FICO Antitrust Probe Opened by Department of Justice

by Cory Santos
FICO Antitrust Probe Opened by Department of Justice

Last updated on April 16th, 2020

The U.S. Department of Justice (DOJ) is opening an antitrust probe against credit report giant Fair Isaac Corp. over “exclusionary conduct.” The case follows years of complaints from rival credit bureaus who claim the companies practices hinder competition from other scoring models.

Fair Isaac’s FICO scoring model has been the standard credit score for more than half a century. The score remains the go-to method of risk assessment for many banks for loans and credit card offers. It is also the method both Fannie Mae and Freddie Mac use to gauge the creditworthiness of mortgage applicants.

The DOJ move follows years of attempts to reign in the power of FICO over credit scoring. A 2018 law, for instance, gave the Federal Housing Finance Agency (FHFA) the ability to use VantageScore as an alternative to FICO scores.

“FICO Intends to Fully Cooperate”

While the exact nature of the antitrust probe is unknown, Politico sources within the DOJ say it will cover “potential exclusionary conduct.”

Fair Isaac’s was quick to react, issuing a statement pledging full cooperation. FICO intends to fully cooperate with the Department of Justice and looks forward to a constructive dialogue about the state of competition in our industry,” the statement read. “FICO is confident the Department will conclude that it has not engaged in any exclusionary conduct.”

FICO’s Long History As Credit Score King

The new antitrust probe follows a long history of issuers for FICO. Much of the criticism of FICO stems from its long history as the leading credit scoring model in the United States. Fair Isaac’s introduced the score in 1956, half a century before it’s biggest rival, VantageScore. That credit scoring model was the creation of Equifax, Experian, and TransUnion, who sought to create their own system. FICO sued the three major bureaus citing an attempted monopoly, but the suit was decided in VantageScore’s favor.

Related Article: FICO vs. VantageScore – How to Differentiate Two Credit Scoring Models

New Radisson Hotel in Anápolis, Brazil Opens

by Cory Santos
New Radisson Hotel in Anápolis, Brazil Opens

Last updated on August 30th, 2021

Radisson announced the opening of a new hotel in Anápolis, Brazil. The Radisson Hotel Anápolis marks the brand’s debut in one of the fastest-growing cities in Brazil – just outside of Brasilia.

Hotel Amenities

The hotel features 106 guest rooms and suites. All rooms feature complimentary Wi-Fi, smart TVs, and minibars. All guests will also enjoy a complimentary breakfast at the hotel’s onsite bar and restaurant, Bento.

Guests have the option of either a standard room, a Business Class room, or a luxurious Imperial Suite. This latter also  offers spectacular views of nearby Parque Ambiental Ipiranga. The hotel also boasts an impressive selection of onsite facilities, including:

  • Four event spaces
  • Children’s play area
  • Laundry facilities
  • Fitness center
  • Outdoor pool
  • Hot tub
  • Stream room

“Make Our Guest’s Travels More Relaxing”

Kassar Bittar, the owner of the Radisson Hotel Anápolis, hailed the partnership at the opening. “It has been an honor working with the Radisson Hotel Group team to bring our guests a world-class hospitality experience while still maintaining thoughtful, genuine relationships with each visitor who walks through our doors.” He continued, “we are committed to making our guests’ travels more relaxing and inspiring. This is so they can feel empowered to explore all the wonders of the city or successfully host a business meeting or event.”

Atlantica Hotels

The hotel is the latest addition to the Atlantica Hotels brand. Atlantica Hotel is the licensee for Radisson in Brazil, also with 16 properties across the country. These include Radisson Blu, Radisson, Radisson RED, and Park Inn by Radisson.

About Radisson

Radisson Hotel Group, Radisson’s parent company, also includes other leading names in hospitality. These include Radisson Blu, Radisson Collection, Radisson RED, Park Inn, Park Plaza, and Country Inns & Suites. Radisson also offers two co-branded U.S. Bank credit cards: the Radisson Rewards™ Visa® Card and the Radisson Rewards™ Premier Visa Signature® Card.

CFPB Complaint Filed Against Fifth Third Bank Over Unauthorized Accounts

by BestCards Team
cfpb complaint filed against fifth third bank

Last updated on November 9th, 2023

On Mar. 9, 2020, Fifth Third Bank became the subject of a CFPB complaint regarding unauthorized account and product enrollment. The Consumer Financial Protection Bureau alleges that over the course of several years, Fifth Third employees issued new accounts, products, and transfers in consumers’ names without their knowledge or permission. If true, this would violate the Consumer Financial Protection Act, along with several other financial regulations.  

