As we put our vacations behind us (at least I have) and look to the fall and 2nd half of the year, I wanted give an update on where we stand on a few topics. I’m going to address rewards, “always on grace”, foreign transaction fees, the Barclaycard Ring credit card design and our ideas area. The theme that will clearly become prevalent in this blog is the notion of change. And when I say change, I’m not necessarily talking about change with Barclaycard Ring, but change within the walls here at Barclaycard. A lot is happening here and some of those activities are impacting the decisions we’ll be making for Barclaycard Ring.
First, let me talk about the Ideas area on the site. We’ve received 107 ideas so far. We are really impressed with the thoughtfulness that goes into them. And, we take these ideas very seriously. Every idea is reviewed in our weekly meeting and a work plan is developed for each one. Many times we need to find people at Barclaycard that are experts in the area the idea addresses, to solicit their feedback or get their perspective. In some cases we need to develop a rough financial sizing of the effort it would take to complete and idea. I guess the point of me saying this is, it takes time to go through these ideas. We regret that we do not refresh the status of the ideas as regularly as we would like. We realize it takes a long time for us to respond, and we apologize for that. But we do want you to know that these ideas are seriously considered and work is done to vet and analyze what it would take to deliver them.
Onto the credit card product features; Jen mentioned in her blog a few weeks back that we are currently reviewing the brand guidelines as they relate to our credit card designs. We are told that some of the requirements may be changing so we can’t begin the redesign process until we know what the new “rules of the game are.” So please be patient on that option.
The same types of things are going on globally as it relates to both rewards and our fee & grace policies. We are currently going through a review of our rewards products and determining what we would like them to be going forward. Given that piece of work, the potential Barclaycard Ring rewards product is awaiting those results. This will help us more fully vet the rewards market and ensure we develop the best possible products for our cardmembers. I know many of you are excited about the possibility of a Barclaycard Ring rewards credit card. I will give you an update as soon as I learn more.
Again, since our fees and grace period policies are being reviewed, we may be changing these policies for Barclaycard accounts as a whole early next year. I had originally hoped to make changes later this year, but given this project is underway, it makes sense to align our efforts with theirs. Again, more to come on those changes. I know there was plenty of community support for a change of our foreign transaction fee, and we have not forgotten.
In the next product blog we will talk about customer service and ways we can improve the way we service your needs.