After coming under attack over whether their processes were fair, two large arbitration firms, the American Arbitration Association (AAA) and the National Arbitration Forum (NAF), recently said they were suspending their credit card arbitration activities. This could lead to more options for consumers.
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Citi is now offering what appears to be the most lucrative signup bonus yet for its AAdvantage® credit cards: 30,000 bonus American Airlines AAdvantage® miles after spending $750 in purchases within 4 months. This offer is available for the Citi® Platinum Select® / AAdvantage® World MasterCard®, the Citi Select® / AAdvantage® American Express® Card and the CitiBusiness® / AAdvantage® MasterCard. Annual fees will be waived for the first year.
To apply, visit www.fly3.citicards.com. (Via FT)
In recent months, several of the largest credit card issuers have begun the process of transitioning customers who carry fixed rate credit cards to variable rate cards. Does this mean that the days of fixed rate credit cards are near an end?
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Here’s a heads up for Starwood Preferred Guest credit card holders who are music lovers: an exclusive release of concert tickets to some of the hottest summer shows is scheduled for Wednesday, July 8, at 11am Eastern time.
A very limited number of tickets for shows from Dave Matthews Band, Depeche Mode, Jonas Brothers, Keith Urban, Nickelback and U2 will be available for the price of 5,000 or 10,000 Starpoints per pair. Shows will be available in a variety of major cities and venues. Given that this announcement was targeted solely to FlyerTalk members, this should represent a better than average chance to score some in-demand tickets.
Tickets will be available at SPG.com/hotshows (Via FT)
New DirecTV subscribers can earn a $200 American Express gift card when using a Blue from American Express®, Blue Sky from American Express or Blue Cash® from American Express Card to sign up. This offer ends July 7, 2009. To take advantage of this offer, visit amexbluedeals.directv.com or call 1-866-258-5693. (Via FW)
If you are an AAA member, you could also try combining this offer with the $10/month AAA discount, although its terms specify that it is not combinable with other discounts, promotions or coupons.
Existing SonyCard members can earn a bonus 5,000 SonyRewards points for spending $1,500 between July 1, 2009 and August 31, 2009. To be eligible for this offer, cardholders must visit www.sony.com/sonycard/summer2009 and enter offer code “SCSummer09” to enroll. Then, spend at least $1,500 on your SonyCard to earn the bonus. The bonus will be awarded in addition to the normal 1 point per dollar spent. Considering that points can be redeemed for gift cards at various merchants at a rate of 100 points per dollar, this gives the promotion an equivalent of a 4.33% rebate during the $1,500 promotion. (Via FW)
The optionsXpress Platinum Visa offers something that very few credit cards today do: a 0% balance transfer deal with a capped fee. More specifically, it offers an intro balance transfer promo of 0% for 12 months with a 3% balance transfer fee capped at $75. In addition, the card carries no annual fee and has a reward program.
optionsXpress.com is an online brokerage where you can trade options, futures and stocks. While an investment account is not necessary to obtain the credit card, you will not be able to redeem any rewards without one. Credit card holders will earn 1 point for every dollar spent and for every 1500 points accumulated, $15 can be deposited to your account, equivalent to a 1% rebate.
For more info, see this link (Many thanks to reader Mike for the tip.)
Both consumers and banks are continuing to feel the economic pinch, as credit card chargeoffs rose to over 10% for the first time ever. According to Moody’s, their chargeoff rate index rose to 10.62% in May versus 9.97% in April. In addition, TransUnion reports that 1.32% of credit card users were at least 90 days delinquent in the first quarter of the year, representing an 11% increase from a year ago. The Federal Reserve confirms this trend, reporting that 6.5% of credit card debt was at least 30 days delinquent in the first quarter, the highest number ever reported. Overall, analysts estimate that credit card losses could surpass $70 billion for the year.
While they are reluctant to admit it, this sobering backdrop has caused banks to switch up their strategies. Card companies are now increasingly willing to negotiate with consumers who have outstanding delinquent balances, in an attempt to salvage at least a part of what they are owed.
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New credit card rules designed to protect consumers from being charged excessive fees and rates without warning were signed into law today by President Obama. While many of the changes in the The Credit Card Accountability Responsibility and Disclosure Act were already put into place by the Federal Reserve in December, those rules weren’t set to take effect until July 2010. The newly signed bill will require that some changes be made by mid-August of this year, with the rest of the changes being implemented next February.
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The American Express Daily Wish is back beginning today. In what amounts to a contest or sweepstakes, American Express offers its card holders the chance to purchase selected goods at highly discounted prices. From electronics and fashion to travel packages, offers go on a first-come, first-served basis, so you have to be both quick and lucky.
Details can be found at dailywish.amexnetwork.com.
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