đ
7 Most Exclusive Credit Cards for the Rich & Famous (or Those Aspiring To Be) | Are They Worth it? - YouTube
Channel: Trip Astute
[0]
If youâre into credit card points, then
you know that sometimes the fanciest cards
[4]
arenât the most valuable.
[5]
So you might be wondering, why would someone
get an exclusive card, and what are the benefits
[10]
that come with it?
[11]
Hey, howâs it going everyone?
[13]
Itâs Ernest from Trip Astute.
[14]
In this video, weâre going to explore some
of the most exclusive credit cards out there
[18]
and answer the question, why would you get
these cards?
[22]
As many of you know, now is a tough time to
apply for a credit card.
[32]
Since we are releasing this video in May 2020,
most of the issuers are reducing their risk
[36]
exposure by tightening the amount of credit
that they are offering customers.
[40]
If you want to learn more about how credit
card issuers are responding based on what
[44]
happened during the Great Recession of 2008,
check out our previous video on the topic.
[49]
We discuss why now may not be the best time
to try and build your card portfolio.
[53]
On that note, today I thought we would do
a fun video on exclusive credit cards.
[57]
These are cards that seem to have a lot of
allure on social media and usually are invite-only
[62]
or have an annual fee of around $1000 or higher.
[66]
Weâll go through each card, and then wrap
up with my thoughts on exclusive cards and
[70]
whether they are even worth it.
[71]
So, letâs jump into the list.
[73]
Keep in mind that this isnât an exhaustive
list of all exclusive cards out there.
[76]
These are just some of the ones that seem
to get the most attention or have interesting
[80]
features.
[81]
1.
[82]
American Express Centurion: This is probably
the first exclusive card that comes to mind
[86]
for many people.
[87]
Itâs also known as the American Express
Black Card.
[90]
While the exact requirements for getting the
Centurion card arenât exactly official,
[94]
there are several data points that suggest
that you generally need to spend at least
[97]
$250,000 to $450,000 per year across your
American Express accounts to get invited for
[104]
the card.
[105]
In terms of fees, there is an initiation fee
along with an annual fee.
[108]
When researching the topic, I found that people
were reporting an initiation fee of between
[114]
$7,500 and $10,000, and an annual fee of $5,000.
[117]
Also, there is a personal and business version
of the card.
[121]
The card itself is made of anodized titanium,
making it as exclusive as the ⊠well, the
[126]
Apple card.
[127]
So what are the benefits of the American Express
Centurion card.
[130]
To be honest, most of the benefits are non-spending
benefits or perks.
[134]
That means that this card isnât going to
reward you bonus points for purchases.
[137]
Instead, youâre paying for certain luxury
and premium benefits.
[141]
For example, the Centurion card offers its
cardmembers Delta Platinum Medallion, Hilton
[146]
Diamond, and Marriott Gold status.
[148]
Other notable perks are access to exclusive
member events and expensive gifts.
[153]
However, probably the most important perk
is access to the Centurion concierge.
[158]
Cardmembers get assigned a concierge manager
who can handle all sorts of complex scenarios
[162]
and bookings.
[163]
I did a review a while back on my experience
using the Visa Infinite concierge, and how
[168]
I was able to get a better dinner reservation
using the service.
[171]
I am assuming that using the Centurion concierge
gives you even more access to exclusive bookings
[177]
and generally more personalized services.
[179]
Interestingly enough, it used to be that you
would have to wait to get an offer for the
[183]
card.
[184]
While thatâs still the case, there is now
an option to express interest on the website.
[187]
Itâs not a guarantee that youâll get an
offer, but it is a way to nudge American Express
[191]
if you have an interest.
[192]
So why is this card so popular?
[194]
In my opinion, itâs almost like youâre
contracting American Express to be your personal
[198]
assistant when you get this card, which could
be appealing for those that want personalized
[202]
services.
[203]
Though for most people, the value proposition
of such a high annual fee would be hard to
[208]
stomach, especially when you can get most
of the valuable card perks with the American
[211]
Express Platinum card.
[213]
2.
[214]
Dubai First Royale Mastercard: This is another
invite-only credit card.