What is in the CFPB Complaint Against Fifth Third Bank?

According to the CFPB lawsuit, Fifth Third Bank has promoted an aggressive cross-sell strategy for many years. This encourages employees to sell additional products to existing customers. For example, they would persuade checking account customers to add on Fifth Third credit cards.  

Reportedly, employee performance reviews, extra financial incentives, and even continued employment were contingent upon meeting these ambitious sales quotas. It was these factors that allegedly led employees to participate in unlawful practices, including: 

  • Opening unauthorized accounts and lines of credit under existing customers’ names 
  • Moved customers’ money into these new, unauthorized accounts 
  • Enrolled unknowing customers in banking services and credit cards 

The complaint further alleges that Fifth Third Bank was aware of these activities, at least between 2008 and 2016. Despite this, CFPB claims that the bank took insufficient measures to stop these practices. 

The Alleged Violations

The 8 counts outlined in the Fifth Third Bank lawsuit can fall under multiple pieces of legislation, particularly the Consumer Financial Protection Act of 2010 (CFPA). The CFPA protects consumers from unfair financial practices, including unauthorized enrollment in products or services. 

The very act of moving money without consent also violates the Truth in Savings Act, even though the funds were eventually moved back into the original accounts. Furthermore, the Truth in Lending Act requires all lenders to issue disclosures to customers before opening any lines of credit.  

What to Expect From This CFPB Lawsuit

Fifth Third Bank members can look to previous CFPB complaints for insight into how this situation will play out. It’s highly reminiscent of the Wells Fargo scandal, which broke in 2016 and was just recently settled.  

In that case, Wells Fargo admitted to pressuring its employees, causing them to open an estimated 3.5 million fake accounts unbeknownst to customers. The bank agreed to pay over $7 billion in penalties and take steps to improve its policies.  

Similarly, the CFPB asks for an injunction in the Fifth Third lawsuit to stop these practices, as well as a redress for affected customers and monetary penalties. In the meantime, Fifth Third Bank claims that the lawsuit isn’t warranted.  

Representatives of the bank announced that internal investigations were already conducted and addressed the 1,100 fraudulent accounts opened. They reported less than $30,000 in damages, and insist the bank handled the matter appropriately. 

New Chase Get More Now Program Launches

by Cory Santos
chase get more now program launches

Last updated on April 5th, 2023

Chase credit cardholders can now get even more value from their cards thanks to its new Get More Now program. This new program provides longer-term perks for Chase customers who enroll and use their credit card for eligible deals.

How Chase Get More Now Compares to Chase Offers

The new program is like Chase Offers, a savings program the bank already provides. The former grants codes that an accountholder can then use at participating locations for on-the-spot discounts.

Chase Get More Now, on the other hand, provides much more significant savings over a longer period. These deals are only available to those customers with an eligible Chase credit card and require enrollment for each unique offer. And, unlike Chase Offers, these new promotions aren’t targeted toward specific customers. Instead, they are available to all cardholders.

Program Eligibility

Eligibility in the Get More Now program requires a Chase-branded consumer credit card. This means that cardholders with a co-branded credit card from Chase, such as the Starbucks Rewards Visa Signature, won’t be able to receive these promotions. Business customers are also ineligible.

Current Chase credit cards eligible for Get More Now:

Current Chase Get More Now Deals

Currently, the program has only three offers, though this number will increase in the future. The current offers are:

  • Groupon – Get 10% back in Groupon Bucks every month for up to 12 months. This discount applies to up to $50 back max per month. This deal requires enrollment by February 28, 2021.
  • ShopRunner – Cardholders get a complimentary one-year membership in ShopRunner, including free two-day shipping and returns with over one hundred retailers. Cardholders must enroll by February 28, 2021.
  • Spotify Premium – Enroll by May 31, 2020 and receive a 5% monthly statement credit for six months on a Spotify Premium membership.

Related Article: Is AAdvantage Dining Really Worth It?

