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Luxury Credit Cards: What’s the deal?

For those who have attained high income coupled with perfect credit, you can acquire a truly exclusive phone call from your credit card company. Virtually every financial institution which issues credit cards features a hierarchy. It begins with sub-prime cards with low credit limits and high credit interest rates. The next rung up the credit card ladder are your more average cards, those with a $5-10,000 limit and decent credit interest rates. The next phase would be a gold card. Most of these credit cards feature limits up to $50,000 but are usually closer to $10,000.The last stop for most of us is usually a platinum card that features rates inside the single digits and credit limits of up to$100,000. But let's say that $100,000 just isn’t enough to suit your needs? What if you'd like a card with increased rewards, a much high credit limit and perks that you normally only see in the movies? Then you want to join a very exclusive club whose members have access to the world of the super-luxury credit cards.

While you'll find super luxury cards from most banks, the three which are by far the most recognized are from American Express, Visa and Master Card. How can you get hold of one of these elite cards? Be ready to possess an exquisite credit history and spend a minimum of $250,000 annually with your credit card, and that's simply to be looked at as a possible card holder by the credit card companies. So, you receive one of these telephone calls proclaiming to offer you a high end luxury card credit. What can you expect get and how much should you expect to pay for it?

Probably the most alluring feature worth mentioning is the 24 hour a day concierge service which they provide their customers. Probably one of the most well-known versions of this service pulled off by Visa with their legendary Black Card. You may have seen some advertisements, but you won't be able to learn all that much about what it's like to actually have one of these cards. However, while in the past Visa would say very little about the Black Card, they have started to market their exclusive card on their own website, they have also begun marketing it on a dedicated website. So the secret is definitely out. There are however still plenty of stories floating around about the concierge service that comes with the Black Card and those like it that are hard to confirm. But let’s just say that if you decide last minute that you need a private jet to Nepal and a team of experts  and Sherpa you help you summit Mt. Everest, these would be the guys to call to help you spend your money, or in this case, to expertly run up your no-limit credit card in high fashion. But service befitting this kind of description isn’t free.

Each of the major luxury credit card issuers charges a different annual fee. The cheapest is a reasonable $85 annually, but you will discover strings attached. To obtain, and in order to keep one of these cards you're required to meet some pretty high spending limits. Should you not spend at least $3,000 a month, you most likely won’t be considered a client of theirs for long. With some of the more popular high-end cards, the annual fees can be as high as $2,500 or more annually and you are expected to charge at least $5-6,000 to the card each month.

So, now you ask; is it worthwhile? Possessing a card like these it is all about the status symbol. If you want a credit card with high or no credit limit and amazing customer service, then the annual fees might not be prohibitive to you. Besides for most of the lucky few that have one of these bad boys in their wallets, it’s is all about being seen with these cards. However, if you don’t think you need to contend with abnormally high annual fees and minimum usage expectations, then perhaps you should just stick with a normal card like the rest of us.


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