As the recession hits harder and harder, the banks are tightening up and issuing less and less credit cards to less and less people. Credit card companies are basically trying to increase the quality of their card holders, taking on less risk.

So while many middle-class people are finding it hard to find a good credit card, the new Visa Black card is the latest offering to the upper class. While only 1% of the population is eligible, Visa Black is now considered the most elite credit card on the planet, even more prestigious then the American Express Centurion.

Here’s what you get with a Visa Black card:

• Limited Membership (1% of U.S. Residents)
• 1% cash back on purchases or $1 = 1 points that can redeemed for travel anytime
• 24-Hour Concierge Service
• Exclusive Rewards Program
• Luxury Gifts
• Patent Pending Carbon Graphite
• Annual Fee $495

The Visa Black looks like a great credit card to have.

Most of us when we think of the wealthy can only really base our beliefs on hearsay and urban legends. Unfortunately most of what we hear comes from the highly trustworthy source of our non-rich friends.

SmartMoney have a round up of 10 surprising millionaire facts:

1. They still compete with their peers, but their neighbors have more buying power
2. Money does buy happiness
3. We buy, they rent
4. You don’t need to be book-smart, more street-smart
5. Taxes are paid, but maybe not the way the middle classes do
6. Millionaires might be bears at work, but they are teddy bears at home
7. You won’t find them booking their own reservations
8. Rich people have debts too
9. Even the most wealthy still like a bargain
10. It doesn’t matter how loaded you are, you can still want more

See the full article over here.

Over the years I have spent time with quite a few millionaires as a consultant to businesses large and small, I can tell you that what they write is closer to the truth than that guy spouting nonsense from the local bar corner. Still, sometimes I guess it’s more comforting for some people to believe money does not bring happiness and all debt will put you in the poor house!

Buy Maxed Out at Amazon.com

Last night my wife and I got to watch Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders. On the whole, the movie was enjoyable to watch and made some very good points.

The most enjoyable aspect of watching Maxed Out was seeing it in the context of the sub-prime lending fallout. The movie was made before the 1997 bubble burst on the hedge fund investors who were playing another game of Enron. But the writing was certainly on the wall, and this movie did a good job of documenting many of the problems with the modern credit industry.

At the end of the day, no economy will be able to sustain itself when a large portion of its wealth production depends on people who can’t pay back their debts. It’s a classic game of trying to generate something from nothing. And the reason the sub-prime credit crisis happened was that too much money was being loaned to people who would never be able to pay it back. It’s only when people can pay back the credit they take out that the creditors will make money.

Now, I agreed with the overall message of this movie: that credit should be handed out carefully to those who have the resources to manage it. The credit industry has not been policing itself enough. That’s pretty clear. But there were some aspects of the movie that I disagreed with. For example, one of the experts in the movie acted as if dropping from 2 cars per family to 1 car per family was a drop from middle class into poverty. My how times have changed!!! This theme reproduced itself several times throughout the movie. One woman who was on the verge of foreclosure lived in a McMansion and acted like the world was about to end because she was going to lose her $500,000 house.

In my view, it is true that Americans have probably been living beyond their means and need to start cutting back and downsizing a little. But that’s not the end of the world. It’s just the way the world works. We should only take out credit on things we are sure we have the resources to pay back.

At the Credit Card Pundit, we emphasize this time and again. Credit Cards should be productive tools to make your finances easier and more productive, not destructive tools that lead to financial ruin.

As a general principle, I recommend trying to live as if you only had 60% of the monthly cash-flow that you actually have. When you buy a house, try to buy a house that you could afford with only 60% of your current income. If you use this principle, then you will hopefully never find yourself “Maxed Out”

Just about every adult has credit cards. Every now and then, you come across people who don’t. Usually they don’t believe in credit and adamant that it leads to no good. While it’s admirable to pay for everything in cash, there are also good reasons for having and using at least one credit card.

1. Beats carrying all that money around – Why carry hundreds of dollars shopping for groceries or clothes. What if you lose your wad of cash at the mall? You’ll probably never replace your lost cash but you can replace a lost credit card. Moreover, it’s easier to manage and gets you through the line quicker.

2. Credit is good for you. Even if you only use your credit cards for a couple of purchases, as long as you pay it all back in a timely manner you’ll have good credit and a good credit report to show for it. This will come in handy when it’s time to buy a house or car or take out a loan.

