A couple of days ago, I received an email from Barclaycard US announcing that US residents could now apply for their new social credit card tapping crowdsourcing ‘Ring’, in partnership with MasterCard.
Last month, Barclaycard US announced the imminent launch of allegedly one of the most innovative credit cards ever launched ‘Barclaycard Ring‘ which aims to leverage crowdsourcing to build more than a sizable cardholder base, but a genuine community of engaged members who will be incentivized and rewarded for sharing their suggestions and their ideas.
It seems now that applications are officially open. Unfortunately I don’t qualify as a UK resident and I won’t be able to review the community myself. But I will do my best to find a work around.
So, what’s the fuss about this credit card? What’s on offer?
First of all, I invite you to watch the short video I recorded last month to find out more about my thoughts on this initiative.
You will find all the key product characteristics or Ring in the press release.
Gamification is (or at least should be) one of the key elements of the platform, and Barclaycard’s success here will lie in their ability to convince their cardmembers of the value of contributing and reward them for the time spent on the platform.
In my opinion, the most exciting concept of the Barclaycard Ring community is the reward element and the very concept of Giveback™ (allowing community members an opportunity to share in the profit generated from their collective decisions). This is potentially a game changer. Stay tuned on Visible Banking.
You will find below more info from the press release, including a couple of quotes from the project owner.
“We have learned a great deal from our first cardmembers and are thrilled to be able to open up the Barclaycard Ring community to see how the product will begin to evolve based on the needs and collective input of our customers,” said Paul Wilmore, Managing Director-Consumer Markets, Barclaycard US. “Offering our cardmembers simple, transparent terms as well as the opportunity to help decide how this card can best work for them is all part of our vision to revolutionize the credit card business.”
The Barclaycard Ring community provides a forum where cardmembers can exchange ideas, share knowledge and provide direct feedback to Barclaycard US to help determine future product features. Through weekly online polls, the current community has already provided input on topics ranging from product feature preferences to marketing programs.
So, are you tempted to apply? And in your opinion, Is the reward big enough for Ring to become a game changer for Barclaycard US?