Barclaycard meets social networking

Barclaycard Ring MasterCardI guess it is an age thing, but I was surprised to see a Barclaycard running on the MasterCard network. In my day Barclaycard seemed to become Visa and Access became MasterCard (I do know that it wasn’t quite like that!).

Anyway, park my misconceptions and this is actually an interesting story: Barclaycard US have launched Barclaycard Ring, a social network credit card/social credit card. Driven by the influence of an online community of card members, the new card will offer a low (8%) interest rate, low fees, simple terms and the opportunity for card members to shape and share in the product’s financial success.

For the first time, through a virtual card member community, Barclaycard Ring card members will have visibility into the card’s financial profit and loss statements. An online framework will provide card members 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 card members 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 card member experience,” said Paul Wilmore, Managing Director-Consumer Markets, Barclaycard US. Wilmore went on to say, “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.

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