Company: Barclaycard US
Entry submitted by: Jared Young (jaredyoung) Sr. Director, Consumer Markets
Community: Barclaycard Ring (www.barclaycardring.com)
Lithy category: Best Business ROI
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Barclaycard Ring MasterCard© is a very simple credit card product with a low interest rate, simple terms and no annual or balance transfer fees. But what sets Barclaycard Ring apart is its use of online communities in an innovative way to talk with card members about the product and how it should evolve. The Barclaycard Ring team also developed the industry’s first profit sharing program with card members, called Giveback™. This aligns the interests of both bank and card member like never before and opens the door for both to advance the cause of charities. And to help crystalize the trust, the team posts the financial statistics for the program on the website and discuss the results each month.
While less than 10 months old, Barclaycard Ring’s innovative credit card community is already showing signs of revolutionary success:
Gross Income has increased for Barclaycard by > $500K since the launch of the program.
The business ROI of Barclaycard Ring has benefited others as well. The Ronald McDonald House received $10,000 donated by the community through our Giveback program.
The future for profitability looks even brighter as community engagement level is driving significantly different card behaviors. Superusers and engaged community members give Barclaycard more of their business, are less likely to close their account and are significantly more likely to pay their bill on time. The results are staggering:
There is no better evidence perhaps than continued investment in branded community – based on the success of Barclaycard Ring, Barclaycard is launching a new travel community focused on servicing the specific needs of its traveling customer base.
