National Money Talk Night has been designed to provide young adults with a better understanding of how to manage their finances. This night is sponsored by American Express and Jean Chatzky and provides parents with resources and talking points for those important money discussions with their youngsters. With the financial crisis at hand, it is now more important than ever to teach our children at a young age about the importance of having a healthy relationship with money.

On the Money Talks website you can print off talking points that will guide you through your talk. Depending on the age of your kids you can print the talking points that will work for the age range in your family. It doesn’t matter if your kids are in college, high school, or middle school there is a guide available to help you. You will find ways on how to start your conversation, suggestions for where you might want to do it, the important points to hit on and how to answer those tough questions.

Sign the Pledge
Jean is asking parents around the country to make a commitment to having this money talk with their children. You can sign the pledge and promise that you are going to follow through with the money talk.

Q & A Provided by Jean and Amex

• What is the National Money Night Talk?
  A designated time to have a conversation with your kids about one of life’s most needed skills: managing money.
• What specifically will we discuss?
  The things our survey revealed both you and your kids believe are crucial: the value of money, how to save, getting a job, living on less than you make, and preparing for financial independence.
• How do I start?
  Take the pledge and decide you’ll make a little time for this dialogue. Then download the toolkit(s) appropriate for your child(ren) — middle school, high school or college.
• Why should I do this?
  Seven out of ten kids say they learn the most about money from you. You want to make sure you’re passing on correct information about earning it, saving it, living on a budget, and steering clear of debt.
• How long should it last?
  Don’t force yourself to adhere to a timetable. Even a 15 minute conversation over dinner can make an impact. There’s a start, middle and end to the meal, and assuming it goes well (which it will) you leave the door open for follow-ups.
• What if I’m asked a question I don’t want to answer?
  You mean like, “How much do you earn?” It’s okay to dodge that one — more because you don’t want to be the cause of competitive earning in the neighborhood. Twist it and say: “Let’s talk about how much it costs us to live as we do.” Then talk about the mortgage, car payment, cable bill, and how much you spend on groceries. Making a game out of it is fun, too.
• If money is tight in our house right now, what do I say?
  That money is tight in your house right now. Believe me, your kids already know this. They sense the tension. You can bring down everyone’s blood pressure by talking and empowering your kids to help you save on the family budget.

Suggested Amex Cards for Young Adults
There are two types of cards that are suggested by American Express and Jean as a way to help teach financial responsibility to kids. The first card is one that allows you to customize the limit of the card. This means you request the certain limit be set to the card. By requesting a low credit limit the user will have to manage the account and control their spending. The other card recommended is a prepaid card from American Express called PASS. This is a prepaid card which means you have to deposit funds onto the card before the card can be used. Once the funds are used you can add more money to the card. This is another safe way to teach young adults how to manage their money.

The Hyatt Hotels Corporation and Chase Card Services just announced the launch of their new credit card. This new co-branded card is a Visa rewards card that offers special benefits to Hyatt guests. Apparently, Hyatt Hotels and Chase have been working on this deal for a year and even partnered with Hyatt guests who helped provide direct feedback and input throughout the process. This has helped the two companies develop a card that offers generous benefits and rewards while upholding the luxury experience that guest are familiar with.

Hyatt Visa Gold Passport® Card members will receive two nights at any Hyatt in the world after their first purchase. This is a one of a kind benefit, as with most cards in order to receive a hotel stay you have to redeem your points for stays and usually there are limitations and restrictions on the offer. The only limitation with the offer from Hyatt is that you have to redeem the reward within one year.

“The Hyatt Card and its rewarding benefits serve as a great addition to the world’s most generous welcome from Hyatt,” said John Wallis, global head of marketing and brand strategy, Hyatt Hotels Corporation. “To further Hyatt’s mission of providing authentic hospitality, we have made significant enhancements and adjustments to our Hyatt Gold Passport loyalty program over the past two years to make it best-in-class. The Hyatt Card is another logical step in deepening relationships with our guests and welcoming new travelers into the fold.”

“Our objective, when working with Hyatt on this card, was to create a product that resonated with the Hyatt guest and provided a differentiated offering that aligned with Hyatt’s brand”, said Val Greer, general manager, Chase Card Services. “Having the ability to simply and easily redeem rewards with no blackout dates or limits on available standard rooms, and no resort or internet fees, the card offers unparalleled opportunities to enjoy Hyatt properties worldwide.”

