The credit card industry is ripe for a remake, thanks not only to new heavy-handed federal regulations that put a pinch on old profit lines, but because the marketplace and the times really demand it. Barclaycard is making a bold step into brave new territory with the Barclaycard Ring MasterCard, announced in March 2012.
The Ring will actually be a social network moderated by Barclaycard in which card members will get full disclosure on the card’s profits and losses; they’ll vote on changes in terms such as interest rates, annual fees and late payment penalties; and most important they’ll participate in a rudimentary profit-sharing program called Giveback.
A crowdsourced credit card: Barclay throws the terms to its customers [Iconoculture]
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