Credit Laws Change Against Unfair and Deceptive Credit Card Practices

Steps have been taken by the Federal Reserve, the Office of Thrift Supervision, and the National Credit Union Administration to change behaviors and practices by Credit Card companies by July 1, 2010; The net result will prohibit:

  • Raising interest rates on existing balances unless payments are greater than 30 days late
  • Charging Late Fees if borrower has not been given at least 21 days to pay
  • Applying payments in a way that results in higher interest rates getting paid last

Banks and Credit Card Companies in this $970 Billion Dollar industry exclaim that this will result in higher interest rates and fees for the sub prime credit market, however, consumers welcome the changes in practices. The changes come in line with the latest Fitch Retail Credit Index, showing current 60-day deliquencies increasing by nearly 24% from August to 4.8%. This may make those luxury credit card consumers even more attractive to credit card companies, as they have less leeway to charge the sub prime credit borrowers going forward.


Residence Superieur Black Card (Membership)

Want a luxury lifestyle, but don’t want to pay for it all of the time?

Richard Nilsson, an international lifestyle designer has launched a new Black Card as part of his “Residence Superieur” club, allowing members access to luxury lifestyle residences, dining, travel, and experiences at fractional cost.



Sample card benefits include:

  • Access to Residence Superieur mansions (updated annually)
  • Access to Private Jet Service.
  • Invitations to the Residence Superieur events.
  • Access to the Residence Superieur Connoisseur Collection and shop
  • Yearly giveaways from the Connoisseur Collection
  • Access to the exclusive printed version of Superieur magazine.
  • Access to the Residence Superieur network.

All of this will cost you 200,000 euros per year.


MasterCard World Elite

The World Elite MasterCard is MasterCard’s highest card offering, providing travel benefits, reservation programs, special rewrads programs, Concierge, etc. World Elite cardholders get access to Virtuoso travel consultant services, including special upgrades, amenities, and rare travel experiences provided through the Virtuoso international luxury travel network. Cardholders also have access to a concierge service that provides personalized recommendations, help with reservations with dining, travel, entertainment, and other services on a 24/7/365 basis. The World Elite MasterCard program holds table at restaurants, tickets at sporting events, special shopping access, as well as tailored spa/salon experiences. Finally as with any card, the World Elite MasterCard provides access to savings and goods with retail, dining, and personal care services.


GK Power / Dubai First: Royale MasterCard

GK Power, a Seoul-based smart card maker and online game provider, developed the luxury card and began selling it to local and overseas banks last year. Recently, it signed a $175,000 contract with Dubai First Bank in September to supply 1,000 cards _ worth 300 times more than conventional plain plastic cards _ for the bank’s most valued clients. Kim says this is just the beginning of the high-end card market that the company is looking to step into in the U.S., China, Europe and the Middle East


Dubai First Royale World MasterCard – Original Press Release

Dubai: 12 October, 2008Dubai First, the consumer finance company of Dubai Group, a member of Dubai Holding, today announced the Royale MasterCard®, its signature payment card offering, has been awarded the ‘Best Premium Programme – Credit Award’ by MasterCard Worldwide, a leader in advancing global commerce.

The Royale card program, the first diamond embedded MasterCard credit card in the region, was recognized at the MasterCard Worldwide APMEA (Asia/Pacific, Middle East and Africa) Product Forum 2008, which was held in Singapore between 7 and 8 October 2008. Dubai First was among a handful of UAE-based financial institutions that have been acknowledged by MasterCard for their excellence in delivering innovative products and services.

Accepting the award at a ceremony in Singapore, Ibrahim Al Ansari, CEO of Dubai First, said:

Dubai First and MasterCard Worldwide share an enriched business relationship that spans across several payment products. Among them, the Royale MasterCard remains our signature product, and one that represents the exclusivity of our offering. We are honored to receive this special commendation from MasterCard.

Launched in November 2007, the Royale is the only credit card in the South Asia, Middle East and Africa region embedded with a certified diamond set within a distinctive metal crest. Elegantly designed, the Royale is a sophisticated black card that is available by invitation only.

Created by Dubai First to address the unique needs of ultra high net worth individuals, the card has set new standards in the world of luxury credit cards through its unique services and benefits such as a Personal Relationship Manager and a Lifestyle Manager who provide essential support to every lifestyle aspect, from booking jets to arranging invitations to exclusive openings around the world.

