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CitiBusiness ThankYou Card Review

This article was written by in Credit. 1 comment.


Citibank wants to lure more business owners away from American Express and Chase with a credit card that cribs from its competitors’ playbooks. Like the original Platinum Card, the CitiBusiness ThankYou Card streamlines expense reporting and adds significant purchase protection benefits. While its APR and rewards offers don’t stack up to Ink from Chase, strong service features could make the difference for professionals who don’t intend to carry a balance.

Small spending plateau triggers Citi’s signup bonus

According to Citi’s website, a new CitiBusiness ThankYou cardholder can trade their 15,000 bonus points for $150 in merchant gift cards after spending just $3,000 with the card over 90 days. New Chase Ink Cash members have to spend $5,000 to qualify for a bonus $150 cash rebate, but Chase also offers an extra $100 credit upon first purchase.

CitibankLike Chase, Citi offers its ThankYou members bonus points for purchases in a variety of rotating, seasonal categories. Qualifying purchases earn three ThankYou Points per dollar spent at eligible merchants that include computer stores, advertising companies, airlines, restaurants, and phone companies. You’ll earn one ThankYou Point for every dollar you spend elsewhere on the card. Citi also kicks in bonus rewards for managing your account online and registering for paperless statements.

Earning awards gets easier if you share your personal ThankYou balance

ThankYou points carry the most value when you redeem them for merchandise or for gift cards. For instance, at a penny per point, an Amazon.com gift card reward can let you earn the equivalent of a 3 percent rebate on featured category purchases. Because every employee using CitiBusiness cards earns points, your company’s balance can grow fast.

Chase and American Express both offer stronger redemption rates on their business rewards cards. However, Citi offers a feature that can make the ThankYou program more appealing. Carry both a CitiBusiness card and a personal Citi credit card, and the bank will let you swap points between your accounts at no charge. If you choose to keep all your points for yourself, merging your earnings can help you reach higher rewards levels faster.

Citi makes up for average account terms with extraordinary protection

At the moment, the CitiBusiness ThankYou Card offers a six month, no interest teaser, followed by an APR above 13 percent. There’s no balance transfer teaser in effect, either. With no annual fee and no charge for issuing employees their own cards, CitiBusiness makes a decent card for cash flow management. This card really shines for companies that take advantage of money-saving features, including:

  • Extended warranty. Add one year to the manufacturer’s standard warranty on each purchase.
  • Retail purchase protection. You’re covered for up to $10,000 in loss or damage for 90 days after each transaction.
  • Auto rental insurance. Never pay for a collision damage waiver again.
  • Travel accident insurance and assistance services. Automatic coverage, and a round-the-clock help desk to keep you safe.
  • While frequent flyers may prefer AmEx’s Platinum Card’s airport perks, the CitiBusiness ThankYou Card replicates many of its competitors’ most compelling benefits.

Personal Business Assistant

Concierge services have quickly become the must-have benefit for elite business credit cards. Citi skews the trend with its team of Personal Business Assistants, specialized service professionals who can perform high level tasks on behalf of companies instead of cardholders. Like other cards’ concierge desks, the Citi PBA team can book you a reservation at a hot restaurant or confirm your next travel itinerary.

These assistants add even more value by researching supplier costs, sourcing vendors, and handling more complex requests related to meetings and conferences. Issuing a CitiBusiness ThankYou Card to each employee on your team gives them the power to offload routine tasks and busywork via a secure, online portal. That could be the signature feature keeping this card in the competition for space in your wallet.

If the above features appeal to you, apply for a CitiBusiness ThankYou Card today to receive the 15,000 bonus points opportunity.

Photo: Kien Wai

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Half of All Americans Are Not Saving for Retirement

This article was written by in Investing. 18 comments.

In April, LIMRA, a think-tank for the financial industry, completed a survey intended to focus on the savings and investment preferences of those living and working in the United States. After receiving responses from 2,697 Americans, a representative sample of the country, LIMRA was able to determine that 49 percent of the country is not saving for retirement. Additionally, more than half of Americans between the ages of 18 and 34, at 56 percent, are not saving for retirement.

