If you’re into credit card points, then you know that sometimes the fanciest cards
aren’t the most valuable.
So you might be wondering, why would someone get an exclusive card, and what are the benefits
that come with it?
Hey, how’s it going everyone?
It’s Ernest from Trip Astute.
In this video, we’re going to explore some of the most exclusive credit cards out there
and answer the question, why would you get these cards?
As many of you know, now is a tough time to apply for a credit card.
Since we are releasing this video in May 2020, most of the issuers are reducing their risk
exposure by tightening the amount of credit that they are offering customers.
If you want to learn more about how credit card issuers are responding based on what
happened during the Great Recession of 2008, check out our previous video on the topic.
We discuss why now may not be the best time to try and build your card portfolio.
On that note, today I thought we would do a fun video on exclusive credit cards.
These are cards that seem to have a lot of allure on social media and usually are invite-only
or have an annual fee of around $1000 or higher.
We’ll go through each card, and then wrap up with my thoughts on exclusive cards and
whether they are even worth it.
So, let’s jump into the list.
Keep in mind that this isn’t an exhaustive list of all exclusive cards out there.
These are just some of the ones that seem to get the most attention or have interesting
features.
1.
American Express Centurion: This is probably the first exclusive card that comes to mind
for many people.
It’s also known as the American Express Black Card.
While the exact requirements for getting the Centurion card aren’t exactly official,
there are several data points that suggest that you generally need to spend at least
$250,000 to $450,000 per year across your American Express accounts to get invited for
the card.
In terms of fees, there is an initiation fee along with an annual fee.
When researching the topic, I found that people were reporting an initiation fee of between
$7,500 and $10,000, and an annual fee of $5,000.
Also, there is a personal and business version of the card.
The card itself is made of anodized titanium, making it as exclusive as the … well, the
Apple card.
So what are the benefits of the American Express Centurion card.
To be honest, most of the benefits are non-spending benefits or perks.
That means that this card isn’t going to reward you bonus points for purchases.
Instead, you’re paying for certain luxury and premium benefits.
For example, the Centurion card offers its cardmembers Delta Platinum Medallion, Hilton
Diamond, and Marriott Gold status.
Other notable perks are access to exclusive member events and expensive gifts.
However, probably the most important perk is access to the Centurion concierge.
Cardmembers get assigned a concierge manager who can handle all sorts of complex scenarios
and bookings.
I did a review a while back on my experience using the Visa Infinite concierge, and how
I was able to get a better dinner reservation using the service.
I am assuming that using the Centurion concierge gives you even more access to exclusive bookings
and generally more personalized services.
Interestingly enough, it used to be that you would have to wait to get an offer for the
card.
While that’s still the case, there is now an option to express interest on the website.
It’s not a guarantee that you’ll get an offer, but it is a way to nudge American Express
if you have an interest.
So why is this card so popular?
In my opinion, it’s almost like you’re contracting American Express to be your personal
assistant when you get this card, which could be appealing for those that want personalized
services.
Though for most people, the value proposition of such a high annual fee would be hard to
stomach, especially when you can get most of the valuable card perks with the American
Express Platinum card.
2.
Dubai First Royale Mastercard: This is another invite-only credit card.
Dubai First, which is part of the First Abu Dhabi Bank group, claims to only have about
200 cardmembers.
This makes it potentially the most exclusive credit card out there.
Details on how to get the card are fairly limited, though we know that the card has
no credit limit and a guaranteed approval of all charges.
The card is marketed for those who want to buy expensive luxury items like cars or yacht
on their card without having to worry about getting approval.
You know, things that most of worry about on a daily basis!
Ironically, the annual fee on the card is $2,000.
While that’s still a lot of money, it’s still less than the Centurion card.
The card itself is plated in real gold, with a .325 carat diamond in the middle crest.
Like the Centurion card, you’re not earning extra points on travel or dining.
Instead, you’re paying for the soft perks and benefits.
In this case, you’re getting a dedicated relationship manager who is available 24 hours
a day.
Dubai First claims that it offers “royal lifestyle management.”
I imagine that means having someone who can get you into exclusives places and arrange
VIP treatment.
Unlike the Centurion, you can’t really tell Dubai First if you have any interest in being
a member.
And I imagine that since their clientele tends to literally be royal family members, this
might actually be the most exclusive card out there.
3.
Mastercard Gold: While there seems to be more hype around the Mastercard Black card, it’s
not actually the most exclusive credit card from Luxury Card.
Their Mastercard Gold happens to be the one with the highest annual fee, which is $995.
The card is stainless steel but plated with 24-carat gold.
Though there’s no diamond in the middle.
The Mastercard Gold has some credits that can be used toward airline purchases and Global
Entry applications.
