Credit Card Innovations

When I was talking about new innovative credit products, I wasn't exactly thinking along these lines:

The "Merrill+ VISA" was unveiled in April, offering a credit limit up to $250,000, free nights at The Ritz-Carlton, and free upgrades on international tickets with British Airways. The benefits are tiered with "+Benefits" available to all cardholders; "+2 Benefits" for those charging $20,000 or more annually; and, "+3 Benefits" for those charging $50,000 or more annually.

Examples of "+ benefits" include complimentary spa services when you stay at leading destinations such as Canyon Ranch and New Age Health Spa (+Level), a two-category upgrade on the "World's Leading Cruise Lines" (+2Level), and three complimentary nights at The Ritz-Carlton and business-to-first upgrades on international tickets with British Airways (+3Level).

Under the program, cardholders earn one "+Point" for every dollar charged and there is no cap on the points you can earn. The card, issued through MBNA, offers two pricing options: 5.9% APR on purchases, cash advances, and balance transfers or 0% APR on cash advances, and balance transfers for 12 months and 7.9% APR for purchases. For more information visit www.card.ml.com.

In case you wondered, I'm not a big fan of credit cards and think cash is a tried-and-true preferred product.