Time to Reduce Debt Quickly Now

By: Mr Credit Card

01/24/2008

In my opinion, we are now at a period of potential asset deflation. The US housing market has been in a decline for the last 3 years. The decline started in 2005. The economy is going south and many smaller businesses are finding it harder to get financing because of unfavorable business conditions. Banks, who have taken huge earning hits in the sub prime mortgage and credit related losses and not aggressive in lending.

The general rule of thumb is that you only take on leverage on an appreciating asset. That is why when the housing market is on fire, or even in normal market conditions, taking on a mortgage makes sense because you are taking leverage on an appreciating asset. You also get deductions on your interest payments.

The same thing happened in the private equity world where huge leverage outs in an easy credit environment coupled with an OK stock market made a lot of sense.

But when you take on leverage on an asset which is declining in value, it becomes a double whammy. You end paying so much more for an asset which does not appreciate (that is why I never ever took out a car loan).

So what implications does this have for our most common debt – credit card debts and our mortgage?

Well, firstly, we should always try not to carry a balance and have credit card debt. That is because you are carry debt based on consumption that adds no value to you. You are not borrowing to finance an asset (though some people use their credit card lines for their business). As for your mortgage, I think now is the time where you should pay off as much and as quickly as possible. The housing bubble will take a while to reach equilibrium and experts estimate that prices need to fall another 15% to 20% to reach “fair values”.

So if you have good credit scores and you have credit card debt, I suggest you attempt to pay them off as soon as possible. Set up a plan and stick to it. You may want to consider getting a 0% APR balance transfer credit card to speed up your debt reduction plan.

If you are paying anywhere north of 6% on your fixed mortgage, now is the time to consider refinancing (you can check out sites like LMB Refinance Loan to get the best rates. Then consider using the extra cash you have to pay down your principal faster.

Now is certainly not the time to have lots of debt, especially when asset values (aka your home) is declining. If you have not given too much thought to this, I really think now is the time to really get your debt reduction plan on schedule.

Credit Cards In My Wallet?

By: Mr Credit Card

01/11/2008

I know of people who have 20 credit cards. They have applied for them just for the sake of it and many times treat them like collectors items.

Personally, Mrs Credit Card and myself carry three credit cards and here are the reasons for us using them.

1. Amex Platinum Card – Years ago, my first card was the Amex Green Card, which was then upgraded to the Gold card. About a year and a half ago, I decided to upgrade to the Platinum Card. There were several reasons : Since I call myself Mr Credit Card, I wanted to write about the Platinum Card. But how could I write about it if I did not have the card. So rather than pay the $150 annual fee for the gold card, I forked out $395 for the card (excluding Mrs Credit Card’s supplementary card!).

Having the card enables me to actually write about my actual experience with the card and their concierge services etc. For example, I wrote about my experiences with the american express domestic companion ticket. I also wrote about how Amex Global Assist helped me when I left my keys in the car.

The second reason I got it was partly because of an ego thing. It actually feels good flashing this card (not always, but sometimes!).

But seriously, I used to travel and fly frequently and the membership rewards points allows me to transfer points to different airmiles. I also like using points for other cool stuff on the program. After some snooping around, I found out that the membership rewards program was the only one that carried the most Apple products compared to other reward programs.

2. Blue Cash – Since I started this website and reviewed credit cards, I’ve come to realize what a cool card the blue cash is. Every since the Citi Dividend card stopped paying 5% rebates with no tiers, I felt that the Blue Cash was probably the best cash back credit card for consumers in the market. Since I felt it was the best, I decided to apply for it and till this day, there are no regrets. After building my cash back credit card calculator, I keyed in my annual expenditure on various items and found that the Blue Cash paid me the most rebate as well. Hence, it was the right decision.

Twice, I accidentally missed my payments and twice Amex waived the late charges and interest charges on the account of my good and long history with them. I also like the fact that the rebates are automatically used to reduce your credit card bill at the end of the last month of your calendar.

Right now (because of the Amex Platinum Card), I’m probably not optimizing my use of this card. But I still use it at gas stations, supermarkets and drugstore to get my 5% rebates!

3.Chase Flexible Rewards Card – I got this card simply because I wanted to review the reward program but Chase does not publish them on the website! I called them for a brochure but they said I could only get one when I have the card. But I told them I need to see the reward program to decide if I wanted to get it! Still they said no. So I applied for the card.