They even tout that points earned on the card can be redeemed at 2% for airfare redemptions
and cashback.
While that may sound interesting, keep in mind that you’re not earning points at an
increased rate.
That means that you’re only gaining on the backside of the equation.
For more information on how to determine points values and calculate adjusted earning rates,
see our video on the topic.
The Mastercard Gold also includes access to concierge services and Priority Pass lounges.
They also list luxury gifts as one of the perks.
Lastly, you also get a subscription to Luxury Magazine.
They claim that every issue is a “limited-edition collector’s item.”
As I mentioned earlier, Luxury Cards does offer several variations including the Mastercard
Black and Titanium cards.
Though their Mastercard Gold is still their most premium version.
4.
JP Morgan Reserve: This was the card formerly known as the Chase Palladium card.
This card is an invite-only card for Chase private bank customers.
To get invited, you’ll need to have $10 million in assets at Chase.
The card has an annual fee of $595, which is surprising since the Chase Sapphire Reserve
has an annual fee of $550.
Perhaps the most interesting feature of this card is that it’s made of palladium and
brass, which is isn’t found in other cards that I’ve seen.
In terms of benefits, the card does earn Ultimate Rewards points.
In fact, the rewards are very similar to the Sapphire Reserve, with some additional luxury
perks mixed in like elite hotel benefits.
In fact, it really does seem like an exclusive version of the Sapphire Reserve that is made
of unique materials.
I guess for those with a trifecta or quadfecta, this card could be the next level version
of it.
Maybe the blingfecta.
Ok, that was super cheesy.
5.
Citi Chairman American Express: This card intrigues me since it’s a collaboration
between two issuers, Cit and American Express.
The details on the card are hard-to-find, though we know that it is invite-only and
you have to have significant assets with Citigroup’s private bank.
Like the JP Morgan Reserve, the annual fee is much lower than you would expect at $500.
The benefits include all the usual perks like member-only events, concierge, and airport
lounge access.
The card is also rumored to have a $300,000 credit limit.
6.
Stratus Rewards Visa: The card pops up on a lot of exclusive card lists, but to be honest,
there isn’t much information out there on it.
Stratus Rewards is a part of Stratus Media Group, which is an invitation-only lifestyle
club that is meant to support and enhance the affluent lifestyle.
The card is sometimes referred to as the “white card”, which I think is meant to piggyback
off the “black card” branding used by Mastercard and American Express.
The annual fee for the card is listed as $1,500.
To get the card, it’s rumored that you have to spend upwards of $100,000.
As far as I can tell, the card isn’t made with any interesting or unique materials.
And to be honest, I couldn’t even find much information on the Stratus Media Group.
It looks like the organization was merged or acquired in 2014, so it’s unclear whether
this card even exists anymore.
The one interesting aspect of the card is that you can supposedly pool points with other
cardmembers to book private jets and yachts.
Assuming you can find anyone else that actually has the card.
7.
Coutts World Silk Card: This is an invite-only card, and features the British Royal family
as some of their clients.
The card does require an account at Coutts Bank, a British bank that caters to high-net-worth
individuals.
Though the exact requirements to get the card are not public.
The card doesn’t appear to be made of any special materials.
The biggest selling point is the high credit limit and access to Coutt’s concierge service,
which is known to have access to some of the most exclusive travel and dining experiences.
The card does have its own rewards system called Coutts Crowns that can be used for
travel and shopping redemptions.
Surprisingly, the card has no annual fee either.
Though cardmembers have reported receiving luxury gifts as well as part of their membership.
So, are these cards worth it?
For most people, the answer is likely no.
Unless you’re planning to purchase extremely expensive luxury items with your credit card,
like boats or sports cars, or needing a 24/7 personalized concierge service, then you’re
unlikely to find value in these cards.
There is, of course, the appeal and allure of exclusivity, which I suspect is the reason
people want to get these cards.
And there are probably certain industries or professions where projecting wealth or
success is a consideration.
However, since most of us in the hobby are focused on tangible value, it doesn’t make
sense to get these cards when you can get most of the same benefits on other premium
cards at a lower annual fee.
For example, the American Express Platinum provides most of the same benefits as the
Centurion card, including access to the Centurion lounges.
The Chase Sapphire Reserve also has the exact same earning and redemption value as the JP
Morgan Reserve card, though without the $10 million asset requirement.
While these cards may be what the rich and famous use, it doesn’t mean that they are
better.
Yes, the cards might be made of exotic or interesting materials.
But at the end of the day, an exclusive credit card is unlikely to get you any closer to
your goal of traveling for less.
What do you think of these exclusive credit cards?
Do you happen to have one, or would you even consider one?
Let me know in the comment section below.
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