Hyatt Opening New Hotel in Panama

by BestCards Team
hyatt opening new hotel in panama

Last updated on November 9th, 2023

A New Hyatt Hotel in Panama City is under construction. This hotel the twentieth property in Hyatt’s Unbound Collection. Hyatt has scheduled the Hotel La Compañia to open its doors to guests in 2021.

The luxury hotel will be located in the Casco Viejo neighborhood of the Panamanian capital city. Casco Viejo is a UNESCO World Heritage site and is famous for its historic buildings. Historically significant sites include the structure that La Compañia will occupy.

Hyatt is repurposing a seventeenth century Jesuit mission called La Compañia de Jesús. This explains the new hotel’s name. The mission was part of the Catholic order of monks’ evangelical initiatives in the Americas. The adjacent ruins of the Jesuit order’s church built in 1739 will remain untouched.

Features of Hyatt’s New Panama City Hotel

The New Hyatt Hotel La Compañia will be located in one of the most historically significant areas in Central America. As such, guests will be surrounded by beautiful colonial-era architecture. Additionally, guests of La Compañia will spend their nights in meticulously designed rooms that reflect Panama’s varied past.

The property will feature three distinct wings representing three eras in the country’s history. There is a Spanish colonial wing that includes rustic stone walls and saturated tones. On the other hand, the French colonial wing features brighter colors and ornate finishes that reflect the brief period of French rule in Panama. Finally, the American plantation wing features rich woods and plantation shutters reminiscent of when construction of the Panama Canal was underway.

Guests can walk across the street to visit the “Golden Altar” at the San Jose Church, which was built in 1675. Moreover, the Cathedral of Panama will be just around the corner.

Hotel La Compañia’s website is live and serves as an informative resource for the public to see how this exciting new Hyatt property is developing. Visitors to the site can find information on the historic structure that the new hotel is occupying, as well as see photos of the construction process.

Hyatt Credit Cardholders

The New Hyatt Hotel in Panama will increase the options that that World of Hyatt loyalty program members have to earn and redeem their points. World of Hyatt Credit Cardholders can earn as much as nine points for every dollar they spend at Hyatt properties. Considering how La Compañia is part of Hyatt’s luxury Unbound Collection, cardholders can rack up a lot of points if they book a room at this hotel.

The debut of Hyatt’s Hotel La Compañia will also double the number of Unbound Collection properties in Latin America. Presently, there is only one such hotel in the region located in Uruguay called Carmelo Resort & Spa. Rates for this hotel start at $305 a night. Assuming that the rates will be similar at Hyatt’s Casco Viejo historic hotel, cardholders can earn over 8,000 points on a weekend stay.

However, you may not be able to redeem your points at La Compañia or get free stays there. Most of the World of Hyatt perks apply to lower-level properties. Additionally, demand for the new Panama City hotel will most likely be high soon after it has opened its doors. As such, revenue guests will most likely take priority during bookings.

Land Elite Status with New LATAM Pass Requirements

by BestCards Team
land elite status with new latam pass requirements

Last updated on November 9th, 2023

Beginning Apr. 1, 2020, adjustments to the LATAM Pass requirements will make it easier to achieve Elite Status. LATAM Airlines last tweaked the program in 2018, which made status harder to land. Now, frequent flyers with the airline have an additional opportunity to climb the ranks for flight perks. LATAM will also reduce the amount of qualification points needed overall, and add an additional status level to the program as well. 

How is LATAM Elite Status Calculated?

If you’re a LATAM frequent flyer, you now have 2 ways to turn your flights into upgrades. The first option requires you to accumulate qualification points, which you earn based on ticket price and a destination multiplier. After the changes made in 2018, this was the only way to earn elite status, and more points were required to do so. Under the new adjustments, you can also climb the LATAM Pass ranks using segments per trip.  

Qualification Points

For international flights between the U.S. and qualifying South American countries, you’ll earn 6 points per dollar. That means an international flight worth $1,000 would be worth 6,000 points. Meanwhile, domestic flights taken between South American countries may have different point allotments. This reduction in required qualification points makes it even easier to reach elite – especially when you pay with an airline rewards credit card.  

LATAM currently offers three with various reward opportunities. The LATAM Visa Signature® Card, for example, earns 2X points on flights with the airline. Throw in the current 20,000 signup bonus and you’re already more than qualified for the Gold tier. As with other cobranded airlines cards, it also brings exclusive LATAM discounts, bonus points, and flight upgrades. 

