Recently, Chase announced their decision to remove the foreign transaction fee for their British Airways Visa Signature card. This means any debt cardmembers accrue in countries outside the U.S. will not be subjected to the 3% foreign transaction fee anymore. This 3% foreign transaction fee was applied to all transaction completed outside of the United States, even if the transaction was made in U.S. dollars. Those who travel abroad with the British Airways Visa Signature card will be happy about this change. The British Airways card is the third Chase credit card that has recently waived the foreign transaction fee. The Priority Club Select card and the Hyatt card both eliminated this transaction fee in foreign countries. Typically, cards charge between 1% and 3% for these overseas purchases.

The British Airways Visa Signature® Card gives new cardmembers a bonus of 50,000 miles – 25,000 after their first purchase and another 25,000 if they spend $2,500 within the first three months. In addition, each year a member spends $30,000 they will get a flight redemption voucher that allows them to have a companion in the same class of service. The 50,000 bonus miles is actually a cutback from the 100,000 bonus miles the card offered in the fall.

British Airways Visa Signature Card Features

• 50,000 bonus BA Miles = 1 transatlantic or 2 domestic reward flights – Earn 25,000 bonus BA Miles after your first purchase3 plus an additional 25,000 bonus BA Miles when you spend $2,500 in the first 90 days.
• 2.5 BA Miles for every dollar spent on British Airways purchases.
• 1.25 BA Miles for every dollar spent
• Earn BA Miles on everyday purchases, anywhere in the world.
• Pay no foreign transaction fees when you travel abroad
• British Airways Visa Signature Card is accepted at millions of places worldwide, making it the brilliant choice for international travel.
• Redeem for 1, travel for 2 – Each and every year you spend $30,000 you will receive a flight redemption voucher, valid for 2 years.7 To use your voucher, simply redeem BA Miles for your travel, then let the voucher help you to bring someone along in the same class of service for no additional miles. For more details, visit ba.com/redeemfor1travelfor.

Discover announced today changes to three of their popular cards: Discover® More Card, Discover® More Card – Black and Discover® More Card – $75 Cashback Bonus. Cardmembers should be happy with the updates and those seeking a rewards card might want to take a second look at what Discover has to offer. These changes will certainly make the Discover cards more appealing and will compete with some of the other rewards cards on the market. All the changes and updates to the cards are effective today October 1, 2010.

Discover More Card
The Discover More Card has increased the duration for balance transfers to a full 18 months. As a result, the balance transfer fee is has now changed to 5%. The regular Variable APR for both purchases and balance transfers has now changed to 13.99%-20.99%. Here’s a summary of the features the card now offers:

• 0% intro APR on balance transfers for a full 18 months, then the Regular APR
• 0% intro APR on purchases for a full 6 months, then the Regular APR
• 5% Cashback Bonus® in categories that change like travel, gas, groceries, restaurants, home improvement stores and more
• Up to 1% unlimited Cashback Bonus on all other purchases
• No Annual Fee

Discover More – Black Card
The Discover More – Black Card introductory period for purchases has now changed to a full 12 months. In addition, the regular APR for both purchases and balance transfers has been changed to the variable rate of 12.99% – 20.99% based on your creditworthiness. Here is a summary of the benefits of the card:

• 0% intro APR on purchases and balance transfers for a full 12 months, then the Regular APR
• 5% Cashback Bonus in categories that change like travel, gas, groceries, restaurants, home improvement stores and more
• Up to 1% unlimited Cashback Bonus on all other purchases
• No Annual Fee

Discover® More Card – $75 Cashback Bonus
The Discover® More Card – $75 Cashback Bonus will now be changing its name to the Discover More – $100 Cashback Bonus. You now get an extra $25 bonus, totaling $100 when you make $500 in purchases within 3 months. The balance transfer fee is now a flat 3% of the amount you transfer. Here is a summary of what the card now offers:

• 0% intro APR on balance transfers for a full 12 months, then the Regular APR
• 0% intro APR on purchases for a full 6 months, then the Regular APR
• Get $100 Cashback Bonus when you make $500 in purchases within 3 months
• 5% Cashback Bonus in categories that change like travel, gas, groceries, restaurants, home improvement stores and more
• Up to 1% unlimited Cashback Bonus on all other purchases
• No Annual Fee

