Credit Card Lowdown

25 Reasons You Wish You Had an AMEX Black

Have you heard about the AmEx Black? It's an exclusive card that comes with a host of top notch privileges, from a private concierge service to after-hours shopping at designer stores. These cards are not easy to come by because they're offered by invitation only - usually to celebrities and business moguls. Check out these features and you're gonna wish you were a member of this elite club.

1. The Black is all about status. This card ensures you'll get noticed each time you use it. It's a really nice looking card: the titanium construction and trademark black color stand out among others. The metal construction also means the card can't slide through most credit card processing machines. The number has to be entered manually.
2. Just the fact that you own one means you're a big spender. To get an invitation, you must charge a minimum of $250,000 within a period of 10 months.
3. Do you love to be in the spotlight? The AmEx Black is your card. It's made of platinum, so it causes trouble at airport metal detectors. You'll be certain to create a stir, making you the center of attention.
4. The card comes with your own, personal concierge - who is on call 24 hours a day. All you have to do is call or email for access to a whole range of services, from tickets to a sold-out show to a handful of sand from the shores of the Dead Sea.
5. With the card comes your own mini-computer that tells you how much you've spent.
6. Use your AmEx black to buy a first-class ticket on a transatlantic flight and you'll get a free companion ticket.
7. You're entitled to a free, one-night stay in just about every Mandarin Oriental hotel once a year.
8. Access personal shoppers at retail outlets like Saks Fifth Avenue, Gucci and Neiman Marcus.
9. The Buyers' Assurance Plan entitles you to a three year extension on any manufacturer's warranty.
10. You're also insured for up to $50,000 a year on lost or damaged items that are purchased using the card.
11. Need instant access to exclusive airport lounges? Just flash your included Priority Pass and you're in.
12. Get membership access to Sony's Cierge personal shopping program.
13. The Black card offers free room upgrades at over 530 hotels and resorts all over the world. These include The Mandarin Oriental, Banyan Tree and Four Seasons.
14. You'll get VIP/Club membership access to car rentals, including free upgrades and late returns.
15. The membership fee, although exorbitant, is tax deductible.
16. On cruises, you get $500 in ship credit, plus free room upgrades.
17. MGM Grand offers AmEx Black cardholders a $750 credit when you book a Mansion.
18. You'll get frequent flier status on Delta Airlines, Virgin Atlantic and Continental.
19. AmEx Black cards have a sky-high spending limit. Cardholders have been known to make purchases in excess of $1 million. Want to buy a Bentley? Charter a private jet? No problem.
20. Don't worry if you've lost your wallet. You'll get fixed up with no hassles, thanks to the Credit Card Registry program. One phone call to AmEx invalidates all of your cards and issues new ones immediately.
21. If you can't stand shopping amongst crowds, you can use your card for after-hours privileges at stores like DKNY, Valentino, Cerutti and Celine.
22. With the Emergency Assistance Program, AmEx gives you medical, legal and financial help 24 hours a day. This five-star treatment runs the gamut of services: replacement of lost or stolen passports and prescriptions, air ambulances anywhere in the world and more.
23. Frequent flier perks include: $640,000 in travel insurance, trip cancellation coverage, $3.5 million in case of death or dismemberment, baggage allowances of up to $2,000, $250 for hotel and other expenses during flight delays and $500 for baggage delays of more than three hours. 
24. Have you always dreamed of owning a private jet? Sign up for the Private Jet Services Program to buy flight time on a private jet or enjoy part ownership of private jet carriers.
25. AmEx black lets you see the stars. The Space Adventures program grants attendance to space-related events, plus an annual credit for the payment of a suborbital flight reservation.

Your credit card pays your mortgage while you shop

Imagine using your credit card to purchase something and at the same time earning points to pay off your mortgage for every retail dollar you spend. Sounds like fiction? No I'm not fibbing. If you live in the Connecticut region, you may earn points toward paying off their mortgages by shopping with a new credit card issued by William Raveis Real Estate & Home Services. The William Raveis Rewards Card is an American Express card with no annual fee. If you are a cardholder, you can earn one point for every retail dollar they spend.

You can also expect to earn extra points when you make purchases at selected home improvement, electronics and home furnishings retailers. And don't worry if you are not a William Raveis client. Anybody can apply for the card and the only condition is that additional points are awarded only to those who buy a home, obtain a mortgage or buy insurance through William Raveis. Rismedia.com reports:

Points can be used to pay down home mortgages, Raveis said, adding that the company is the first in the region to offer such a program. Each increment of 5,000 points will be converted into a $50 value.