Frankly speaking, I only use this card if a place does not accept Amex. The reward program is actually quite unique in a couple of ways in the airline ticket rewards. As with a typical reward program, you can exchange points for airline tickets. But the Flexible rewards program also allows you to exchange points for Continental One Pass Miles, United Mileage Miles and also British Airways Miles. The ratio isn’t exactly one for one, but given that you do not have to pay any annual fee for this card, it looks like a back door way as an airline card but with no annual fee especially if you are a frequent flier with any of this airline.

So that’s it. These are the three cards I use at the moment. I wanted to get the Capital One and Discover cards but my close friends have that. They give me their passwords so that I can login, check their reward programs and write proper reviews for these card.

So which cards do you have and how do you use them?

Debt Consolidation Experience

By: Mr Credit Card

01/07/2008

Hi, I’m Mrs. Accountability, and I would like to thank Mr. Credit Card for allowing me to guest post here at Ask Mr. Credit Card. I would like to share my experience with debt consolidation. You can read more about my financial adventures at my blog, Out of Debt Again. You can subscribe to my blog here.

Back in 1997 I was a stay at home mom, getting by on welfare, food stamps and a small amount of child support. I’d been divorced in 1992, and the car I was awarded in the divorce was our 1983 Mercury Gran Marquis. In the next five years, I used my credit cards a good deal to keep it running. Too bad there wasn’t a rewards card for auto repairs, I would have wracked up a lot of points! It was also tempting to buy a few extra groceries, or a little something extra here or there (like replacing clothing at Savers or Goodwill). I was quite frugal and kept to my budget pretty good, but I felt myself sliding into more debt because it was just too easy to justify using the credit card. Even though the non-vehicle repair amounts were small, they were slowly adding up. I felt I needed some help in staying accountable to my goals.

I had $6000 in credit card debt at the time and I was concerned with that amount, considering my low income. I thought about it awhile, and decided debt consolidation was the best option for my circumstances. I went to Consumer Credit Counseling Counseling Southwest (CCCCSW), a non-profit organization. Unfortunately, many debt consolidation companies have cropped up, so it’s important nowadays to make sure the one you work with is legitimately in business to help you get out of debt.

I spoke with a counselor over the phone, and was given a list of things to bring in to my appointment. I was to write down all sources of income, all my bills, and all my expenses, including the amount I typically spent on groceries, gasoline and even how much allowance I gave to my children. It was a pretty bare bones budget. When I got all that written down, I had $150 left over each month.

CCCCSW prefers that clients pay off all credit card debt within 48 months. Since my budget was pretty snug, they worked with me and extended the debt repayment schedule to 52 months. They also usually charge a monthly fee to process the payments, I believe it was usually around $20 a month, but they lowered mine to $6. The remaining $144 went entirely to my creditors each month.

I brought in all my credit cards, and they were destroyed. I also signed an agreement that I would not open any new accounts, and I stayed true to that promise over the next 52 months. In fact, about one year into making the agreement, my car’s timing chain broke and bent a valve, so the engine would have to be replaced. I did not have the means to come up with $2000 for a shop to replace the engine, so we did without a car for the next three years. This led to another problem. I managed to stay within my tight budget by using the generosity of local food banks, and this became nearly impossible without a vehicle. Thankfully my mother was kind enough to drive 23 miles one way to bring us food boxes twice a month during some of the most difficult months.

I had five accounts; two Citibank cards, one Direct Merchants Bank, one Montgomery Ward and the fifth was a line of credit with my credit union. One card was at 16%, and CCCCSW negotiated with the company and lowered it to 8%. They were able to get another down to 0% and the other three stayed at the same amount. Additionally they were able to get the credit card companies to accept lower monthly payments.

Each month I mailed them a payment of $150 by a specified date, and they distributed the amounts that they had determined to each card. If I remember correctly, they started paying the largest amount with the card that had the highest finance charges and as each card was paid off they would apply that amount to the card with the next highest finance charge.

My debt starting out was $6000, but after paying $150 a month for 52 months, the total came to$7384. $416 went directly to CCCCSW for the $6 monthly processing fee, and $1384 went to finance charges. I was credit card debt free in August 2001. It was such a great feeling to be debt-free!

