While kids are making their lists for Santa, I can spend a few minutes dreaming up my ultimate card.\u00a0\u00a0\u00a0 It would be easy to think of a card that has a zero interest rate, unlimited bonus miles, and all sorts of impossible perks,\u00a0 but I will try to limit myself to features that could theoretically be offered by a for profit bank.<\/p>\n
The Ultimate Card<\/strong><\/p>\n First, it would have to be a Visa.\u00a0\u00a0 Sorry Amex, but you guys just aren’t accepted everywhere.\u00a0 Ideally, it would be very similar to my Starwood Amex.\u00a0\u00a0\u00a0 Like Starwood, it would have no capacity controls or blackout dates on hotel awards.\u00a0\u00a0\u00a0\u00a0 Also like Starwood, the points would be very flexible, they could be transferred to almost any airline at any time.<\/p>\n Am I Just Looking For A Starwood Visa?<\/strong><\/p>\n Yes and no.\u00a0\u00a0\u00a0 A Starwood Visa would be amazing, but since I am dreaming, here are some more ideas.\u00a0\u00a0\u00a0\u00a0\u00a0 I would like to see a card offer a retention bonus every year.\u00a0\u00a0\u00a0 Many cards will do this, if you call them and ask, but it is not automatic.\u00a0\u00a0 Why should the big sign up bonuses be showered on new users, instead of loyal, existing ones.\u00a0\u00a0\u00a0\u00a0 In fact, if a credit card company offered a larger retention bonus every year, they would have some extremely loyal customers.<\/p>\n How About Some Intangibles<\/strong><\/p>\n I have already made the prediction a few times that intangibles rewards are the future of reward cards.\u00a0\u00a0\u00a0 By that I mean that card holders will get exclusive access to something, kind of like elite status on the airlines.\u00a0\u00a0\u00a0 Maybe that could be the first crack at a new gadget on the market, a black Friday sale, or some other special relationship that the credit card company can negotiate.\u00a0\u00a0\u00a0 When I spend 30,000 dollars a year on my Starwood card, I get Starwood Gold status, which is great, but I am sure there are some other perks that a credit card company could get.<\/p>\n Fix Rental Car Coverage<\/strong><\/p>\n Credit card rental car coverage is great, but it is filled with holes.\u00a0\u00a0\u00a0\u00a0 A big pet peeve of mind is the exclusions for certain countries such as Israel, Ireland, and Jamaica.\u00a0\u00a0\u00a0 These are major tourist and\/or business destinations, and the card issuers should find some way to include them.\u00a0\u00a0 Other exclusions include just about any car other than a sedan.\u00a0\u00a0\u00a0 If you read the fine print, there is no SUVs, sports cars, and other popular vehicles.\u00a0\u00a0\u00a0\u00a0 Sure, they don’t need to be in the business of insuring people joyriding in a rental Corvette, but in this age of crossover SUVs and sports sedans, where do you draw the line?\u00a0\u00a0\u00a0 Is a Subaru Outback an SUV?\u00a0\u00a0 Is the v-6 base Ford Mustang really a sports car?\u00a0 I am sure most people could not tell you when they rent a car if they are sure it will be covered in the case of an accident.<\/p>\n They also need to handle claims better.\u00a0\u00a0 Fortunately, I have never had a claim, but from what I have read, you are set up for a mountain of paperwork and back and forth between the card company and the rental car company as each blames the other.\u00a0\u00a0\u00a0 It should be more seamless.\u00a0\u00a0\u00a0 If they outsource claims, the credit card company should be managing the interaction between the insurer and the rental car company.\u00a0\u00a0\u00a0\u00a0 As it stands now, they just step back and let you duke it out between them.<\/p>\n Innovate<\/strong><\/p>\n We know that banks can innovate, as they are constantly coming up with new fees for things I could not have imagined.\u00a0\u00a0\u00a0 Maybe they could harness some of that creative power for good.\u00a0\u00a0 Maybe they could have you rate merchants, and that info could be shared with other card holders?\u00a0\u00a0\u00a0 Perhaps you could opt in to have various merchants send you coupons with your bill?\u00a0 Maybe their web site could allow you to set a monthly budget where you can check in every day to see how your charges are meeting your goals?\u00a0\u00a0\u00a0\u00a0 It doesn’t matter, the point is that card companies could really try to provide some value to the consumer at little cost to themselves.\u00a0\u00a0\u00a0 The result would be more loyal and satisfied customers.<\/p>\n These are my ideas for a great credit card.\u00a0\u00a0 What are yours?<\/p>\n","protected":false},"excerpt":{"rendered":" While kids are making their lists for Santa, I can spend a few minutes dreaming up my ultimate card.\u00a0\u00a0\u00a0 It would be easy to think of a card that has a zero interest rate, unlimited bonus miles, and all sorts of impossible perks,\u00a0 but I will try to limit myself to features that could theoretically […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[8],"tags":[],"yoast_head":"\n