Read more: Real Estate Firm Offers Unique Credit Card in Shelton, Conn

Reward cards

What is it about cash-back reward cards that has people gunning for them? It probably is simple human nature. Not many people can say no to rewards that are offered for doing what you like to do most – shop. And the market for these cards is growing enormously – at last count, over 32 million people across the country were using reward cards!

So, why is the credit card industry, which is not known for its generosity, making such a magnanimous gesture? When any credit card company offers a cash-back or reward scheme for using its credit card, customers are known to usually use this particular card more than the regular ones. So now you have companies like Discover giving away almost $500 million in 2005 alone. Discover was the company that introduced the cash-back scheme nearly two decades ago. Soon other credit card companies like American Express, Citibank, Visa, and many others were offering reward cards and business was booming.

Tiring Taxes? Try using your credit cards

Tax season is well upon us and the IRS is busy giving last minute tax tips to the young recruits. You can now charge federal income taxes to an American Express, Discover, MasterCard, or VISA account by contacting one of the two companies authorized by the IRS to process credit card payments. Thecitizen.com reports:

There is no IRS fee for credit card payments; however, the service providers do charge a convenience fee based on the amount charged. Once you’ve completed the transaction, be sure to write down the confirmation number and the amount of your tax payment.

Read more: IRS gives last-minute tax tips

‘Contactless’ credit cards

If you are one of those who like to use their credit cards regularly, you’ve probably felt the irritation that most of us feel when we have to swipe the cards and sign receipts for purchases. Of course, it is only a minor hassle but a hassle nevertheless. So what do the credit card issuing companies do to ease our problems? They devise means that will allow us to use our card without this slight snag. Did I hear you say wow? Well, this is how it works. Very soon, JPMorgan Chase and American Express will begin issuing millions of new credit cards that are embedded with computer chips. This means you will no longer have to swipe your card and sign receipts.

This new technology allows consumers to just wave their credit card over the reader and the transaction will be complete. And guess what’s the best thing about the new credit card? The issuing companies claim that the sensors on the cards will prevent thieves from retrieving confidential information about you from the card. So, if your card is stolen, the thief may be able to use the card but will not be able to get any other information about you or your financial status.

The new credit cards have been tested in major cities and will be available sooner than you think. And consumers are not the only ones who will benefit from this new technology. Merchants who install the new card readers will not have to worry about lengthy queues at the checkout counters. Neither will they need to get the customer’s signature. All they now need to do is issue a receipt.

But, as with all good things, there is a slight problem associated with using the card. Researchers have found that in the cities where this new technology has been tested, consumers were found to be spending more than usual. The frequency of use had also increased when compared with traditional credit cards. Well, I’d say that all you need is a little self-restraint to solve that problem.

Read more about contactless credit cards at FindCreditCards.org.

Card companies face increasing security breaches

Suspect transactions seem to have become the rule rather than exception as increasing numbers pop up throughout the United States and other countries. According to officials investigating the case, a large number of these transactions may be related to a security breach that happened at a merchant facility in California last year. The fallout from this event is only now becoming known. Visa USA was one of the first companies that gave an indication that everything was not all right. Recently released figures from the company indicate just 17% of 231 large retailers comply with industry wide data-security rules. Data-security experts believe that this is the proverbial tip of the iceberg. They believe that more such reports will be forthcoming in the next few months.

Sadly, most of the card companies have been trying to take adequate precautions to avoid just such a problem. Visa, MasterCard International, American Express Co., Discover Financial Services LLC, and other card companies harmonized their individual data-security rules into a common set of rules known as the Payment Card Industry data-security standard. This was done a year back. The rules mandate measures such as data encryption, firewalls, and regular anti-virus scans and apply to all organizations, including merchants, that handle card data. However, more than 80% of the large merchants are not yet in compliance.

Businesses can use credit cards for taxes

I am not one of those who subscribe to the idea of having multiple credit cards and flashing them wherever I go. My belief is that credit cards and their use doesn’t spell good news unless you are a careful and thrifty spender. But every once in a while, credit card companies, and sometimes the government spring certain surprises that make me want to change my opinion that credit cards are dangerous.

