Barclay Introduces the First Crowdsourced Credit Card

December 4, 2013, Written By Lynn Oldshue
Barclay Introduces the First Crowdsourced Credit Card

Ever wish you had a say in what your credit card terms were? Don’t you sometimes feel you could develop a credit card that would have much more reasonable terms than other cards offered by large banks? Now, you may be able to have some input.

Barclay is now allowing users to have a say in what their credit card looks like and how it works. It’s part of something called the “Ring community.”

The Ring community was launched by Jared Young, an otherwise unknown credit card executive from one of Barclay’s bank branches. Young came up with the idea to turn the development of the Barclaycard Ring® Mastercard® into a crowdsourced opportunity.

“We really want Ring to change the way credit card banking is done in the United States,” Young told CNN Money. “We believe that there is a better dialogue, that you can be very customer-centric, and that customers will reward you with their business. It’s a different paradigm.”

As a member of the Ring community, you get a transparent review of the card’s revenues and expenses. You literally get to see where your money goes. Once the bank clears a 3% annual return on a card, 70% of all the remaining money goes to Ring customers. That’s right–you get part of the bank’s money just for being part of a discussion.

Ring customers have had a say in every part of the credit card development process, including the late fee policy. Young blogged about the different ways the bank could set up the policy, and users got to vote on the final option.

The result is a card with a very appealing 0% APR for the first 15 months on balance transfers made within 45 days of account opening. After that, a variable 13.74% APR will apply.

The information contained within this article was accurate as of December 4, 2013. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
View all posts by Lynn Oldshue