[218]
Dubai First, which is part of the First Abu
Dhabi Bank group, claims to only have about
[223]
200 cardmembers.
[224]
This makes it potentially the most exclusive
credit card out there.
[227]
Details on how to get the card are fairly
limited, though we know that the card has
[231]
no credit limit and a guaranteed approval
of all charges.
[235]
The card is marketed for those who want to
buy expensive luxury items like cars or yacht
[240]
on their card without having to worry about
getting approval.
[243]
You know, things that most of worry about
on a daily basis!
[246]
Ironically, the annual fee on the card is
$2,000.
[248]
While thatâs still a lot of money, itâs
still less than the Centurion card.
[252]
The card itself is plated in real gold, with
a .325 carat diamond in the middle crest.
[259]
Like the Centurion card, youâre not earning
extra points on travel or dining.
[263]
Instead, youâre paying for the soft perks
and benefits.
[266]
In this case, youâre getting a dedicated
relationship manager who is available 24 hours
[270]
a day.
[271]
Dubai First claims that it offers âroyal
lifestyle management.â
[273]
I imagine that means having someone who can
get you into exclusives places and arrange
[278]
VIP treatment.
[279]
Unlike the Centurion, you canât really tell
Dubai First if you have any interest in being
[283]
a member.
[284]
And I imagine that since their clientele tends
to literally be royal family members, this
[288]
might actually be the most exclusive card
out there.
[291]
3.
[292]
Mastercard Gold: While there seems to be more
hype around the Mastercard Black card, itâs
[296]
not actually the most exclusive credit card
from Luxury Card.
[299]
Their Mastercard Gold happens to be the one
with the highest annual fee, which is $995.
[305]
The card is stainless steel but plated with
24-carat gold.
[307]
Though thereâs no diamond in the middle.
[309]
The Mastercard Gold has some credits that
can be used toward airline purchases and Global
[314]
Entry applications.
[315]
They even tout that points earned on the card
can be redeemed at 2% for airfare redemptions
[321]
and cashback.
[322]
While that may sound interesting, keep in
mind that youâre not earning points at an
[325]
increased rate.
[326]
That means that youâre only gaining on the
backside of the equation.
[329]
For more information on how to determine points
values and calculate adjusted earning rates,
[334]
see our video on the topic.
[335]
The Mastercard Gold also includes access to
concierge services and Priority Pass lounges.
[340]
They also list luxury gifts as one of the
perks.
[343]
Lastly, you also get a subscription to Luxury
Magazine.
[346]
They claim that every issue is a âlimited-edition
collectorâs item.â
[349]
As I mentioned earlier, Luxury Cards does
offer several variations including the Mastercard
[355]
Black and Titanium cards.
[357]
Though their Mastercard Gold is still their
most premium version.
[360]
4.
[361]
JP Morgan Reserve: This was the card formerly
known as the Chase Palladium card.
[365]
This card is an invite-only card for Chase
private bank customers.
[369]
To get invited, youâll need to have $10
million in assets at Chase.
[374]
The card has an annual fee of $595, which
is surprising since the Chase Sapphire Reserve
[381]
has an annual fee of $550.
[383]
Perhaps the most interesting feature of this
card is that itâs made of palladium and
[387]
brass, which is isnât found in other cards
that Iâve seen.
[390]
In terms of benefits, the card does earn Ultimate
Rewards points.
[393]
In fact, the rewards are very similar to the
Sapphire Reserve, with some additional luxury
[397]
perks mixed in like elite hotel benefits.
[399]
In fact, it really does seem like an exclusive
version of the Sapphire Reserve that is made
[404]
of unique materials.
[405]
I guess for those with a trifecta or quadfecta,
this card could be the next level version
[410]
of it.
[411]
Maybe the blingfecta.
[412]
Ok, that was super cheesy.
[414]
5.
[415]
Citi Chairman American Express: This card
intrigues me since itâs a collaboration
[419]
between two issuers, Cit and American Express.
[422]
The details on the card are hard-to-find,
though we know that it is invite-only and
[426]
you have to have significant assets with Citigroupâs
private bank.
[430]
Like the JP Morgan Reserve, the annual fee
is much lower than you would expect at $500.
