Onyx Card
 

Another new high-end card:

Following on the heels of the new "Chase Sapphire" card, TNB Card Services has unveiled the "Onyx MasterCard." Texas-based Texas Dow Employees Credit Union has teamed with TNB to offer the new credit card to its high end members. The "Onyx MasterCard" blends revolving and non-revolving credit, targeting members with credit scores of 720 and higher. A cardholder with a $10,000 credit limit can access up to three times the line of credit, for purchasing power up to $30,000. The first $10,000 is on a revolving limit, like a traditional credit card, in which the balance due can be paid in full each month, or revolve with interest. The remaining balance, or non-revolving credit, is due in full at the end of each billing cycle. In addition, cardholders earn up to 2% cash back for all purchases, including non-revolving transactions. TDECU has 120,000 members and more than $1.4 billion in assets.

Original article: http://www.cutimes.com/News/2009/7/P...Borrowers.aspx

Onyx Link: https://www.tdecu.org/Loans/Credit-C...edit-Card.html

In what sense is this a high-end card or innovative product? Up to 2% rebate is about the same as one airline mile per doillar, and the ability to exceed the revolving credit limit by a factor of two is not materially different than VISA Signature or Mastercard World cards which offer a revolving line plus no preset limit.