Category Archives for Credit Cards.
American Express Membership Rewards points now transfer to Qantas. Points transfer 1:1 in 500 point increments instead of the usual 1000. Qantas is also a transfer partner of Capital One and Citibank, so there are plenty of ways to get and pool points into Qantas Frequent Flyer for US customers.
Citibank pulled out of advanced negotiations with Apple to be the new issuer of a co-brand card that will now launch from Goldman Sachs this summer. According to a report “J.P. Morgan Chase, Barclays and Synchrony, also bid on the business.”
One bank staffer is said to have texted a Goldman Sachs executive, “Dude, if that portfolio ever makes money, I’m buying you a beer.”
American Express confirmed that Priority Pass cards they provide to customers will no longer provide a dining credit at airport restaurants effective August 1.
That naturally leads to a great deal of speculation about whether other card issuers will do the same thing. Here’s what I’ve uncovered.
American Express has confirmed to me that U.S.-based cards offering Priority Pass will no longer provide credit in participating airport restaurants going forward.
Effective August 1 “the Priority Pass Membership benefit offered on American Express Platinum and Centurion Cards and Hilton Ascend, Hilton Aspire, and Marriott Bonvoy Brilliant™ Cards will no longer include complimentary access to non-lounge airport experiences.”
We’re seeing what may be the beginning of the next big restriction on bank-provided Priority Pass cards: American Express has notified Hong Kong cardmembers that effective August 1 Priority Pass cards that come with their Centurion, Platinum, Peninsula Platinum, and Cathay Pacific Elite credit cards will no longer offer “non-lounge airport experiences” such as restaurants, cafes, and bars “where food/beverage credit is offered instead of entrance into a traditional airport lounge.”
This would cut American Express’ costs to issue these cards significantly, and be a huge cut in cardmember benefits. The worry here is that it could spread (1) to other American Express markets, and (2) to other issuers. I have asked American Express what their plans are for this restriction and will share anything that I learn.
When the new Apple Card becomes available this summer, dedicated Apple fans may rush to it. It’s worth knowing that the card isn’t as good as competitor products in the market and actually moves away from Steve Jobs’ original vision which was points for Apple products, not cash back.
Bank of America has several lesser-known but still excellent rewards credit cards. They will approve at most 2 cards every 2 months, 3 cards every 12 months, and 4 cards every 24 months. That limit applies to Bank of America cards only, rather than being like Chase which looks at the cards you’ve opened from all sources.
A new study looked at germs on different forms of payment mechanisms and how they compare to some of the more disgusting things we can think of. And while little compared to a door handle of a McDonald’s in New York, or to a city parking meter, the credit cards, bills, and coins we use may be more germ-laden even than the bathrooms at New York Penn Station or a New York subway pole.
Testing “40 debit and credit cards, 27 different bill denominations, and 10 coins for germs” each surface “was swabbed with a handheld germ testing device and assigned a ‘germ score’ to rank the item on the disgusting scale.”
My wallet has a bunch of credit cards sitting behind credit cards. It has my drivers license, office security access card, and Priority Pass cards. That doesn’t even begin to cover it though because I’ve got my insurance cards, AAA card, and some business cards too.
Overstuffing – and simply using – a wallet wears it out faster. I don’t like investing a ton of money in a wallet because it’s simply not going to last the way I use it.
Imagine you wanted to develop a policy that would erect the greatest barriers possible between the poor and middle classes and the already wealthy, and prevent income mobility, what would that policy look like? It would probably include limiting access to credit along the lines proposed here.
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 »
