Barclaycard is running a neat experiment as part of its effort to create a product users will not only want, but will also be involved in creating. So the Barclaycard Ring™ MasterCard® was born, a crowdsourcing experiment of sorts, designed to bring the bank closer to its customers. Let’s analyze this card more closely, shall we?
- Ability to get involved in future card development
- Free FICO score
- Low APR – right now it’s 8.25% variable on purchases, balance transfers and cash advances
- No annual fee, no balance transfer fee and no foreign transaction fee
How It Works?
No fees: This card has no annual fee, no balance transfer fee and no foreign transaction fee.
Low APR: Right now it’s 8.25% on purchases, balance transfers and cash advances (plus a fixed $3 for each cash advance).
Giveback™ rewards: Cardmembers can potentially receive a small percentage of the company profits. There is also the option to donate the money earned to charity.
Online community portal: This is the main point of this card, enabling users to vote on new ideas and product changes of the card. Users can also give feedback on marketing ideas for the card as well as possible website enhancements.
Free FICO score: Cardholders can opt-in to receive complimentary FICO credit scores from their Barclaycard online account.
Costs
- 8.25% variable APR
- $0 Balance Transfer Fee
- 0% Foreign Transaction Fee
- $0 Annual Fee
At Barclaycard’s secure website
Pros
- Low fees and low APR make this card appealing to the wider community.
- Speaking of which, community matters with the Barclaycard Ring MasterCard. Users are invited to submit their ideas and vote on any number of issues to make the card even better.
- Giveback™ rewards – so that you could earn something back from the card usage. It’s not clear how much money we’re talking about, though.
Cons
- No introductory offers – which would further sweeten the deal, and make this card the number one choice on the planet (though other banks would likely be quick to copy the model).
- Unclear awards – while we like the fact that the card use will be rewarded, we would like to know what exactly will we get in return.
Is This The Card For You?
If all you’re looking at are low fees and low APR — the answer is clearly YES! The Barclaycard Ring™ MasterCard® has no annual fee, no balance transfer fee and no foreign transaction fee. In addition, it has a low APR of 8.25% on both balance transfers and purchases, and the same percentage applies toward cash advances, plus fixed amount of $3 per each cash advance. Moreover, the card allows users to be more engaged in the future product development, which we find interesting to say the least. We would like it even more if some sign-up bonus was included, but something’s gotta give… I guess.