3. Credit cards make it easier to return or repair items – If you purchase a defective item, it’s easier to replace or receive a refund with a credit card. If the manufacturer or shop owner refuses to issue a refund, you can contact your credit card company. They’ll retract the payment while investigating and if it appears you did indeed receive a lemon, will make sure you’re not charged the price of the item.

4. Credit Cards have rewards – You can rack up points for free gas, airline miles, gifts, and even money towards your child’s college tuition.

5. Credit Cards are Global – Why fumble with international currency when you don’t have to. Just about every country accepts one of the big three credit cards (Visa, Master Card, American Express).

6. Online Shopping – Though some stores accept Paypal, most don’t. When shopping online, you’ll need a credit card.

7. You never know when you’ll need it – Accidents and emergencies happen. A credit card will get you a tow truck when your car breaks down, a hotel room when you’re lost late at night and even medical care.

8. It helps with reservations – Try reserving a car, flight or hotel room with cash. It’s not easy.

9. Extend your warranty – Credit cards extend your warranty when you purchase large items and electronics.

10. You can better keep track of expenditures - With a credit card every cent you spend is listed on your statement. This helps with keeping track of money spent and makes record keeping easier.

Image via stck.xchnge

Ever drive by a house and wonder what possessed the homeowner to purchase such an ugly house? Even worse, wonder who would use that bright pink or green paint and think it added curb appeal? Not sure what I’m talking about? Check out this gallery of truly ugly homes.

Check out this McMansion located in a Texas suburb.

Most new homes have many angled gables, this architect clearly wanted to go for something different with the round look.

When your choosing exterior paint, what colors come to mind:

I’m thinking yellow and green wouldn’t be my first choice.

Here’s another home owner who wished to have his house stand out:

Maybe he wanted to win one of those ugly house contests?

I’m not sure what’s going on here…

Only that this house in Vietnam is one tall, skinny butt ugly blue house.

And I’m really not sure what to say about this one….

…except that its uglyness speaks for itself.

This house in Minnesota looks like it’s going every which way doesn’t it?

And they’re all pointing up. Lots of angles going on there.

What would you call this color?

Tan? Brown? I’m really at a loss for words here.

This McMansion is Queens, NY was squeezed on a regular sized lot between two smaller homes.

It’s a stunner, isn’t it?

Here’s another Queens McMansion.

What it lacks in style and substance it makes up for in size. And really that’s all that matters,isn’t it?

Think you’re high end because you’re driving a CLK? That’s ok if you’re worth a couple of mil, but if you’re worth more you need the wheels to show it. Check out some of the world’s most expensive cars.

1. Bugatti Veyron

Why is the Bugatti Veyron worth $1.7 million? Besides taking you to speeds of up to 255 miles per hour, The Veyron also features a W16 engine featuring 16 cylinders at four cylinders per bank in four banks. Hand crafted by Volkswagon, the Bugatti Veyron is said to have a horsepower of 1001.

2. Enzo Ferrari

Another million dollar car, the Enzo Ferrari, is course, named after the sports car company’s founder. Featured are carbon-ceramic brake discs and F1-style sequential shift transmission.

3. Pagani Zonda C12 F

At $750,000 this isn’t for driving back and forth to work. The C12 F cruises at a top speed of 215 MPH..

4. Koenigsegg CCX

Retailing at just a hair under $700,000 the CCX , which stands for Competition Coupe X, boasts a 4.7 liter V-8 engine and has clocked in at 250 MPH. It’ll get you from 0 to 60 in about 2.3 seconds.

5. Porsche Carrera GT

The Porsche Carrera GT is powered by an all-new 5.7 litre V10 engine producing 612 SAE horsepower. This beauty retails for $484,000.

6. Mercedes SLR McLaren

A car of choice for celebrities, the McLaren will set you back $460,000

Housing prices may be going down in most neighborhoods, but that doesn’t mean there aren’t people willing to spend a lot of money on real estate. In fact, for some home buyers, money is no object. Check out some of the most expensive homes in the world.

8 St. James Square, London England

This property, with over $226 million is currently under renovation. The apartment will be  carved out of a seven-storey 1930s office block, which will be used to create a total of six extravagant apartments. This is for an apartment, people!

William Randolph Hearst’s Home, Beverly Hills, California

This six acre Beverly HIlls home is the former home of newspaper magnate William Randolph Hurst.  The home is worth $165 million today and boasts 75,000 square feet of living space including 29 bedrooms and 50 bathrooms.

