New Barclaycard Aims to Combat Low Trust in Banks (VIDEO)
Barclaycard is revolutionizing the credit card business and how customers use those little pieces of plastic. The new Barclaycard Ring Master Card is the first social credit card to be designed and built through community crowdsourcing. “We are tying to recreate a credit card product that actually puts the power of deciding how the product’s going to work in the hands of the consumer,” says Barclaycard’s Managing Director of Consumer Markets Paul Wilmore.
Watch Wilmore explain how consumers decide how their own credit cards are serviced below:
“Trust in the banks has never been any lower,” says Wilmore. “People are trusting their friends and family and, heck, even strangers more than the brands they interact with. We’re trying to take that model and bring it to the financial services space.”
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Barclaycard Ring users will be able to decide thing like whether they want to pay a $30 service charge to have their card serviced domestically, or $15 to have it serviced offshore. Users will be privy to the bank’s profits and other financial information, and will be able to decide how certain money will be used.
“You have skin in this game. You share in this profit. What would you like to do?” Wilmore asked.
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Those interested can now visit www.BarclayCardRing.com and request an invite to apply for the card, which will be publicly available in the second quarter of this year.
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