Card Features

• Zero foreign transaction fees: Foreign transaction fees are waived when making international purchases with this card.
• Hyatt stays earn more: 3 Hyatt Gold Passport points for every $1 spent at any Hyatt property, 1 point for every $1 spent on purchases elsewhere and there are no limits to the points you can earn.
• Simple and easy redemptions: No blackout dates, no limit on available standard rooms and no resort fees.
• Hyatt Gold Passport Platinum membership
• Visa concierge service and acceptance at millions of merchants in more than 200 countries
• Travel protection, including trip cancellation, lost luggage and trip delay.
• Annual Fee of $75

Gas rebate cards offer lots of great benefits for users when it comes to driving, but how about dining out? The ExxonMobil Citi card now has a special offer for both existing cardholders and new cardholders. Whether your a new card member or you have been a member for years, you just have to register for the promotion and then your ready to begin. If you like to dine out then this offer is for you. The promotion rewards members for doing something they already do – buying gasoline!

Beginning September 1, 2010, ExxonMobil cardholders have the opportunity to earn a $50 dining certificate from restaurant.com. All you have to do is purchase 100 gallons of gasoline within 90 days of registering for the promotion. If you complete the task you will be awarded a $50 dining certificate. The certificate can be redeemed online at restaurant.com and you can choose from 15,000 different dining locations nationwide.

Update: The Discover Open Road card now offers a $75 Restaurant.com gift certificate. For details, visit Discover’s Open Road application page.

If you are not an ExxonMobil cardholder you can still participate and even earn more. All you have to do is apply for the card and get approved before November 30, 2010. New cardholders get an extra bonus by being awarded a $100 dining certificate. You still have to purchase 100 gallons of gasoline within 90 days so the earlier you apply the better.

Promotion Highlights

• Register your account (below) by 11/30/10.
• Purchase 100 gallons of gas with your ExxonMobil Personal Card (or Speedpass™ linked to your card) within 90 days from the day you register.
• Watch your mail – we’ll send you a gift card in 4-6 weeks with a printed “Certificate Code”.
• Once it arrives, go to http://Dine.Restaurant.com and click on “Redeem Certificate”.
• Enter the code printed on your gift card to credit your shopping cart.
• Search to find great restaurants or browse participating online retailers.
• Follow the easy instructions to print and redeem your Dining Certificate!

“This promotion is a great reminder for our cardholders that the ExxonMobil Personal Card is the smart way to pay for quality Exxon and Mobil branded gasoline,” said Ben Soraci, U.S. Retail Sales Director, Exxon Mobil Corporation. “It already offers a great everyday value, with pay-at-the-pump convenience at 10,000 Exxon and Mobil stations, $0 fraud liability, and online account management tools. And from September through November, cardholders will have the added incentive of a certificate that makes going out to dinner a little more affordable.”

Offer starts 9/1/10 and ends 11/30/10 (the “Offer Period”). Open to (a) ExxonMobil Personal Cardholders who opened an account prior to 9/1/10 (“Existing Cardholders”) and (b) new applicants who are approved for an ExxonMobil Personal Card account during the Offer Period (“New Cardholders”). Both Existing and New Cardholders must be legal residents of the 50 U.S. or DC, 18 or older. Void where prohibited. For Existing Cardholders, purchase requirement must be completed within 90 days of registration to be eligible. For New Cardholders, no purchase necessary for first certificate; purchase requirement for second certificate must be completed within 90 days of date of account approval. Limit 1 certificate per Existing Cardholder and per eligible account. Limit 2 certificates per New Cardholder and per eligible account. Qualifying cardholders will receive a certificate code that must be provided online to redeem certificate. There may be minimum spend requirements at participating restaurants and online merchant websites. Certificates and offer cannot be combined with any other certificates, coupons, or promotions. Valid for parties of 2 or more, and for dine-in, unless otherwise stated. Certificates cannot be used for taxes, tips, or prior balances. Only 1 certificate can be used per party, even if the party is seated at separate tables and/or receives more than one check. No cash back for remaining certificate balances upon redemption. Certificates have no cash value. Restaurant.com is solely responsible for fulfillment of certificates. Other material restrictions may apply. Offer subject to earlier termination at any time. See Terms and Conditions, which govern, at dining.exxonmobilcard.com. Offered by Citibank (South Dakota), N.A.

