MyCardBlog

I want to briefly introduce the AFT+ MasterCard which seems to be a new credit card product from HSBC Bank. Citi just launched a new credit card by partnership with MySpace.com-the new Citi Forward Card. The Citi Forward Card is an upgraded version of the Citi mtvU Card. They both offer the similar rewards thankyou points by the new Citi Forward Card offers 11,000 bonus thankyou points.

This AFT+ MasterCard seems to be different from other popular HSBC issued credit cards. We know that the Household Bank and Orchard Bank MasterCard are offering 2% cash back for everything. This AFT+ MasterCard seems to be a different version of the Blue Cash from American Express Card. Let’s see the cash rewards of the AFT+ MasterCard.

Cash Rewards are earned in tiers and the earnings period is reset annually.

• 0.5% on the first $5,000
• 1.0% on the second $5,000
• 2.0% in excess of $10,000

The cash rewards amounts will be doubled (Double Cash Rewards) on all merchants classified as the following: wholesale clubs, grocery stores, supermarkets, dairy products stores, bakeries, druge stores, pahrmacies, service stations, and automated fuel dispensers. Cash rewards may only be redeemed for the full amount available, and only in $20 increments.

But for this rewards, I would prefer the Blue Cash from American Express which only has one threshold $6,500 for each year.

This credit card claims to have Triple Plus Features: Triple Plus Value, Triple Plus Protection and Triple Plus Service which I think all other credit cards also have. The only good thing is the rates are much lower than other credit cards. There is no annual fee associated with this credit card. You can skip up to 2 regular payments a year with no harm or damage to your credit rating. This skip payment option seems cool to me.

This credit card also  offers 1.99% introductory APR on purchase for the first 6 months. You can also get 5.99% fixed APR on balance transfer for the life of the balance.

More details about this AFT+ MasterCard can be found here.

I have introduced a lot of promotions from our credit card issuers like Chase, Discover Card and American Express. Actually, there are many more promotions from other credit card issuers. PayPal is running huge promotions via corporate with other online merchants like buy.com. This is a summary of holiday promotions from many credit card issuers and other payment processing providers.

Discover Card

The most famous and popular promotion from Discover Card is the Discover Mall Promotion. I first reported this promotion in September. You can take the chance to save with a  $20 Discover Gift Card for every $200 you spend on your Discover credit card at over 160 shopping malls nationwide through Jan. 4, 2009. According to the terms and rules, there is a limit of five gift cards per account with a total of $100 value. No enrollment is necessary. The process is quite simple, take your receipts with you to the customer service at each participating mall and the officers there will issue a $20 Discover Gift card for every $200.

Chase

First of all, the famous Chase Rewards Plus program is offering cash back for shopping online through the Chase Rewards Plus. Chase Freedom Cardholders are automatically enrolled in the program. You can get up to 20% cash back from top online retailers.

Chase is also running the Holiday Bonus Rewards promotion. This seems to be a targeted offer, every registered cardholder can receive a $25 Target Gift Card for purchases exceeding certain threshold amounts in preset categories made from Oct. 1 through Dec. 31. The promotion website is here. You can visit the website to see whether you are eligible or not and how to get the $25 gift card. If you register you credit card at the chase bonus website, you can see other wonderful promotions like: 500 bonus points for adding an authorized user to your account, 1,000 bonus points for enrolling at Chase Online, and 2,500 bonus points for signing on for Chase Fraud Detector.

Bank of America

Bank of America is offering $10 for every $100 you spend getting around the New York City. The promotion website is here. You have to enroll your Bank of America visa credit card to be eligible to get the $10 cash back. Maximum amount you can get is $100.

Visa

Visa is running discount promotions with many top merchants. The promotion details can be found at visa.com. Visit the visa.com and find out the promotion details at each merchant. Print out valuable coupons with 20% or more savings. The promotions cover all you need for the holiday season. But you have to have a Visa credit card to use those coupons.

MasterCard

MasterCard is also running a wonderful promotion with Home Depot. You can get the details of the promotion by visiting the MasterCard Overjoy of Giving website. The promotion offers every MasterCard cardholder a chance to win two identical prizes — one to keep and the other to give. Winners will have the chance to receive two identical cars, trips, shopping sprees or home makeovers courtesy of The Home Depot. The rule is very simple: every time you use your MasterCard to make a purchase during the promotion period ( Nov. 1 and Jan. 2, 2009) you will automatically get a chance to win that week’s sweepstakes.

You can also visit MasterCard website to find the latest discount information for using your MasterCard credit card.

Most of you are familiar with the famous Black Card (American Express Centurion Card) issued by American Express. This Black Card has been reviewed here. The reason why the Black Card is famous is over 98% people are not qualified for this credit card which has an annual fee of $2,500. However, there is another card that even more prestigious than the Black Card, the Diamond-Studded Dubai First Royale MasterCard.

