This, hot off the presses from Cardweb.com: The next battleground for credit cards is not perks or pricing, but rather, relationship. As banks evolve into one-stop financial services supermarkets, American Express wants to be a player too. Last week AmEx announced a new relationship account that ties together investing, banking, and a payment card. The American Express ONE Financial Account offers unlimited check writing with overdraft protection; a complimentary AmEx Gold Card at $25,000 in assets; brokerage services including online trading, equity research, portfolio analysis tools and margin lending; preferred cash rates in an FDIC-insured sweep account; an ATM/debit card; and access to multiple loan options including a best price guarantee on AmEx mortgages. Other benefits include participation in the Membership Rewards points program through Gold Card, free online bill pay, and up to $6 per month in non-American Express ATM surcharge reimbursements for accounts with assets of $25,000 or more. Clients working with an American Express financial advisor have the choice of a ONE account with a transaction-based pricing structure or an asset-based pricing structure. More information is available from American Express at: http://www.americanexpress.com/onefinancial and here: http://finance.americanexpress.com/sif/cda/page/0,1641,4994,00.asp Looks interesting! Doc
Hi DOC - yes I saw that and do like the interest rates for +$25,000 / Washington Mutual is paying me 3.17% and pays all ATM fees. I got a Platinum Visa Check Card - obviuosly WAMU's version of a cash management account. It might be tempting to get a GOLD AMEX, but $25000 seems to me to be too much to tie up - for the sake of getting a card. Also, Memebership Banking had lags - trying to get cash out, etc. I saw their $1000 day limit.... that seems highly restrictive when one carries a minimum of $25K. Kewl idea - but not new. MP$40 - care to comment about Fidelity - you got more there with much less deposit I believe... Best regards - thx Doc - dogman
Just also wanted to comment that living in SF, when I had my Membership Banking acct, I had to send a check in an envelop SNAIL MAIL to get them to post; convenient it wasn't! aarrff - dogman
It's not worth it--$100k to wave a $20 quarterly maintenance fee?? For their brokerage account... I have an Etrade brokerage account, unlimited checkwriting, decent money market rate, visa check card that draws from it, and only need to maintain $5k... I'm surprised Amex would only give out a gold charge card to maintain $100k... too cheap to even give a platinum?
Hello - I remember 6 months back when I had to invest quite a large sum into something tax-sheltered or safe. Washington Mutual suggested I put most into Hartford Variable Annuity - and $50K into WAMU Platinum which got 4% - now 3.17%. AMEX Financial Advisor told me to put the large money into a stupid fund that earned 1% and had a high surrender charge. I asked him point blank why he was trying to **** me and did he think I was an idiot? I told him if he were at least decent, he would give me MR points for the "GREAT" consultation. He did. I went with WAMU solution. I also have never felt the same way about AMEX. I told my Dad about AMEX's offer - he also said screw AMEX. FYI - I have been watching Cap One paper closely. best regards - dogman