Segments Per Trip

Segments per trip refers to each flight you take on a single LATAM-marketed airplane. In other words, connecting flights in which you change planes can count as separate segments. With this option, you can earn status just by being a frequent flyer with LATAM Airlines, regardless of ticket cost. However, there are certain situations that can impact the segments you earn: 

  • Basic and Promo fares do not qualify 
  • When you fly Premium Economy or Business, you earn 2X segments 
  • Only LATAM and LATAM-marketed flights qualify 
  • Connecting flights in which you stay on the same plane earn 1 segment  

New LATAM Pass Status Level

All 2020 flights will go toward these new requirements, including those taken prior to Apr. 1. Beyond these new program terms, LATAM Airlines has also created a new status level. The LATAM Elite Gold Plus tier sits a little more than halfway between Gold and Platinum. It brings the same benefits as the Gold, but also includes priority boarding and the ability to move or delay certain flights within the same day without fines.  

The new requirements for each status level are outlined as follows: 

  • Gold: 15,000 Points / 20 Segments
  • Gold Plus: 30,000 Points / 35 Segments
  • Platinum: 40,000 Points / 45 Segments
  • Black: 75,000 Points / 75 Segments
  • Black Signature: 160,000 Points / 120 Segments

U.S. Bank to Acquire State Farm Banking Portfolio

by Cory Santos
u-s-bank-to-acquire-state-farm-banking-portfolio

Last updated on May 12th, 2020

U.S. Bank, one of the leading credit card issuers in the country, is further increasing its credit card portfolio. The bank has been all over the news recently for its credit cards. These stories include the devaluing of FlexPerks and the removal of existing FlexPerks cards for two new Altitude Credit cards. The bank continues its credit maneuvering, this time taking over State Farm credit cards and key banking services.

U.S. Bank’s Increasing Banking Portfolio

U.S. Bank’s acquisition of State Farm’s essential banking portfolio is the latest step in the ongoing exit of State Farm from the banking sector. State Farm, which offers currently several credit cards, will also turn over their banking deposit operations.

The move sees U.S. Bank take over $16.9 billion in banking assets from State Farm. Those assets were enough to make State Farm the 100th largest bank in the country as of 2019, although considerably behind U.S. Bank’s $500 billion in assets.

While the acquisition of State Farm banking operations by U.S. Bank isn’t a big deal financially, it does increase the banking profile of the Minneapolis-based bank. U.S. Bank currently operates in 26 states. By capturing the banking operations of State Farm, however, the bank increases its banking presence nationwide.

“Mostly About Innovation”

Tim Welsh, vice chairman of consumer and business banking for U.S. Bancorp, says the move is all about the customers. “This is mostly about innovation, trying to do things in new and different ways for customers,” he said in a statement.

State Farm Spokesman Roszell Gadson also echoed many of the same sentiments. “The financial-services industry is highly competitive and rapidly changing. Combining our deep customer relationships with the scale and capabilities of other financial organizations provides us the opportunity to help significantly more customers,” he said.

Business as Usual for State Farm Credit Cardholders

If financial regulators approve the banking alliance, U.S. Bank will take over State Farm deposits and credit card accounts starting in the Fall of 2020. The plan is for U.S. Bank and State Farm to issue dual-branded credit cards. This likely means that existing State Farm cardholders won’t have anything to worry about.

State Farm currently offers four credit cards:

  • Rewards Visa
  • Good Neighbor Visa
  • Student Visa
  • Business Visa

About U.S. Bank

U.S. Bank is the fifth-largest bank in the United States, with over $500 billion in assets. The bank provides banking services for businesses and consumers. These services include investments, mortgages, trusts, and payment services. The bank also offers credit cards for businesses and consumers, including dozens of co-branded U.S. Bank credit cards with names like Kroger, Korean Air, and Radisson.

About State Farm

State Farm is the largest property and casualty insurer in the U.S, as well as the nation’s largest auto insurer. The company, with its headquarters in Bloomfield, Illinois, currently features over 19,000 agents in 343 claims offices across the country.

Related Article: Citi Retail Services Partner with Meijer on Credit Card

United Club Card Changes to Become Visa Infinite

by Cory Santos
United club card changes to become visa infinite

Last updated on November 24th, 2020

The United Club Card is one of the more popular airline credit cards for those who prefer to travel with United Airlines. The card offers 2X miles on United purchases, 1.5X miles on all other purchases, and complimentary United Club membership for an annual fee of $450. Now it seems that Chase is seeking to make changes, including the now known United Club Card changes to a Visa Infinite.