Yes, this is a very cool credit card which is studded with real diamonds all over the credit card. For me, there is no other ways to let me know that you are a very rich people in the world. Because all of our credit cards are made from plastic but your credit card is made from real diamond and covered with real gold! The Dubai First Royale Diamond MasterCard was introduced to the Dubai credit card market in the March of 2008. This credit card is also by invitation only. This credit card is offered to a “select” group of elites who “must possess the right criteria in terms of social standing and profile.”

Another limitation which restricted the population of the First Royale MasterCard is this credit card is only available to the super rich people at Dubai. This handcrafted black with golden metallic border credit card with no spending limit is studded with a certified diamond.

The First Royale MasterCard is designed by Inno Design, an internationally acclaimed design consultancy and is the first of its kind to use a certified diamond and metal implant technology in credit card design. There are less than 200 people are using this credit card in the world.

What’re benefits of this credit card?

The cardholders can have their own personal relationship managers with personalized services worldwide, yacht charter, polo club entry, VIP restaurant services, and a business package that allows customers to order a set of four key personal services in more then 13 international locations.

Due to the special design, it’s reported that only nine cards are produced in a day and the manufacturing process involves 36 processes from metal casting to diamond setting by a jeweler.

Actually, there are many other similar credit card products in the market like Sotheby’s World MasterCard and GK Power’s High-Concept Card. I will introduce them in the near future.

(Report about this card can be found at business24-7.)

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.

Capital One is reported to launch a nee type of rewards debit card that would change how banks and consumers approach debit cards last year. The unique feature of this debit card is: It can be linked to any bank account and used for purchases and ATM withdrawals, just like the debit card consumers get from their bank when they open a checking account. Another appealing feature of this card is better rewards. Plus this card also features zero-liability. This new type of debit card is being used by some Capital One credit card users.

Today, I received an email from Capital One indicating that if you apply for a new Capital One Debit MasterCard and make a first purchase, you would get 5,000 bonus No Hassle Points. The 5,000 No Hassle Points card be redeemed as a $50 gift card from Macy’s, Amazon.com, or Spa Finder. Furthermore, you can get 1 No Hassle Point for every dollar you spent on this card just like other Capital One credit cards do. However, this offer appears to require you to be a current Capital One credit cardholder.

During the application process, you have to link you current bank checking account to this debit card. You have to verify bank account access.

Basic features of this debit card:

• Earn No Hassle Points^SM on debit purchases. Earn 1 point per dollar spent when you sign for debit purchases.
• No need to open a new checking account. Your transactions are deducted from your existing checking account, wherever you bank.
• Shop with confidence, this card comes with MasterCard Zero Liability.
• There are 9 card designs to choose from.

Please note that, in order to get 1 No Hassle Point, you have to choose “credit” purchase at the check out. A credit purchase means a signature-based purchase. A signature-based purchase is one where you select “credit” (not “debit”) and typically sign a receipt instead of entering a PIN.

The application page can be found at: http://www.capitalone.com/debit/index2.php

The reference code is:K3E6L8K149

You can also call Capital One at 1-866-812-6923 to apply for this card.

There is not doubt that credit card is one of the most powerful purchasing tools in the world. You can use a credit card to buy groceries at your local grocery stores, pay bills online, purchase electronics like MP3s, HDTVs, laptops etc., and fill your tank at pumps. Billions of transactions are done through credit card each year at US. Credit card companies even offer sign-up bonuses and promotional rates now and then. If you are a smart credit card user, you can save a lot of money by choosing a right credit card for you. However, there are still some common basics about credit card that you might not know.

1. Merchants can’t require a minimum transaction amount!

There are many grocery stores or Chinese restaurants that require you to pay by cash if your purchase is under a minimum amount pre-set by the store. This is obviously violate the credit card issuer’s merchant agreement. Under no conditions that a merchant can refuse to accept a credit card transaction because of a minimum.

Visa indicates that: Always honor valid Visa cards in your acceptance category, regardless of the dollar amount of the purchase. Imposing minimum or maximum purchase amounts in order to accept a Visa card transaction is a violation of the Visa rules.

MasterCard indicates that: A Merchant must not require, or indicate that it requires, a minimum or maximum Transaction amount to accept a valid and properly presented Card.

Anyway the merchants can not establish minimum or maximum amounts as a condition for accepting a Card. You can find similar requirements from Discover card and American Express.

2. Merchants have the right to refuse the unsigned credit card.

When you receive the welcome package from your credit card issuer, you can see “Not Valid Unless Signed” at the back of your credit card. This is quite understandable. The reason why the credit card companies require you to sign at the back of your credit card is to minimize the risk of credit card fraud.

