“The product development team at Barclaycard is well aware that banks don’t rank very high in the realm of public opinion. So they’ve created a new kind of credit card that tries to put you, the cardholder, in the driver’s seat,” writes Tara Siegel Bernard for the New York Times.
“It’s calling the new card – the Barclaycard Ring MasterCard — the first social credit card, one that will be shaped by its cardholders’ feedback. And this isn’t simply about personalizing your plastic with pictures of puppies and kittens or picking a convenient payment date. Barclaycard is taking matters a step further: it’s pulling back the curtain on its profit and loss statements — and it says it’s going to let consumers collect a share of the profits.”
“The card carries an 8 percent variable interest rate — and that applies to new charges, balance transfers and cash advances. There are no balance transfer fees and there is currently no annual fee — though it’s possible the cardholder community may decide to implement one later. The late fee is a maximum of $25, the cash advance fee is $1 per transaction and it charges 1 percent of your transaction when the card is used in foreign countries.”