recieved fancy invitation today for a $375 a year-"Presidental Plus" Co/Chase
 

I recieved a fancy invitation for a $375 a year-"Presidential Plus Co/Chase co branded world mastercard.
It just shows how out of touch Chase/Continental are.

Main benefit seems to be a CO Presidents Club Pass.
Those current CO P.C. members who sign up will recieve an 'automatic' refund.
Does not state if a full refund or prorated.

Card has these benefits.

Priority Elite Access on date of flight only.
(NO CO or Sky Team elite status).
So basicly below bottom tier status as no priority reservation phone number, no preflight premium seat selection and no elite bonus.

And in the ultimate display of non competitve relative to market conditions for every $25,000 that you spend you will earn a paltry 2000 EQM's, or "Flex elite
qualifying miles" (upto 28,000 a year) , so if you spend $400,000 in a year you cap out at 28,000 EQM's. No EQM's above four hundred grand a year.

Aw shucks, Why would I want Starpoints or Merrill Plus points when I can earn One Pass miles.

By way of comparison, U.S. Air has TWO related credit cards, with BofA and Jupiter. For spending $25,000 in a calander year , you will get 10,000 EGM's.

So $50,000 spend on U.S. Air products earns 20,000 EGM's
But $50,000 Spend on CO product earns 4000 EQM's

It is a WORLD MASTERCARD.

I think that I'll pass. Although the $75 off of the $375- annual fee made me think about it for a minute :rolleyes:

A really lame entry into the 'premium' card market by Chase.

But the packaging was so fancy, I thought it was 2007 Elite Card!

It IS a nice looking card. A big CO trademark globe on the front and he words center front, PRESIDENTIAL PLUS (sm)
"Presidential Plus"

This is interesting news. I didn't think it was being rolled out until the start of 2007. Would you please tell us, what exactly are "Flex elite" qualifying miles? Are they the same as EQM?

I'm sorry to hear you don't like their latest offering.

They are EQMs, but you can choose the year in which you apply them to your EQM balance. For example, if you earn 2000 flex EQMs in 2007 and you earn 78k EQMs from flying, you can opt not to apply the miles to your EQM total for 2007. Then, assume you earn another 2000 flex EQMs in 2008 and in December 2008, you find yourself with only 71k EQMs earned through flying. You can then apply your flex EQMs from 2007 and 2008 to bump you to Plat for the 2009 membership year.

I was excited when I received the fancy invitation in the mail - I was hoping for a new mileage promo, but to no avail. As the OP described, it's basically a World Mastercard with a PClub membership for which you pay almost regular price through the hefty annual fee. Not worth it, IMO. It is a really nice looking card, however.

why are YOU sorry? :confused:

Definitely better off staying with the $300/yr amex business plat card...

Definitely - AMEX Plat offers many more benefits than the new CO Chase card.

But you're missing the technological magic here...
 

But everyone is missing the huge technological advancement made behind the scenes here at OnePass: the ability to track, acrue, and carry-over EQM's from one program year to another. :D With that system upgrade made for this card, I am hopeful to see other promotions (or perhaps elite perks) that'll allow some EQM's from some passengers to role into subsequent years. ^

Isn't Amex Plat. $395.00 per year
 

Last time I checked they had raised the price of the Amex Platinum annual fee from $300. to $395. This actually happened 2 years ago, I believe. Still a better deal then the OP's offer from CO.

Amex Fee is Negotiable
 

The Platinum fee varies ...and can be had as low as $150. (Same is true for Gold, which can be had for as low as $35.) If you're a good customer, call them and they'll play with the fee for you.

I actually think this is a plus. It won't dilute the value of status as it may with the other carriers you mentioned. It is also geared more for small business owners. However, anyone charging enough to max out at $400 would stupid not to get an Amex Cent card (Black) and get gold status on their pick of airlines.

The terms of the Flex EQM were ackward and hard to understand.
(I guess that the CO marketing dept. and not the Chase marketing dept wrote this piece :D )

I threw it out.
But my quick read was only good for current calander year or the immediate next calander year.

No multi year build up or saving for a rainy day.