Discover® More Card
	0% intro APR on purchases and balance transfers for 15 months, then the variable purchase APR of 11.99% – 20.99% 5% Cashback Bonus® in categories that change like travel, gas, groceries, restaurants, home improvement stores and more Up to 20% Cashback Bonus at popular retailers when you shop online through Discover.com Discover is ranked #1 in customer loyalty–15 years in a row! (2011 Brand Keys Customer Loyalty Engagement Index report) 24/7 access to a U.S. based Account Manager within 60 seconds $0 Fraud Liability plus automatic mobile and email fraud alerts Great rewards with no annual fee, no rewards redemption fee, and no additional card fee
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfer Credit Needed 0%* 15 Months* 11.99% – 20.99% (Variable)* None Yes Excellent

Discover® More Card – $50 Cashback Bonus
	Get $50 Cashback Bonus when you make $250 in purchases within 3 months 0% intro APR on balance transfers for 12 months, then the variable APR of 11.99% – 20.99% 0% intro APR on purchases for 6 months, then the variable APR of 11.99% – 20.99% 5% Cashback Bonus® in categories that change like travel, gas, groceries, restaurants, home improvement stores and more Up to 1% unlimited Cashback Bonus on all other purchases No Annual Fee
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfer Credit Needed 0%* 12 months* 11.99% – 20.99% (Variable)* None Yes Excellent

The American Express Premier Gold Card has temporarily brought back their special bonus offer which gives members 25,000 Membership Rewards Points. This offer is valid until October 12, 2010 so if you want to participate you have to act fast. To qualify for the 25,000 points you have to spend $1,000 within the first three months of becoming a member. If you want to take advantage of this great offer you can apply for the card online today.

About the Card
The American Express Premier Gold Card is a card designed for those with excellent credit. There is no preset spending limit with this card and the card requires you to pay the balance off in full each month. This card is a points reward charge card that enables card holders to earn double and even triple reward points. For those that plan to charge a high dollar amount to the card you will reap the benefits of the great rewards this card offers. Even if you not a big spender you could still go for the $250 gift card for spending $1,000.

Summary of Card Benefits

• The card offers No annual fee for your first year. This is a nice incentive for you to try the card out for the first year and see if it works for you. You can take advantage of the bonus points and if the card is a keeper than you can pay the typical annual fee of $175.
• The card offers 3X points on airfare, 2X points on gas and groceries, and 1X points on everything else. This is an extra perk for the Premier Card because the traditional versions only offers 1 point per $1 you spend.
• You can earn an additional 15,000 Membership Rewards bonus points when you spend $30,000 per calendar year. This means that if you spend $30,000 in a year or $2,500 per month then you will get at least 25,000 for sign-up + 30,000 on spending + 15,000 bonus = 70,000 points. This calculation doesn’t even include any points you will earn for gas/groceries/airfare.

Recap of the Special Offer
You can earn 25,000 Membership Rewards bonus points when you spend $1,000 in your first 3 months of Card membership. (The usual offers are for 10,000 or 15,000 bonus points.) The Membership Rewards points are very flexible and can be converted to 25,000 frequent flier miles in a number of programs in various increments, or you can even choose to get $250 in gift cards at several stores like Home Depot, Crate & Barrel, or Macy’s.

American Express(R) Premier Rewards Gold Card
	Membership Rewards(R) bonus: 15K points, redeemable for select gift cards valued at $150, when you spend $1,000 in your first three months of card membership Membership Rewards(R) points multiply fast! Earn 3X points on airfare, 2X points on gas and groceries, 1X points on everything else Exclusive access to Gold Card Destinations and events – Enjoy special travel packages and amenities at hotels worldwide, as well as select concerts, shows, major sporting events, and more, nationwide No annual fee for your first year – a $175 savings Get approved in 60-seconds.
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfer Credit Needed N/A N/A N/A See Terms* No Excellent

American Express just recently announced they are ending its Membership Rewards points transfer program with Continental Airlines. This means they will no longer allow customers in the Continental OnePass program to redeem their Membership Rewards points for frequent flier miles.