Saving for retirement — and receiving the associated tax benefits through typical investment types like 401(k) plans and IRAs — requires a public trust in the financial industry. On one side, financial planners, investment salespeople and brokers, columnists, and bloggers are encouraging the use of financial products that, through both apparent and hidden fees, enriches the industry, while on the other side, investment firms are the beneficiaries of massive taxpayer bailouts and frequently in the news for using taxpayer money for paying their executives bonuses that defy the laws of gravity.

Wall StreetIt may be true that the reason many Americans do not save for retirement is ignorance. There are typical excuses for not saving for retirement, such as the lack of good, seemingly trustworthy information about the options that are available, the lack of knowledge about the benefits of investing in 401(k) plans and IRAs, or the belief that during tight personal economic times, not a cent is available to save for the future. After the recession, however, many people just see the financial industry as unworthy of trust. Organizations like LIMRA, working for the industry and promoting financial products, are unlikely to bring this attitude to the public attention.

The industry is more interested in shaming people unwilling to get on the boats rather than analyzing the leadership capabilities and trustworthiness of the boats’ captains.

I’m saving for retirement with 401(k) plans and IRAs. When possible, I choose plans that have low fees, but the choice is not always up to me. Employees may be able to choose from a selection of investments inside their 401(k) plan, employees can’t choose their company’s 401(k) administrator and broker without a coordinated effort among a large portion of employees. That would be nearly impossible in a large company. Unions are intended to solve some of these issues, but it can often reach the point where being a member of a large union is much like working for a large employer. The power of any individual is limited.

The 401(k) is ingenious for the financial industry, particularly now that it’s automatic. In a perfect world, every single employee is enrolled in a 401(k) plan on their first day on their first job. The investments may not perform well over time, but that’s not particularly relevant for the financial industry. As long as every American is investing a portion of their paycheck every week, two weeks, month, or other period, 401(k) administrators and brokers will continue to thrive. The employee probably benefits when retirement approaches, but that is by no means guaranteed. All you need to do is look at the portion of Americans who planned to retire in recent years but saw their nest eggs trampled on during the recession.

Investors bear the responsibility for changing their risk profile as they near their planned retirement, but there is a mixed message. The financial industry says you need to stay invested in stocks (highly volatile, highly risky) as you approach retirement because most people need their funds to last several decades throughout retirement while at the same time warning people to risk only what they can afford to lose. When people receive conflicting information, making decisions becomes more difficult. And when the conflicting information is coming from the same source — that is, the financial industry — the default reaction is the lack of trust.

Does the financial industry wants to do American citizens a favor by providing options for saving for retirement? No. The financial industry wants its companies to not only stay in business but to profit as much as possible. And to that end, it sells products — investment opportunities — designed to enrich the companies and their shareholders. There’s nothing wrong with this, because consumers will only buy products they need or desire enough. Companies will sell towards that need. And when only half of Americans have discovered retirement savings vehicles like 401(k) plans and IRAs, the industry will resign itself to doing a better job in explaining to the country why their products are needs, not wants.

Saving for retirement is important. For most people, stocks are the only investment type that can grow wealth quickly enough to provide the dream retirement so impressed upon Americans through media. It’s risky, as recent would-be retirees have seen. Thanks to the cognitive dissonance resulting in the understanding that the promotion of retirement is a result of the financial industry trying to increase profits on a large scale rather than corporate concern for the well-being of a nation and the knowledge that Americans must do something drastic to save money in order to fulfill the dream of quitting work, some Americans choose to invest while others would sooner give away their firstborn rather than drink the financial industry’s Kool-Aid.

LIMRA may be right — that most people who do not invest for retirement with 401(k) plans and IRAs have not done so because the industry’s message hasn’t successfully penetrated their consciousness. That may be due in part to a lack of education, but for others, it’s a lack of faith and trust in the industry.

Photo: zoonabar
LIMRA

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British Airways Visa Signature Card from Chase Review

This article was written by in Credit. Add a comment.

