The World's Most Exclusive Credit Cards - Forbes.com
Bank of America (nyse: BAC - news - people ) joined the field with its Accolades card, issued on the American Express (nyse: AXP - news - people ) network. It includes a fairly standard set of perks, like access to premium concert tickets, airline rewards programs and the like, and Bank of America will wave the annual fee for customers who stick with its private wealth and investment management division.
Banking to the ultra rich has been long dominated by JPMorgan and big brokerage houses, like Morgan Stanley (nyse: MS - news - people ), where the threshold to just get in the door is often $30 million of assets or more.
Cards are an obvious way into the market, and though lenders aren't going to make much in the way of late fees and interest charges (assuming rich people pay their bills on time and in full, which isn't always the case) they make up for it in the fees they charge to merchants to process transactions. American Express network transactions mean fees of about 4% each purchase, so a $60,000 car charged to a Black Amex could potentially rake in $2,400 in processing revenue.
Everyone is playing catch-up to American Express, the 800-pound gorilla of high-end cards, with its invitation only Centurion (aka, Black) card legendary among Hollywood types.
The Luxury Institute's recent survey of customer preferences ranked Centurion first and its Platinum card second.
Amex Black carries an annual fee of $2,500 and a minimum annual purchase threshold of $250,000.
Friday, July 11, 2008
Sunday, June 29, 2008
Credit card usage in Japan » 世論 What Japan Thinks
Credit card usage in Japan » 世論 What Japan Thinks
If you want to know more on credit card usage in Japan, this article may give you the answer. It was based on survey of more than 16,000 people. Surprisingly, the usage of credit card in Japan is still low. There are 15% of people who do not have credit cards. Since it is Japan, obviously JCB card is the preferred choice. You can get more information by clicking the above title link.
If you want to know more on credit card usage in Japan, this article may give you the answer. It was based on survey of more than 16,000 people. Surprisingly, the usage of credit card in Japan is still low. There are 15% of people who do not have credit cards. Since it is Japan, obviously JCB card is the preferred choice. You can get more information by clicking the above title link.
Saturday, June 28, 2008
Credit scores hit by card limits - Yahoo! News
Credit scores hit by card limits - Yahoo! News
Card companies are reducing borrowing limits for tens of thousands of consumers, which then can lead to lower credit scores. Those facing this predicament might not even know it until they apply for a loan or another credit card, and then get denied because their credit score has dropped.
Banks and other card lenders are trying to better protect themselves from more massive losses like those they've seen from subprime mortgages.
According to the Comptroller of the Currency, one of the government agencies that regulate U.S. banks, companies must notify cardholders at least 15 days in advance before making changes in the terms of their account, such as lowering the credit limit. But they don't have to explain how that could change an individual's credit score.
Card companies are reducing borrowing limits for tens of thousands of consumers, which then can lead to lower credit scores. Those facing this predicament might not even know it until they apply for a loan or another credit card, and then get denied because their credit score has dropped.
Banks and other card lenders are trying to better protect themselves from more massive losses like those they've seen from subprime mortgages.
According to the Comptroller of the Currency, one of the government agencies that regulate U.S. banks, companies must notify cardholders at least 15 days in advance before making changes in the terms of their account, such as lowering the credit limit. But they don't have to explain how that could change an individual's credit score.
Monday, April 21, 2008
CardTrak.com - News - Discover & Diners
CardTrak.com - News - Discover & Diners
Good news for Discover cardholders. Discover has signed an agreement with Citi to acquire Diners Club International. With this agreement, it will give "Discover Card" global acceptance once the networks are fully integrated.
Under the terms of agreement, Discover will acquire the Diners Club International network with more than $30 billion per year in spend volume outside of North America; its brand and trademarks; its employees; and agreements with 44 network licensees who issue Diners Club cards and maintain an acceptance network consisting of more than 8 million incremental merchant and cash access locations in 185 countries worldwide. Citi will remain a significant long-term issuer on the Diners Club network as part of the transaction.Discover will not issue cards or extend consumer credit in international markets as a result of this acquisition.
Good news for Discover cardholders. Discover has signed an agreement with Citi to acquire Diners Club International. With this agreement, it will give "Discover Card" global acceptance once the networks are fully integrated.
Under the terms of agreement, Discover will acquire the Diners Club International network with more than $30 billion per year in spend volume outside of North America; its brand and trademarks; its employees; and agreements with 44 network licensees who issue Diners Club cards and maintain an acceptance network consisting of more than 8 million incremental merchant and cash access locations in 185 countries worldwide. Citi will remain a significant long-term issuer on the Diners Club network as part of the transaction.Discover will not issue cards or extend consumer credit in international markets as a result of this acquisition.
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