NEW YORK -- American Express is betting that consumers won't feel blue about Blue, its new smart-chipped credit card being launched.
Although Blue still contains the magnetic stripe to allow for standard POS purchases, it is also equipped with a smart chip that will allow online shopping and added security.
In an effort to take the smart card out of the testing stages and into the U.S. mainstream American Express is offering several incentives to make Blue appealing to consumers:
• A 0 percent introductory interest rate for the first six months.
• Ongoing fixed rate as low as 9.99 percent for revolving balances as long as the customer is in good standing.
• No annual fee.
• A web site at http://americanexpress.com/blue, where customers can pay bills online; download information from Quicken or Microsoft.
• Cash flow and retirement goals; and review a variety of entertainment.
• Content including upcoming concerts and information on artists.
Plus, Blue will include a menu of applicable online shopping services, such as fraud protection guarantee and insurance on purchased goods either accidentally damaged or stolen.
To enable the online shopping, American Express will offer for free the American Express Online Wallet, which consumers can use to enter vital information about themselves to authorize purchases.
When the customer is ready to make an online purchase, all he or she has to do is open the wallet and click on the "complete purchase" button to automatically fill in the merchant's purchase form. Blue Cardmembers will be able to register for the American Express Online Wallet at http://www.americanexpress.com/blue in November.
The smart card chip is designed to provide security by preventing unauthorized access to the wallet. Cardmembers can more securely access their American Express Online Wallet when making purchases online. The chip stores a unique digital certificate that acts like a key. When the card is inserted into the smart card reader and the cardholder enters his or her PIN, the certificate is read and the cardholder can "unlock" the wallet.
Alfred F. Kelly, Jr., president of the Consumer Card Services Group at American Express, said that Blue was designed to target both the computer savy consumer and the indidvidual who has yet to explore the possibilities available through online shopping.
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