Barclaycard might have just launched the card of the future. Six weeks ago, Barclaycard launched the Barclaycard Ring, which allows cardholders to have a say in how the card is designed, priced, and marketed. One of the best perks is that is has an opportunity for cardholders to share in the profits. Currently the new card has no annual fee, no balance transfer fee, and an 8% interest rate on purchases.
An online community is available which lets cardholders check stats for the card. This includes the number of active cardholders, balances in good standing, total amount of transactions, and total amount of balances among many other stats.
A card holder’s stake in the community’s profit is based on two important factors. The first involves your outstanding card balance and the other is the number of referrals. The larger the balance on your card, the bigger your share of the profits. The same concept applies to referrals … the more referrals equate to a larger share of the profits. Depending on the popularity of the new card, this could be a glimpse into how credit cards are created in the near future.