According to a recent study, American Express, is the credit card company customers like the best. The study was conducted by J.D. Power and Associates and the result were released earlier this month. This is the fourth year the study has been in place and it measures the overall customer satisfaction with credit cards. This is done by focusing on six different credit card factors: interaction; credit card terms; billing and payment process; benefits and services; rewards; and problem resolution. The 2010 U.S. Credit Card Satisfaction Study is based on responses from more than 8,500 credit card customers. The study was fielded in May and June 2010.

American Express has taken the title for the fourth year in a row. Amex scored 769 out of 1000 points and performed well in all six areas of focus. Discover made it to the number two spot with 757 points with high performance in the interaction category. U.S. Bank ranked third with with 727 points. All the top ranking companies received high marks for offering above average rewards, excellent online and phone experiences, and the ability to solve customer problems quickly.

“American Express continues to do well within the context of the study partly because their customers have a greater awareness of the benefits, rewards and services that they get having an American Express card,” said Michael Beird, director of banking services at J.D. Power and Associates. Beird also noted that American Express does well when it comes to its communication to customers which has helped their success. They communicate through channels such as direct mail and television to keep their customer in the loop.

Since 2009 the over all customer satisfaction with their credit card company has increased by 9 points. In 2009 the overall credit card score was 705 and in 2010 the score has gone up to 714. The increase in overall satisfaction from 2009 is driven primarily by improvements in satisfaction with credit card terms and billing and payment process. This is good news for the credit card industry and shows improvement on their end. Mr. Beird stated this could be contributed to the changes that were required by the Credit Card Act.

The study also reveals customer loyalty may be on a decline. In the 2010 study the number of customers who say they will not switch primary cards over the next 12 months was at 22 percent, which is a decline from lasts years results of 25 percent and 30 percent in 2008. While customers perceive card issuers as “financially stable” and even “reliable,” they are apparently significantly less likely to view them as “customer driven.”

The American Express Premier Rewards Gold Card now has a new offer for card members and their friends and family. Simply refer a friend who gets an American Express Premier Rewards Gold card (details below), and Amex will reward you with Membership Rewards bonus points. The offer is good until September 30, 2010 so check out some of the highlights. All card holders are eligible and there is no limit to what you can earn.

• 5,000 Membership Rewards® bonus points for each approved referral
• Refer 4 friends and they’re approved, you can get 20,000 bonus points
• No Annual Fee for the first year
• 10,000 bonus points for themselves when they use the Card for the first time
• 3X points on airfare, 2X points on gas and groceries, and 1X points for everything else

The American Express Premier Rewards Gold Card now offering 5,000 Bonus Points for any referral from a card member. If you referral a friend or family member and they are approved you can earn 5,000 Bonus Points for each referral. The cool thing is that there is no limit on the amount of people you can refer. So if you make 4 referrals you will get 20,000 Bonus Points. Keep in mind you are only awarded points when the person you refer a person they have to be approved. The points are redeemable for various rewards, like gift cards valued up to $200 from select retail and dining partners.

After your referral gets approved they also get to enjoy some special benefits from American Express. Each referral will get their annual fee waived for the first year, after that the fee will be $175. The new card member will also get 10,000 Bonus Points for them self after their first purchase. In addition, they will also get the normal benefits the card offers such as, 3X points on airfare, 2X points on gas and groceries, and 1X points for everything else.

Again, there is no limit on how many people you can refer as well as no limit on the Bonus Points you can get. Order to be eligible you have to refer your friends and family September 30, 2010. All you have to do is Log In to your online account and from there you can follow the process they have set up.

Have you visited a college campus recently? If you have then there is one obvious thing missing – the credit card companies! Until just a year ago it was common practice for credit card companies to be posted on college campuses offering free food, tee shirts, and whatever else they could come up with to entice students to apply. These sights aren’t so common anymore now that students are being restricted when it comes to being issued and using a credit card. One facet of the Credit Card Accountability Responsibility and Disclosure Act stops predatory lending practices and incorporates various provisions which protect students.

The New Rules
The act now prevents credit card companies from going after young adults as freely as they have in years before. If under the age of 25, credit card companies can no longer send in the mail pre-approval letters or free promotional gifts. To take it a step further, students under the age 21 have to either prove they have a sufficient income to manage a credit card or have a co-signer. Being a co-signer on a credit card for a young adult can be a risky move and one that should be considered only after knowing all the facts. Another option would be to be added onto a parents account as an authorized user.

