Posts Tagged ‘exclusive credit cards’

With consumer spending at record lows and fewer credit card purchases during the 2009 recession according to the Federal Reserve, elite credit cards are feeling the pinch. Several premium credit cards that have been offering exclusive benefits to cardholders were born during the economic boom and have been struggling ever since. Social lending organizations have been trying to find unique ways to position their credit card programs ahead of the competition, but are still having trouble attracting and retaining cardholders.

Here’s a close look at some of the elite credit card programs that are struggling — or dying — during these turbulent economic times:

Ill: Visa Black Card from Barclays

The Visa Black card was originally pitched as an exclusive credit card with many similar benefits to the Amex Black. While the Visa Black was significantly different than Amex Black, it was still designed for elite cardholders who met certain income criteria. Cardholders pay an annual fee of $495, have access to a luxury concierge service 24 hours per day and earn rewards points for their purchases. Still, this program has fizzled since its launch, failing to offer truly exclusive and elite benefits for its cardholders.

Terminal: The Stratus Rewards Visa White Card

The Stratus Rewards Visa White Card was designed to compete with the Amex Black — after all it is white — boasting more travel features and other perks than Amex. However, this card simply didn’t get much traction or interest from consumers, and failed as a social lending program for avid travelers and VIP shoppers. Today, Stratus’s relationship with US Bank has expired and they’re negotiating with other issuers.

Passed: Sotheby’s World Elite MasterCard

The Sotheby’s World Elite MasterCard was among the most attractive exclusive cards available, and was “specifically tailored for those who earn over $250,000 per year and have over $2 million in investable assets.” This card offered complimentary admission to museums,and VIP services including concierge travel services abroad and access to airport lounges. The card ceased to exist as of September 2008 in the midst of the tumultuous economy.

From the Visa Black Card to Sotheby’s World Elite MasterCard, elite credit cards are struggling to stay afloat during the drop in credit card spending in recent years. Many cards are simply disappearing since consumers are no longer interested in the VIP services and exclusive benefits. Issuers may need to find new ways to attract cardholders and roll out programs that offer a wider range of perks and benefits.

Sabah Karimi

The latest fashion accessory for the jet-setter and VIP shopper isn’t a flashy wallet or a designer handbag, but a wallet full of exclusive credit cards. Titanium cards, gold cards and credit cards made with diamonds appeal to the luxury market that meet certain eligibility requirements. With the help of a Korean card maker, several international banks have raised the bar for what an exclusive credit card looks like. Here’s a close look at some of the leading luxe credit cards available to the upper echelons of society.

GK Power Concept Cards

The concept cards from GK Power are the ultimate show-stoppers. The company holds an exclusive patent on gold, diamond and implant card technologies. These exclusive credit cards are designed only for the most affluent clients and feature a glossy black print, metal membrane laminate and diamonds embedded into the design. Among their clientele’s products are:

Dubai First Royale Diamond-Studded Mastercard

Available only in Dubai, the Diamond-Studded Mastercard is a stylish all-black card with a gold metal border, and is finished with a large solitaire diamond embedded in the middle of the card. Dubai First issues the exclusive credit card by invitation only, and recipients are selected from the elite class of the business and social community of the city. Card holders must meet both income and status requirements. Only nine cards are produced in a day, and each one is made partially by hand. And the perks? Personalized services on yacht charters, restaurants and hospitality brands around the world, as well as insider information on area events.

KTC - Royal Orchid Plus World MasterCard

KTC, cooperating with MasterCard and Thai Airways International, issued the 1st Diamond and Gold Credit Card in Thailand, making it 3rd in the world after Dubai and Korea. The KTC - Royal Orchid Plus World MasterCard is embedded with a .06-carat diamond. To draw big spenders to spend big, a “Dream Excursion” was awarded to the first 20 customers with the highest expenditures. Consisting of a tailored traveling package with net worth of nearly 3 million Baht (or a little over $88,000), this package ended in February 2009. Estimating its card base will reach 500, this exclusive card is by invitation only.