This change is set to take place in exactly one year from now, at the end of September in 2011. For frequent Continental fliers this is going to be somewhat of an inconvenience. This change will also be applied to the American Express Corporate Card customers which means companies who use redeem their points for their employee travels on Continental will soon have to make other arrangements. Here is a summary of the change that are going to take place.

• Continental Airlines Presidents Club: – After 30th September 2011, Continental Airlines President Club will no longer be part of the Platinum Airport Club Access Program. However, you can still use the American Airlines Admiral Club, Delta Sky Club and US Airways Clubs with your Platinum Card.
• Continental OnePass Points Transfer: – After 30th September 2011, Continental OnePass will also no longer be part of Membership Rewards. This means you cannot transfer MR points into your Continental OnePass account. You can still use points (in their Pay with Points program) to buy a Continental Airlines ticket through their online travel site.

This changes adds a new appeal to the Chase Sapphire Preferred^SM Card because it offers Continental and British Airways transfers, along with their membership program called Ultimate Rewards. To some this change in the program is not a surprise because Continental will be merging with United and currently United has their rewards program with Chase. Continental has relationships both with Chase and American Express. After the merger, it appears as though Continental will only remain with Chase.

Chase Sapphire PreferredSM Card
	Earn 40,000 bonus points after you spend $3,000 in the first 3 months - that's $500 toward travel rewards! 2 points per dollar spent on travel and at restaurants & 1 point per dollar spent on all other purchases. Get 20% off airfare, hotels, car rentals and cruises when you book through Ultimate RewardsSM No foreign transaction fees Receive a 7% annual dividend on all new points earned - even on points already redeemed 1:1 point transfer to participating frequent travel programs Direct access to expert service advisors anytime No Annual Fee for your first year - A $95 value
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfer Credit Needed N/A* N/A* 15.24% (Variable)* $0.00 1 year, then $95.00* Yes Excellent Credit*

Last week the Federal Reserve reported that total consumer borrowing has been reduced by $3.63 billion in July. This debt reduction covers everything from car loans to credit cards. Originally, economists had a projected forecast of $3.80 billion for the reduction, but the $3.63 billion landed just under their prediction. The big factor in the reduction of consumer borrowing is that households have cut back on their credit card spending, which is contributed the the state the economy is in. For the 23rd month in a row credit card use has declined and taken a fall. With the economy already struggling, this certainly does not give it the boost that is needed for the economy to rebound and start heading the other direction.

As a result of consumer cutbacks, borrowing on credit cards fell by 6.3 percent in July which came just after the even bigger 7.5 percent decline in June. The credit card category has now fallen for a record of 23 consecutive months as many Americans have struggled to repair their household finances after the worst recession since the 1930s.

The long stretch of declining borrowing has left total consumer credit at an annual level of $2.42 trillion, 6.3 percent below the peak set in July 2008 of $2.58 trillion in credit. The Fed’s credit report covers credit card debt, auto loans and other debt not secured by real estate. It does not however, cover home mortgages or home equity lines of credit.

On a lighter note, borrowing in the category that includes auto loans rose 0.6 percent in July after an increase of 3.2 percent in June and 1.2 percent in May. This is good news and this represents a three month increase which has helped revive auto sales this summer. This is much needed for the auto industry after they have suffered a huge hit during the recession.

At the end of last week, the government reported that the unemployment rate in August rose to 9.6 percent in August, this is up from 9.5 percent in July as payroll jobs declined by 54,000. The jobless rate has shown slight improvements after reaching a high for this of 10.1 percent last October.

JP Morgan Chase is still considering the possibility of buying out the Discover Financial Services Network or another payment processing company even though it would be difficult to do so. Chase does not want to rule out any opportunity to minimize the the fees they incur, even though it would be difficult to make the deal during these uncertain economic times. Buying out Discover or another payment processing company would end up saving Chase money which is why they don’t want to take the deal off the table just yet.

Every time a customer uses a debt or credit card for their purchase, the bank gets paid a fee from the merchant. In return the bank also pays the company that processes the payment, like Visa or MasterCard. The idea is that Chase can bi-pass paying the processing fee to the independent company because they would own the company and miss out on paying the fee. Discover is considered to be an undervalued company, but it competes with Visa and MasterCard when it comes to processing bank transactions.