Tim Blixseth’s Montana Mansion

Still under construction, this mansion in Bozeman Montana is worth $155 million. The mansion is located near an ultra-exclusive ski resort and will boast 10 bedrooms on 160 acres. A private gondola will deliver the host and his guests to the ski resort or golf course.

Bran Castle in Brasov Romania

Worth $140 million, this is the real Dracula’s Castle. This 20 acre home built in 1212 was once home to Vlad the Impaler.

Updown Court, Surrey England

Worth a mere  $138 million Updown Court boasts 103 rooms and 58 acres of gardens.

Hala Ranch, Aspen, Aspen Colorado

Here’s a nice little ski cabin. Located in Aspen the  Hala Ranch, which is owned by former Saudi Ambassador Prince Bandar bin Sultan bin Abdul Aziz, is worth $135 million. This 55,000 home has 15 bedrooms and 16 baths, plus stables, a tennis court and of course, a swimming pool.

Maison de L’Amitie, Palm Beach FL

Boasting 475 square feet of ocean front property, it’s easy to see why this beach home is worth $125 million.  The price includes a 100 foot swimming pool, ballroom and conservatory.

Tranquility Mansion, Lake Tahoe Nevada

This 210 acre property, worth $100 million, comes complete with 3,500 bottle wine cellar, atrium, 19 seat movie theater and indoor swimming pool.

Waterfront Mansion, Istanbul Turkey

Inside this 30,000 square foot $100 million mansion you’ll find 64 rooms with waterfront views.

Bishop’s Avenue, London England

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The cheapest home on our list is worth $99 million. This 28,000 square foot little home in London comes complete with glass elevators, a double front staircase, swimming pool with glass bridge and a Turkish bath big enough to seat 20.

People with money to burn can spend their money on some pretty silly things. Does a $2,000 bathtub work the same as a $54,000 bathtub? Would you buy a $75,000 French fry if it was shaped like a former President? What would you spend your millions on?

Here’s a look at some more of the world’s most expensive items.

1. Archeo Copper Bathtub

From Kohler’s Kallisa line, the Archeo Copper Bathtub will run you about $54,925. That’s a helluva soak. I could relax in there with a good book.

2. The Neorest Toilet

Made by Japan’s largest toilet maker, the Neorest toilet cost about $5,000. And really, given how much time we spend in the john, shouldn’t that be the best seat in the house?

3. Cor Soap

Cor Soap by plank is the most expensive bar of soap you’ll ever use. At $428 per pound and $115 per bar, it better work miracles.

4. The Thousand Dollar Bagel

At $1,000 it better be damn good. The bagel at the Westin Hotel in New York city is topped with white truffle cream cheese and Reisling jelly infused with goji berries and golden leaves.

5. The Sveid Corkscrew

At $71,000 I hope this corkscrew is going to pour and serve the wine too. The Svied Corkscrew is made up 51 pieces of aviation titanium and cast in your choice of yellow or white gold.

6. Henry IV Dudignon Heritage Cognac

The Dudignon family has been making cognac for centuries and produce the most expensive cognac in the world. To make it even more over the top, they’re containing this particular brand of cognac in a bottle encrusted with 6,500 brilliant cut diamonds. How much will it run you? $2 million!

7. Fund.com

How much would you pay for a domain name? It depends on how badly you want it.  Just this past March Meade Technologies bought Fund.com for $9,999,950 cash. They changed their name to reflect their million dollar domain.

8. The Illinois Cornflake

I have to start checking my cereal more often. This cornflake, in the shape of the state of Illinois, was sold to TriviaMania.com for $135.00.

9. The Lincoln French Fry

And while you’re dumping those cereal boxes, check your french fry bags too. This french fry, supposedly in the shape of President Lincoln sold for $75,000.

10. The $25,000 Gameboy

Don’t let the kids see this. A Gameboy made of 18K gold and peppered with diamonds. Why?

At a loss over what to get Mom for Mother’s Day? Had enough of the same old flowers or earrings? Here’s a few Mother’s Day suggestions for the Mom who has everything….and trust me, she’s worth it.

1. Give mom the gift of good oral hygiene with the $1750 water fountain toothbrush. Well, the prototype is $1750, eventually this puppy’ll cost $3 – which makes one wonder why one wouldn’t want to wait until the cheaper model comes out? Why so special? Because the toothbrush directs water into your mouth for rinsing.

2. Is Mom into a little social networking or computer gaming? Then she’ll surely want this 18K White Gold computer mouse. Retailing for a mere $24,180, this mouse contains 59 brilliant cut diamonds personalized in the pattern of your choice.

