The American Express Wishlist is back. Last year I spent more time than I would like to admit vying for some of the great deals offered. I came away empty-handed on all the “Hot Products” and didn’t buy any of the other items offered.

Why would the American Express Company (NYSE:AXP) create the Wishlist and offer such substantial discounts and even give away a Volvo 2008 C70 or a flight for me and 150 of my friends from JetBlue Airways Corporation (NASDAQ:JBLU). According to the Frequently Asked Questions, it is just American Express’ “way of thanking American Express® Cardmembers for their business throughout the year and for making American Express their Card of choice.”

Nicely put by the marketing department but this campaign is powerful and a boon for American Express and it’s retailing partners and not a bad deal for the lucky few American Express customers that get in on the Hot Products and Ultimate Wish Giveaway. American Express creates several compelling opportunities through the Wishlist program.

Touch customers. To be involved you have to get out your American Express card and enter your card number to participate in the Wishlist opportunities.

Exclusivity. With American Express you do not merely register or login but “unlock” the opportunity. That is an interesting concept and reinforces the exclusivity that American Express strives for.

Luxury Goods. The items offered on this list are far from necessary to sustain life. The items are mostly luxury goods from luxury retailers. Afterall, besides Martha Sterwart or Donald Trump wannabees, who really needs custom design shoes from NIKE, Inc. (NYSE:NKE) (Wishlist price $1,500 – retail value $7,000) or a trip around the World on Continental Airlines, Inc. (NYSE:CAL) (Wishlist price $3,000 – retail value $17,920).

Stickiness. The Wishlist is an exclusive game, complete with countdown clock and  limited quantities. Can you click faster than your fellow Wish-lister? Different offers are posted throughout the day keeping Wish-listers coming back often and spending time on the site. You don’t just browse but click away trying to get in on the deal before it evaporates. You can even See Who Got My WishList Products.

Daily Email Reminders. Just in case you have something else to do all day between now and December 13^th, American Express is happy to provide you email reminders. Simply surrender your name and email address and American Express will oblige with reminders for the days that you select (including all). If you really want to participate, why wouldn’t you? Meanwhile American Express has another opportunity to commnuniate with you, brandish its brand and make aother offers to you – and can also update its customer records.

Buy-in. Indeed. Even if you get one of the screaming Hot Deals, you are using your American Express to buy. In addition, you are offered several other deals that are no better than typical holiday promotions but that you might purchase.

From the official web site, the American Express Wishlist offers the following:

1. HOT PRODUCTS
Inventory is released three times a day.

• In-demand items at incredible prices
• Very limited quantities
• Available first-come, first-served while supplies last
• To try for a Hot Product, you must verify eligibility by first unlocking the Hot Product box. Click the “Unlock” button and enter your Card information
• Once you have unlocked the Hot Product box, click “I WANT IT” to try to get a Hot Product
• If successful, you will have six minutes to complete your transaction
• If you are not successful, more may become available after initial release if other Cardmembers either cancel their order or are unable to complete their transaction within six minutes
• Click on the days of the week to preview upcoming items. You can even sign up for an e-mail or Tell A Friend

 2. FEATURED PRODUCTS
Inventory is available 24/7 while supplies last.

• Great products at Cardmember-only prices
• New items added throughout the program
• Available first-come, first-served while supplies last (generally higher inventory than Hot Products)

 3. WISH CERTIFICATES
Inventory is released three times a day.

• High-value offer certificates for savings up to 25% at name-brand merchants
• Available first-come, first-served at no cost to you while supplies last
• To try for a Wish Certificate, you must verify eligibility by first unlocking the Wish Certificate box. Click the “Unlock” button and enter your Card information
• Once you have unlocked the Wish Certificate box, click “I WANT IT” to try to get a Wish Certificate
• If successful, you will have six minutes to complete your transaction
• If you are not successful, more may become available after initial release if other Cardmembers either cancel their order or are unable to complete their transaction within six minutes

 4. EXCLUSIVE MERCHANT OFFERS
Inventory available while supplies last.

• Many exclusive Cardmember offers from top-name merchants
• Click here to find savings available now

Some of the participating merchants include:

• Dell Inc. (NASDAQ:DELL)
• Virgin Atlantic Airways Limited
• Best Buy Co., Inc. (NYSE:BBY)
• Saks Incorporated (NYSE:SKS)
• Eastman Kodak Company (NYSE:EK)
• BMW
• Starwood Hotels & Resorts Worldwide, Inc (NYSE:HOT)

I can assure you that while I recognize American Express’ purpose is to get me to use their card and feel the privilege to do so, I have “unlocked” and will watch the clock, vying for those “Hot Products” and Ultimate Wish Giveaway. If anyone is a winner or gets a Hot Deal, please let us know.