American Express is in trouble like every other financial companies nowadays. And now it has got the approval from the U.S. Federal Reserve to become a commercial bank which will allow American Express to gain the access to the huge bailout plan fund in the near future. This is said to be the last big independent credit card company that transforms to a bank holding company.

The reason for this transition is probably the increased number of credit-card holders failed to repay loans since the credit crisis. However, American Express is still keeping running credit card promotions to credit card holders. My last mention of the promotion from American Express was “American Express My Wishlist Teaser” which will be terminated on November 21, 2008. Another promotion that is worth mention is the $10 statement credit for shopping at walmart.com.

Today I received a mail from American Express indicating that I can use my Starwood Preferred Guest Card from American Express at walmart stores or walmart.com twice with at least $40 per transaction. The mail from American Express clearly indicates that

Receive a 20 $ statement credit on any American Express card account when you spend $40 or more two times at walmart stores or walmart.com between Nov 18 and Dec 18 2008.

The link to register your credit card to qualify for this offer is http://offers.amexnetwork.com/walmart.

You have to fill in your credit card number, expiration date, security code, billing zip code and name on the card.

This is a really easy money to get since you can simply buy two $50 walmart gift cards and you can get $20 back! This promotion is targeted to most of American Express credit cards like Simply Cash Business Card, and Blue Cash from American Express etc.

Fine print:

To be eligible to receive the $20 statement credit, you must be 18 or older, a holder of a valid consumer American Express Credit or Charge Card issued in the U.S. and you must have recieved this offer letting you know that you have been pre-enrolled in the campaign (a Registered Cardmemeber) To receive $20 Statement credit, Registered Cardmembers must complete 2 separate transaction of at least $40 or more at any Walmart store or online at www.walmart.com (each, an “Eligible Transaction”) between 11/18/08 and 11:59 PM EST on 12/18/2008.Only one registration per Cardmember account permitted. Certain American Express Cards, including, but not limited to , HealthCare Related Cards, Prepaid Cards, and Corporate cards, are not eligible for this offer. To receive offer, both transactions must be made on the same American Express card. Transactions made on another card account or a supplementary Card with different Card account number are not eligible. The $20 will be credited to the Card account as statement credit. Statement credits are generally issued within 5 business days upon completion of the 2 Eligible Transactions, but it may take up to 2 billing cycles from the date of you last Eligible Transaction for the statement credit to be posted to you account. Limit one statement credit per Cardmember.

There are many black card designs out there in the market. The most famous one probably is the American Express Black Card which is dedicated to those with high incomes. Other credit card issuers are also promoting their “Black Card” to attract more customers. This post is a summary of 5 cool Black Card designs.

1. American Express Centurion Card: This is the most famous credit card with an annual fee of $2,500. And you must have to spend more than $250,000 each year otherwise your card account will be canceled by American Express. This card is not available for general market. You must have to receive the invitations from American Express to be eligible to submit your application. The complete review of this card can be found here.

2. Citi Chairman Card: This is the Citi version of Black Card. The annual fee for this card is $500. This card is the high end card product from Citi. But the benefits from this card is not so good as those from the American Express Black Card. This card is actually an American Express card although you can’t find any visa, mastercard, or American express card designs. The review on this card can be found here.

3. Bank of America Accolades American Express Card: This is the Bank of America’s version of Black Card. This is the first premium credit card offered by Bank of America targeted exclusively for the banks “affluent, wealthy and ultra- wealthy clients served through Premier Banking & Investments, the Private Bank of Bank of America and its extension, Family Wealth Advisors. After you become one of the account members of the Premier Banking & Investments, you will be eligible to apply for this card. (You must have more than $200,000 in assets with Bank of America.)

4. Merill Lynch Merill+ Visa Card: This is the Merill Lynch version of Black Card. There is nothing special for this card but a black card design. This card features a 1.9% APR on balance transfers, check cash advances and direct deposits for the first 12 billing cycles. There is no annual fee associated with this card.

5. Chase +1 Student MasterCard: This is a very very special black card which doesn’t contain any black features. This card is designed exclusively for college students. So even students can have a black card now. If you are a college student and want to get a “Black Card”, this is your top choice.

