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This comes from http://www.cardweb.com "Personal News" Section story dated 6/19/00:
While it is getting harder and harder to impress someone with a credit card, MBNA has come up with a super exclusive card. The new Quantum MasterCard offers a million dollar credit line and the option of earning up to one million air miles per year. Under the Quantum program, cardholders who qualify can access lines of credit totaling $1 million. The first $250,000 of the Quantum account is completely available by card, check, or cash. Beyond that a check-accessed line of credit can be arranged for an additional $750,000. An optional Quantum Rewards program enables wealthy cardholders to earn up to one million miles per year, good for unlimited worldwide redemptions. Pricing for the Quantum MasterCard varies, but the account typically features a 2.9% introductory rate and a fixed 13.99% rate thereafter. There is no annual fee, but the optional Quantum Rewards program costs $75 per year. There are no over-the-credit-limit-fees and no ATM transaction fees. Quantum clients also have access to preferred rates on MBNA CDs and Money Market Accounts. The program also features a top-of-the-line concierge service called "Quantum Assist". For more information visit http://www.mbna.com
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The card certainly looks very nice, more like Amex Blue than Centurion... MBNA's site doesn't have much info about rewards though.
Vlad
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VladdieD, thanks for the interesting post. The MBNA site has virtually no details about the perks of the card. It strikes me as being only a very high limit platinum card. Thanks especially for the link to Cardweb. It's a novel site that looks useful.
[This message has been edited by UpperDeck (edited 07-06-2000).]
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Perhaps a newly recycled version of the old VISA "infinite" ?
http://www.flyertalk.com/forum/Forum112/HTML/000042.html
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Doc -
MBNA is obviously trying to create a new category of MasterCard, with a cloud of status and exclusivity. However, it is doing it on its own.
MasterCard, as an association, has a version of its premium card, The World MasterCard. I think a saw a TV commercial for it sometime ago, and a couple of ads in some magazines; other than that, MasterCard has not done much for its publicity.
This is a link to the World MasterCard website:
http://www.mastercard.com/ourcards/consumer/world_main.html
Anyone knows which banks issue World MasterCard?
Vlad
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Vlad -- Citibank is one of those banks. See http://www.flyertalk.com/forum/Forum112/HTML/000046.html for the information on the new Citibank Gold AAdvantage World MasterCard.
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The thing that looks interesting to me is (1) no cash advance fee & (2) no foreign exchange fees. This makes the card attractive as an ATM card for international travel.
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The Visa Signature card appears to have a few more travel perks than the World Mastercard. Similar to Amex Platinum, the Visa Signature offers rental car upgrades with Avis, and room upgrades at Ritz-Carlton hotels.
Its interesting, though, how hard it is to find information online for banks that issue either of these high-end cards. The Mastercard web site doesn't seem to list an issuer, although the Visa Signature lists First USA (with a phone number but no link).
Does anyone here have either one of these cards? Just curious.
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I've got a Asia issued Visa Platinum Card (equivalent to the signature card).
I've got upgrades at hyatts, sheratons, westins, ritz-carltons.
Also, companion flyies free business class airfairs, a concierge service, and a preferential restaurant booking service.
It is similar to amex platinum (which I also have), but the services are not as good. It is a citibank issued card !!
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Agree with you that the Amex Plat is unique and customer service is probably better than many Visa/MC issuers. (Although, as has been expressed by many others on the Amex section, Plat is not what it used to be.)
When comparing the World MC or Visa Signature to Amex Plat, I still think Amex offers the best travel perks.
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First USA has the World MAstercard. I bought a $760 tix with 24,000 miles on days that are blaced out by the airlines. THE BEST CARD!
Warning: only good for USA, carribean, Europe, HAwaii
Originally posted by UpperDeck:
The Visa Signature card appears to have a few more travel perks than the World Mastercard. Similar to Amex Platinum, the Visa Signature offers rental car upgrades with Avis, and room upgrades at Ritz-Carlton hotels.
Its interesting, though, how hard it is to find information online for banks that issue either of these high-end cards. The Mastercard web site doesn't seem to list an issuer, although the Visa Signature lists First USA (with a phone number but no link).
Does anyone here have either one of these cards? Just curious.
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I just called Quantum customer service to get more info on this card. It has some good features that's worth getting the card.
1.) They have a 24/7 Concierge Service that is as receptive as AMEX's highly touted Centurion Concierge service. They'll cater to ANY desire...such as last minute Super Bowl tix. http://www.flyertalk.com/forum/smile.gif http://www.flyertalk.com/forum/smile.gif
2.) No ATM fees domestic or overseas. http://www.flyertalk.com/forum/smile.gif
3.) Minimum credit line of $15,000 with $100,000 income. CAn go as high as $1M.
4.) No over-the-credit-limit fees/penalties.