If you’ve ever flown British Airways long-haul from the U.S. to London, you’ve probably lingered when walking past those sleeper seats in the “Club World” section. They don’t just recline, they lay fully flat. You won’t run the risk of a small child kicking the back of your chair for hours before you endure the endless escalator rides at Heathrow. Thanks to this spring’s special offer from Chase’s British Airways Visa Signature Card, you can treat yourself to this luxury for about the same price as a standard coach class ticket.

Right now, Chase offers a staggered signup bonus for new British Airways Visa Signature cardholders. British Airways calls their frequent flyer miles “Avios,” and you’ll earn 50,000 of them as soon as you use your new Visa card. Make $10,000 in purchases, and BA credits your Executive Club account with 25,000 more Avios.

Land your final bonus of 25,000 more Avios once you’ve cleared $20,000 in purchases during your first year. After that, you can spend 80,000 Avios and about $1,100 in upgrade fees to book yourself that luxury flight.

Saving Avios and flying on the cheap

You don’t always have to splurge on a sleeper chair, though. Your 100,000 bonus Avios are plenty to cover the cost of two “World Traveller” round trip base fares between London and any of BA’s stateside hubs in New York, Philadelphia, Chicago, and Washington, D.C. This isn’t a discount airline you’re flying, either. British Airways’ coach seats on these flights resemble other airlines’ business classes. You get a private entertainment system, hot meals, and impeccable service from a flight crew that only gets testy if you don’t give them the chance to serve you.

The special smart chip you won’t see on other travel credit cards

Only a handful of American credit cards include the embedded smart chip that you’ll need to make routine purchases in Europe. Chase puts that “EMV chip” front and center on the British Airways Visa, and you’ll appreciate it when your travels take you off the beaten track. To combat fraud, many European merchants won’t accept American magnetic stripe credit cards outside of common tourist areas. The EMV chip saves you time and hassle, especially if you want to use any automated parking meters or vending machines during your visit.

No foreign transaction fee

Your $95 annual fee buys you another important perk that you’ll find on few travel rewards cards: no foreign transaction fee. Chase makes the process easy for frequent U.K. visitors: charge your card in pounds sterling at no extra fee, while enjoying Chase’s best currency conversion rate for the day of your purchase.

Rewards and risks of airline credit cards

Of course, British Airways is still a traditional airline, with a typical frequent flyer system. Regular BA travelers say that the 2012 Olympics and London’s business boom have made reward seats scarce, unless you plan your free trip far in advance. You’ll also have to pay redemption fees, airport service fees, and other taxes on each reward ticket.

If you value flexibility in a travel credit card, consider the Capital One Venture Rewards Credit Card instead. You’ll earn as much as 2 percent back on your everyday purchases, in the form of statement credits that you can redeem against any of your travel expenses. Still, given the high price of transatlantic airfare, the British Airways Visa Signature offers tremendous value, if you’re willing to jump through a few hoops.

To take advantage of the 10,000 Avios offer, apply for the British Airways Visa Signature Card from Chase today. You will need excellent credit in order to be approved, and be aware of the $95 annual fee.

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Citi Platinum Select / AAdvantage Visa Signature Review

This article was written by in Credit, Uncategorized. Add a comment.

If you travel by airplane often, and you find that the best prices for your routes center around one airline, it can often be beneficial to join that airline’s frequent flier loyalty program. In addition, many airlines also partner with credit card companies to offer travel rewards credit cards that help you accrue frequent flier miles faster.

American Airlines is a large airline with a long history, and over that time the company has developed loyal customers. For those who fly this airline often, the Citi® Platinum Select®/AAdvantage® Visa Signature® card offers rewards for credit card users. Right now, signing up for this card means you’re eligible for 30,000 American Airlines AAdvantage bonus miles once you make $1,000 in purchases within the first three months. Here’s a review of the card’s features and how to earn bonus miles.