The Details

What is known so far is that the new United Club Card Visa Infinite will have an annual fee of $525. This fee is $75 more than what currently comes from the Club Card as a Visa signature. The new card will also offer a special introductory signup offer of 100,000 miles after spending $5,000 within the first 90 days. This enhanced bonus offer will run from March 15 to May 17, 2020. Existing Visa Signature cardholders appear free to keep their current Club Card at the $450 annual fee rate.

Visa Infinite Perks

The question many cardholders are wondering is, “does Visa Infinite offer $525 worth of value?” For the frequent traveler, however, the answer is likely “yes.”

Visa Infinite offers complimentary Priority Pass Select membership. Priority Pass Select provides access to over 1,200 airport lounges worldwide. Adding Priority Pass to United Club membership is a very nice perk. United Club membership has a value of approximately $600 and offers access to 45 United club lounges worldwide.

Visa Infinite also offers TSA PreCheck statement credits, plus statement credits for food and beverage and spa services through the Visa Luxury Hotel Collection.

Better Lounge Access for Frequent Travelers

Switching the United Club Card from Visa Signature to a Visa Infinite is an interesting move. The increase in annual fee, plus Priority Pass Select, make the card comparable to the Platinum Card from American Express. This means the card offers exceptional value to those who travel often, but not exclusively with United Airlines.

Of course, the Platinum Card offers higher value on purchases, which hampers the day-to-day value of the Club Card. For travelers who frequent United or other Star Alliance carriers, however, lounge access alone makes up for the annual fee.

About United Airlines

United Airlines is the third-largest airline in the world. From its headquarters in Chicago, the carrier services over 350 destinations in over 48 countries across the globe. United is also a founding member f the Star Alliance, the world’s largest carrier alliance. Star Alliance features 28 carriers, including Air Canada, Air China, Avianca, All Nippon Airways, Hawaiian Airlines, Lufthansa, and more.

About Chase

Chase is the nation’s second-largest credit card issuer, with over 83 million cardholders to date. Chase credit cards are a popular option for consumers thanks to the value of Chase Ultimate Rewards, as well as their wide variety of co-branded credit cards with companies like United, Southwest Airlines, Disney, and more.

New U.S. Bank Altitude Cards Unveiled: Altitude Connect and Altitude Go

by Cory Santos
U.S.-Bank-Altitude-Cards-Unveiled-Altitude-Connect-and-Altitude

Last updated on September 7th, 2021

U.S. Bank is finally providing details of their two new U.S. Bank Altitude Cards. The two new cards, the Altitude Go and Altitude Connect join the U.S. Bank Altitude Reserve in the new flagship line of travel rewards credit cards. The launch follows on the rumors that the bank would cut ties with Flexperks and instead offer Altitude-branded cards.

U.S. Bank Altitude Go

The U.S. Bank Altitude Go Card is a no annual fee card that offers impressive earning-potential. U.S. Bank states the card will earn 4X points on dining and takeout, 2X points on gas, groceries, and streaming services, a 1X points on all other purchases.

The 4X dining category places the Altitude Go on the same level as the Capital One Savor, which is one of the premier dining and entertainment credit cards. That card, however, charges an annual fee, whereas the Go does not.

The U.S. Bank Altitude Go also enjoys 0% intro APR for the first 12 months on both purchases and balance transfers. While the precise APR isn’t known, the one-year interest-free is a nice bonus – particularly for a card that offers quality rewards and no annual fee.

The Go will also offer a “$15 free month of streaming for annual streaming services.” Whether this is a one-off credit or a continuous perk is unknown now.

U.S. Bank Altitude Connect

The U.S. Bank Altitude Connect is the mid-range option of the new Altitude range. The card comes with an annual fee of $95, which the bank waives for the first year.

The card earns 5X points on prepaid travel and car rentals through the Altitude Rewards Center. The 5X on hotels and car rentals through the portal. The 5X points on car rentals and hotels are the same rate just added to the Altitude Reserve, though that card has a $400 annual fee.