Eurasian Bank Diamond Card

The Visa Infinite card is among the most sought-after exclusive credit cards on the market and is distributed by Eurasian Bank, an elite bank in Kazakhstan. The card is embedded with a .02-carat diamond and an intricate gold heart design around it. It’s an all-black card with plenty of purchasing power, and cardholders must earn an income of at least $300,000 to own one. Cardholder benefits include insurance benefits at no cost, 1 percent cash back towards purchases, no-cost airport travel lounge access and 24/7 concierge services.

If you’re making an annual income of at least $300,000, have good credit and own some holdings in the issuing countries, you might be eligible for one of these exclusive credit cards. From gold cards to titanium cards, exclusive credit cards are both a status symbol and fashion statement for the world’s elite. If your lifestyle demands exclusive access to VIP events, personalized services when you travel and free upgrades at the world’s finest hotels, you may be a good candidate for carrying any of these diamond-embedded or gold cards.

Sabah Karimi

When it launched in 2004, the Stratus Rewards Visa–the White Card–was poised to be a competitor to the Amex Centurion Black Card. There were many similarities: both featured privileged rewards and benefits, exclusive access to restricted events, and membership by invitation only. The White card even had the upper hand in some cases–the parent company, Stratus Media Group, directly manages many live entertainment and sporting events. But the stir Stratus Visa initially gathered has silenced. (Of course this could be a representation of its success. If Stratus’ membership is truly restricted, then a quiet existence would be appropriate.) But on July 13, Stratus Media Group announced the appointment of a new VP to Stratus Rewards Visa program, indicating this exclusive credit card is very much alive.

This exclusive credit card seeks to meet the needs of an elite consumer audience, and is trying to catch their attention at all the right places, like sponsoring this year’s National Tour d’Elegance, a touring auto show of rare and expensive antique, exotic and modern cars and motorcyles from around the world.

The White Card is truly an invitation-only credit card. According to the Stratus Rewards Web site, membership is only available through an already established relationship with one of its partners, or through a referral or nomination by another member.

If you think you’re Stratus Card app got lost in the mail, or you don’t charge the requisite $250k annually, the American Express Platinum card has many worthwhile perks–and is attainable. Among the benefits are a 24-hour concierge service and complimentary worldwide Airport Club access.

While many credit cards offer points toward purchases or cash back, the White Card provides rewards that stand out from the crowd. Instead of earning frequent flier miles, for example, Stratus Rewards members can earn private jet travel or first class travel upon arrival.

The White Card also boasts opportunities for users to collaborate and combine their reward points toward something more extraordinary. The promises made from the White Card’s first press release were big: Redeem rewards for a trip on a private jet, and end the trip with a private tour of, say, the Louvre, or maybe the Pyramids of Egypt. Though the focus of the rewards appears to be on travel and travel-related perks, members can also take advantage of popular, hard-to-locate items, as well as personalized and unique services.

Upscale, high-end rewards, the status of an invitation-only credit card, and the type of market that only the National Tour d’Elegance can hope to reach–the White Card may be the next big status symbol for the wealthy business class in America today.

Kelly Herdrich and CCCG staff

Exclusivity is one way to generate buzz about your product, and Barclays has definitely taken advantage of this fact with the Visa Black Card. Billed as “the world’s most prestigious and versatile credit card,” the Visa Black Card is advertised as being available to only 1 percent of U.S. residents.

Some of the features included with this credit card are 24-hour concierge services, an exclusive rewards program and unspecified “luxury gifts.” However, the rewards program seems similar to those offered by other rewards credit cards, offers 1 percent cash back on all purchases, and is used for airline tickets and travel.

The Visa Black Card also offers a 0 percent interest rate for the first six months on balance transfers, which might appeal to those who need to consolidate some of their debt. The APR is higher than you would find on many other cards, however, and currently stands at the prime rate plus 9.99 percent. Many premium and platinum credit cards offer a 0 percent APR for 12 months on purchases and balance transfers.

