Barclaycard Ring has had 90 official ideas submitted by our wonderful community members. I’m going to revisit one that the community has ranked, using kudos, as the 10th best. It was submitted by Platinum member pwh. Community members can read the idea post here. The reason I am revisiting is because we are about to launch the capability requested! Well, I should qualify that. We are launching a piece of this idea (there were many good ones in the post) but our hope is to continue to push the capability further in the future. pwh asked for more transparency around approvals and we have a good first step here.
In just a few days BarclaycardRing.com will have a new feature. Currently, the site has “Apply now” buttons in various locations. We will be adding a new link that says “Before you apply, see if Barclaycard Ring is right for you. This will not impact your credit score.” When someone clicks that link they will be asked a few questions. They will then then prompted to give us their first name, last name and address. After some number crunching we will come back with one of two options; a message that they have been pre-qualified for a Barclaycard Ring credit card or, a message that we don’t have enough information at this time to determine if Barclaycard Ring is right for them. People who fall into this latter category will still be offered the chance to apply for the card.
Up to the point of application, no person will have any impact to their credit bureau. For those who are able to be pre-qualified through this process and choose to apply, an application will then be required so that we will have all of the information that we need to make a credit decision. Once an application is made there will be the usual notification sent to the bureau. For those that are not able to be pre-qualified and choose to apply, the same notification to the bureau will be made. We think potential cardmembers benefit from this new process by having the flexibility and the knowledge to enable them to make an informed decision to choose whether or not to apply. They can therefore save time and can exercise control over their bureau.
We want to be clear that a pre-qualification offer is still not a guarantee of approval. Not until we see an application will we have all of the information need to make a credit decision. On the other hand, if you don’t get a pre-qualified offer that doesn’t mean you won’t get approved. If we are unable to make a pre-qualified offer that only means we didn’t have enough information to do so, and will need further information in order to know whether to approve or decline the application.
We have considered a potential wrinkle to the process that we want to mention. Barclaycard Ring has a refer-a-friend capability within the community. For the past two Giveback™ periods we have given community members who refer an application, $20 per application. We realize that the pre-qualified capability may make it more likely that you will refer-a-friend. Unfortunately, we have not yet built the tracking capability to work through this new process. So we will not be able to pay Giveback to individuals who refer potential applicants to BarclaycardRing.com. However, for every new cardmember booked through this process through BarclaycardRing.com we will be giving $10 to the Giveback pool. That money will either go to cardmembers or to the charity project we all select.
Let us know what you think of this new capability. Are we getting closer to the transparency you are looking for? Let us know on our Facebook page. Or, if you are a cardmember, log into comment on this blog post inside the community!