Category Archives for Credit Cards.
The premium American Airlines credit card, the Citi Executive AAdvantage card, is a bit of a throwback. The card has been largely unchanged since it launched in summer 2011. So it doesn’t have many of the benefits of other airline premium cards. However, it is by far the cheapest way to gain club access with American Airlines, since the price of membership has risen while this card’s annual fee has not. The card is overdue for a refresh.
Bilt Rewards, the loyalty program which lets you earn points for paying rent and which offers probably the single best no annual fee rewards card in the market (the Bilt Mastercard), announced a growth round of $150 million in new funding at a $1.5 billion post-money valuation. Their round was led by Left Lane Capital and included Smash Capital, Wells Fargo, Greystar, Invitation Homes, Camber Creek, Fifth Wall, and Prosus Ventures.
These things can be somewhat challenging to date, but it appears to me that Bilt Rewards is faster from launch to unicorn status than Square, Instacart or Twitter were. And there’s two reasons this strikes me as important.
Where interchange has been limited, like in places such as Australia, credit card annual fees have risen since spend on the cards isn’t as profitable.
Europe, where interchange is limited and the use of cards as a payment mechanism is less common than in the United States (and cash more prevalent), is much poorer than the United States. That’s hardly the only reason, or the most significant reason. It’s a bundle of policies, and the U.S. would be ill-advised to follow European economic, financial and regulatory policy.
PayPal updated its user agreement, and sent an email to business account customers, explaining that effective November 3 customers would be subject to $2,500 fines per instance of ‘promoting misinformation’ or “sending, posting, or publication of any messages, content, or materials that, in PayPal’s sole discretion, (a) are harmful, obscene, harassing, or objectionable.”
If they deemed you to promote messages they objected to 10 times, or to have spread misinformation (in their sole discretion) 10 times, they could take $25,000 from your account. It isn’t clear whether – if your PayPal balance was $0 – they could withdraw funds from your linked accounts, but other areas of its terms would suggest this possibility. After an online backlash they’ve pulled the language from their update.
There is, a path where credit card rewards survive this legislation if it’s passed. They’ll just look different. The key is that financial institutions with less than $100 billion are generally exempt from its requirements.
The ability to transfer miles to airline and hotel loyalty programs has been “down for maintenance” on Capital One’s website since about September 23.
System issues happen from time to time, but they do not usually last for days at a time. And Capital One has been surprisingly quiet about the issue.
Today is the first of October and the first Bilt Rewards ‘Rent Day’. They’re giving away a lot of points, Bilt Mastercard cardmembers and also for people who don’t have the card. It’s a way of really owning a day in the marketing space – a day that resonates with a large chunk of the population.
The first of every month they’ve got promotions and offers. Today you can receive free points in the Bilt app with their Points Quest trivia feature. They have Virgin cruise discount offers and they partner with Virgin as a points transfer partner, so they’re giving you 500 free points for linking your Virgin account now. And you can earn a lot of extra points today spending with the no annual fee Bilt Mastercard.
he Bilt Mastercard, the no annual fee card that lets you earn points paying rent at no cost (up to $100,000 per year) and earns double points on travel and triple points on dining, now earns even more one day a month.
Dubbed “Bilt Rent Day,” on the first of every month Bilt is offering up to 6x points, free points, and Virgin cruise discounts.
Chase earns over $5 billion in revenue from its credit card portfolio per year, but they’ve made it a corporate priority to build a product that’s intended to kill the credit card business. And CEO Jamie Dimon threatened to fire senior leaders who get in the way.
Marriott is introducing two new mid-tier cards – Marriott Bonvoy Bevy American Express® Card and the Marriott Bonvoy Bountiful™ Card from Chas – and the premium Marriott Bonvoy BrilliantTM American Express® Card is getting a new slate of benefits.
I don’t quite see the argument for the mid-tier cards, but the premium card product is going to appeal to a lot of customers that stay with Marriott but don’t earn Platinum status or above on their own.
Gary Leff is one of the foremost experts in the field of miles, points, and frequent business travel -- a topic he has covered since 2002.
Co-founder of frequent flyer community InsideFlyer.com, emcee of the Freddie Awards, and named one of the "World's Top Travel Experts" by Conde' Nast Traveler (2010-Present) Gary has been a guest on most major news media, profiled in several top print publications, and published broadly on the topic of consumer loyalty. More About Gary »
