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Social credit card goes public

By Janna Herron · Bankrate.com
Wednesday, April 18, 2012
Posted: 3 pm ET

Barclarycard's crowdsourced credit card is now available to those who want to apply.

The credit card issuer last month unveiled the Barclaycard Ring credit card that involves an online community in how the card is designed, priced and marketed. At the time, the card was in a pilot phase. On Tuesday, the Barclaycard started accepting applications.

The card offers an 8 percent interest rate on all balances, no annual fee, no balance transfer fee and an opportunity for cardholders to share in the card's profits through its "Giveback" program. The card's agreement comes in at just more than 1,000 words, compared with the industry average of 7,215 words, Barclaycard said in its press statement.

Other nuggets from the fine print: $1 for each cash advance; 1 percent foreign transaction fee; and up to $25 for late payment or returned payment.

Cardholders will be invited to weigh in on how to manage the Giveback program, possible charitable donations through the Giveback program and three-day late fee forgiveness, among other topics.

Barclaycard is seeking consumers who have a FICO credit score of at least 680, according to its online application. Other factors are taken into consideration, such as income and debt.

"As a way of managing the safety and soundness for consumers, credit is not granted when high debt compared to income is present," according to the online application.

It also stated that Barclaycard doesn't approve applications that have a history of late payments of more than 30 days or that show "adverse public record such as bankruptcy."

Would you qualify? And would you want to be part of this social credit card?

Follow me on Twitter: @JannaHerron

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