giveback, a Low Rate, and No Annual or Balance Transfer Fee

To see how this will work, please check out this video: Barclaycard Ring How It Works | Community Powered Credit Card with Giveback, a Low Rate, and No Annual or Balance Transfer Fee

What do you think of this concept and do you think this would have any influence on you getting this credit card??

[Slug]

I signed up to be contacted when it's available. I really want to understand the extent of our influence and whether there is any chance to extract greater rewards than I do now. At this point, I never get less than 2% back on any purchase so it's going to be a tough threshold for Barclay's. Still I'm intrigued and excited about the P&L transparency.

[kork13]

Likewise... I'm curious enough to get the information. The idea is interesting, so I figure I'll check it out.

[Mr Nice Guy]

Very cool idea. Thanks Jeffery!

[PMMM]

I signed up to be contacted when it's available. I really want to understand the extent of our influence and whether there is any chance to extract greater rewards than I do now. At this point, I never get less than 2% back on any purchase so it's going to be a tough threshold for Barclay's. Still I'm intrigued and excited about the P&L transparency.

I use to have a Debit card that payed 2% on all purchases as long as you didn't use the debit card feature but ran the purchase as a charge. To qualify for the 2% you had to maintain a 5K balance. There was no limit. I made about $1400 in the 15 or so months I had the card.
The recently changed the program to 1% and no cash back only gift cards to specific stores etc. The reason was that costs were too high to give cash back and only 10% of the banks customer were able to take advantage of the 2%. If you maintained less than 5K it only paid 1%.
I'm moving on for the next great thing.
I may have to check this one out. One never knows.

[Slug]

I use to have a Debit card that payed 2% on all purchases as long as you didn't use the debit card feature but ran the purchase as a charge. To qualify for the 2% you had to maintain a 5K balance. There was no limit. I made about $1400 in the 15 or so months I had the card.
The recently changed the program to 1% and no cash back only gift cards to specific stores etc. The reason was that costs were too high to give cash back and only 10% of the banks customer were able to take advantage of the 2%. If you maintained less than 5K it only paid 1%.
I'm moving on for the next great thing.
I may have to check this one out. One never knows.

Yeah, I wrote a lot about PerkStreet when it first started. I'm not a fan of the announced changes.

[DeansLane]

Ring MasterCard sound like a dream come true, which has some pretty unique features..Barclaycard is targeting the consumers who want a low-frills, low fees credit card and simple and easy to understand terms..I think people like consistency in their cards so this will be a great option for them...!!

[Mr Nice Guy]

Its here:

https://www.barclaycardus.com/apply/Landing.action?campaignId=1665&cellNumber=3&prodidreq=CCMPS45299&referrerid=prereg0412