Citi Prestige Hikes Bonus Opportunity to 75,000 Points

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Citi has struck the latest blow in the luxury credit card wars, significantly increasing the size of its signup bonus opportunity for new Prestige cardholders. However, that bonus will also be more challenging to get.

New cardholders who spend at least $7500 with the Prestige card in the first three months of having it will get a bonus of 75,000 Citi ThankYou points, which Citi says is worth “more than $935 when redeemed for air travel through the Citi ThankYou Travel Center.” The previous bonus opportunity was 40,000 points after $4000 in purchases within three months.
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CFPB Bans Mandatory Dispute Arbitration, But It May Not Last

By Laura Mack,

The Consumer Financial Protection Bureau (CFPB) yesterday banned credit card companies and other financial companies from putting mandatory arbitration clauses in their contracts, thereby allowing consumers to band together in class-action lawsuits against these companies. But the CFPB has been under attack by Republican lawmakers, and the ban could very well be repealed.

Financial companies have long used mandatory arbitration as a way to settle disputes with their customers, saving themselves millions of dollars in legal fees and restricting consumers’ ability to sue them for damages. (In arbitration, both sides of a dispute are presented and an arbitrator or arbitrators essentially act as judges in determining how the matter should be resolved.) In particular, the clauses prevent consumers from banding together to sue, commonly known as class-action lawsuits.
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Buckle is Latest Retailer to Suffer Credit Card Breach

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Clothing retailer Buckle that a breach in its retail store payment systems may have led to customer credit card data being stolen. The breach was in physical stores only, not at the Buckle online store.

Buckle found malware (malicious software) on some retail store location point-of-sale (POS) systems, which may have led to account numbers, expiration dates, and account holder names being stolen. Buckle believes the malware functioned from October 28, 2016 to April 14, 2017.
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BankAmericard Debuts a No-Fee 0% Balance Transfer Offer

By Rebecca Anders,

Bank of America has tweaked the features of its flagship BankAmericard, with the big change being that balance transfers made to the card in the first 60 days after account opening will have no balance transfer fee. Once a balance transfer is made, that balance can sit for 15 months without accruing any interest.

BankAmericard becomes the second major credit card to offer a no-fee 0% balance transfer, matching the Chase Slate card’s 15-month 0% offer. Both cards also offer a 0% rate on new purchases for 15 months as well.
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American Express Launches Blue Business Plus Card

By Rebecca Anders,

American Express announced today the launch of a new small business credit card offering 2 Membership Rewards points for every dollar charged to the card (on up to $50,000 per year). The also offers a 0% interest rate on purchases and balance transfers for the first 15 months after acceptance. (Transferred balances will incur a 3% fee, however.)

Cardholders who spend more than $50,000 on the card in a year will drop down to earning just 1 point per dollar on those purchases over $50K.

The Blue Business Plus Card has no annual fee. The interest rate on the card will depend on an applicant’s credit history, with potential rates offered being 11.99%, 15.99%, or 19.99%.
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Capital One Quicksilver Users Now Get 50% Rebate on Spotify Premium

By Anthony Simon

Capital One is giving current and potential cardholders who love music a good reason to use their Capital One Quicksilver credit cards: a 50% rebate on Spotify Premium.

From now through April 30, 2018, Spotify Premium customers who pay for their subscription with a Capital One Quicksilver or QuicksilverOne credit card will automatically get half of the cost rebated back to them as a statement credit.
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Walmart Ends “Deferred Interest” Credit Card Promotions


Walmart announced last week that it would no longer offer 0%-interest credit card promotions that use a “deferred interest” model. With “deferred interest” offers, credit card holders can finance larger purchases at a 0% rate for a set period of time (usually 6 or 12 months), but they must pay off the complete balance within that promotional period or all of the interest that would’ve accrued since the date of purchase suddenly gets added to the bill.

As points out, using a 12-month period as an example, “…even if you have just a fraction of the purchase price left to pay on day 366, you could owe 12 months’ worth of interest based on the balance. That means your wallet could take a significant hit.”
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Nissan Visa Rewards Credit Card Launched

By Anthony Simon

Nissan has launched a new rewards Visa credit card in partnership with Synchrony Bank that will allow cardholders to earn points that can be redeemed toward a future Nissan or Infiniti purchase or lease, as well as other reward options.

Cardholders will earn points under the following formula:

  • 5 points per dollar spent on gas purchases as well as on products and services at Nissan dealerships
  • 3 points per dollar on dining purchases
  • 1 point per dollar on all other purchases

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U.S. Bank Debuts Its High-End Travel Credit Card

By Laura Mack

U.S. Bank announced the launch today of the Altitude Reserve Visa Infinite credit card, a travel credit card ripe with perks but also a hefty $400 annual fee. While the card aims to compete with rival cards such as the American Express Platinum Card and the Chase Sapphire Reserve Card, it limits that ambition by making the card available only to existing U.S. Bank customers. (Applications are only accepted from those who have had a different U.S. Bank account open for at least 35 days.)

Among the Altitude Reserve’s perks are $325 in travel reimbursements each year, 3 points per dollar on travel purchases and mobile wallet purchases (1 point per dollar on all other purchases), free in-flight Gogo Wi-Fi (12 passes per year), airport lounge access, and other features you would expect from a high-end travel card. The Altitude Reserve is also a metal credit card, which has no value beyond aesthetics but is attractive to certain cardholders.
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