Citi Chairman Card v2.0

American Express, Citibank, Travel Cards

An outline of the benefits for the next generation of the Citi Chairman Card, which is Citi’s answer to the Amex Platinum, has just been rolled out.

The card’s features include:

  • Hilton Gold status
  • Priority Pass benefits, similar to what was available before
  • Personal concierge service

Changes include:

  • As expected, the new version of the card will be an Amex rather than a Mastercard.
  • All foreign transaction fees on the card will be waived until December 31, 2008.
  • For an additional fee, additional cardmembers can enjoy full benefits.
  • Companions can travel to select international destinations, rather than just domestic.
  • There is no explicit mention of select spend ThankYou points, where spending in categories such as gas, drugstores and groceries earn extra points, leading to the possibility that these bonuses are no longer offered.

Link (via FW)

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Fair Isaac to Change FICO Scoring System to Close Loophole

Uncategorized

A couple months ago, I described how some were exploiting a credit scoring loophole for profit. It appears that Fair Isaac, the company that develops the FICO score, has noticed this trend and is moving towards stopping this abuse. As part of its planned overhaul of its credit scoring system in September, Fair Isaac will no longer consider authorized users on an account when calculating a credit score, thus effectively closing the loophole.

While this move should end this abuse of the system, it also has other ramifications. No longer will it be beneficial to add someone with a limited credit history, such as a child or a spouse, as an authorized user to help jumpstart their credit. Overall that is probably a worthwhile tradeoff to make. Lenders must have confidence that the score, which should only reflect an individual’s probability of repaying a debt, is not so easily manipulated.

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Chase to Offer $10 As Incentive to Sign Up for Online Credit Tools

Chase

Chase just announced that it has launched a new website, www.chaseclearandsimple.com, in support of its ongoing “Chase Clear and Simple” campaign, which aims to educate customers how to understand and manage their accounts better. Chase has stated the goal of the program as:

…the company wants to increase transparency with easy-to-understand communications and empower cardmembers to make smarter choices with tools that will help them more effectively control credit card accounts and avoid the fees they don’t want to pay.

To reach their goal, Chase has laid out 10 initiatives. One initiative, which is meant to encourage customers to pay on time, will “offer cardmembers a $10 credit when they sign-up for helpful tools like free alerts, auto-pay and online statements so that they can more easily manage their accounts, avoid late fees and preserve their best rates.”

More information on the program and other initiatives can be found at the link above.

Note: At this time, while the press release clearly states the $10 incentive, I could find no other mention on the Clear and Simple website.

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MyWishList Starts Again June 4

American Express

It’s time again for another edition of Amex’s My WishList. This one will run from June 4 to June 13, 2007 and feature 45 different products. For those not familiar with this promotion, it’s where Amex offers its cardholders the opportunity to purchase a different item each day at a steep discount. The number of items available is usually extremely limited, particularly for the biggest giveaways, so luck and speed play large factors into whether you can actually get anything. In addition to the sharply discounted products, there are also a limited number of “Wish Certificates” made available each day that offer savings of up to 25% at name-brand merchants.

Link

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Every Tenth Meal at BK Is Free When Paying with Visa

Visa

This promotion comes to us from the proud folks at the Morgan Spurlock Marketing Department:

Upon qualified registration, use your registered Visa check card or credit card at any participating BURGER KING® Restaurant for 10 purchases between June 1 – August 31, 2007, and receive a credit for the amount of every 10th purchase (up to $7.00 max value) on your future Visa check card or credit card statement. No minimum amount required for any purchase.

To participate, you need to register your Visa card first at this link. You may also want to consider visiting this page in preparation as well.

Link

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Double Membership Reward Points for June through August 2007

American Express

For solicited American Express Cardmembers, earn double points on eligible purchases made between June 1, 2007 and August 31, 2007. See the following links for details:

Enroll by July 15, 2007. (Via FW.)

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Pay the Mortgage with Your Amex

American Express

For years, it’s been the holy grail for the credit card rewards-seeking homeowner: how can the mortgage be paid with plastic? Now, Amex has answered this question and in so doing, opened the door to the possibilities of massive point accumulation.

Amex announced today that Cardmembers can now pay their monthly mortgage payments with their American Express card on eligible prime loans from American Home Mortgage Corp. through its “Express Rewards Mortgage” program. Cardmembers with qualifying new purchase or refinance loans can enroll at closing by paying a one-time fee of $395 to the lender. It’s expected that an similar agreement with IndyMac Bank is in the works and will be completed this summer.

This follows on the heels of an apparently successful program where condo down payments were accepted by Amex.

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Up to 40% Bonus Starpoints 5/15-6/15 for Select Starwood Amex Accounts

American Express, Travel Cards

This is another targeted offer for select Starwood Amex cardholders, distinct from the concurrent Starwood Amex promotion running from April 15, 2007 to June 15, 2007.

This promotion runs from May 15, 2007 to June 15, 2007 and is good for up to a maximum bonus of 7,500 Starpoints. You can check if you are eligible by using the following links:

You must enroll by June 15, 2007 to receive the bonus.

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