The card also earns 4X on travel and gas stations, which is equally impressive. 4X on dining is the same earning rate as the AMEX Gold Card. Since AMEX points have a higher value than U.S. Bank rewards, however, the similarities aren’t exact. 4X points on gas, however, is an extremely impressive perk, which fairs comparably with some of the best gas rewards cards. These include the Ducks Unlimited Visa and the PenFed Pathfinder Rewards.

The Connect also earns 2X points on dining, takeout, groceries and streaming services, and 1X on all other purchases. Like the Go, the Connect also offers “a free month of streaming for annual streaming services,” but for #30 instead of $15.

When Will the New Cards Roll Out?

The exact date of release of the new Go and Connect credit cards is uncertain. Initial rumors speculate the cards will debut later this month, but when is not known. The signup bonuses, APR, and other vital details are also missing. Keep checking in with BestCards for more information when further details are revealed.

Related Article: Barclays Announces New Credit Card from Emirates

Photo by Didier Weemaels on Unsplash

New U.S. Bank Credit Card Rumors – FlexPerks Discontinued?

by Cory Santos
new-u-s-bank-credit-card-rumors-flexperks-discontinued

Last updated on April 10th, 2020

The rumor mills of new credit card launches have been working overtime this week. Following on the heels of reports of Bank of America potentially launching two new Spirit credit cards, it seems that even more significant changes are coming from U.S. Bank. The U.S. Bank rumors relate to their FlexPerks credit cards and their current Altitude Reserve Card.

U.S. Bank Altitude Reserve Visa Infinite Changes

The U.S. Bank Altitude Reserve Visa Infinite is the flagship travel rewards credit card from the bank. The card already earned 3X points on travel purchases and mobile wallet purchases – the latter of which made it a popular card for those who prefer flexibility in a rewards card.

U.S. Bank now lists additional categories in which Altitude Reserve cardmembers can earn rewards. As of March, the card also earns 5X points on prepaid car rental and hotel bookings made through the Altitude Rewards Center. This new 5X Category, however, positions the card more closely to the Platinum Card from American Express. That card earns 5X points on hotels and flights booked directly through AMEXtravel.com.

Rumors of New Altitude Credit Cards

Internal rumors at U.S. Bank also point towards two new potential credit cards. These new cards, which will likely feature different annual fees, are stated to carry the Altitude name. The shift towards the Altitude branding appears to be a step towards positioning that term as the pinnacle of the U.S. Bank travel cards.

FlexPerks to Be Discontinued?

The rumors with U.S. Bank don’t end with the potential two new cards. The reason for these new cards seems to be that the bank is discontinuing its relationship with FlexPerks. According to an internal memorandum at U.S. Bank, all three of the bank’s current FlexPerks card offerings, the FlexPerks Travel Rewards Visa, FlexPerks Select+ American Express, and FlexPerks Gold American Express will be closed to new applicants starting as early as March 9, 2020. This move is likely related to the shift towards Altitude branding.

The purported discontinuation of FlexPerks also coincides with a devaluation of FlexPerks Real-Time Rewards. Real-Time Rewards is a redemption method though the program that allows members to sue their points while shopping. Originally Real-Time Rewards points had an approximate value of about 1.5 cents per point, though there are reports of those points now having a value of one cent per point.

About U.S. Bank

U.S. Bank is one of the largest credit card issuers in the United States. The bank currently services approximately 14 million credit card accounts, making it the 12th largest issuer in the nation. The bank issues a variety of credit card products designed to fit numerous purchasing preferences and credit profiles. These include co-branded credit cards with leading retailers, hotel brands, and airlines, including Kroger, Korean Air, LATAM, and Radisson.

Special thanks to Doctor of Credit for providing some of the information contained in this report.

New Spirit Credit Cards Coming Soon?

by Cory Santos
new spirit credit cards coming soon

Last updated on March 9th, 2020

Bank of America issues a variety of co-branded rewards credit cards with major names in the airline and hospitality industry. One of those names in Spirit Airlines. Bank of America recently sent out a survey concerning two potential credit cards featuring Spirit branding. One card features no annual fee, while the other charges and annual fee of $79. While this news doesn’t mean new credit cards will appear soon, it is none-the-less an intriguing development.

The possible new credit cards are just the latest development for Spirit Airlines. The carrier also announced new services to Cancun earlier this month, with routes running from Austin, Philadelphia, Pittsburgh, and Cleveland.

