Is BarclayCard Ring MasterCard just a gimmick or not?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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American
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Is BarclayCard Ring MasterCard just a gimmick or not?

Postby American » Thu Apr 26, 2012 11:36 am

It came out today. It has a cross the board 8% APR and a bizarre giveback program. It also has a social aspect where card holders can vote on upcoming things.

What are your thoughts?
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DavidNY
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Postby DavidNY » Thu Apr 26, 2012 12:34 pm

Their "crowd-sourcing" model is an interesting gimmick.

For the first time ever, we're going to give you a look at our profit and loss statement, which shows you how we make money from Barclaycard Ring.
It will be interesting to see exactly how transparent they're willing to be.

I'll pass for now, but if I were to need to carry a balance 8% APR is fairly reasonable for a credit card.

http://www.barclaycardring.com/t5/custom/page/page-id/how-it-works

"Community powered"? No, bank powered. No bank, no card. It seems like Barclaycard is going data-mining, going after personal details of people (through their new Facebook-like website solely for card users) and attaching it to their spending patterns.

Who knows where all that juicy intel will end up? Yeah, the more I think about it, the more I'll pass.

websteth
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Barclaycard Ring

Postby websteth » Wed Jul 04, 2012 8:00 pm

Does anyone else have this card? I just got approved for it to add to my collection but what intersteted me in it was the community involvement in determining what the card offered. Just curious what others thing.

Info is at: http://www.barclaycardring.com/

Barclaycard Ring is a credit card that's driven by its community of cardmembers. Now, there's power in numbers. You and your fellow cardmembers will work together to shape Barclaycard Ring into something you can feel good about. As your credit card company, we promise to listen to what you have to say. And, we'll show you how your actions, like paying on time and going paperless, can influence the card's success.
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Ratfacedudeguy
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Postby Ratfacedudeguy » Wed Jul 04, 2012 11:28 pm

Looks like a pretty interesting concept. Do you know any more details about this profit sharing thing they mention on the website? Depending on how much of a return that could bring I might just have to apply. How generous were they with your credit limit?
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hematino
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Postby hematino » Wed Jul 04, 2012 11:33 pm

It sounded like a really interesting card to have, and I think the APR is fixed at 8% or something like that. No rewards, though there is supposedly some kind of share the success type program where if they do well they're supposed to pass it on to cardmembers. I applied for it when it first was released, got a denial, made a recon call, and still ultimately got denied due to too many inquiries/ new accounts on TransUnion. The CSR was encouraging though, she said everything else looked fine and if i wanted to reapply in 6 months it would probably be no problem once all my new accounts weren't so new, haha. How do you like your Ring?
Now she's eyeless.
The snakes she held once
Eat up her hands.

websteth
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Postby websteth » Thu Jul 05, 2012 8:03 am

I haven't gotten the card yet in the mail. I originally got a dennial letter saying I had too short of a credit history (10+ years with perfect payments) and a credit score of 789. I called the recon line and they immediately approved me for $10,000. I like the concept of having input in designing the card program. Not really looking for the rewards replacement card. I still love my American Express for that. Once I get the welcome packet and the card, I'll post more.
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websteth
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Postby websteth » Sun Jul 15, 2012 1:43 pm

So I finally at the card and have been looking around the website. It's just your average run of the mill MasterCard. No rewards program. Everything that Barclaycard does with the card are transparent and they have a running total of all of the card revenue they have gotten from transaction fees, etc. What's cool is once a year, they take what's been brought in and will share a percentage with the card holders. looks like it's based on what you spend ont he card so you can't just sit with an open card and not use and collect. THe little dashboard also gives you the breakdown for other's with accounts such as that there are 1054 active card members and a total of $1 million worth of transactions in May 2012. If you want to learn more about how the card industry works and to see the numbers, this card is for you. If you want to earn rewards, look elsewhere.
American Express: Platinum, Zync, Platinum Delta SkyMiles, Blue, Starwood Preferred Guest
Barclaycard US: iTunes Reward Visa, US Airways Premier World MasterCard
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MemberSince99
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Postby MemberSince99 » Sun Jul 15, 2012 3:42 pm

That is an interesting concept. What people should be aware of with Barclay's is they are inquiry and new account sensitive - for 6 months AFTER you get a card with them as well as before. So if you are planning on an app spree, don't do it with a new Barclay's or you risk AA (adverse action) which can range from a CLD (credit limit decrease) to account closure.

Obviously YMMV but just something to be aware of.

websteth
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Postby websteth » Sun Jul 15, 2012 3:48 pm

MemberSince99 wrote:That is an interesting concept. What people should be aware of with Barclay's is they are inquiry and new account sensitive - for 6 months AFTER you get a card with them as well as before. So if you are planning on an app spree, don't do it with a new Barclay's or you risk AA (adverse action) which can range from a CLD (credit limit decrease) to account closure.

Obviously YMMV but just something to be aware of.


Considering I just got a corporate card and an inquiry hit for that, I will be curious as to what they say.
American Express: Platinum, Zync, Platinum Delta SkyMiles, Blue, Starwood Preferred Guest
Barclaycard US: iTunes Reward Visa, US Airways Premier World MasterCard
Chase: Sapphire Preferred Visa Signature, Freedom Visa
Citi Bank: Hilton HHonors Visa Signature, AAdvantage Platinum Select World Elite MasterCard
Bank of America Virgin Atlantic World Elite MasterCard
Discover: Discover it
Other:Macy's Star Rewards, Target REDCard

MemberSince99
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Postby MemberSince99 » Sun Jul 15, 2012 7:57 pm

One may not bother them. A bunch, may. Really YMMV but I've read accounts where people said opening a bunch of new accounts after a Barclay resulted in AA. I just wanted to try to get the word out so that people can be aware of this, and decide accordingly if it's worth the risk. I've read other stories of people opening new accounts and nothing happens, so it just really varies.



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