3. Sparkly mice not your thing? Maybe Mom is more about accessories and this one doesn’t disappoint. How about a $20,000 Hermes Birken Bagi It looks like an ordinary bag for sure, but the Hermes people pretend they’re very hard to obtain so all the bored rich people have to have one.

4. Won’t Mom enjoy tooling around town in this the Porsche Speedster replica covered with Swaorvsky  crystals? She’ll be the envy of the early bird buffet crowd when she pulls up in this puppy.

5. Perhaps Mom is a fan of the fragrance?  If so, you”ll just have to buy her a bottle of this $230,000 perfume.  The perfume, 500ml of Clive Christian’s No.1 Imperial Majesty perfume, comes in a bottle featuring a 5 Carat diamond and a solid gold collar.

6. If mom truly does have everything, why not buy a present for her favorite pet? This Amour Amour dog collar contains 1600 hand set diamonds including a 7 carat diamond centerpiece can be bought for a mere $1.8 mil.

7. At $250 this Swavorski Crystal bra is a more affordable option. How special will mom feel wearing this on Bingo night?

8. Keep in touch with my by giving her this diamond encrusted cell phone. Choose from white or yellow gold or platinum. But hurry, these $88,000 beauties are made to order.

Looking for things to do on the weekend or vacation time that won’t set you back a lot of money?

You don’t need to be a millionaire or even slightly well-to-do to enjoy the finer things in life. Consider this list of…

60 Fun Things to Do for Little or No Money:

1. Enjoy a concert in the park – Spring and summer begin free things to do in the park season. Concerts and movies are just the beginning.
2. Go camping – Still one of the cheapest vacations one can take, especially through the US National Parks system.
3. Go for a hike in the woods.
4. Go for a swim – Many lakes and oceans are free for swimmers, others require a small fee. It’s still a good, affordable way to spend a day. Better yet, find yourself a good, old fashioned swimming hole.
5. Go fishing.
6. Have a picnic.
7. Take the kids to the park.
8. Visit a museum -There are lots of free museums and many others take a donation.
9. Work on an arts and craft projects
10. Play board games.
11. Dig for fossils or gems. Find out where to dig in your area.
12. Build sandcastles
13. Have a barbecue.
14. Run through your garden sprinkler.
15. Play a pickup basketball or volleyball game in the park.
16. Visit the library. Take out books, movies, music or take advantage of some of their great programs.
17. Take a free online class.
18. Find a fireworks display.
19. Go canoeing or kayaking.
20. Do some birdwatching.
21. Make a kite and take it for a ride.
22. Go for a bike ride.
23. roller blade.
24. Ride your scooter.
25. Visit the zoo. Most zoos are affordable and if you get a summer zoo pass you can visit as often as you like for one price.
26. Read
27. Sell lemonade
28. Watch a play at a local theater
29. Visit a vineyard – some tours are free while others are affordable.
30. Visit a street fair. Food is cheap, plus craft displays, flea market finds and entertainment abound.
31. Tour a college campus
32. Lounge on a hammock
33. Adopt a pet – Actually adoption fees aren’t as cheap as they used to be but it’s well worth the cost.
34. Tour a fire house or police station
35. Bowling  – A night out for the family really doesn’t cost much, especially if you bring your own snacks.
36. Tour a brewery
37. Bake
38. Make a chalk mural in your driveway.
39. Tour a television or radio station
40. Attend a tv show taping
41. Shakespeare in the Park – If your area has it
42. Make a birdhouse
43. Stroll through a public garden
44. Work on your own garden
45. Visit the state or county fair.
46. Join a book club at the library, Borders or Barnes & Noble
47. Browse the flea markets.
48. Find a drive in movie theater in your area.
49. Take advantage of local cultural events.
50. Visit a dairy farm.
51. Visit historic battlefields.
52. Take a day trip to Washington DC where most of the museums are free.
53. Volunteer at a soup kitchen or another place that feeds meals to the homeless.
54. Have a scavenger hunt.
55. Teach yourself a new language using online tutorials and materials from the library.
56. Start a scrapbook and fill it with items found outdoors.
57. Jigsaw puzzles!
58. Make a working volcano
59. Have a campfire in your backyard, roast marshmallow and tell ghost stories.
60. Clean out your house and have a garage sale.

Add to the list. What are some great things you can do with little or no money?

Image via newscom/PR newswire