Over the years Discover has been trying to build up their international network so it can compete better with other card companies like Visa and MasterCard. The problem is that Discover does not have the same coverage as Visa or MasterCard so it is at a disadvantage. They lack in coverage because U.S. consumers can’t always use their Discover card overseas, therefore consumers are reluctant to choose Discover over Visa or MasterCard. As a result, Discover has been trying to build up their international business.

According to CNBC, Chase CEO Gordan Smith said that for now, JPMorgan Chase is using traditional negotiation methods to help minimize the fees they pay Visa and MasterCard. Chase is the top issuer of Visa credit cards, and one of the top MasterCard issuers which makes negotiation an effective tool for them. They are trying to negotiate the cost of the fees because right now is not the ideal time to make a big business move like buying Discover.

Thanks to some new governmental laws that will soon take effect consumers will be protected against hefty fees that some debt-relief companies impose. The new rules are expected to fully take effect in October of this year, but some start this month.

“The new rules are a huge first step,” says Lauren Bowne, staff attorney for Consumers Union. “They’re going to prevent companies from charging upfront fees until they actually do something for you.”

These rules are being implemented because of the increase in consumer complaints surrounding the promises debt-relief companies have not fulfilled. In the wake of the recession, the number of complaints have skyrocketed. This could be in part due to the increased amount of companies that exist today. Compared to 2002, when there were only eight debt-relief companies in the business, today there are at least 2,000. According to the Association of Settlement Companies, the debt-relief company industry manages about $20 billion in credit card and other unsecured debt.

The New Rules
The new regulations will work to change the debt-relief industry as a whole and possibly forcing many out of business. Three provisions will take effect as soon as September 27, 2010 which will significantly reduce the number of TV advertisements that claim quick settlements for consumers. The new rules call for debt-free companies to accurrately make disclosures to consumers that will answer the following questions:

• What will happen?
• What will it cost?
• How long will it take?
• What will the expected results be? both good and bad

The regulations will also be extended to consumers that reach out by making a call to these debt-relief companies in response to an advertisement they saw. The rules will also ban these companies from misrepresenting what they can actually accomplish for consumers.

On October 27, 2010 debt-relief companies will experience the full force of the regulations when they will no longer be able to charge a fee before they settle or reduce debt for the consumer. The Debt-relief companies will not be able to charge a consumer until there’s a written contract and at least one payment has been made to a creditor. Astonishingly enough, currently these companies charge fees to consumers before they have even attempted to negotiate with the creditors. This means consumers can be paying fees for months before anything has even started to be resolved.

Typically, companies charge consumers a fee around 15% of their total debt and begin to collect this fee before any progress is made for them. In other words, a person who has $20,000 in debt would expect to pay about $3,000 in fees.

“Too many of these companies pick the last dollar out of consumers’ pockets, and far from leaving them better off, push them deeper into debt, even bankruptcy,” says Jon Leibowitz, chairman of the Federal Trade Commission, in a statement describing the new rules.

American Express and Amazon just announced this week they have formed a partnership which will allow American Express cardmembers to use their reward points towards Amazon purchases. Cardmembers will be able to earn their points as usual and then apply them towards all or part of their Amazon.com purchase. It is similar to the concept that exists when applying points towards flights or hotel stay, but now you can put your points towards your Amazon purchase.

Any American Express cardmember who is enrolled in the Amex Membership Rewards Program is eligible to use their points for their Amazon purchases. The Membership Rewards program is a built-in feature of most American Express® Cards — you may already be enrolled. If your Card is not enrolled, log in to your account, select the “Points Summary” link, and then the enroll button. Once your Amex card is enrolled then you have to link your Membership Rewards account to your Amazon account by completing a one time enrollment registration form. When users make purchases on Amazon, they will be able to automatically use points as a form of payment when checking out.

Being able to pay for your purchases with your American Express points offers more flexibility to an already great rewards program. Now card holders can use their points across a variety of categories like: Books; Kindle; Movies, Music & Games; Computers & Office; Electronics; Home, Garden, & Pets; Grocery, Health & Beauty; Toys, Kids & Baby; Clothing, Shoes & Jewelry; Sports & Outdoors; Tools & Home Improvement; and Auto & Industrial. This is in addition to many options they already have for using their points for rewards from more than 500 brands in the Membership Rewards program across popular categories, including Travel, Dining and Entertainment, Retail, and Charities.