When I threatened to cancel my Amex Plat due to low usage, they were very aggressive in trying to keep my business. They were not willing to waive or lower the fee but did offer MR points. After a little haggling I agreed to keep the card for a substantial(more than the requirement for a free ticket) amount of ponts. I have the card mainly for President's Club access but do occasionally use some other card features.

Hi Everyone, here are some quick facts about the new Chase Presidential Plus World MasterCard, including some clarifications on the new Flexible Elite Qualification Miles (Flex EQMs). Hope this helps.

1. What's the annual fee? The annual fee is $375 for existing Chase OnePass World MasterCard holders. New cardholders will be offered a one-time discount of $75 off the annual membership fee for the first year. To get this offer, call 1-877-847-8299 or apply online at www.copresplus.com/AF.
   
   
2. How does the Presidents Club membership work? Presidential Plus card members will receive a new Presidents Club card 2-3 weeks after they receive the credit card. If you wish to enter a lounge prior to receiving your Presidents Club membership card, simply provide your OnePass account number and photo ID.
   
   
3. What if I already have a Presidents Club membership? Once you're approved for the Presidential Plus credit card, your current Presidents Club membership will be cancelled and a refund for the unused portion of the membership will be mailed to the OnePass account address on file within 4-6 weeks. A new membership will be established and a new card will be mailed.
   
   
4. Will my spouse get a membership as well? No, only the primary cardholder will receive a Presidents Club membership. A spouse membership may be added for $150 per year by contacting the OnePass Service Center.
   
   
5. What if my current membership includes my spouse? Spouse memberships will be cancelled and refunded along with the primary membership. A spouse membership can be added to a Presidential Plus Presidents Club membership for $150 by calling the OnePass Service Center.
   
   
6. What if I'm a lifetime member of the Presidents Club? Lifetime Presidents Club members are not yet included in this offer, but we're working on it. In 2007, we'll introduce a special low rate for lifetime Presidents Club members.
   
   
7. How do I earn the Flexible Elite Qualification Miles (Flex EQMs) work? You'll earn 2,000 Flex EQMs for every $25,000 in annual charge volume - including charges made by any additional cardholders on your account. Annual charge volume is based on the enrollment date of the Presidential Plus card, not the calendar year. And yes, Flex EQMs can be stored for however long you want to hold on to them.
   
   
8. How do I redeem my Flex EQMs? Your Flex EQMs will be reflected on your OnePass statement and on continental.com. To redeem your Flex EQMs, just call the OnePass Service Center at 713-952-1630. Redemption capability will be added to continental.com later in 2007. You can add Flex EQMs to your elite qualification year up to March 31st of the following year. So for example, if you're short EQMs for the 2006 Elite qualitifcation period (Jan-Dec 2006), you'll have up to March 31st 2007 to add however many Flex EQMs to your 2006 EQM total.
   
   
9. What benefits will additional cardholders on my account get? Additional cardholders will not be eligible for the EliteAccess priority services or Presidents Club membership. Their spending, however, will earn OnePass miles and will also count toward your Flex EQM bank.
   
   
10. How do the EliteAccess benefits work? Cardholders that aren’t already an Elite member will receive EliteAccess benefits at the airport - which include access to the EliteAccess lanes at check-in, security and boarding. These benefits will apply to the cardholder and anyone else traveling in the same confirmation.
    
    
11. Will I get 5% off Continental airfares purchased at continental.com? The 5% discount is for the first 12 months a cardholder carries any Continental Airlines MasterCard credit card. So, if this is your first Continental Airlines MasterCard credit card, you'll get 5% off your Continental airfares purchased at continental.com. If you upgraded to the Presidential Plus credit card from another Continental Airlines MasterCard credit card or have an additional Continental Airlines MasterCard credit card, your 12 months of the 5% discount will be based on the date of enrollment from your previous Continental Airlines MasterCard credit card.
    
    
12. What are some of the other benefits of having the Presidential Plus card? In addition to double miles for your Continental ticket purchases, you'll also get double miles for all car and hotel purchases as well. All other purchases, of course, will still earn one mile per dollar spent. This card also comes with a concierge service, and an exclusive customer service line (the same high-end service used for JP Morgan Chase Private Banking).