Author Archives: ccwatcher

Ink from Chase: New Credit Cards for Small Business

Business Cards

Looking for signs that the credit market may be poised for a turnaround? While the trend has been to cut back on offering credit to small businesses, most notably exemplified by the closure of Advanta earlier this year, Chase just announced that it is introducing a new line of credit cards targeted to the small business owner.

Ink from Chase will feature the first charge card from any Visa or MasterCard issuer, as well as three more new credit cards for small businesses, offering rewards, cash back and large credit limits.
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JD Power Finds Amex Tops in Customer Satisfaction Again

General

JD Power recently released the results of its annual credit card satisfaction survey which once again found American Express and Discover ranking #1 and #2 respectively in customer satisfaction. Overall, customer satisfaction levels were the lowest since the survey’s inception in 2007, and the lowest among all the financial services sectors that JD Power monitors, no doubt driven by the escalating rates and fees that consumers have been experiencing this year.
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Priceline Rewards Visa: 0% BT for 9 Months, Plus Up to $50 Bonus

Balance Transfer Offers, Barclays

Priceline.com and Barclays recently introduced the new Priceline Rewards Visa Card. Not surprisingly, it is most suitable for Priceline.com users, but it also carries an intro 0% balance transfer offer for 9 months (max fee of $50) that will appeal to a wider audience.

The card comes in two versions: one version carries an $29 annual fee while the other does not. The $29 annual fee card offers a $50 bonus after your initial purchase, while the no-fee card offers a $25 initial purchase bonus.
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First Phase of New Credit Card Law Takes Effect Today

General

The first part of the Credit Card Accountability Responsibility and Disclosure Act of 2009 takes effect today. Under the new law:

  • Issuers must give 45 days of warning before rate or fee increases, instead of 15 days
  • Statements must be mailed 21 days in advance of the bill’s due date, instead of 14
  • Banks must also give consumers the choice of opting out of rate increases by canceling their accounts and paying off their existing balances at the old, lower rate.

The remaining provisions are set to become effective next year.

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Amex to Begin Canceling Award Points if You Pay Late

American Express

Issuers are getting creative to introduce new profit centers to replace the old ones being lost due to the new Credit Card Accountability Responsibility and Disclosure Act. According to Bloomberg, the latest example comes from American Express.

Beginning in September, Blue and Blue Sky cardholders will cease to accrue their reward points if they miss a payment. After the account is made current, cardholders will need to pay a $29 fee for each month’s worth of points they wish to recover.

In a separate move, Amex has been sending out notices to increase late fees, the go-to APR, and cash advance rates to a wide swath of customers.

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Citi Diamond Preferred, PremierPass Cards: 0% on Balance Transfers for 12 Months, No Fee

Balance Transfer Offers, Citibank

Citi has a few no balance transfer fee promos still out there. The Citi Diamond Preferred Card has an offer for 0% APR on balance transfers for 12 months with no balance transfer fee on the initial BT. The Citi PremierPass card also offers 0% APR on balance transfers for 12 months with no balance transfer fee on the initial BT, plus 0% on purchases for 12 months.

Here is the link.

Enter offer code 851 for the Diamond Preferred card or enter offer code 853 for the Premier Pass card. (Via FW)

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Amex, Discover Eliminate Over Limit Fees

American Express, Discover

The Credit Card Accountability, Responsibility and Disclosure Act, signed earlier this year, is already paying dividends for consumers. As the WSJ reports, Amex and Discover cardholders should soon be receiving notices that they will no longer be charged fees if they exceed their credit limit. This move was spurred by the credit card act that expressly prohibits issuers from levying fees unless the consumers have explicitly requested to surpass their limit and have indicated they are willing to pay to do so.
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Penfed Visa: 5% Rebate on Computers, Software, Electronics, Office Supplies and Books

Cash Back Cards, Pentagon Federal

POTENTIALLY VERY HOT: From August 1 until September 30, 2009, you’ll earn 5% cash back on eligible back to school purchases with your PenFed VISA Platinum Cash Rewards credit card. Eligible purchases include computers, computer peripherals, software, consumer electronics, office supplies and books.

I could not find mention of a cap on rebates for this promotion, which would make it very hot when you actually take a look at the list of retailers which are eligible. Every major electronics store, computer manufacturer and book store is listed, including Apple, Dell, HP, Amazon.com, Best Buy, among a host of others. More info and the list of eligible merchant category codes can be found here.

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Citi’s Thank You Network Celebrates 5th Anniversary with Promos

Citibank

Citi is celebrating the 5th anniversary of its Thank You rewards network with a number of limited time promotions, including opportunities to earn 5x points. Between July 27 and September 30, 2009, Citi is offering the following promos:

  • 5x ThankYou Points – earn 5 points per $1 spent at select merchants when shopping through the Bonus Center. Participating merchants include shutterfly, drugstore.com and Sports Authority, among others.
  • Rewards Deal of the Week – redeem points for selected rewards at a 40% to 50% discount
  • 2x points for travel – Earn twice as many ThankYou points when booking a hotel or package on Expedia between July 26 and August 31, 2009 with travel completed by October 31, 2009. Use promo code TY2XHB to redeem.

For more information, see www.thankyou.com.

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