“Starting today, Cardmembers can use the billions of points they have accrued toward millions of items at Amazon.com,” said Lynne Biggar, senior vice president and general manager, Membership Rewards, American Express. “Through the launch of this new benefit, we are now giving Cardmembers the added choice and flexibility to directly use rewards points to purchase anything from Kindles and books to electronics and sporting goods.”

Whether its called a Corporate Card, Travel Card or Purchase Card, do you personally want to be responsible for for the balance? It is reported that last year employees charged $140 billion to corporate credit card accounts. According to RPMG research, 35% of corporate cards have either individual or joint liability agreements with the card company. This means if your employer doesn’t pay the bill, you could be responsible for it. Your company might ask you to charge air fare, hotel rooms, supply purchases and more, but be careful because you could get stuck with the bill. This could especially be the case if your employer goes out of business or just simply can’t make the payments. Depending on the agreement your employer has with the card issuer, the card company might come after you for payment. Not only could this cause you to go into debt, but it could ruin your credit for years to come.

Take it from Charley Heiges who used to work for a company that manufactured duck hunting decoys. When the company went under, Heiges was expected to pick up the tab on his $10,000 company credit card. Heiges found out that his company did not pay its final bill when he was turned down for a loan. The reason was because of this outstanding debt that was accumulated on his corporate card.

What To Look For When Using A Corporate Card

• Check Your Credit Report
  If your business credit card shows up on your credit report than you can be sure that you are responsible for the card. If the card is in good standing then it will help your credit score, but what if the card is not in good standing? It will negatively affect your credit score and you can be held liable for the charges. This is a sign that you can be held personally responsible for the card.
• You Get Reimbursed for Card Payments
  If you are required to make the payments and your company reimburses you then you could very well be liable for the card. If this is the arrangement you have with your employer then you should check to see what the agreement is with the card company.
• Your Personal Information Was Used
  If you have to apply for the card or your personal information was used in order for you to be able to use the corporate card this could be a sign you are responsible for the account. Just because the card has our name on it doesn’t necessarily mean you are liable, but if you had to fill out an application just like if you were applying for a personal card you should check into the agreement.

Football fans can cheer on their favorite teams and earn points with the launch of Barclaycard’s new credit card program. Cardholders will be able to earn points through the unique loyalty program that showcases each NFL team. Members will be able to redeem for rewards like team experiences, game day tickets, memorabilia and all the NFL-licensed gear a real fan needs. In addition, cardholders will earn NFL Extra Points every time they use the card and will receive a 20% discount for purchases on NFLShop.com on the card. Visa will be the official payment card sponsor for this rewards card.

“The card represents a great way for fans to show their loyalty to their team while being rewarded simply for using the product – all the while benefiting from the seamless service of Barclaycard,” said Keith Turner, the NFL’s Senior Vice President of Media Sales & Sponsorship.

Barclaycard and the NFL have teamed up for a multi-year agreement. Credit cards will be issued with one of the 32 NFL team logos as well as the NFL shield icon on them. Those interested in the cards can apply at NFL.com, at stadium displays, over the telephone, and in response to direct invitations.

“We’ve worked closely with the NFL to create a brand new credit card program with a collection of benefits and rewards that will appeal to the many fans of this thrilling game,” said Scott Young, General Manager-Partnerships, Barclaycard US. “With all the exciting new NFL Extra Points redemption choices, cardholders will have plenty of reasons to use the card and keep their team spirit alive all year long.”

The launch of the new NFL rewards card will be celebrated with an exciting campaign that will include team websites where interested cardmembers can get all the details about the new rewards card. Fans will also have the opportunity to win authentic NFL prizes, watch NFL videos, play interactive games, test their trivia skills and download team wallpaper and a digital widget.

To hype up the new card, Barclaycard and the NFL already awarded authentic jerseys, hats and other merchandise each week in August as part of the NFL Extra Points “Football Friday” Sweepstakes. A Grand Prize trip for two to Super Bowl XLV will be awarded through a drawing of all entries received during the promotion period.