Master Your Card

The rich really are different. And it’s not the caviar facials and small frou-frou dogs, either. It’s the plastic. The truly wealthy enjoy status credit cards that come with amazing perks most of us mere mortals can’t touch. If you plan on inheriting big or just clawing your way to the very top, you might want to peruse the plastic offerings available to you when you enjoy life at it’s most affluent:

• The American Express Centurion card has a nickname — the black card – and it is currently the hottest status symbol in plastic. The titanium it’s made out of gives it a nice heft and makes a satisfying noise when it hits the counter at the checkout. The big deal is that cardholders are not subject to credit limits – which are clearly for the poor and the amateur (yeah, right!). With a black card you can keep spending and spending and spending as long as you like. The real pay-off on the card, though, is being assigned your own personal concierge to make reservations or buy you sold out concert tickets. You are also given VIP treatment at stores like Tiffany’s and invites to once-in-a-lifetime events. There are roughly 17,000 black cards issued right now. Want one? Not so fast. You have to charge at least $250,000 a year and pony up a $5,000 initiation fee and an annual fee of $2,500.
• The Bank of America APR Accolades card promises similar luxury to the black card. There is a credit limit - a mere $500,000 – but the annual fee of $295 can be refunded for VIP cardholders. The Accolades card also offers some perks, including concierge services, travel discounts, and special events such as golfing with Michael Jordan.
• The Citigroup Chairman American Express card also has a personal concierge service. The card can help you arrange a private jet and your entourage gets free tickets. No need to worry about foreign currency transaction fees, either. The annual fee of only $500 – a bargain for a luxury credit card – includes 24-hour emergency assistance and medical evacuation.
• The Merrill Lynch + card has limits of up to $250,000. With this card you enjoy plane ticket upgrades, airport lounge access, and the requisite concierge service. If you charge $50,000 or more per year, you can book time on a Marquis jet and get a personal assistant to remind you of upcoming birthdays and events, just in case you are too busy shopping to notice time fly.
• The Stratus Rewards Visa is the one card that comes close to the black card in status. In fact, this Visa has its own nickname — the “White Card.” It can be even harder to get than the black card, because you generally need a nomination from a cardholder who already has one! The annual fee is a hefty $1,500, but it gets you $1 million in travel insurance, discounts on private jets, deals on luxury items, and goodie bags similar to what celebs get at award shows.
• The Coutts & Co.’s World card is the luxury card in Britain, and it has been around since before the black card debuted. It is rumored that this is the card of choice for the Queen. You need to have at least $1 million in the bank to qualify for a card. The card costs $700 a year, but the fee is waived or those who spend $100,000 a year. Perks include private shopping trips at top London stores, airport lounge access, medical emergency coverage, and travel insurance.

Luxury credit cards come with lots of perks because credit card companies want to woo the wealthy. There is a certain cachet for companies in saying that top celebs use their cards. But it’s more than that – it comes down to the green. The high processing fees that big spenders incur from retailers brings credit cards more money than interest.

Should you aspire to one day have a couple of these in your wallet or purse? Not really. Credit card companies can offer most of the bells & whistles because, quite frankly, they know they’ll almost never be used. The so-called ‘VIP Treatment’ you get at stores have little do with the card and everything to do with the salesperson knowing that you’re cashed-up and ready to buy. And as for the ‘personal concierge’ - you’ll probably use it once or twice for novelty value and then go back to using a phonebook or directory assistance just like everyone else. The more practical features, like travel insurance or medical emergency coverage, come with much cheaper (and more sensible) cards.

Ultimately, the only real reason to drop the Benjamins on one of these cards is if you’re looking for a status symbol. And if that’s the case, why not go for something that you can show off a little more?