Barclays Launching New Credit Card That Gives Customers More Control

“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.”


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