Our lives had changed by that time, and I was employed. We felt we had outgrown the compact mobile home that we’d been living in for six years so I figured it was time to check my FICO credit scores in order to find out if I’d be able to qualify for a mortgage. I had been told by CCCCSW that my credit would be “slow” when I was through with my debt repayment schedule, and I thought I’d have to find some way to increase my credit scores; however, I was very surprised to find that my credit scores were all in the mid-800s for the three reporting agencies.

In closing, I have to say I found the experience to be very positive. I felt I needed the extra nudge of having agreed and signed a contract to stay accountable. If you feel that you are in a rut, and feel you cannot stop yourself from charging one more little thing here or there, you might want to check into debt consolidation for your own peace of mind. It worked for me, and I am happy to have the experience to share with others.

Paying Off Credit Card Debt Versus Funding Your Retirement Plan

By: Mr Credit Card

01/05/2008

Money magazine’s latest issue has a few interesting writeups. One of them is about whether to pay off your credit card debt or contribute to your companys’ 401k plan.

The article focuses mainly on the math side of the equation. On the one hand, contributing to your 401k and simply paying your credit card minimums results on you paying interests (which works to about 14% these days for the average credit card holder). If you have bad credit, that makes it worse.

The good thing about contributing to your 401k plan is that if your employer matches your contribution, then you will automatically be earning a great return simply from the match (which could be 50% up to the first 6% of salary or more).

Aside from the match, and depending on your investments inside your 401k plan, your 401k could potentially grow, or decline.

Hence, if we look at this situation, it is a rather complex one. It is complex simply because there are many assumptions to be made. What this article fails to point out is that the final decision will more often be based on our attitudes towards credit card debt and saving for retirement. Here are a few questions to ask yourself if you are caught with a decision like that :

1. How did you get into credit card debt?
2. Is your spending out of control?
3. If you pay off your credit card debt, are you likely to get into debt again?
4. Do you have an emergency fund?
5. Are you spending within your means? (somethings running a credit card balance can be a strategic decision).
6. Are you on track with regards to saving for your retirement?
7. Do you have an emergency fund?
8. What is your take home salary relative to your credit card debt?
9. How long will it take to pay off your credit card debt if you paid the minimums?
10. How soon do you want to be credit card debt free?

In some cases, the decision is very clear cut. If you can afford to pay off your credit card debt in a year of two, then it may make sense to do so. Or if your employer has no matching policy in your retirement plan, then it also makes sense to pay off your credit card debt as soon as possible. For those who have no emergency fund (or not enough), then saving for an emergency fund should be the priority over saving for retirement or even reducing your credit card debt.

In most other cases, there is a fine balancing act and the truth is that there is no right or wrong answer. Try to work out the math under reasonable assumptions. But in my opinion, having a plan that feels comfortable for you will probably work best.

Avoiding Auto Rental Company Tricks

By: Mr Credit Card

12/31/2007

We are in the last stages of our vacation in Orlando. But here is something I really want to write about and get it off my chest.

As with most vacationers in Orlando, we rented a car. This time, it was from Hertz. We did not get it directly from the airport, but instead, the company picked me up from the hotel the day after we arrived.

When I was at the counter paying them, the lady behind the counter went into their usual “upsell” questions. It was very subtle, but at the same time tricky for those who are renting a car for the first time.

Do you need any collision insurance?

Well, if you did not already know, most credit cards provide auto rental collision insurance if you charge your card when you rent a car. For me, my Amex Card did the trick. I have made it a point to call up customer service and verify this. So no problems at all with collision insurance (even though some rental companies may state that it is mandatory!). I pollitely declined their offer.

But there next question got me thinking for a while!

Sir – would you like to prepay your gas tank so you will not have to fill her up when you return the car? We will bill you $47, but is at a rate of $2.99 per gallon of gasoline

Hmmm. This one got me thinking. My instinct was to decline since most of these extras are unnecessary. I declined it and boy was I glad I did. Here’s an analysis of the situation after 6 days in Orlando.

Our hotel was only about 1 exit away from highway 4 (which is only 1 minute from our hotel). Hence, everyday, it is only a 5 minute journey to all the disney attractions (whether it is Magic Kingdon, Epcot, or Animal Kingdom). With 2 more days left on our vacation, we have only used up a quarter of gasoline (from a full tank).

