Sotheby's/Mastercard debut yuppycard to mixed reviews

from Blogging Stocks by Zac Bissonnette Sotheby's (NYSE: BID) and GE Money have teamed up to launch a Sotheby's MasterCard (NYSE: MA). Predictably, the card is aimed at wealthier consumers, and even gives them a chance to earn donations to their favorite museums. From the Wall Street Journal: A cardholder who has charged $10,000, for example, can convert the 10,000 earned points into a $100 donation to one of 17 U.S. partner museums [...] Anyone accumulating 2.5 million points can book a Sotheby's specialist to conduct an auction for a charity event. The piece goes on to note that some museums have been slow to sign on, preferring to go with relationships they already have. I'm really happy to see the consumer credit industry focusing some energy on higher net worth individuals (you need an income of 100k+ to qualify for the card). As you will learn from reading the book Maxed Out, the industry seems to relentlessly target those customers who can least afford it. Perhaps Sotheby's and MasterCard will show that there is money to be made providing credit to customers who can afford it, while also supporting the arts.