Crowdsourced credit card lets members share in profits and decisions

Earlier this month Barclaycard US introduced the Barclaycard Ring MasterCard, billed as “the first social credit card to be designed and built through the power of community crowdsourcing.”

It was only a few weeks ago that we covered CivilisedMoney’s crowdsourced banking services, and recently we came across a new effort that brings a similar concept into the realm of credit cards. Earlier this month Barclaycard US introduced the Barclaycard Ring MasterCard, billed as “the first social credit card to be designed and built through the power of community crowdsourcing.” Currently in alpha testing and due to launch officially next month, the Barclaycard Ring MasterCard card will have one low interest rate of 8 percent for all balances, with simple, easy-to-understand terms and no balance transfer fees or annual fees. Through a virtual community, meanwhile, cardmembers will get to see the card’s financial profit and loss statements. They’ll also have a forum for exchanging ideas and suggesting new features. An online framework will give cardmembers a way to influence decisions that affect how the card is managed and serviced, while the card’s “Giveback” program will enable the community to share in the profit generated from its collective decisions. Paul Wilmore, managing director for consumer markets with Barclaycard US, explains: “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 cardholder experience.” The video below explains the premise in more detail:

https://www.youtube.com/watch?v=2ZYCT0aoPM0

Is there any industry in which crowdsourcing can’t make things better? Other banks around the globe: one for inspiration!