On the way back yesterday, we checked the price of gasoline where we were at a Chevron station. Well, it turned out to be $3.49 per gallon. Still, it would cost me way less than $47 to fill up the gas tank before I return my car. (BTW – the car is a Toyota Corolla, which is pretty fuel efficient).

This last offer on prepaying your gasoline before you return your car is a very sneaky one indeed. I suspect most will not benefit from this unless you definitely know you will have to fill up (and use up) a full tank. Once again, if an auto rental company ask you if you want any additional features when you are at the counter, chances are you will not need them!

Have you been asked any other “upgrade feaures” by auto rental companies?

Mr CreditCards’ Financial Goals for 2008

By: Mr Credit Card

12/30/2007

As we are about to end the new year, here are my two biggest financial goals not just for 2008, but for the foreseeable future.

1. Pay off my mortgage – Readers of this blog will know that I have no credit card debt. However, I still have my mortgage. Though my mortgage only accounts for about 20% of our gross income, I am still bothered because our incomes are not exactly stable or predictable (hint : we’re not teachers nor do we work for the state or federal government).

The reason why I want to get rid of my mortgage is because it accounts for a rather large portion of our income. After taking away taxes, mortage and living expenses, we are left with not much to really enjoy ourselves.

Furthermore, I have always wished we could tithe more, contribute more to charity. But this whole lump sum that goes towards our home mentally inhibits me contributing more. How I will accomplish this is somthing to think about. At present, I think we will contribute a monthly figure to pay down principal on top of our regular mortgage payment.

2. Achieving a seven figure payday in 2008 – We are far from that at the moment. But Mrs Credit Card owns her own business. One of the beauties of owning your own business is that its success is entirely up to the business owner. It depends on your vision and your ability to execute. Mrs Credit Card could business as usual or aim for the usual 10% to 20% increase in sales! But she has decided to aim higher and has worked out a strategy to how to achieve this. I am very excited for her as well as myself.

For me, I have a regular job. And the difference is that my payday goal is tied to who I work for and to a very large extent, the industry I work in. Hence, I can understand the wonders of owning a successful business and determining your own destiny.

The other reason why I’m excited for Mrs Credit Card is that if she achieves this goal, we are only a couple of years into achieving total financial freedom. This certainly beats having a twenty year goal, being extremely frugal (out of necessity). And I’ll certainly pay off our mortgage. Also, if and when this goal is achieved, all the worrying over investment performance will become redundant. We’ll be slightly more conversative and be prudent.

Anyway, that’s it. Two big goals and a slightly different route we are taking. We are as “Rich Dad” said trying to take the fast route, not the slow route. Since this is now in writing, we’ll be accountable (at least on this blog) at the end of 2008.

2007 Credit Card Roundup

By: Mr Credit Card

12/20/2007

Well, lots of developments in the world of credit cards in 2007. Here is a rundown of the major happenings this year.

End of Balance Transfer Nirvana – I think the year 2007 will be remembered as the year that the easy balance transfer deals are over. Since 2002, 0% APR balance transfer offers have been an important strategy to attract new consumers. However, since June this year, credit card companies have made life more difficult to do so.

Rather than remove the 0% offers, what credit card issuers did was to actually remove the caps on balance transfer fees. By doing so, they actually made it expensive to do a balance transfer, especially if the amount was large.

But why did they actually do this? Well, a couple of friends I know who work in credit card departments say it is precisely because consumers have caught on to the 0% APR BT deals. They would apply for a new card with 0% deals. But rather than staying with the card after the introductory period, they would move their existing balance to either another card with the same issuer, or to another card! Hence, rather than keep the customer (as most cable TV companies do), the credit card issuers actually started losing money on these 0% balance transfer deals. Right now, Citi, Chase and Bank of America have removed the cap on balance transfer fees for most of their cards.

American Express revamps its Membership Rewards Program – This year Amex revamped and rebranded slightly their Membership Rewards program. The scaled down version of the program used to be Membership Rewards Option. But, they have no changed it to MR Express. For Platinum and Centurion Card holders, Membership Rewards First the the upscale program with access to exclusive and high ends rewards by retailers like Gucci, Steinway Pianos, Piaget watches, Tiffany etc.

Membership Rewards also added Singapore Airlines Krisflyer as their airline partner. They also became the first (and still only) program to full a full range of Apple products from iPod, iPhones to iMac.

Overall, the improvements are quite significant.