Visa indicates: While checking card security features, you should also make sure that the card is signed. An unsigned card is considered invalid and should not be accepted. If a customer gives you an unsigned card, the following steps must be taken: 1). Check the cardholder’s ID. 2). Ask the customer to sign the card and then compare the signature on the card to the signature on the ID. “See ID” or “Ask for ID” is not a valid substitute for a signature.

3. Merchants can not charge a surcharge for using a credit card.

I know some Chinese restaurants always charge extra amount of money for using a credit card as payment. $0.5 is very typical for them. This violates the merchant agreement!

Visa requires: Always treat Visa transactions like any other transaction; that is, you may not impose any surcharge on a Visa transaction. You may, however, offer a discount for cash transactions, provided that the offer is clearly disclosed to customers and the cash price is presented as a discount from the standard price charged for all other forms of payment.

MasterCard requires: A Merchant must not directly or indirectly require any Cardholder to pay a surcharge or any part of any Merchant discount or any contemporaneous finance charge in connection with a Transaction. A Merchant may provide a discount to its customers for cash payments. A Merchant is permitted to charge a fee (such as a bona fide commission, postage, expedited service or convenience fees, and the like) if the fee is imposed on all like transactions regardless of the form of payment used, or as the Corporation has expressly permitted in writing.

4. Merchants cannot require you to present ID

I have two posts about how to deal with “Show ID with Credit Card” problem. (post 1 and post 2) Some merchants may require you to present your ID at  checkout but it’s a violation of the rules.

Visa: When should you ask a cardholder for an official government ID? Although Visa rules do not preclude merchants from asking for cardholder ID, merchants cannot make an ID a condition of acceptance. Therefore, merchants cannot refuse to complete a purchase transaction because a cardholder refuses to
provide ID. Visa believes merchants should not ask for ID as part of their regular card acceptance procedures. Laws in several states also make it illegal for merchants to write a cardholder’s personal information, such as an address or phone number, on a sales receipt.

5. Merchants are not allowed to place a hold for the estimated tip

The estimated tip is really common nowadays at restaurants. For example, if you go to dinner and final amount is $200 and you pay with a credit card, the restaurant might  try to “authorize” your card for $230–a 15% tip. Believe it or not, it’s a violation! What will happen if you don’t like their services and want to offer only 10% tip? Or you may want to leave cash tip! There is no way that a merchant can hold an extra amount of money to estimate your payment!

Visa requires: For restaurant, taxicabs, limousines, bars, taverns, beauty/barber shops, health/beauty spa merchants transactions with a Visa credit or debit card, authorize only for the known amount, not the transaction amount plus estimated tip. Cardholders now have the ability to check their credit or checking accounts almost instantaneously via phone, the Internet, or an ATM. Consequently, an authorization that includes an estimated tip can reduce a cardholder’s available funds or credit by an unrecognizable or unexpected amount.

If you meet any of above mentioned circumstances, you can call Visa, MasterCard, Discover Card or American Express. Or you can call the numer at the back of your credit card.

New Credit Card Technology Can Tight Spending.

Credit cards are getting smarter with the new Web-based interface developed by Orbiscom, a Dublin-based payments technology firm, your boss can set an overall spending limit for an individual employee with a specified business trip. This new technology can even pre-set which restaurant you can have dinner with your clients and even which hotel you can stay. Sounds amazing! But it’s true.

According to the report by Aili McConnon at BusinessWeek, MasterCard is about to introduce the inControl card for corporate clients, which will allow the boss to limit how, where and when employees use a company card on business trips. Aili also indicated that:”In partnership with Royal Bank of Scotland, the credit-card giant is launching a corporate card that allows companies to set strict parameters on which restaurants, bars, and hotels their employees can patronize.”

What does this new technology can do?

A supervisor can set an overall spending limit for an individual employee or an entire staff category, as well as compile a list of approved hotels and restaurants (Pret A Manger, O.K.; Chez Panisse, not). They can also choose to have charges declined after a certain hour or at questionable establishments. Micromanagers will thrill at a feature that allows them to receive real-time updates on their employees’ spending via e-mail or text message.

I believe this new technology can dramatically reduce the business spendings for every business entity. This new technology can also help MasterCard beat Visa and American Express and grab a bigger slice of the corporate-card market. (Corporate/business card is most profitable to credit card issuers and credit card networks.)

Another benefit from this new technique is to minimize the loss from identity theft. Even the theft can get the credit card, he/she can still can’t use it. Because this card can only be used at certain places as pre-determined. This should be a big loss for those identity thefts.

Other potential benefiters of this new technology are parents of college students. This technology can allow parents to control how their college student offspring are using credit cards with specific industry codes.