Here’s a credit card deal that’s creating a lot of buzz.
Apply for an American Express Starwood Preferred credit card, charge $1,000 in the first three months, and you’ll earn 30,000 bonus points.
That’s far more than the 10,000 bonus points American Express usually offers to lure new customers to the card.
But you’ll have to hurry. The offer expires on Saturday (July 31, 2010).
This card is designed for travelers with a hankering for luxury lodging.
It allows you to redeem points for free nights and upgrades at 940 participating Starwood hotels and resorts in 93 countries. That includes Westin, Four Point, Le Meridian, The Luxury Collection, Element, W, Sheraton and Aloft hotels.
You’ll need anywhere from 2,000 points for a weekend night in a standard room in one of Starwood’s least expensive hotels, to 35,000 points per night for a suite or villa at a top-of-the-line property.
You can also redeem points for airline tickets and at standalone retail establishments and online stores that are wholly owned by Starwood Hotels & Resorts Worldwide, Inc.
After you spend your first $1,000, you will earn one point for each dollar spent on eligible purchases (which excludes fees, cash advances, balance transfers and the like).
Here’s the fine print: For the first six months the interest rates is 2.90% APR on purchases and balance transfers requested within 30 days of account opening. After the introductory period, your rate will be variable, starting out at 15.24% and tied to the prime rate.
Cash advances will cost you 25.24% and the penalty APR is 27.24%.
The $45 annual fee is downright reasonable by American Express standards, and it’s waived for the first year.
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