Discover broadens their merchant partners – At the beginning of the year, Discover had about 70 merchant partners for their gift card rewards program. In the middle of this year, they have increased it to 80 and now, they have about close to 100 partners.

If you like to earn reward points to exchange for gift cards, then the Discover More Card is probably the card you would want to get.

Chase does away with 2-cycle billing method – Just before the major banks appeared before the Senate Banking Committee to explain “deceptive” credit card practices, Chase decided to do away with the 2-cycle average daily balance method of computing finance charges and revert to the more usual average daily balance method.

I used to caution cardholders who carry a balance against getting a Chase credit card, but now this is no longer a concern.

Late Fees and Over-the-limit Fees continue to rise – While headline inflation is around 2%, it certainly is much higher in credit card land with regards to fees. It used to be that late fees and over-the-limit fees were $15. It then went to $19, then $29. Late last year, most credit card issuers had them at $35. Now it is about $39 for most cards. I bet it will soon be $49 before long!

New Innovation in Cash Back Credit Card – The Chase Freedom Card is introduced a new concept in the world of cash rebate credit cards. Rather than giving cardholders 3% rebates for items like gasoline, supermarket expenses etc, Chase came up with 5 category of expense items and will pay cardholders 3% rebates on the top 3 items that they spend on the card each month.

Aside from Chase, HSBC also introduced a novel HSBC Weekend Card that actually paid 2% rebates when you use your card over the weekend! I’m not too sure how popular it has become. But I’m sure there is a place for that in someone’s wallet.

Well, that’s it (I think). I’ll be interested to see what new developments are installed for us in 2008

10 Reasons Why I Love My Credit Cards

By: Mr Credit Card

12/02/2007

I personally love my credit cards. But I do know that there are people who do not like carrying credit cards. Most of the time, they have had bad experiences with them – like getting into mountains of credit card debt. Many of my friends also feel the “urge” to carry a balance if they carry a credit card. For myself, I have never carried a balance and it is for this reason that I really love my credit card. Here are my reasons why a credit card is actually a good thing if you can use it responsibly.

1. Earn reward points – If you pay your bills on time every month and do not carry a balance, then reward credit cards allow you to earn “points” that can be used to redeem a variety of rewards. I have used reward points for airline tickets and many merchandise and I find it such an useful feature.

2. Earn cash rebates – I presently use the Blue Cash and I have been earning cash rebates with this card. For the last two years, my rebates work out to about 2+%. Every anniversary statement, I get a credit from the rebates I earn and I have a much lower credit card bill for one month in the year.

3. Credit Cards help me build a credit history – Let’s face it, my first credit card years ago helped me get started in building my credit. A good credit is essential for you to get the lowest rates for your mortgage and auto loans. Obviously, abusing your credit card can also hurt your credit.

4. Credit Cards allows me to carry less cash – I seldom have cash in my wallet. That is because I use to pay everything on my credit card. Mrs Credit Card is always having a go at me because my wallet is always empty! But hey, why carry cash which can be stolen when a credit card will do.

5. Credit Cards have purchase protection features – I used this feature a couple of time when I accidentally broke the product I bought from a retailer. American Express simply accepted the responsibility and I managed to exchange the product.

6. Extended warranty feature – Credit cards these days have extended warranty feature whereby they will take care of any repairs beyond the warranty period. Amex has this feature in their cards and I have used this for an old camera that I had.

7. Baggage Insurance – My Amex card has baggage insurance and I have lost my luggage once at an airport and I got given a lump sum of cash. Don’t underestimate how important this can be!

8. Emergency Line of credit – My credit limit provides me with an emergency source of credit should I need any funds. In my opinion, this is important to have because when you actually need cash, it is very difficult to get!

9. Credit Cards have concierge features – I use my Amex Platinum to book restaurants, help me when I have trouble with my airline tickets. You do not need an Amex Platinum card to enjoy such features. Many no annual fee Visas and Mastercard also have concierge features which are massively underutilized by cardholders.

10. Roadside Assist – Earlier this week, I left my keys in the car. I called Amex and their “Global Assist” helped me call up a roadside assist company and after an hour and a half, I got my keys of the car. The service was ‘free’.

Amex Global Assist Experience – Left my car key in the car!

By: Mr Credit Card

11/29/2007

I was going to visit a new client today, but ended up at the wrong address. After clarifying the correct address, I agreed to meet them in about 45 minutes. As I was about to take off, I realized that I had left my car keys in my car!

