Citi ThankYou Rewards members can currently receive a special deal on Revitalash Eyelash Conditioner for 9,800 points instead of the regular 25,200 points.
Revitalash Eyelash Conditioner helps you grow longer and fuller lashes with results in 3 to 10 weeks. Additionally, a portion of the proceeds support breast cancer research.
The Following Cards Have The ThankYou Network
Citi® Diamond Preferred® Card
Citi Forward® Card
The exploitation of college students was specifically targeted by the CARD Act. In the past, banks were heavily marketing their products on campus to students who had no real means to pay off any money borrowed. It was a textbook example of predatory lending. Under CARD, adults under 21 have to show a means to pay their bills or get a co-signer. Furthermore, banks are prohibited from marketing their products within 1000 feet of campus.
Colleges Getting A Cut From Cards
Think of it as a new twist on cash back credit cards. Instead of the cardholder getting cash back from the bank for using the card, your local college is getting cash back from promoting the credit cards. This article in the Denver Post details how cash strapped colleges in Colorado are making deals with banks to promote their products. The idea is that a banks will pay the school money to co-brand a credit card with the school’s logo. More money is made off of ATM placements, and even a cut of the merchant fees. For example, the University of Colorado Alumni Association and the University of Denver both get .5% from each transaction made with their cards, operated by different divisions of Bank of America. How do we kn
The Card Act, or any consumer protection act, is always about tradeoffs. You can make the rules more restrictive, but you have have to expect that the companies will try to make money in ways that you didn’t restrict.
Getting It Wrong About CARD
I recently came across this article about the CARD Act over at the Huffington Post. In it, Tim Chen argues that “We Will All Have to Pay for Financial Reform”. He argues against financial reform by quoting various bank CEOs saying that they will just have to raise other prices to counter their losses due to regulations. My problem comes when he compares financial regulation to the CARD Act:
The same concept applies to credit cards as well. The CARD Act was meant to end the practices of imposing exorbitant fees and 30% penalty APRs on late credit card payments, along with other such evils. But in their
Cardholders of the Citi® Dividend Platinum Select® MasterCard® will receive 8% cash back. Discounts when shopping for backyard products, bamboo, water fountains, planters and pottery, and tropical decor.
American Express cardholders can save 900 points on the Jabra BT2080 Bluetooth Headset with Membership Rewards if redeemed by September 28,2010. The Bluetooth Headset is currently available for 7,100 points and includes the following details:
The Membership Rewards Program is available for the following cards:
American Express (R) Preferred Rewards Gold Card
Platinum Card(R) from American Express
When the CARD Act passed, some skeptical observers complained that it had a big loophole. The CARD Act only covered personal cards. Business cards, also known as professional cards were deemed exempt. At the time, I speculated that credit card companies would be unlikely to have two different sets of rules for business and personal cards. Apparently, I gave the banks too much credit.
Some Business Cards Go By The Old Rules
According to this article in the Wall Street Journal, some banks are choosing to exploit the business card loophole. The article cites CitiBank as applying payments to the lower interest rate balances first, and for raising interests rates sharply in the event of a missed payments. Both actions would be prohibited if the card was a personal card, not a business card. The article does give Capitol One recognition for applying the CARD Act rules to it’s business cards.
What Is The Deal With Business Cards?
Frankly, I have always wondered why these cards exist. They are a great tool for someone like me who wants to receive multiple sign up bonuses. When a really killer deal is out there, I have been known to sign up for both the personal and the business cards. As for legitimate uses, my belief has always been that a business card can allow you to segregate your business expenses from your personal expenses. I have operated a number of small ventures, but I never had any trouble distinguishing my business expenses from my personal ones. If my business grew, I could see how it would be nice to have a different card, although I am not sure why it would have to be a business card, rather than a different personal card.
Some business cards offer the feature of having multiple additional cards for employees with the rewards accruing for the primary cardholder. I would hate it if my job asked me to charge a bunch of stuff to a company card where I didn’t see any rewards. Hypocritically, I would be the first to have such a card if I had people under me who needed to purchases for my business.
For now, I would still consider getting a business card for the sign up bonus, but as always, I don’t imagine really using it much.
Today’s post is the third and final post in my series on consumer advice from credit card companies. Earlier this week, I examined Advice From Amex and Advice From MasterCard.
Today Is Visa’s Turn
While Amex had a very simple site, and Mastercard had a really slick one, Visa has buried their site under a menu. First, you have to click on “Using Visa”, and then you get many options, one of which is “Personal Finance Resources”. Then, they reference you to another site called “Practical Money Skills For Life,” a site is created by Visa.
What They Get Right
On the Visa.com site, I give the kudos for laying out the disadvantages of credit cards somewhat clearly: