Social media evolved because of the consumers’ voice wanting to be heard. The louder we got, the more companies listened. Thus, we now determine what the latest toys, stories, celebrities, clothing, etc are going to be a hit. One product where we haven’t seen too much social is our very own credit cards. It really can’t do much more than it has, though, right? It pays for things we need, and we have to simply go by its rules on paying it back. Rewards, miles, points; we get back what they decide.
Meet the all new MasterCard that will be chock full of your ideas: Barclaycard Ring MasterCard
It features an 8% flat rate interest, no annual fees , simple easy-to-understand terms and no transfer fees. Qualification still stands on the standard criteria; good to great credit history and a responsibility for debt. With Barclaycard Ring, you will be able to give feedback straight to the people behind it, help determine the service options, and suggest ideas for improvement. You are essentially the voice of the product!With the Giveback program, community members have the opportunity to share the profit generated from their decisions.
Barclaycard wanted to change the way people think about credit cards and their credit card company by putting the power back in the hands of customers. Barclaycard Ring will give cardholders a voice to help decide how the card can best work for them — along with the unique opportunity to benefit from its collective performance. This is the first time, through a virtual card member community, cardholders will be able to see into the their card’s financial profit and loss statements.
The name “Ring” was chosen to help bring to life the fact that this is the first social credit card to be designed and built through community crowdsourcing. Just like real-life circles of friends and communities of like-minded people, they want to enable cardholders to gather information, share knowledge and have a role in the product’s future success. Essentially, cardholders have the ability to influence decisions that impact how the card evolves and is managed. The entire group will caucus about different decisions – and ultimately vote on changes. I firmly believe this is an extremely unique opportunity. This is the first credit card (or anything with MY money involved) that I have seen, put decision-making power directly in cardholders’ hands. Barclaycard will report program performance and profits within the community to all card members and will share those profits (above a disclosed threshold) .
Consumers are asking for providers to make products accessible and easy to understand. You shouldn’t need a lawyer to read your monthly statements to you. This MasterCard is designed for a person who doesn’t want to mess around with an introductory rate that expires at some point; but a good, fair rate that allows them to purchase with confidence. That introductory rate isn’t tattooed to your hand anyways, so why worry about the deadline every time you want to buy something within that rate period?
This new platform will offer fantastic opportunities to interact with each other and share personal finance advice. Think of this platform like a Pinterest (without pictures) for financial learning. You get to share stories and learning in the community, hopefully becoming and offering others a road to being better personal financial managers. The community will evolve on its own, based on what members want it to go. The Barclaycard Ring team has already started to ask members about how they should represent member ‘status’ within the community. Feedback is showing that cardmembers who are engaged, helpful to others and provide guidance in personal finance, should be recognizedfor their contributions to the community. Ideally, over time, there will be several tiers of ‘status’ as the program grows that can be earned based on different types of participation. Don’t worry thought, Barclaycard Ring MasterCard won’t leave you hanging. The community is administered by their community manager (Jen H - a mom!) who is responsible for helping community members, providing great information and generally keeping the conversation going. She has a lot of experience as an online community manager and her sole responsibility at Barclaycard US is to be the link between Ring cardholders and the bank. She is actively administering polls, writing a blog, answering questions and keeping cardmembers informed about what is going on. (Mom’s can wrangle a rowdy crowd!)