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Gooood Gawd, I didn't know there were credit cards out there like THIS ONE:
I just thought this was an interesting article:
(link: http://money.cnn.com/2007/07/18/life...ion=2007072010)
CMIYC
Life at the top
"The affluent represent a very high-spending and low-risk crowd," McKinley said, adding that their pricey transactions bring in steep processing fees from retailers -- a much more valuable revenue stream than the interest income from middle and lower income cardholders.
"(Other card issuers) want the affluent in their court since it gives them leverage over merchants who are balking at paying high merchant fees," he said.
Membership has its privileges
Although the exact figure is undisclosed, reports estimate that there are upwards of 17,000 black cards - actually made of titanium - currently in circulation.
And plenty more people want one. Consumers with a minimum net worth of $5 million and annual income of $200,000 rated the American Express Centurion the most prestigious credit card according to a recent survey by New York-based Luxury Institute.
But to qualify for the Centurion card, which launched in 1999, you must charge at least $250,000 a year. Then there's a $5,000 initiation fee and an annual fee of $2,500. On the plus side, there's no Annual Percentage Rate, since cardholders are generally required to pay off their balance each month.
Although the Centurion's costs are high, the perks are equally impressive. After all, if you're going to spend this much money you'll probably need some help. To wit: Cardholders are each assigned their own personal concierges who will make reservations, plan events or score sold out concert tickets.
Private shopping services afford exclusive access at top fashion houses. A call ahead to Tiffany will ensure you'll be greeted with a personal assistant wielding champagne and invited to try on the most coveted baubles from the back of the vault.
Centurion cardholders also receive invitations to "once-in-a-lifetime" events such as a round of golf with Tiger Woods at Oakmont days before the US Open, or a Zero-G flight with Buzz Aldrin, the costs of which vary.
Special requests are also fulfilled. One cardholder had a pint-sized Bentley created for his five-year-old son to match his own.
But these many indulgences are probably beside the point for most Black Card holders, who just enjoy its prestige.
One Black cardholder we spoke to, who wished to remain anonymous, noted that although he's never bothered to take advantage of any of the Centurion's many benefits, he certainly enjoys the star treatment the card affords him.
I just thought this was an interesting article:
(link: http://money.cnn.com/2007/07/18/life...ion=2007072010)
CMIYC
Life at the top
"The affluent represent a very high-spending and low-risk crowd," McKinley said, adding that their pricey transactions bring in steep processing fees from retailers -- a much more valuable revenue stream than the interest income from middle and lower income cardholders.
"(Other card issuers) want the affluent in their court since it gives them leverage over merchants who are balking at paying high merchant fees," he said.
Membership has its privileges
Although the exact figure is undisclosed, reports estimate that there are upwards of 17,000 black cards - actually made of titanium - currently in circulation.
And plenty more people want one. Consumers with a minimum net worth of $5 million and annual income of $200,000 rated the American Express Centurion the most prestigious credit card according to a recent survey by New York-based Luxury Institute.
But to qualify for the Centurion card, which launched in 1999, you must charge at least $250,000 a year. Then there's a $5,000 initiation fee and an annual fee of $2,500. On the plus side, there's no Annual Percentage Rate, since cardholders are generally required to pay off their balance each month.
Although the Centurion's costs are high, the perks are equally impressive. After all, if you're going to spend this much money you'll probably need some help. To wit: Cardholders are each assigned their own personal concierges who will make reservations, plan events or score sold out concert tickets.
Private shopping services afford exclusive access at top fashion houses. A call ahead to Tiffany will ensure you'll be greeted with a personal assistant wielding champagne and invited to try on the most coveted baubles from the back of the vault.
Centurion cardholders also receive invitations to "once-in-a-lifetime" events such as a round of golf with Tiger Woods at Oakmont days before the US Open, or a Zero-G flight with Buzz Aldrin, the costs of which vary.
Special requests are also fulfilled. One cardholder had a pint-sized Bentley created for his five-year-old son to match his own.
But these many indulgences are probably beside the point for most Black Card holders, who just enjoy its prestige.
One Black cardholder we spoke to, who wished to remain anonymous, noted that although he's never bothered to take advantage of any of the Centurion's many benefits, he certainly enjoys the star treatment the card affords him.