Yep, you're absolutely right. Though weirdly the max APR is lower than it was before. Updated, and thanks for the heads up!

For anyone who still isn't 100% convinced, we've posted more proof through another post here: http://www.nerdwallet.com/blog/2010/scam-confirmed-annacott-financial-starts-mailing-fake-credit-cards/

This is an approval letter and a picture of one of their fake "credit cards", as well as a pretty funny customer service story provided by one our readers.

I urge anyone who is still waiting for their cards to call Allied Wallet or their own bank and have their money refunded. You should also put a hold on your credit report and cancel whatever card you used to pay Anacott.

Thanks Adam, the $100 promo isn't universal. If you sign up through one of the deals on our site that says "$100 cashback", though, you should get it.

Hope it all worked out for you!

Thanks for keeping up the good fight, Boots! Could you post a URL or email address that you used to file a complaint with Allied Wallet? Perhaps other users will join the bandwagon?

Thanks Matt! Yes, we'll do our best to keep it updated, but if you catch us slacking, please let us know!

We're not too happy that other websites continue promoting this card. You should definitely call them out on it!

Thanks for that link, the evidence is clearly mounting against them...

It's an annual mark. The rewards reset every year, so you have to spend $6,500 to start earning the max rewards each year.

You make some good points, so let me elaborate on those for the readers:
Purchase Protection: If something you buy is accidentally damaged, or stolen (not misplaced) within 90 days, Amex foots the bill. This works for $1,000 per occurrence, up to $50,000 per year. However, for stolen items be sure to provide documentation (a police report).Return Protection: If the shop keeper won't let you return an item, Amex foots the bill for 90 days. Up to $300 per incident and $1,000 per year. Many exceptions apply. The complete list follows, some of them are quite amusing...

Items not eligible for a refund are: animals and living plants; one-of-a kind items (including antiques, artwork, and furs); limited edition items; going-out-of-business sale items; consumable or perishable items with limited life spans (such as perfume, light bulbs, non-rechargeable batteries); jewelry (including, but not limited to loose gems, precious stones, metals, and pearls); watches; services and additional costs (such as installation charges, warranties, shipping, or memberships); rare and precious coins; used, altered, rebuilt and refurbished items; custom-built items, cellular phones; pagers; compact discs; digital video discs; mini discs; audiotapes; videotapes; computer software; firmware (such as console games, Nintendo, etc.); maps; books of any kind; health care items (such as blood pressure machines and diabetes equipment); formal wear; tickets of any kind; motorized vehicles (such as cars, trucks, motorcycles, boats, or airplanes ) and their parts; land and buildings; firearms; ammunition; negotiable instruments (such as promissory notes, stamps and travelers checks); cash and its equivalent; and items permanently affixed to home, office, vehicles, etc. (such as garage door openers, car alarms).

The 1:1 points transfer is a great option to have, especially if you're already a member of a given frequent flyer program. For example, if you're 5,000 points short for a roundtrip ticket to Europe, and you have 5,000 Chase Ultimate Rewards points lying around, it's golden. And as you point out, sometimes you can find great deals on frequent flyer trips that make the Chase Points more valuable than they otherwise would be.