The new regulations also forces universities to reveal their relationships with credit card companies to the Federal Reserve Board. This means that schools must be open about their marketing agreements with credit card companies, must share their business relationships and even report any payments made to the school by the credit card companies. In addition, the law encourages schools to provide debt management classes to students.

All these changes have been put in place to protect students and young adults. It is a result of all the massive amounts of debit young adults are accumulating because they are sucked into the buy now pay later scheme. The amount of people who have bad credit is outrageous and these regulations have been put in place to stop this from happening. Today having good credit is more important than ever, especially now that we are hearing more and more about potential employers using peoples credit reports to determine if they should be hired or not. One day students and young adults will hopefully appreciate these measure that have been taken to protect them and their credit.

Co-Signing – Is It A Good Idea?
Co-signing on anything, like a credit card, should not be taken lightly. Here’s why – it is reported that 1 out of every 4 people who co-sign a loan end up paying the balance. When you co-sign you are agreeing to take full responsibility of the account if the account holder does not follow through. In other words you are 100% liable for the account. Here are somethings to consider before co-signing:

• If you co-sign and the borrower misses a payment, the lender can collect from you immediately.
• You are being asked to guarantee someone else’s debt when you co-sign a loan.
• If you co-sign be sure you can afford to pay the loan.
• Your liability for the loan may keep you from getting other credit you may want.

The Credit Card Act of 2009 implemented new rules for credit cards and gift cards were rolled out in stages starting last summer and now several provisions are set to be effective on August 22, 2010. The final round of rules will benefit both credit card users and gift card users. The new rules state that your credit card late fee can’t exceed your minimum payment. If you minimum payment is $15 then your late fee can at the most be $15. The new rules will also do away with “inactivity” fees and will require credit card companies that increase your interest rate to re-evaluate that increase six months later.

Changes To Gift Cards
The new gift cards provision known as H.R. 5502, states that gift cards can’t expire before five years. This means if you load money onto a gift card the expiration date has to at least be five years from when you purchased the card. The act also requires gift cards to be replace upon customer request by the card issuer. Card issuers also have to provide these new disclosures along with any gift card purchases so consumers know their rights. These new rules have been created for the sole purpose of protecting consumers.

Currently gift cards typically have an expiration date of one year. If the card is not used within a year of purchase then the card is not valid. Lawmakers think this is unfair which is why they have elected to extend the expiration date out to five years. The new laws also protect consumers against balance draining fees. No fee can be charged to the card unless the card hasn’t been used for one year and even then there can only be one charge a month.

If this act is accepted then some 100 million gift cards would have to be destroyed and reissued. That’s a lot of plastic! According to Representative Dan Maffei who sponsors this legislation, this many gift cards is “equivalent to eight football fields filled 12 feet deep with plastic card.” The president has signed the act and it is set to go into place August 22, 2010. To see the official summary of H.R. 5502 you can visit the Library of Congress. There are 4 versions of Bill Number H.R.5502 for the 111th Congress.

Most of us already have a hard time living without our cell phones and now its going to be even more difficult. The word on the street is that AT&T, Verizon, and TMobile have plans to team up to give the credit card companies some competition by allowing customers to use their smartphones as a form of payment instead of swiping a credit card. Smartphone users would be able to simply wave their phone in front of a wireless reader and their payment is complete. It sounds a little far out there, but apparently there has been talk in the works for several years.

According to sources cited by Bloomberg, these top wireless companies have plans to test this new service out in stores in Atlanta and in three other cities that have not been released yet. The details are a little fuzzy, but we know the technology will likely include a radio frequency identification tag that would somehow be embedded into the smartphone and linked to the users account. Smartphones can already do just about everything and soon they might even be able to pay for your groceries. This type of technology has been used in other countries like Japan, Turkey, and the U.K.

Bloomberg also reports that credit card companies like MasterCard and Visa have been investing in such mobile technology options for years now. They have launched similar systems that used the same RFID technology but it hasn’t quite caught on yet. It is reported that Visa has developed an iPhone App with DeviceFidelity which gives people the option to store payment information for multiple credit card accounts. Similiarly, MasterCard is still hyping up its PayPass service and has even developed a PayPass stickers that goes on the back of mobile phones. It will be interesting to see if the top wireless providers make this happen and further set smartphone users apart from the rest.