Social credit card from Barclaycard lets users set terms
The Barclaycard Ring MasterCard has no traditional rewards program but carries an 8 percent interest rate for all balances — well below the average rate of 14.25 percent, according to LowCards.com. Late fees are up to $26 (the amount of the fee varies by state).
Lowcards.com Chief Executive Bill Hardekopf said those terms are generally reserved for consumers with the most pristine credit histories. It remains to be seen who can actually qualify for the credit card, though Wilmore said it is targeted at consumers who carry a balance. The card’s Web site encourages interested customers to “request an invitation.”