5.) 4 month intro 2.9% rate
6.) IT'S FREE!!!!! http://www.flyertalk.com/forum/smile.gif
The BAD:
1.) The Quantum Rewards Program costs $75. It's Optional--which is good. The reward structure is really BAD. They give you 1 cent per mile on airfare. So spending $25k on the card will net you 25,000 points for a domestc tix......which will net you a $250 benny applicable to airfare!!! THAT'S TERRIBLE!
The NEA MBNA card which costs $30/YEAR (vs $75 for Quantum Rewards) gives you a domestic tix with 15,000 points! The dollar cap is $500. That's 2x the $ cap on the Quantum.
Another card: The First USA World Mastercard also costs $50 yet for 25,000 points, you'll get a free domestic tix with NO CAP!!! (last year they paid a $760 domestic Xmas tix with my 25k points! http://www.flyertalk.com/forum/smile.gif)
Bottom Line:
Get the Free Quantum to take advantage of the No ATM fee service & their "kickbutt" concierge. [USE IT AS AN ATM CARD, PAY THE BILL AT END OF MONTH....LET YOUR MONEY IN THE BANK COLLECT INTEREST!]
For REWARDS, use the MBNA NEA, First USA World MAstercard, or AMEX Starwood card (this AMEX card you should definitely have)
The Quantum card web site is: https://quantum.mbna.com/login.jsp
Their phone # is: 800-800-8609
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....ONE MINOR CORRECTION:
It's probably not a good idea to use this card as an ATM as I previously mentioned.
The reason is since they don't charge you any fees, it's still treated as a cash advance. That means that this money starts collecting interest since DAY ONE. And at 14% after the 4 month intro.....that's NOT a good idea!!! http://www.flyertalk.com/forum/frown.gif
Sorry for this bad advice! http://www.flyertalk.com/forum/frown.gif
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It's not a bad idea to use it as an ATM overseas (as opposed to changing money).
A 14% annual rate is about 1% net if you pay it off within 4 weeks. You pay a lot more than 1% changing currencies.
If you want to avoid interest altogether, just make a large payment before you leave for your trip. Pay $500 for $500 in "free" local currency conversions (or, at least cheaper than going to a bank and changing money).
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Presumably, though, there's at least a 1% commission hidden in the conversion rate when you use it as an ATM for foreign currency. You'd have to add that on to the interest. Using a bank ATM card is still the best deal I think.
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QuietLion: I agree, the bank ATM (especially one without a fee charged for withdrawal) is the best.
But even the bank normally takes 1% on the currency transfer.
I use my no-cash advance Visa when:
1. My bank ATM doesn't work. In some parts of the world,it seems the ATM's accept Visa or Mastercard, but they don't work with the associated ATM networks (Plus, Cirrus).
2. If I'm away for some period of time (on a business trip) and I'm not exactly sure where my checking account stands, I'll use the credit card (I don't like to keep too much money in checking, since it doesn't earn interest). This also keeps the ATM transactions separate. I can charge the retail rate for currency transactions on my expense report -- that more than covers the credit card interest.
If I use the credit card in this way, I do not use it for purchases.
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Can someone please give me the number for the FirstUSA World Mastercard. The geniuses at the application line thought I was high on something, thinking that it didn't exist.
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I've always heard that using your credit card for purchases gets you the best exchange rate, as Visa and Mastercard exchange billions of dollars a day. That doesn't get you cash (for that, ATM is best), but it's supposedly the best deal.
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Originally posted by Tute84:
Can someone please give me the number for the FirstUSA World Mastercard. The geniuses at the application line thought I was high on something, thinking that it didn't exist.
Tute,
The First USA World MAstercard listed on my card is: 888-467-5011. Good luck! The card is well worth it.
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Opus17 & Quietlion make very good points.
Maybe using this Quantum card for overseas ATM transactions is a good idea....at least for me.
Even if an exchange rate of 1% is charged on top of another approximate 1% cash advance fee (assuming the APY is the advertised 14%), that is only 2 %.
My checking account gets 5% interest at USAbancshares.com. So I'm still getting 3% extra on my money for NOT using my ATM overseas! http://www.flyertalk.com/forum/smile.gif
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Uh, ssbl, I don't think you're getting 5% per month! http://www.flyertalk.com/forum/smile.gif
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Many credit cards have gone to 2% or even 4% hidden commissions on foreign purchases, so be sure you check with your card supplier before trying this out. AmEx and Diners are currently at 2%. Bank of America is also. The United FirstUSA card is still at 1%, but I believe their other cards are 3-4%.
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The Visa I have from my credit union is 1% or less currency transaction fee -- they don't publish the rate, but when I get the statement, I am very happy with the rate they give. That and the no cash advance fee/ no ATM fee makes that card quite useful.
I thought the MBNA Quantum Visa was 1%, but I don't have that in writing yet (still waiting for the paperwork to arrive)...