After a few days of seeing this card pop up all over the news, I thought it was about time to look into it. Barclaycard Ring is a credit card that attempts to cut down the barriers between the banks and the people by letting the crowd have direct influence over how their credit card works.
In this age where many of us live our day-to-day lives in some degree of financial insecurity, credit cards can be a major cause of stress. Confusing language, crushing fees, and nonsensical restrictions make the process of obtaining, using, and not being destroyed by your credit card difficult indeed. Furthermore, a credit card customer is pretty much at the mercy of the issuing company, and has little input on how their card works for them.
To this end, Barclaycard’s promise to cultivate extensive customer responses via their online community and use “straightforward language without the confusing legalese” has all the beauty of an angelic chorus. All you need to know, the website claims, is that there are “no annual fees, the late fee is a maximum of $25, the cash advance fee is $1 per transaction and the foreign country fee is 1%,” which is about as cut-and-dry as can be. Additionally, Barclaycard intends to release their profits and losses statements to the customers, a risky tactic that they believe will allow customers to better see how their decisions affect the bottom line, and modify them as necessary.
The official website is currently accepting requests for invites to the community, so if you’re credit-card-less or unsatisfied with your current card, it could be worth looking into. What would you do if you could help your bank make the perfect credit card?