Citi® Platinum Select®/AAdvantage® Visa Signature® cardAs mentioned above, to start you off, new Citi Platinum Select/AAdvantage Visa Signature cardholders will receive 30,000 AAdvantage bonus miles after spending $1,000 on the card during the first three months of card ownership. That’s less than $350 a month; just putting your monthly groceries on the card and paying them off before the bill is due might put you close to that amount. The 30,000 bonus miles is worth more than a round-trip economy ticket within the continental U.S. (including Alaska) and Canada, if you can book one of the restricted MileSAAver award seats. When you redeeem AAdvantage bonus miles, you also earn 10% of those redeemed miles back as new AAdvantage bonus miles, up to 10,000 bonus miles in a calendar year.

On an ongoing basis, the rewards program for the Citi Platinum Select/AAdvantage Visa Signature is fairly straightforward. Spenders earn two AAdvantage miles for every dollar spent on eligible American Airlines purchases and one AAdvantage mile for every dollar spent on other purchases. Miles earned by this card will never expire as long as one of the three following criteria are met every 18 months:

  1. You redeem American Airlines AAdvantage® miles,
  2. You earn miles on an American Airlines, American Eagle or AmericanConnection carrier, or
  3. You earn miles through an approved American Airlines AAdvantage participant

Every card membership year in which you make at least $30,000 in purchases, you also receive a $100 flight discount redeemable towards an American Airlines, American Eagle, or AmericanConnection carrier ticket originating in the U.S., or towards a ticket booked with a oneworld partner or on an American Airlines codeshare flight.

Frequent American Airlines fliers will appreciate that this card lets you check one standard eligible bag for free (normally $25 for a domestic flight). Also free are the first checked bags of up to four traveling companions, as long as they’re traveling on the same reservation as the primary cardholder — a nice benefit for family travel. Cardholders and up to four companions on the same reservation also get priority boarding for flights.

The interest rate for the Citi Platinum Select/AAdvantage Visa Signature — currently a variable APR of 15.24% for purchases — is above the average for rewards cards. The cash advance APR is 25.24%, but for most responsible cardholders, cash advances will not be a consideration.

Unfortunately, there is a $95 annual fee associated with this card, but the fee is waived during the first year. Plus, if you usually check a bag on your American Airlines flights, the first-checked-bag-free benefit would more than cover that annual fee within one round-trip itinerary for two people.

When you look at the Citi Platinum Select/AAdvantage Visa Signature from top to bottom, the card appears to come off as average or perhaps below average. This card is best for people who can pay their balance in full each month and who are American Airlines frequent flyers, both because the bonus miles you earn for initial spending adds up to a free flight and because of the travel perks that can make each American Airlines flight a little more pleasant. Only frequent flyers of American Airlines should consider owning this card. To apply, visit the Citi Platinum Select/AAdvantage Visa Signature application.

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The Best Travel Rewards Credit Cards, May 2012

by Flexo
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It’s time to plan your holiday travel. That may mean cashing in the travel rewards you’ve accumulated on credit cards — or it may mean starting to use a travel rewards credit card. Chances are you spend money on some necessities, and when you do, tailoring the rewards you receive to your travel needs could ... Continue reading this article…

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Best 0% APR on Balance Transfers Credit Cards, May 2012

by Flexo

Credit card debt is never fun, and developing a plan to get yourself out of the debt can be exhausting. Credit cards commonly charge interest rates of 20 percent or more, and if you miss a few payments the default rate can be even worse. Fortunately, if your credit is still decent, there is a way ... Continue reading this article…

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JetBlue Card From American Express Review

by Joe Taylor Jr.

The JetBlue Card from American Express is offering 10,000 points after your first purchase. Each purchase on the card earns one TrueBlue point per dollar, and some purchases can earn up to eight points per dollar. Is the $40 annual fee worth these and the card’s other benefits? JetBlue operates major hubs in New York, ... Continue reading this article…

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The Best Online Savings Accounts, May 2012

by Flexo

The best online savings accounts offer high interest rates and great customer service. Savings accounts, particularly so-called “high-yield” savings accounts, are best for money you might need within a year. Any money that you don’t want to subject to the short-term risk and volatility in the stock market should be held safe in a savings ... Continue reading this article…

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