For a person on the go, it meets last-minute requests, while offering insider information on select events through its global network. Dubai First has also put in place a substantial package of services like preferential packages for yacht charters, reservation services at the top restaurants around the world, VIP accesses to the top equestrian events, and much more.

Ravi Bhardwaj, Country Manager UAE, Dubai First said:

“The launch of the Royale World MasterCard signaled a new era in credit cards in the region. Highly differentiated from other premium cards, Royale represents an aspiration rather than just a lifestyle. Dubai First is proud to receive acknowledgment from its peers for Royale, and we look forward to introducing more innovations in the region’s consumer finance segment.”

Eyad Al Kourdi, Country Manager, UAE, MasterCard Worldwide said:

The Dubai First Royale World MasterCard credit card is a great example of how MasterCard works closely with our customer financial institutions to develop differentiated payment offerings that will appeal to the evolving lifestyle needs of the affluent consumer of today. We are delighted to present this award to Dubai First for the Royale World MasterCard credit card program, the second set of payment products launched by Dubai First just less than a year ago. We look forward to working closely with Dubai First as they continue to meet their vision in becoming a leading player in consumer finance across the Middle East and North Africa.

The MasterCard Worldwide APMEA Product Forum is an annual event, during which MasterCard honors its customer financial institutions from around the region for their excellence in promoting growth, technology and innovation in the payments industry.

Dubai First

Dubai First is the first consumer finance company of Dubai Group, established by Dubai Holding. Dubai First was launched as a result of extensive research into the regional finance industry, which revealed that the market is heavily over banked but severely under served. Dubai First aims to fill this gap and distinguish itself by being a customer-focused, service-oriented consumer finance player. Dubai First’s vision is to be market leader in consumer finance in the region.The strategy of the organization is to establish a center of multi-functional excellence in the UAE and leverage this to enter new markets. Dubai First currently offers credit cards and personal loans, with. Its signature product is the Royale MasterCard from Dubai First, an invitation-only sophisticated black card, fringed with a golden metallic border and embedded with a certified diamond set within a distinctive crest. For more information, please visit www.dubaifirst.com


DBS Black Card (American Express)


Introduced circa 2006, via American Express and DBS Bank in Hong Kong, this card seeks to capitalize on “black card branding”.The card itself requries a minimum annual income of S$48,000. Benefits most notably, include lifetime 2x point accrual rate and 4x accrual rate for “luxury spending” , American Express Travel Offices, American Express Selects (travel, leisure, dining, and shopping discounts).


Halifax Carbon Card (UK)

The Halifax Carbon Card, MasterCard branded card, is available to Bank of Scotland Private Banking customers, earning £75,000 or more, and is ideal for those people who have busy schedules and who travel frequently. There is an annual fee of £175.

  • Acceptance at 23 million MasterCard outlets worldwide.
  • Emergency help overseas if legal or medical help is required, a passport is lost or stolen, an interpreter required or a message home needed.
  • Comprehensive family travel insurance worldwide, including travel accident, winter sports flight delay, lost luggage and purchase protection cover when you charge your travel tickets to your Carbon Card.
  • Membership of Priority Pass, the world’s largest independent airport lounge access service, giving free access to 300 executive airport lounges in over 70 countries.
  • A programme of special offers and discounts on selected goods and services.
  • Minimum credit limit of 15,000.
  • Cash withdrawal up to 750 a day.
  • Up to 59 days interest free credit.


The Bank of America (BAC) AMEX Accolades Card

Bank of America (BAC) is now targeting high end customers with the American Express Accoldates card, which target’s BAC’s wealthy private banking clients. The card includes standard luxury credit card services like, global concierge, travel arrangements, and charitable donation matching.



http://newsroom.bankofamerica.com/index.php?s=press_releases&item=7791


Priority Pass

Centurion Members get automatic membership to the Priority Pass program.

Priority Pass is the world’s largest VIP lounge VIP program with access to over 500 airport lounges in 90 countries and over 275 cities. Lounges include a range of refreshments, facilities for business, conference rooms, phones, fax, e-mail, internet access.

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http://www.prioritypass.com/

Black Ink (formerly a magazine with no name)

Black Ink used to be a magazine with “no name” from it’s start in 2004. It was the magazine received alongside Departures magazine which Platinum cardholders receive as well.

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However, starting in spring of 2007, the magazine was officially titled Black Ink. European, Asian, and Austrailian Centurion card holders will still receive Centurion Magazine.