Big Print Blog

Why are we calling this blog "Big Print"?

Because we want to shed some light on the small print you see in financial documents. By pulling back the curtain on how a credit card company really works, we can work together to be better.

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Barclaycard Ring: Decisions in Action with New Late Fee
Barclays Ring Public Blog

On May 15thBarclaycard Ring posted a blog about our first product decision the community would be able to make. It was regarding the Late Fee Policy. This was a very exciting step considering the community was still in its infancy stage. Members were very enthusiastic about the potential for change. This blog post had over 45 comments and included many wonderful ideas, questions and comments. We even created our first “mini-infographic” to help explain what the community would be voting on.


The votes were tallied on September 15th and the community had decided to change the Late Fee policy. Option B was selected by a majority of the community votes. Option B Late Fee: "Charge a maximum late fee of $25, remove the 3 extra payment days and give me one late fee waiver every 12 months. Cardmembers will have to call and request the late fee waiver." It was interesting to me that a majority of community members chose Option B which charged more for delinquent cardmembers to ultimately benefit the collective Giveback program.


To show your decisions in action, below is an excerpt of the notification in the “Change in Terms” mailer that was late last week. Exciting stuff! If anyone has any questions, let me know! I’m honored to be a part of this type of transparency and ability to make changes!


Late Payment Fee - If we do not receive a payment from you in at least the amount of your Minimum Payment Due by the Payment Due Date shown on your monthly statement, we may charge you a Late Payment Fee.  The amount of the Late Payment Fee will be determined in accordance with applicable law.  Thus, the fee generally will not exceed the amount of the applicable Minimum Payment Due.  In addition, the first time you pay late, the fee will not exceed $25.  If you pay late again within six billing cycles, the fee will not exceed $35.

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