Forget the latest Louis Vuitton handbag or Manolo Blahnik shoes, the most prestigious accessory to have is one of the latest luxury credit cards.
Unlike the kind of standard credit cards that can be found on comparison sites such as moneysupermarket.com, luxury cards are an elite bunch and some require an invitation to join.
One example of this is the Stratus Rewards Visa, which is known among the rich and famous as The White Card.
However, unsurprisingly, the card does not come cheap.
Anyone wishing to own a White Card must be able to afford the $1500 annual fees and even if this isn’t a problem, the card will only be provided to anyone invited or nominated by a fellow cardholder.
Other cards in the market include the Citigroup Chairman American Express Card and the Bank of America Accolades card. Another top competitor is the luxury card offered by Merrill Lynch.
These luxury credit cards offer exclusive perks such as private outings with famous sporting stars, as well as concierge services and access to VIP lounges in airports across the globe.
However, the one card in the US which has remained at the top of the pile is the Centurion, better known as the Black Card.
The Black Card has been around for a long time but there are only an estimated 17,000 holders in this elite club. This card is only granted to the wealthiest of the wealthy and as a mark of the true quality that sets it apart; it is not made from cheap plastic, but from titanium.
Sight of the card often provides its owners with a better level of service or access to privileged treatments, due to its celebrity status and reputation for only being granted to those with impeccable credit and bottomless pockets.
To qualify for membership, you must earn at least $250,000 per annum and cough up $5000 to open an account, as well as $2500 in annual subscription costs. Cardholders are not subjected to such vulgar details as credit limits but are expected to repay their balance in full every month, which is why there is no advertised APR.
Unsurprisingly, the perks associated with this kind of card are endless. Personal shoppers, private concierge services and invitations to exclusive events are all par for the course, as well as more standard benefits such as VIP lounge access and designer discounts.
Luxury credit cards are a breed apart from the cards that most of the public lay their hands on and are more of a prestige symbol than an extension of credit.
With criteria such as a minimum salary and annual spend in the tens of thousands, these types of cards are clearly not designed for those who cannot afford to splash the cash and need a helping hand to spread the costs.
With some of the card providers insisting that the balance, not matter how large, is repaid in full each month, luxury cards are more like a cross between a debit and prepaid credit card.