[435]
The benefits include all the usual perks like
member-only events, concierge, and airport
[440]
lounge access.
[441]
The card is also rumored to have a $300,000
credit limit.
[445]
6.
[446]
Stratus Rewards Visa: The card pops up on
a lot of exclusive card lists, but to be honest,
[451]
there isnât much information out there on
it.
[453]
Stratus Rewards is a part of Stratus Media
Group, which is an invitation-only lifestyle
[457]
club that is meant to support and enhance
the affluent lifestyle.
[461]
The card is sometimes referred to as the âwhite
cardâ, which I think is meant to piggyback
[465]
off the âblack cardâ branding used by
Mastercard and American Express.
[469]
The annual fee for the card is listed as $1,500.
[473]
To get the card, itâs rumored that you have
to spend upwards of $100,000.
[477]
As far as I can tell, the card isnât made
with any interesting or unique materials.
[481]
And to be honest, I couldnât even find much
information on the Stratus Media Group.
[485]
It looks like the organization was merged
or acquired in 2014, so itâs unclear whether
[490]
this card even exists anymore.
[492]
The one interesting aspect of the card is
that you can supposedly pool points with other
[496]
cardmembers to book private jets and yachts.
[499]
Assuming you can find anyone else that actually
has the card.
[502]
7.
[503]
Coutts World Silk Card: This is an invite-only
card, and features the British Royal family
[507]
as some of their clients.
[509]
The card does require an account at Coutts
Bank, a British bank that caters to high-net-worth
[513]
individuals.
[514]
Though the exact requirements to get the card
are not public.
[517]
The card doesnât appear to be made of any
special materials.
[518]
The biggest selling point is the high credit
limit and access to Couttâs concierge service,
[524]
which is known to have access to some of the
most exclusive travel and dining experiences.
[529]
The card does have its own rewards system
called Coutts Crowns that can be used for
[533]
travel and shopping redemptions.
[535]
Surprisingly, the card has no annual fee either.
[538]
Though cardmembers have reported receiving
luxury gifts as well as part of their membership.
[541]
So, are these cards worth it?
[543]
For most people, the answer is likely no.
[545]
Unless youâre planning to purchase extremely
expensive luxury items with your credit card,
[550]
like boats or sports cars, or needing a 24/7
personalized concierge service, then youâre
[555]
unlikely to find value in these cards.
[558]
There is, of course, the appeal and allure
of exclusivity, which I suspect is the reason
[562]
people want to get these cards.
[564]
And there are probably certain industries
or professions where projecting wealth or
[567]
success is a consideration.
[569]
However, since most of us in the hobby are
focused on tangible value, it doesnât make
[574]
sense to get these cards when you can get
most of the same benefits on other premium
[577]
cards at a lower annual fee.
[579]
For example, the American Express Platinum
provides most of the same benefits as the
[583]
Centurion card, including access to the Centurion
lounges.
[587]
The Chase Sapphire Reserve also has the exact
same earning and redemption value as the JP
[592]
Morgan Reserve card, though without the $10
million asset requirement.
[596]
While these cards may be what the rich and
famous use, it doesnât mean that they are
[599]
better.
[600]
Yes, the cards might be made of exotic or
interesting materials.
[603]
But at the end of the day, an exclusive credit
card is unlikely to get you any closer to
[608]
your goal of traveling for less.
[609]
What do you think of these exclusive credit
cards?
[612]
Do you happen to have one, or would you even
consider one?
[614]
Let me know in the comment section below.
[616]
If youâre interested in applying for a new
credit card and want to support our channel,
[620]
please check out the card offers page on our
website.
[623]
Itâs an easy way to support us, especially
if youâve found our content to be valuable
[626]
and helpful.
[627]
We hope you enjoyed the video and found it
useful.
[629]
If so, please give us a thumbs up and consider
sharing the video with others.
[633]
It may not seem like much, but it really helps
us with growing our channel and community.
[637]
As always, we appreciate you checking out
our channel and video.
[640]
I hope you all are staying safe and healthy.
[642]
Until next time, travel safe and travel smart.
Most Recent Videos:
You can go back to the homepage right here: Homepage