Additionally, the Visa Black Card from Barclays comes with a hefty $495 annual fee. It is difficult to say whether consumers will benefit from this card at all, since the total rewards must exceed this high annual fee.

The exclusivity of the Visa Black Card has come under scrutiny in the media, which has questioned whether there is actually a limited membership at all. LuxuryPlastic.com surveyed several approved Visa Black Card holders, and the differences in income and credit score seem to back up the skepticism.

For example, one customer earns six figures per year with a credit score of 765, while another’s annual income is around $10,000 with a credit score in the high 500s. The discrepancy, combined with the rumors of easy qualification, call into question whether Barclays’ Visa Black Card is actually exclusive at all.

When shopping for credit cards, it is important to look past fancy Web sites and claims of exclusivity to the actual terms of the card. Financial institutions are all fighting for the best customers, and it is best to make your decisions based on raw numbers rather than skillful marketing.

It is also important to note that, although the Visa Black Card is billed as “limited membership” and “very exclusive,” the Visa Signature line of credit cards is actually ranked above the Visa Black Card, which is part of the Visa Platinum Plus line. Consumers with solid credit scores are often approved for low-interest credit cards with no annual fees and generous rewards programs.

Steve Thompson

These days, a big spender has the opportunity to take advantage of a number of credit cards that result in privileged rewards. Used properly, these exclusive credit cards can be a tool. They can unlock a number of benefits and perks, simply by using them every day.

The Citibank Ultima Card, especially, can unlock a number of privileges that go well beyond the realm of the “usual” rewards, allowing you to show your good taste and enjoy the perks that come with being an Ultima Card holder. Exclusive credit cards are offered only to the cream of the crop, and the Citibank Ultima Card is an exclusive card with exclusive rewards.

Rewarding Experiences from the Citibank Ultima Card

The Citibank Ultima Card can be a Visa or a MasterCard, depending on where it’s issued. Citibank, with its global reach, provides even more reliability and protection than most other credit cards. One of the more exclusive credit cards, the Ultima Card is available in Russia, Germany, parts of Asia (including India, Indonesia and Singapore) and the Middle East. And of these countries, the United Arab Emirates is the only one with an apply button—the rest are by invitation only.

Its unique rewards program allows account holders to enjoy special access to a number of perks. For example, In Singapore, cardholders are guaranteed a room upgrade. At the Dubai Hilton, the Ultima Card grants a discount at Gordon Ramsay’s first restaurant outside the UK. When traveling, it is possible to gain access to airport VIP lounges. Additionally, the Ultima Card offers travel upgrades that can provide you with increased comfort. Want to move in true style? Using the Citibank Ultima Card, you can arrange for a private jet, a chartered yacht or a chauffeured Bentley — all with just 10 hours notice. In short, the Citibank Ultima Card are your keys to the kingdom.

Jean Marquit

Exclusive credit cards exist in many countries. However, one of the world’s most elusive cards is offered by Coutts & Co (a.k.a The Queen’s Bank), the private banking adjunct of the Royal Bank of Scotland. Only a select few have this card, and it’s no easy task to acquire.

One of England’s premier private banks, Coutts & Co. caters to the needs of the United Kingdoms most affluent citizens. With a rich history that predates the formation of the USA, Coutts & Co. is no stranger to servicing the elite of the Western world. In fact, Coutts & Co. is the issuer of one of the world’s most exclusive credit cards: The Coutts World Card MasterCard.

One of the most exclusive credit cards

Perhaps all you need to know is that the Queen of England proudly carries this World Card MasterCard. The World Card is strictly available by invitation only. In fact, if you are not a Coutts private banking customer, your name will never be in the pool to receive an invitation for this exclusive credit card. Not only do you have to be a client of Coutts, but also you must have at least 1 million pounds in assets, or roughly $2 million US dollars.

