Barclays recently launched the new Barclaycard Ring MasterCard with the Ring Community social media platform. Together, they make the Ring credit card the first “crowd-sourced” credit card offered by the Credit Card Monitor firms. Using the Ring Community, card members will have the ability to comment on and influence the card’s product details.
The Barclaycard Ring MasterCard is a low-fee card with a current APR for purchases and balance transfers totaling 8%. The card features a unique new profit-sharing reward program called GiveBack, where customers receive a portion of the card’s generated income. However, customers only receive profits, which can also be donated to a charity, after the card’s profitability breaks a certain threshold. Ring Community
The Ring Community is not simply a virtual comment and suggestion box. It offers card members an assortment of forums and social capabilities. Card members may form their own “rings” for private discussion of product ideas, vote on proposed product details and take part in blogs and public debates.
The Barclaycard Ring MasterCard is equipped with an exclusive social media community and offers card members a voice. This concept is unique among card issuers and there is some skepticism with regards to its long-term viability. It will be interesting to see if other firms follow Barclaycard and release their own crowd-sourced credit cards that utilize social media.