Author Archives: ccwatcher

Citi Introduces Annual Fees on Inactive Accounts

Citibank

While Citi warned us last year that it planned to tack on an annual fee to accounts that didn’t meet a specified spending threshold, that news became a reality this week as notices of this policy change poured into cardholder mailboxes. Effective April 1, 2010, an annual fee of $60 is being added to many Citi credit card holders’ accounts. That fee will be credited back to the account holder if spending reaches $2400 in the calendar year. Alternatively, the cardholder can opt out of this change and cancel their account.

The changes come as the enactment of the next phase of the Credit Card ACT on February 22 draws nearer, and banks look to find ways to offset the accompanying loss of revenue.

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Marriot Rewards Credit Cards: Now Earn Elite Status Faster

Chase, Travel Cards

Marriott and Chase recently announced changes to their credit cards that will allow cardholders to earn Elite status faster and earn more Marriott Rewards bonus points. For every $3,000 in annual spending, cardmembers will now earn one extra Elite night credit. In addition, cardmembers will receive 15,000 bonus points on 7-night redemption stays at category 7 and 8 hotels. There is no limit to number of extra Elite nights or bonus points earned.
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American Express Zync: A Charge Card for Young Adults

American Express

Long known for its line of charge cards, American Express recently unveiled a new charge product targeted towards the younger generation. The Amex Zync is being pitched as a way to build your credit history without the danger of running up high interest charges, since it must be paid in full every month. As a charge card, any balances you carry on your Zync will not count towards your utilization ratios on either your FICO or Vantage Score.

The Zync does carry an annual fee, though at $25, it is much lower than its elder siblings. Purchases earn Membership Rewards points which can be redeemed for the usual assortment of travel, shopping, and entertainment rewards. In addition, there are four “Lifestyle Packs,” that can boost your benefits. For instance, the “Go” pack costs an additional $20/year and doubles the number of points your airfare purchases earn. The “Social” pack also costs another $20/year and doubles your points on restaurant, concert and theater purchases.

For more details, see this link.

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BrightStar Credit Union Credit Card: 0% Balance Transfer for 6 Months, No Fees

Balance Transfer Offers, Cash Back Cards

Bright Star Credit Union offers a Cash Rewards Platinum Visa that features a 0% intro APR on balance transfers within 10 days of approval for the first 6 billing cycles of the account with no balance transfer fees or annual fees. In addition, the Cash Rewards credit card earns a 1.25% rebate on purchases, subject to a limit of $600 of rebates per calendar year.

Unfortunately, this deal is only available to those in South Florida, as you will need to visit a branch location in person. While you do not need to be a member to apply, you will need to become one to open your account. Membership is open to anyone who lives, works or goes to school in Broward or Palm Beach Counties, Florida, and relatives of anyone who is eligible.

For more information, see this page.

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Bryant State Bank Credit Card: 3.25% on Balance Transfers for 6 Months, No BT Fee

Balance Transfer Offers, MasterCard

The Bryant State Bank MasterCard offers an introductory 3.25% APR on balance transfers for 6 months with no balance transfer fees; after the intro period expires, the everyday interest rate is a relatively reasonable 11.25%. Some quick simple math shows that the 3.25% intro BT for 6 months with no fees is a better deal than, say, a 0% BT for 6 months with a 3% uncapped fee.

This is not a rewards card, and it does carry a $20 annual fee. However, one other “feature” that may make this card more attractive to some is that the issuer claims only a “fair” credit score is required for acceptance.

Link

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$500 Cashback Bonus for Select Discover Cardholders

Discover

If you’re a Discover Card holder, it’s time to check your mail. From February through June 2010, Discover is running a special promo to targeted cardholders. If you’re eligible, you can earn a $500 bonus for spending at least $2,000 each month from February 2010 through June 2010. To enroll:

1) Call 1-866-645-1436 from January 1, 2010 to February 1, 2010 and let us know you’d like to stop using other cards and switch your spending to Discover.

2) Use Discover for all your purchases like groceries, gasoline, electronics as well as monthly bills like cell phone, internet and cable.

3) Earn an extra $500 CashBack Bonus – just for making $2,000 in purchases with your card in each month from February 2010 through June 2010. Remember, this is in addition to the CashBack Bonus you can earn every time with your card.

(Via FW)

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Buy One Night at Wynn/Encore, Get One Free

American Express

Amex Platinum or Centurion cardmembers can get one night free at either the Wynn or Encore in Las Vegas, with a minimum 2 night stay:

Stay between Jan 15th and ends June 30th, 2010. First complimentary night free with a 2 night minimum. (essentially buy one, get 1 night free)

MENTION Promo Code: E1320542 (this is not bookable on the new FHR website, must phone in)

Bookings must be made by April 15, 2010. In addition, the promo is valid for only one room per cardmember. (Via FT)

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Free Costco Membership for Select Amex Gold Cardmembers

American Express

Select Amex Gold cardmembers are eligible to receive one year of free Costco membership, courtesy of American Express. To receive the $50 statement credit for the annual Costco membership fee, you must enroll in the promo, then use your Gold Card to purchase a membership and spend at Costco by January 15, 2010.

Eligible cardmembers can enroll at www.americanexpress.com/costcogift/

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Amex: Pay Your Income Tax with Membership Rewards Points

American Express

American Express just announced a new Membership Rewards redemption option, allowing cardmembers to use points toward federal, state and local income tax payments. Through expanded partnerships with Pay1040 and Official Payments Corp, cardmembers can now redeem their points towards the actual tax payment. Previously, points could only be used to offset the cost of the convenience and payment fees incurred when filing taxes online. Unfortunately, the redemption rate of 200 MR points per 1 dollar towards your tax bill leaves a lot to be desired.

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Select Chase Freedom Cardholders: Triple Rewards on Dining, Education, Childcare and Utilities Expenses

Chase

Select Chase Freedom card holders can earn triple cash back or points on dining, education, childcare and utilities expenses charged to their card between January 1 and March 31, 2010.

As each offer appears to be individualized, there may be a spending threshold that needs to be reached before earning the bonus. Of note is that the maximum bonus available during the promo period is $20. Enrollment must be completed by March 12, 2010.

To enroll, see www.yourchasefreedom.com.

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