Every year during the last two months American Express is offering great offers for American Express credit card members. This November American Express is running My WishList Teaser Program which offers great wish certificates for shopping at selected retailers. This program is running the same as other American Express Program which are all on a first come first served basis.

Where to find the My WishList Teaser program?

The website for all American Express My WishList Promotions is http://mywishlist.amexnetwork.com.

There are great offers for this promotion:

11/03 Petsmart spend $75 and get $20 statement credit

11/05 Borders spend $60 and get $20 statement credit

11/07 BestBuy spend $500 and get $150 statement credit

11/10 Sports Authority spend $100 and get $25 statement credit

11/12 BestBuy spend $500 and get $150 statement credit

11/14 Bluefly get $100 off $400

11/17 Brookstone get $20 off $100

11/19 Body Shop spend $75 and get $25 statement credit

11/21 Borders spend $60 and get $20 statement credit

How to participate in the My WishList Teaser Program?

My WishList Teaser is a program from American Express that offers limited quantities of limited-time Wish Certificates only available when you use any American Express Card on a first come first served basis. Note: Corporate Cards and Pre-Paid Cards are not valid.

This program starts at 12:00PM ET on November 3, 2008, and ends at 11:59PM ET on November 21, 2008. The offer number is limited and the time to click for the offer starts at 12:00 PM on each above mentioned date. You must first enter your credit card number and verified by American Express first.

The reason why American Express launches this program is: “It’s our way of getting ready for the 2008 Holiday My WishList Program which launches on December 1, 2008 and saying “thanks” to our Cardmembers for their business throughout the year and for making American Express their Card of choice.”

Beginning on December 1, 2008 American Express will launch official My WishList Program.

This year’s offers are as followed:

2010 Mercedes-Benz GLK 350

42″ Sharp Aquos Full HD 1080p LCD TV at the price of $700

Dell Studio 15 Laptop at the price of $499

Dinner with Gordon Ramsay at The London NYC for $2,500

So please make a note on December 1, 2008 and get the chance to win a 2010 Mercedes-Benz GLK 350!

We are talking about credit cards that might offer $50, $100, $150 or even $200 bonus. But do you know that there is a credit card that can offer you (not everyone) up to 140,000 bonus points? Yes, 140,000 membership rewards points which are equal to $1,400! The name of this credit card is the Platinum Card from American Express which is designed exclusively for Goldman Sachs Clients.

If you apply for a new Platinum Card from American Express at American Express website, you can only get 25,000 bonus points which can be redeemed for a free round-trip ticket. And you have to spend $1000 in your first 3 months of membership to qualify for this 25,000 bonus points, otherwise you can’t get the bonus points.

Right now, American Express and Goldman sachs are running a promotion. If you apply for a Platinum Card from American Express through this website: http://gs.americanexpress.com/ and are a Goldman sachs client, you are eligible to get 100,000 sign up bonus after first purchase! If you spend more than 100,000 each year, you can get additional 40,000 bonus points.

Following are two important sentences from American Express and Goldman Sachs:

1. As a Goldman Sachs client, you can earn 100,000 Membership Rewards bonus points after your first purchase on your new Platinum Card.
2. Apply by January 31, 2009 and you can earn 100,000 Membership Rewards bonus points after your first purchase.¹ Receive an additional 40,000 bonus points when you spend a minimum of $100,000 on your Card for each year of membership.

Fine print about this promotion:

100,000 Membership Rewards bonus points will be credited to your Membership Rewards program account 6-8 weeks after your first purchase appears on your monthly billing statement. The bonus points will appear as two separate credits: one for 10,000 points (Bonus ID: 4338) and one for 90,000 points (Bonus ID: 1914). To be eligible to earn bonus points, your application must be received by January 31, 2009, you must be enrolled in the Membership rewards program at the time of spend, and you must make your first purchase on your new, enrolled Platinum Card designed for Goldman Sachs clients before February 28, 2009.

Other benefits about this card?

