Prestigious Credit Cards: A Glimpse into the Millionaire’s Wallet

| 7 Nov 2012 | 1 Comment

In recognizing the intense growth in demand for the most exclusive credit cards in the world, credit card issuers are expanding their services to cater to a more high-end clientele by providing the most expensive and elite cards on the market. As wealthy individuals from across the globe battle to outshine and surpass each other with regards to an extravagant lifestyle, it is no surprise that competition has heightened between exclusive credit card issuers to create extraordinary cards that give individuals access to new and previously unattainable financial prospects.

Millionaire’s WalletWith minimum spending requirements for luxury credit cards soaring to a sky-high spending level of $250,000 a year, it is evident that a display of one’s opulence is a necessity to qualify for one of the most exclusive credit cards in the world. The criterion for these prestigious credit cards is ambiguous and not easily satisfied, therefore making these cards a rare yet valuable acquisition. Regardless of your status within society, industry or corporate success, owning a prestigious card is largely dependent on the indulgence of an individual and the sum of money they are willing, and able to spend on themselves.

The Privilege of having Privileges

The majority of elite credit card issuers have taken the initiative to further enhance exclusive ownership by supplying their cards on an ‘invite-only’ basis. The golden rule stipulated by these companies revolves around the clause that “If you qualify, we will find you”.

The ultra rich remain hopeful that they will satisfy the criteria; with those who are entitled to receive the luxury credit card being duly contacted and issued the reputable card – thus reaching the elite status denoted by the prestigious plastic.

The Start of the Luxury Credit Card Culture

Despite its rumored existence, the AmEx Centurion card was introduced to the market in 1999 to cater to the highly affluent and super elite clientele. Dubbed as the ‘Bugatti’ of credit cards by Forbes, AmEx Centurion is considered to be the rarest card issued by American Express – with the actual card being made of titanium!

The launch of this card was surrounded by media hype across the globe as millionaires raced to become members of the exclusive AmEx card holders club. Apart from the ‘invite only’ clause, the card ownership criteria includes $2,500 upkeep cost per year and a $5,000 enrollment fee. The super rich who acquire this card must have had the American Express Platinum card for a minimum of one year, having exceeded the $250,000 spending limit within that period of time.

The upkeep of a luxurious lifestyle is undoubtedly expensive and the AmEx Centurion card has been created with the specifications of an extravagant way of life. With no spending limit and high maintenance, the AmEx card serves as a strong contender in the luxury credit card market, providing cardholders with services including personal shoppers, concierge services, airline discounts and airport lounge privileges. Reigning as the king of credit cards, the AmEx Centurion card is regarded as the world’s most exclusive card that defines the status and height of an individual’s wealth.

Demand for Luxury Credit Cards

The undeniable popularity of the AmEx Centurion has led to a large number of card issuers taking to the market to produce exclusive luxury credit cards to cater to the heightened demand of affluent clients, though the majority has been unsuccessful in their approach. From the invitation-only Citibank Ultima Card to the 49.1% annual percentage rate of the Coutts World Card, none of the luxury credit cards have succeeded in rivaling AmEx.

Providing strong competition to the AmEx Centurion, JP Morgan released their unique invitation-only Palladium Card. The card itself incorporates 23 carat gold and palladium metal into its physical shape –pushing it one-step ahead of the AmEx in terms of card branding and value.

The Palladium Card costs approximately $1000 to produce, and has been labeled by Bloomberg as “The card for the 1% of the 1%” – revealing the exceptionality of this unique card. As AmEx had already established the standards of luxury credit cards, JP Morgan took on the challenge to redefine the boundaries and eligibility of being an exclusive cardholder.

luxury credit cardsIn contrast to the $2,500 upkeep of the AmEx Centurion, the Palladium requires a mere $695 per year; however the alleged card ownership requirements including being a private banking customer with JP Morgan & Chase – which requires approximately $30 million present in the account.

The perks of the Palladium card include private jet access, hotel upgrades in some of the world’s most expensive hotels, admittance to member-only events and unlimited spending opportunities. Card holders also have the opportunity to postpone card repayments over a few months – an option that is not readily available to AmEx Centurion customers.

A Flair for Extravagance

Taking luxury credit cards and lavishness to the next level, Dubai First released the Royal MasterCard as their answer to those seeking the epitome of extravagance. The handcrafted and sophisticatedly designed credit card incorporates two of the most luxurious materials in the world into its physical shape – gold and diamond.

The exquisite design of the credit card ensures that its holder has a unique experience that is no less than royalty. The First Royal MasterCard is issued to those in the geographical region of the United Arab Emirates and enables holders to have unlimited spending.

The eligibility criteria for this card is undisclosed, however the exemption of an annual fee indicates that it is only available to the elite – incorporating their social status, public profile and financial standing. Being a luxury card, it integrates the necessity of a flamboyant lifestyle – providing services including Lifestyle Management, Personal Relationship Managers as well as a 4% cash back on transactions.

Ultimate Display of Wealth

Reserved for the affluent and ultra rich, luxurious credit cards offer individuals the opportunity to define their wealth and experience an unparalleled lifestyle. However, the quest to obtain the ultimate status of prosperity has become challenging for the ultra rich as the majority of exclusive cards are just that – exclusive. These cards are not readily offered to wealthy individuals as there is set criteria that must be satisfied to pocket one of the most prestigious cards in the world.

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  1. Angelos Nikolouzos says:

    Good morning
    I am Greek,
    I live and work in Greece.
    Is it possible to get from you a loan or credit card;

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    Rating: 3.0/5 (2 votes cast)

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