Barclaycard US managing director-consumer markets Paul Wilmore said the firm wants to change the way people think about credit cards and their credit card company by putting the power back in the hands of customers.
"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," Wilmore said.
The newly introduced card will provide a low interest rate, reduced fees, easy to understand terms and the opportunity for card members to shape and share in the product’s financial success, said Barclaycard.
The Barclaycard Ring MasterCard card will have single low interest rate of 8% for all balances, with no charge on balance transfer, no annual fees and simple, easy-to-understand terms.
Using a virtual card member community, card members will have visibility into the card’s financial profit and loss statements.
The card members will be able to affect decisions that impact how the card is managed and serviced through an online platform.
The Giveback program will assist the community to share in the profit generated from its collective decisions.
The community will also provide a social media forum where cardmembers can exchange their ideas, share knowledge and provide direct feedback to Barclaycard US to help determine future features of the product.