First, this card has an annual fee of $450 and $175 for every authorized user. (On very rare occasion you might have seen a fee waived offer.)

• Access to the following airport lounges: American Airlines Admiral Club, Continental Airlines Presidents Club, Delta Crown Room Club, and Northwest Airlines WorldClubs. Plus you can gain complimentary admittance for yourself, your family, or up to two guests at airport clubs around the globe.
• Up to 4 complementary companion airfare tickets a year.
• Access to book cruises, private jets, yachts, and villas and hotel upgrades. Plus you can get free Starwood Preferred Guest Gold Status.
• No pre-set spending limit.
• Access to invitation only events.
• Roadside Assistance program.

If you are going to get a Platinum Card from American Express, I would suggest you apply through http://gs.americanexpress.com/.

It is no doubt that you can use your credit card for an international trip. But some of you may not know that many credit card issuers will charge a certain amount of transaction fees for using your credit card aboard. The fees may be up to 8% depending on the credit card terms. So before you leave, you’d better read your credit card agreement from your credit card issuer carefully and find out the one with lowest transaction fees.

Hereby I did a little research and summarized the transaction fees from many US credit card issuers to help you choose out the best credit card for an international trip. Another thing you should be aware is your credit card account might be frozen by your credit card issuer sometimes due to fraud prevention.

Foreign transaction fees are charges added to the cost of purchases made in a foreign currency. The card issuers said the cost covers the service of translating the price of the purchase into U.S. dollars, which is the amount reflected on a billing statement. The foreign transaction fees are varied for different credit card issuers and different types of credit cards.

Whenever you make a purchase at foreign countries with a Visa or MasterCard, you will be automatically charged by Visa or MasterCard Networks. Card issuers will also add some fees for foreign transactions. For example, Chase Sony Card will charge you 3% transaction fee for an purchase made outside US. This 3% includes the above mentioned 1% fee charge by Visa Network. But there is an exception which makes it a very good credit card for using internationally. All Capital One credit cards will get 1% refund for any transactions made using a foreign currency or outside US. The HSBC Household/Orchard Bank credit card with 2% cash back used to not charge additional 2% fees. So with 2% cash back and 1% transaction fee, you can still get 1% cash back for using that credit card aboard. All American Express cards will be charged 2% transaction fee. Discover Card will not charge foreign transaction fees for your purchases made using foreign currency or outside US. So all Discover Cards are good choice for using aboard. The only downside for using Discover Card is they don’t have too many networks outside US. You can only us Discover card at limited countries. While Visa and MasterCard are widely accepted in the word.

Some picks of credit cards for international use:

Capital One No Hassle Cash Rewards Card (Or Capital One No Hassle Miles Rewards Card): There is no annual fee associated with this card. There is also no foreign transaction fee for using aboard. You can accumulate cash rewards for using this card everywhere in the world. You can choose either the cash version or mile version.

Discover More Card: There is no foreign transaction fee for using aboard. You can also get rewards for shopping everywhere in the world. No annual fee. If you are a student, you should choose the Discover Student Card which is specifically designed for students. You may also consider the Discover Miles Card for accumulating miles. But you should expect the situation that you can’t use your Discover Card on an international trip.

American Express is running a new promotion to selected card members which will offer 1 bonus membership rewards point for every dollar spent during this fall shopping season. This offer is targeted to my Blue from American Express Card. Enrollment is required to get the bonus points credited to your account.

This promotion offer was mailed to me via USPS. The content is like this:

Now is your chance to get closer to get more of the exceptional experiences offered by the Membership Rewards program. As a selected cardmember, you have the opportunity to earn double points on virtually every dollar you spend over $500 each month from October 1, 2008 through December 313, 2008 (up to maximum allowed).

So whether you’re starting your holiday shopping or entertaining friends, be sure to use your Card for everything this fall. Enjoy a weekend getaway or a night on the town. And when you’re out buying gifts for everyone on your list, don’t forget to pick up something for yourself. It can all add up to double points.

P.S. Enroll today by visiting us at americanexpress.com/bonuspoints883

or call us at 1-800-794-1308 and use the promotion code 126480025.

