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Celebrity credit cards
show you're a fan -- for a price
By Lucy
Lazarony • Bankrate.com
You know who you are. Die-hard doesn't begin
to describe you. When it comes to a certain celebrity, you're an
all-out, my-friends-think-I'm-crazy-but-I-can't-help-it FAN.
Now your credit card can say so.
Ol' Blue Eyes, the tongue of KISS star Gene
Simmons, the rippling biceps of "Hollywood" Hulk Hogan -- all adorn
credit cards these days.
"If that's something of value to them and it
gives them a kick, why not?" says Nancy Deevers, director of education
at Consumer
Credit Counseling Service of Northeastern Ohio.
While celebrity credit cards may not be the
best financial deal around, they come with plenty of fan-friendly
perks such as newsletters, discounts and sweepstakes. They look
cool, too.
"We've all made decisions we can't rationalize,"
Deevers says. "Let the credit card user have some fun -- as long
as it's an informed choice."
No
faking -- pro wrestling cards are for real
World
Championship Wrestling fans can choose from l2 different cards
from Capital
One. The cards boast autographed photos of wrestlers such as
Hulk Hogan, Bill Goldberg and Sting, and there's a card for the
dancing Nitro Girls, too. There are plenty of financial choices,
too, depending on the fan's credit -- the cards are available from
secured to platinum rates.
"There's wrestling fans making $15,000 a year,
college students spending their last dollar and people driving BMWs
and Mercedes to matches," says Mike Weber, marketing director for
WCW.
Rates vary, too, from the gentle tap of 10.9
percent to a body-slamming 19.8 percent.
Cardholders receive quarterly newsletters and
10 percent discounts on WCW catalog merchandise such as action figures,
caps and T-shirts. Fans also earn an entry into a WCW sweepstakes
each time they use the card. The grand prize? Four backstage passes
to a pay-per-view wrestling event.
The WCW cards were launched in October, with
WCW wrestlers descending on the New York Stock Exchange. Wrestling
fans swarmed the joint.
"There were people camped out the night before,"
says Dana Farmen, a spokeswoman for Capital One. "We had 10,000
people line up (for autographs) ... It was absolutely incredible.
Wrestling fans are very passionate people. They wanted to be part
of it."
KISS
cardholders get high-decibel perks
Music fans are just as fervent. A credit card is one more way for
a fan to show loyalty, get some inside information and snag a few
perks.
Holders of the KISS
Platinum Visa from First
USA get the inside scoop on the shock rockers from monthly news
updates straight from the band. They also receive a free copy of
"The Second Coming," a documentary video of the band's Alive Worldwide
tour.
KISS Visa cardholders are also eligible for
discounts on KISS dolls and other band merchandise. The KISS card
comes in four designs: three cards feature band members in full
stage makeup and two boast Simmons' outstretched tongue.
People who like their music to swing, not shock,
should check out the Sinatra
MasterCard from MBNA.
The card features Ol' Blue Eyes crooning into a microphone and boasts
a rewards program.
Frank fans earn one point for each dollar they
spend with the card. The points can be redeemed for Sinatra collectibles,
including photos, videos, compact discs and even neckties designed
by the late singer. Fans are awarded 500 points for signing up for
the card.
Gold,
platinum go with steel guitars
For country music fans, the Cool
Country Visa from SunTrust
is all about connecting with their favorite artist. Reba McEntire,
Alan Jackson and Billy Ray Cyrus are among the 11 artists given
top billing on their own cards.
"The fans think of an artist not as an icon
but as a member of their family," says David Stroud, senior vice
president in charge of bankcard marketing at SunTrust.
Brian Williams, senior vice president at SunTrust
in Nashville, adds, "People who are fans of Reba McEntire and carry
her card probably feel like they're related to Reba, that they are
part of her family."
Fandom's
financial consequences
Die-hard fans may be tempted to sign up for these cards simply because
they want them. That's fine, consumer experts say, as long as they
weigh the financial consequences:
- Fans may be able to get a better financial
deal -- from cash-back rewards to lower interest rates -- with
a plain, old celebrity-free credit card. Granted, it won't start
conversations like the KISS card, but it may be better for a person's
bottom line.
- Remember to keep a rein on all those credit
lines. Consolidate other credit cards and close off another account
to make room for Hogan's card to muscle its way in. Bankrate.com
can help you with the basics
of wise credit use.
- Rates on these cards tend to be competitive
but hardly rock-bottom, so it's a good idea to pay off the monthly
balance on the Reba card to avoid crying in your beer.
"Use it on a pay-as-you-go basis," says Paul
Richard, director of education at the National
Center for Financial Education. "When you make a purchase on
any credit card write it in your checkbook register just as though
you had written a check. Deduct the money from the balance and the
money will be there at the end of the month."
Still want a celebrity card? Willing to pay
a little more to have one? Go for it.
"It's a want. It's kind of cool," Deevers says.
"Whatever makes you happy."
-- Posted: April 26, 1999
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