The elegant look of this credit card comes from British tailor Ozwald Boateng. World renown, and possessing celebrity clientele, he was commissioned by Coutts in 2004 to design the super-premium credit card. Boateng discarded the typical World Card branding and used modern elements, like his trademark purple, to craft a unique and elegant way to spend…royally.

Concierge service to satisfy the most discerning tastes

One of the perks of the exclusive World Card is its 24-hour concierge service. Cardholders have a team of multi-lingual specialists to assist them with requests such as hotel reservations, event tickets, travel information and interpretation services. The concierge service can also hook clients up with last minute services such as shopping, tailoring, chartering a yacht, selecting personal staff, even with hiring a nanny. What more could anyone ask for?

Fees do apply with the World Card

Even one of the world’s most exclusive credit cards is not without its fees: 350 pounds/$700 annually. Coutts advertises that this fee is waived when certain conditions are met. On the fees page, it says this fee will be refunded if a client spends $100,000 annually using the card. (Remember it always pays to read the fine print.) Outstanding balances must be paid within 15 days of receiving the statement or a 2 percent late payment charge will be assessed. If a card is going to give one as much as Coutts’ World Card, lines have to be drawn someplace.

ShawnTe Pierce

For years, American Express ran a series of “membership has its privileges” commercials, which were intended to show potential cardholders the benefits of having one of its cards in your wallet. As much as the company likes to advertise and use celebrity endorsements, American Express keeps most details about its mysterious “black card” hidden from the general public.

Urban Legends Make the Black Credit Card Real

On one episode of the television sitcom “Frasier,” Niles Crane and his radio psychologist brother kept trying to reach the most exclusive levels of a new local day spa, which had became the stuff of legend among Seattle’s movers and shakers. Frasier and Niles would not be satisfied until they were eligible for every perk the spa had to offer.

American Express credit cards have always had the same allure as that Seattle spa, so much so that rumors about an ultra-elite American Express credit card began circulating during the 1980s. Waving that piece of black plastic around allegedly could give the über-rich unlimited access to secret floors at major department stores and tickets to sold-out concerts.

The mystique surrounding the American Express black credit card became so great, in fact, that the myth finally became reality. In 1999, the company unveiled its new Centurion card, according to the marketing blog Branding Strategy Insider. Named in honor of the company’s corporate logo, American Express made the black credit card so exclusive that only a select few are invited to apply for one.

Benefits of the Black Credit Card

A call to the American Express media relations department about the Centurion card was not returned, but a few hours of Web surfing uncovered some fairly consistent details:

• The black credit card is made of anodized titanium, according to AdSavvy.org, which makes it heavier than the average credit card.
• Unlike other American Express products, you have to be invited by the company to apply for the black credit card. To even be considered for membership, you must have a near-perfect credit history and spend at least $250,000 per year on an existing American Express Platinum or Gold card.
• American Express charges a one-time membership fee of $5,000 for the black credit card, followed by an annual fee of $2,500, according to BlackCardSource.com. You also have to have the financial credentials to show that you can afford to spend a quarter of a million dollars each year.

Besides the prestige of carrying a titanium card in your wallet, American Express offers several benefits and perks for those who carry the black credit card, according to BlackCardSource.com, including:

• A personal concierge and travel agent. The company offers similar benefits to American Express Platinum cardholders, but these personal assistants are reportedly the best of the best customer service agents in the company.
• Automatic first-class upgrades and companion seats on several airlines.
• Personal shoppers at the finest stores in the world.
• After-hours access to shops.
• Membership points that can be redeemed at upscale merchants.
• Thank-you gifts from American Express such as digital cameras and expensive gift cards.

Keeping Company with the Centurion

Despite its exclusive nature, the American Express black credit card has become a part of popular culture. Britney Spears casually mentioned giving it to her then-husband Kevin Federline in 2006. Singer Kanye West even refers to it as “African American Express” in his song “Last Call.”

The American Express black credit card is only one of several credit cards for those with impressive financial resources. Competitors also offer exclusive black cards, but few can achieve the aura that surrounds the Centurion card.

Steven Bryan