Some credit cards that money can’t buy

Given that even just-joined-work youngsters now flaunt a platinum card, can credit cards be a source of exclusivity?

Well, some private and foreign banks say they can, by coming up with ultra-premium credit cards that you simply can’t apply for. You have to be chosen to own one, with the bank in question inviting you to apply.

The American Express Black or Centurion Card is one such coveted card.

One story on the internet recounts how the European holder of the Centurion Card would not rest until he owned Kevin Costner’s horse in the Dances with Wolves . He conveyed his wish to American Express, which after a Hollywood-style journey around the world, traced the steed and had it delivered safely to him.

If this tale reminds you of Aladdin and the genie-in-the-lamp, that’s exactly what the new breed of cards with ‘lifestyle management services’ promise to do — honour your every wish (for payment in full, of course), no matter how outlandish it is.

With plastic becoming quite commonplace, banks are wooing uber rich clients with super premium credit cards that have luxury stamped all over them. Asked about what cards such as the American Express Black card or the recently launched Citi Ultima Infinite do offer, bankers turn all secretive.

Yes, all these cards do offer access to luxurious airport lounges across the world, exclusive deals on seven-star resorts and hotels worldwide, personal concierge and shopper services. But they also offer much more, they maintain. Tickets to a sold-out U2 concert, a coveted dress from a Bollywood movie, a surprise gift of Belgian chocolates for your wife — just call your banker!

Just a notch below the ‘by invitation only’ cards are a host of elite credit cards that offer more well-defined benefits. For one, these cards come with no spending limits; so you can swipe them for just about any value (better get a card protection plan though, as losing one can land you in trouble with a capital T!).

If you’re an entrepreneur or hold a top corporate position, you probably spend a good deal of your time jetting around the world. You’d like logistics to be the least of your worries. Thus, premium credit cards offer many services for hassle-free, luxurious, travel.

It starts with the check-in counter at the airport. How would you like to avoid the winding queue and walk up straight to the check-in desk? Most premium cards offer expedited check-in and departure formalities at major airports. You may already have access to the luxury airport lounge, but what may matter to you is the global coverage. Citibank’s recently launched Prestige card prides itself on giving you preferential access to 600 airport lounges across the world. HDFC Bank’s Infinia and American Express Platinum card also offer access to 600 domestic and international lounges.

Citi Prestige also packs in 10,000 bonus air miles which are freely transferable to leading frequent flier and hotel loyalty programmes.

It also entitles you to a 15 per cent discount on tickets across seven leading international airlines. Elevated status on the loyalty programmes of their global airline, hospitality and shopping partners such as British Airways, Etihad Guest Gold, Shangri-la Golden Circle Jade, Taj Inner Circle Gold and Harrods Black, are some other add-ons that premium cards bring to you. But you may not be keen on frequent flyer miles if you are zipping around the world in your own private jet, right? Citi Prestige gives you access to chartered jets across 10 aircraft fleet options, with seating capacities ranging from four to 10 at special rates.

Once you land, premium cards serve up some pretty good deals at the finest hotels worldwide too. HDFC Infinia, for instance, offers you a straight 30 per cent discount at the Taj Club Room and suites.

Citi Prestige offers special rates on stays — fourth night free on four consecutive nights stay and spa discounts at around 900 leading luxury hotels around the world.

American Express Platinum offers benefits like complimentary room upgrades, special amenities and more at over 750 leading hotels and resorts worldwide.

It has also tied up with some of the world’s top hospitality brands like Abercrombie & Kent, Taj Safaris and Preferred Golf Club, offering preferential rates and complimentary facilities. In India, the card rolls out special offers on premium hotels, such as Taj, ITC, and Park, among others.

But you need not be air-borne to enjoy privileges. If you wish to take a romantic cruise with your significant other across the Atlantic, the American Express Platinum has some chummy deals with luxury cruise liners such as Silversea Cruises, Crystal Cruises, Regent Seven Seas Cruises and Holland America Line.

But these elite cards are not just about great offers. The real value is in the personalised service that many banks package with such cards.

Need a chartered jet for a weekend getaway to the Caribbean? Or last-minute reservation at an exclusive restaurant? Use personalised concierge services, which can do just about anything. American Express’ “Do Anything” Platinum Concierge can organise events, make reservations or gain you entry into “invitation only” events.

Citi Prestige card members around the world can tap into their global concierge through a single point of contact. HDFC Bank Infinia too offers entertainment planning, gifting services as well as customised shopping requests.

So, if you need that sold-out ticket to the U2 concert to the hottest show of the year, your personal concierge can do that for you too. And if want reservations in a restaurant with a four-month waiting list, it helps if you own that piece of premium plastic. Premium credit-card holders are also entitled to advisory services on art, wine and other purchases.

No matter how affluent you are, it’s always good to earn some rewards. HDFC Infinia gives you five points for every ₹150 spent, while Citi Prestige can earn you one point on every ₹100 spent and two points when you spend overseas.

But it’s not just the earn rate on your spending that matters. The points are easy to redeem too, claim card companies.

Citi Prestige reward points, for instance, act like hard cash. You can redeem them for anything, from gadgets to air miles.

The card is the first in India to reward cardholders with annual relationship points based on their banking and card relationship.

American Express Platinum gives you the option to redeem your reward points across brands such as Armani, Jimmy Choo, Canali and designers such as Ritu Kumar and Abu Jani.

While the idea of owning one of these super premium credit cards, and being part of an elite clique may be alluring, remember to find out what they really offer and at what cost. If it’s a card that can do anything for you, be prepared to do just the same.

All the exclusivity is sure to come with a hefty cost. The annual fee for the American Express Platinum is a cool ₹50,000, while for Citi Prestige it is ₹20,000. HDFC Infinia comes with a joining fee of ₹30,000 and annual fee of ₹10,000.