So here is how it works:

1. Enroll your American Express Card by November 15, 2008. Visit americanexpress.com/bonuspoints883 and enter your RSVP code. Or call 1-800-794-1308 and mention the promotion code 126480025.

2. Earn double points. You can earn one additional point for every dollar you spend over $500 each month from October through December. (monthly limit is 5000 points)

This offer is not so attractive to me since I have other better credit cards which can give me much better rewards. But for those only have one or two American Express credit cards, this is a good chance to get yourself awarded during this coming shopping season. $500 per month is not so difficult to reach.

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Discover Card is also running a promotion. The Discover Open Road Card is offering 2% cash back for shopping at grocery stores this November and December.

Following is a message shows up in my online account:

Earn 2% Cashback Bonus on purchases made at grocery stores from 11/1/08 (or the date on which you signed up, whichever is later) through 12/31/08, subject to a cap of $1,000 in purchases. These purchases must post to your account by 12/31/08. Grocery store purchases are those made at merchants we classify as stand-alone grocery stores or supermarkets. Grocery or food purchases made at convenience stores, gas stations, warehouse clubs, supercenters and discount stores are not eligible.

This sign up process is very simple. All you have to do is to click the sign up bar in your account. The Discover Open Road Card is a gas card which offers 5% cash back at pumps. It is rated as one of the best gas rewards credit cards.

I reported that American Express is running On the Card promotion from which you can get $30 credit back for shopping a pre-selected locations with your American Express cards. I also indicated that there is another promotion from American Express from which you can get $10 Walmart gift card for shopping at Walmart.com with minimum purchase of $50.

Today I realized that there is another On the Card promotion which is similar to what I have introduced before but with different money back for shopping at different pre-selected locations.

The link to the “On the Card” promotion is http://onthecardncl.amexnetwork.com/. This time, the promotion offer is also targeted to selected American Express card members who received the email from American Express. You should only choose 5 different locations from the link I provided above and make a purchase at each location before December 8, 2008. Then you will receive a $40 statement credit within 8 weeks.

The locations as listed on the website are:
bp, Burger King, Chevron, Chili’s, Dunkin Donuts, Olive Garden, Panera Bread, Regal Cinemas, Subway, TGIF, 7-11, Bed Bath Beyond, Costco, JCPenney, Kohls, PET’sMART, Sears, Staples, Home Depot, and WalMart.

Compared to the previous $30 offer, I think this offer is much better. Less required locations with more cash back.

Another great promotion I’d like to mention is eBay is offering 10% coupon with seemly selected members along with 30% cash back from Microsoft’s live search cash back. This would give you an opportunity to save up to 40% (max $300.00) for shopping “buy it now” items at eBay.com. The coupon code is CFALLSAVINGS10P. According to the experience from last time use of the 10% coupon will not invalid your live search cash back. They can be used together. The coupon page can be found at http://pages.ebay.com/coupon/CFALLSAVINGS10P/

My latest post about American Express turned out to be a very interesting post: American Express Rates Credit Risk by Where You Live and Shop. Although I have heard something about this before this report from MSNBC, this was the first time this kind of credit monitor was confirmed by a credit card issuer. I believe other credit card issuers also use similar method to monitor consumers’ credit performance.

Anyway, good news is I received a promotion offer from American Express targeted to my Starwood Preferred Guest Card. According to the email I received, if I use my Starwood Preferred Guest Card from American Express from October 15 to November 15, 2008, I will get a $10 Walmart gift card for any purchase over $50.

This is really a great deal. Last time, American Express offered a similar offer to a majority of American Express card members for shopping at Amazon.com (here).

The email indicated:

Use your American Express^® Card at walmart.com between Oct. 15, 2008 and Nov. 15, 2008 and when you spend $50 or more on a single transaction you can receive a Walmart gift card worth $10 — redeemable at walmart.com or at Walmart stores.

Fine print:

Offer valid for spend only at walmart.com. Offer valid when you pay with your American Express® Card. Offer valid on a single transaction of $50 or more when you spend during Oct. 15, 2008 and Nov. 15, 2008. The Walmart gift card will be mailed 10-12 weeks after promotion period has ended. Offer limited to one Walmart gift card per Cardmember.