So, now that I’ve psyched you enough, let’s get on with the news. If you are a businessperson, then get your credit card out and ready for the IRS. The IRS or Internal Revenue Service has now begun accepting credit card payments for certain business taxes. Another piece of good news is that the convenience fee paid or incurred by a business making a tax payment with a credit card can be deducted as a business expense.

In case you are interested in making secure federal tax payments with your American Express, Discover, MasterCard and Visa cards, all you need to do is visit their official site at officialpayments.com

Credit card companies use Websites to draw customers

According to a recent report, Discover, American Express and Chase are the top-three credit card companies in terms of the online experience that they provide for customers. The study, conducted by Keynote Systems, examined the online experience as people interacted with leading credit card Web sites. Destinationcrm.com reports:

Discover has the top site in terms of the online customer experience, based on its leadership position in credit card satisfaction, an indication of consumer satisfaction with its interest rates and fees as compared to other leading cards.

Read more: Customers Give Credit to Card Companies' Web Sites

Reward cards

What type of credit card do you hold – regular or reward card. Chances are you already have a reward card with your regular credit card or are planning to get one soon. So what is it about these cash-back cards that have people gunning for them? It’s simple human nature. Not many people can say no to rewards that are offered for doing what you like to do most – shop. It’s just too tempting. So let’s have a look at this segment of the credit card market, which is growing at an enormous rate – at last count, over 32 million people across the country were using reward cards!

The credit card industry is not known for its generosity. On the contrary, high interest rates, and changing terms and conditions are more de rigueur in this industry. So the very fact that these companies are today offering cash or rewards to people who shop with their cards may sound a bit absurd. But not when you realize that they are now banking on something businesses have done from time immemorial – customer loyalty.

When any credit card company offers a cash-back or reward scheme for using its credit card, customers are known to usually use this particular card more than the regular ones. So now you have companies like Discover giving away almost $500 million in 2005 alone. Discover was the company that introduced the cash-back scheme nearly two decades ago. Soon other credit card companies like American Express, Citibank, Visa, and many others were offering reward cards and business was booming.

So how good are these cards for customers? Do they come with some hidden charges or are they simply what they claim to be? Questions any persons should ask him/herself before going in for a reward card.

If you were to go by customer surveys, this industry is yet to peak. People are in general very happy with these cards. Only one thing, you need to find out which card suits you and your wallet best. You only need to remember one thing: your choice of card depends on what kind of shopper you are – you buy books, grocery, or clothes. So it is important to know more about every card before you choose the one that is right for you.

High fees for multiple-use gift card

Beware! The ‘multiple-use’ gift card that you received this Christmas may not be as great a gift as you thought it would be – especially if you are living in Connecticut. You may end up paying a huge sum as fees on these types of gift cards, which are issued through American Express, Discover, MasterCard or Visa. This despite the fact that a Connecticut law prohibits inactivity fees and expiration dates on gift cards. The catch here is that the law still does not apply on multiple-use gift cards.

But the stringent rules have ensured that at least some of the card issuers stay out of the state. While Discover Card does not offer gift cards in Connecticut, American Express does not sell its cards directly to Connecticut residents.

What has irked state representatives are the numerous types of fees that the issuing companies charge for a small gift card. When you get a multiple-use gift card, you not only have an expiration date, you have to pay a purchase fee, inactivity fee and even a processing fee if you want any money that remains on the card after you’ve used it to be returned to you.

Automatic Bill Payment from American Express

Automatic bill payment is a convenience service by which any American Express Card can be used for automatic payment of regular bills. It doers away with the need for multiple checks to pay bills, with the charges being directly billed to the card.

To get started, search according to state, industry or alphabetically for a service provider. Get in touch with them requesting the facility of automatic bill payment on your card. Keep the customer account number for the service provider and card information at hand. Also keep a record of all charges on monthly card statements.

There is no extra fee that American Express charges for the convenience of automatic bill payment service.

After applying for the automatic bill payment service, it can take upto three billing cycles for the charges to take effect. It may be advisable to continue paying the invoices until you are informed by your service provider that your bill has been charged to your card. Once the service takes effect, many service providers may nevertheless continue to send bills but with the instruction not to pay or Paid. Credit card info.com reports:

Q: What is Automatic Bill Payment?

A: Automatic Bill Payment is a convenient way to automatically pay your recurring bills using any American Express® Card. Rather than writing multiple checks to pay your bills, you can have the charges for these and other services billed directly to your American Express Card.