With all the ups, downs, and lack of accountability that has plagued financial institutions recently it has become more important than ever for us to have transparency when it comes to our finances. My husband and I try be as responsible with our finances as possible, but still, navigating the world of credit cards, with all the different fees–annual fee, transaction fee, late fee, currency exchange fee, etc– and interest rates that are subject to change without notification, can be a daunting task.
Just last week I found out about this innovative new credit card called Barclaycard Ring MasterCard©. Barclaycard Ring (which is a member of Barclays group) is a new, one-of-a-kind online credit card with its own community. It combines social media, blogging, community, and online banking with a credit card – no other credit card has this interaction and transparency with their cardholders. Cardholders can join the community and read balance reports from Barclaycard, voice their experiences (good and bad) and be informed of possible changes before they are made (and have a say in whether these changes are implemented!). Coming in the future: a unique Giveback(SM) program that will enable the community to share in the profit generated from its collective decisions. As a community, cardholders will be able to decide which cause to support with the profits from the card.
Card holders can earn achievements on the site by referring friends, engaging in discussions, and taking polls. By doing these things card members help Barclaycard Ring save money and increase profits. The more profits Barclaycard Ring makes, the more Giveback the card holder gets.
Fees are just as straightforward. All the members share the same low APR. There is no annual card fee. Late fees have a maximum of $25, and cash advance fees are only $1.
What Barclaycard says about being candid pretty much sums it up:
Being candid starts with using straightforward language without the confusing legalese. But we’re taking it a step further. For the first time ever, we’re going to give you a look at our profit and loss statement, which shows you how we make money from Barclaycard Ring. And with Giveback™, you’ll even get to keep some of the profits for yourself. This means everyone has a stake in making Barclaycard Ring successful and profitable, not just us.
This sounds like a pretty awesome credit card. I’m absolutely amazed that a credit card would have this kind of transparency and straightforward-ness (lol, I know that’s not a word, but you know what I mean, right?). I’m also quite interested in the Giveback program. My husband and I generally use our credit card that has the best rewards, but the Giveback program would be wonderful opportunity to be more involved in changing the lives of others and giving back to the communities we are a part of.
You can check out BarclaycardRing.com for more information and to request an invitation to the community.
So, now I want to hear your opinion. What do you think of this new social media credit card? Would having this kind of community and transparency with your credit card company be a good thing?
Disclosure: This post was part of a compensated campaign from Dweeb Media, LLC. All opinions are 100% my own.