Maybe an iPod shuffle is a good choice to take advantage of the $10 bonus. Or some GPS units at Walmart.com is pretty cheap compared to other online shopping stores.

I believe this offer is targeted to many American Express cards like Blue Cash from American Exprss, and Blue from American Express etc.

American Express is always redeemed as the best credit card issuer at the United States. The 2008 J. D. Power Credit Card Satisfaction Study also revealed that American Express was ranked the best credit card company. My previous post “Funny Stories with Citicards” described some ridiculous mistakes made by Citi. As Sander mentioned in the comment,  American Express also will do something unfriendly to their customers. The famous Financial Review is a typical example.

Today I just noticed a very interesting article about American Express and wanted to share with you.

It’s no doubt that as the credit crunch reaches from Wall Street to Main Street, many credit card issuers are reducing their credit limits to certain customers. Some customers also found that their credit card accounts were closed without any reasonable explanation from credit card companies.

The question is how the credit card companies decide whether or not to reduce your credit limit or close your account. Your first reaction might be the credit score or credit report. I do believe your credit performance during the credit crunch is a very important factor, however, there are other criteria you might have never been thought of—American Express will close your account by taking into account of where they live, where they shop and who holds your mortgage.

The story was first published at MSNBC (link).

Jesse Gilleland of suburban Washington, D.C. had two American Express cards canceled and the limit on a third card cut. The company said the decision was based in part on where he  shops and who holds his mortgage.

As indicated in the mail, American Express clearly indicated that the reason why the limit of Jesse’s Platinum American Express Card was reduced were due to:

“Our credit experience with customers who have made purchases at establishments where you have recently used your card.”

“Our analysis of the credit risk associated with customers who have residential loans from the creditor(s) indicated in your credit report.”

The mail from American Express can be downloaded at here.

While I have heard that some credit card companies will use the above mentioned factors to determine the customers’ creditworthiness, this indeed is the first time I saw it happen.

It’s more interesting to see that this was confirmed by the American Express spokeswoman Kim Forde by saying: “We are looking at some other factors, too, in light of the economy. We are looking at consumers holding subprime mortgages (and) those living in areas where there has been a greater deterioration in home prices.” and “You have to remember that this is one contributing factor. That’s not the sole reason, but it’s certainly data that we’re looking at.”

The reason why I want to introduce this story is behavioral score is used by the credit card issuers. When you are talking about credit score, you should remember that there are many other “invisible” scores that credit issuers might take into account.

I hope this will not happen to me and readers at MyCardBlog.Com.

The full story can be found at MSNBC business section (direct link).

I have talked a lot about the cash back, sign up bonuses, rewards points, balance transfer offers, and low interest rates at mycardblog.com. Believe it or not, the above mentioned factors will affect how a customer choose a credit card from so many credit card products nowadays. Smart credit card issuers have now used new tricks to attract more customers in a competitive market. Many credit card issuers are creating some eye-catching credit card products to compete with other credit card products. American Express is on the track.

American Express is testing the Butterfly from American Express that folds in half and pops out of a small silver case attached to a key ring (shown in the picture). Right now the Butterfly card is only available to Gold card members and it’s free. Although the credit card number of the Butterfly card is different from your normal Gold card, the Butterfly card is linked to your Gold card account. Butterfly card charges will appear in a separate itemized section of your statement following your traditional Card charges. In this way, you can track your Butterfly card spending just like your traditional Card when you Manage Your Card Account online.

You can use your Butterfly card anywhere that accepts American Express cards. Just don’t forget to unfold the card at the checkout. The Butterfly card will expire after two years after when American Express will send a new card to you.

Using Butterfly card will also accumulate rewards points for you as long as you are currently enrolled in the Membership Rewards program. However, you can’t apply for additional cards for your authorized users at this time. The Butterfly card is only issued to some targeted card members of the Gold Card from American Express Open. (previously known as the business gold rewards card)

If you have a Gold Card from American Express Open, you probably are the first to try the new product from American Express.