Potential No Annual Fee Spirit Credit Card

According to the survey, the proposed no annual fee credit card would feature the following perks:

  • 2X points on Spirit purchases
  • 1X points on all other purchases
  • 10,000 bonus points after spending $500
  • 5,000 annual bonus points after spending $10,000 in a year
  • Points are pool-able and never expire
  • 25% in-flight food and drink rebate
  • Zone 2 priority boarding

The card also benefits from no foreign transaction fees.

Potential $79 Annual Fee Spirit Credit Card

The proposal for the $79 annual fee card offers the following perks and points:

  • 3X points on Spirit purchases
  • 2X points on dining and grocery purchases
  • 1X points on all other purchases
  • 40,000 bonus points and a $100 companion voucher after spending $1,000 in the first 90 days
  • Points are pool-able and never expire
  • $100 companion certificate annually after spending $10,000 each year
  • No redemption fees
  • 25% in-flight food and drink rebate
  • Zone 2 priority boarding

The card also benefits from no foreign transaction fees. Plus, a $20,000 annual spend earns Tier 1 loyalty status with Spirit, while a $50,000 annual spend earns Tier 2 loyalty status.

How Will These Changes Affect the Spirit Airlines World Mastercard?

Spirit Airlines currently offers the Spirit Airlines World Mastercard through Bank of America. That card charges an annual fee of $59, which is waived for the first year. That card will likely be replaced by the no annual fee version, as the card mentioned at that price point closely mirrors what the current World Mastercard offers.

About Spirit Airlines

Spirit Airlines is a low-cost American carrier with its headquarters in Miramar, Florida. The airline is the seventh-largest carrier in the United States in passengers and flies to over 75 destinations in North and South America, as well as the Caribbean.

Prepaid Medical Card from Sidecar Health Aims to Revolutionize How We Pay for Healthcare

by Cory Santos
Prepaid-medical-card-from-sidecar-health-aims-to-revolutionize-how-we-pay-for-healthcare

Last updated on October 3rd, 2023

The cost of health care in the United States is a hot-button issue that continues to draw both consternation and optimism. The latter takes the form of enterprising companies who hope to revolutionize the way Americans pay for their healthcare. The latest company, Sidecar Health, seeks to eliminate the paperwork and go-betweens and give consumers a fairer price for their medical costs with their new prepaid medical card.

A New Take on Healthcare

Sidecar Health is the brainchild of Peter Quigley, who created the company after having to pay over $1,000 for an MRI for his son. When asking if he could pay in cash, he was shocked to learn the cash cost for the service was $330, as opposed to the $1,300 insurance billing costs.

According to Quigley, Sidecar Health is different in that it lets patients pay their doctors directly – eliminating the bureaucracy that comes from health insurance.

The value of the system he says is that “the providers, the doctors, don’t have to deal with the back-and-forth of a traditional insurance company. They don’t have to argue about if some things are covered, how it’s coded, how it’s billed. The doctor just gets paid. It’s cheaper for the doctor, so it’s cheaper for the patient.”

How Does Sidecar Health Work?

Sidecar Health works through a combination of a smartphone app and a prepaid card. Using the app, customers can select the amount of coverage they want. While the pricing varies by state, Quigley states that consumers have the final say in how much coverage they require.

The standard plan costs $199 per month for $25 in health coverage. Premium plans, on the other hand, costs $279 per month for $2 million in coverage.

Once they decide on a plan, patients can see almost any healthcare provider they want. Since Sidecar operates under the principle of paying the doctor directly, rather than going through insurance, it provides members with a Visa prepaid medical card. Members can see what each doctor charges through the app, with over 170,000 procedures covered.

Patients simply load money to their card and use it to pay for their medical care. Sidecar Health then sends a bill that users add to the app. This allows members to know what portion of the costs their health care plan pays.

Other Medical Finance Options

Sidecar Health and their prepaid medical card follows on the heels of the launch of the SmartHealth PayCard. SmartHealth claims their card is the first medical credit card, as it’s sole purpose is for paying medical costs. In this regard, the card differs significantly from the CareCredit Rewards Mastercard. That card provides points and special financing for select medical procedures and veterinary costs but also earns rewards points on everyday purchases.

About Sidecar Health

Sidecar Health Insurance Solutions is a California-based healthcare solutions company that offers coverage throughout the United States. The company aims to change healthcare by reducing the role of insurance intermediaries and increasing transparency in medical pricing. For more information, please visit sidecarhealth.com.

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