Now what? I did not carry my wife’s AAA card with me. I did not know what to do. Then an idea came to my mind. I shall call my American Express Card. After going through the usual verifications, I was put through to the Global Assist Call center.

I told them my problem. I had left my car keys in the car and need help to unlock my car doors. Global Assist said that should be no problem. However, I said I was in a hurry. But they said that it usually takes 45 minutes to an hour. After a few minutes of holding, the “dispatch” team told me that they have arranged for a dispatch company to get to my location and that they will call me soon to confirm everything. I was told to leave my cell phone number so that I can be contacted. I made my call to Amex at 2:30pm.

By 3pm, I still had not received any call. So I called Global Assist to check what was going on. They said that dispatch should be at my location at about 3:30pm and that they probably forgot to call me to confirm. So I waited until 3:30pm, still no call and no sight of the dispatch.

I made another call back to Amex. This time, they got the driver of the dispatch service on the line. He asked me exactly where I was and how to get there. I gave him directions and asked him when he will arrive. He said about twenty minutes. Just after I hung up the phone, Amex called to check how were things. This was an automated phone call made to me by customer service center to check in on me. I told them what transpired and they asked if I wanted to call for another service. I said that I’d wait for twenty minutes.

Twenty minutes went by and still there was no sight of the dispatch service. I called Amex again. I was quite agitated this time. However, Amex said they were about two minutes away. True enough, the guys soon arrived in a white pickup. Using what looked like a little spade to create an opening in the door, they used a long wire and after about three minutes managed to unlock to my car door. It was now 4:00pm and it took one and a half hours since my call to Amex for dispatch service to arrive (when I was told it would normally take one hour).

Despite the fact that it took a little longer, I was quite pleased with Amex. They politely answered my call and were most helpful in trying to get this done as quickly as possible. Whatever happens, I will always carry my Amex in my wallet.

Celebrity Credit Cards Endorsements – Are You Influenced?

By: Mr Credit Card

11/09/2007

Credit Card companies use various advertising means to get consumers to sign up for their cards. However, very few use celebrities to endorse their cards. Perhaps the one exception is American Express. In fact, the most recently, American Express had Tiger Woods as theircelebrity endorser.

Anyone who uses celebrities for endorsements take some risk that the endorser might generate negative headlines. However, Tiger Woods has by far been a great endorser for American Express. He represents success and hard work, traits that Amex hopes will resonate with their cardholders or future cardholders.

In Europe, figures like Jose Mourihno, ex-Chelsea’s coach also endorsed for American Express. Jose Mourinho is one of the most successful soccer (football in the rest of the world!) coaches in Europe and lead Chelsea to two back to back Premier League championships. Once again, he represents another successful celebrity that American Express has used.

If you notice all the Amex ads on TV with these celebrities, the card that is always associated with them is the Green Charge Card. None of these celebrities are seen endorsing the Blue Credit Card or any other card for that matter. The charge cards come with an annual fee and given that most credit cards come with no annual fee, American Express is using celebrities to endorse their more prestigious cards.

Celebrities Issuing Their Own Cards

Aside from endorsing cards, celebrities have also issued their own cards. The best example of this is Russell Simmons Baby Phat Debit Cards. Russell Simons set up his own finance company called UniRush Financial Service (note : you do not need to have a bank to actually issue a credit card – back office administration functions can be outsourced to banks). Rhat Farm and Baby Phat Fashions are fashion companies he started.

Despite the fact that it is not a mainstream “Western Union” card or a typical debit card, Russell Simmon’s card is actually pretty good and cost effective. I just wonder how popular is it? I’m pretty sure they have fans.

Past Legends?

Some companies make use of past celebrities to issue cards. Two classic examples are the Elvis Presley Prepaid Mastercard and the Johnny Cash Prepaid Mastercard (both have been discontinued). I just how many diehard fans have actually gotten this card?

Will you get a credit card that is endorsed by a celebrity?

I’ll be interested to know if you have ever gotten a credit card or debit card because of celebrity endorsements? Part of the reason I got the Amex Gold Card years ago was I guess because of brand awareness. Did all the celebrity endorsements and slick TV ads influence me? Maybe so.

But what about fans of Russell Simmons? If you have got his card, I would like to hear you comments.