No-Frills, Social Credit Cards on the Rise
The second credit card trend seems to be a movement toward incorporating social media with their customers, and the new Barclays card wants to take this to another level. Cardmembers will have an opportunity to see the card's financial profit and loss statements. Using social media, cardmembers will have a voice in how the card is managed and serviced. Consumers will be asked for their input several times per year. The company claims customers will share in the profits of this card. but the details of this feature are unclear.
The fine print says profit sharing is not based on the actual profits of the company. Instead, the profit sharing will be based on a calculation that will be used to determine what will be shared. It is offered at the sole discretion of Barclaycard and can be discontinued at any time.
Some people may wonder why all cards can't offer these types of rates and fees.
Barclays has reduced the expenses on this card by eliminating all rewards. In addition, they are hoping to create awareness through social media, and therefore, limiting the money spent on advertising and promotions.