You're stranded on a desert island with nary a chilled Voss in sight. You've got a tragically hungry Chihuahua on your hands, and you're in sore need of a caviar facial.
Do you slump into the dune and cry? No. You pick up your satellite phone, call your credit card company and order a private jet to come rescue you.
Yes, your credit card company. Private bankers used to be the go-to resource for the wealthy, offering clients everything from exclusive access to art gallery showings to dog walking services, and that is still often the case. But card issuers have also been getting into the rewards game for the high-flying set. A select few issuers have introduced credit card programs in the last few years for the most elite of consumers, those willing and able to spend $250,000 or more a year and put it all on plastic.
Some of the programs have an almost mystical allure, mainly because they are by invitation only and thus closed off to the hoi polloi. The American Express Centurion card, also known as the "Black AmEx," is the subject of much speculation on Internet chat rooms. It does exist, but only 10,000 people are thought to have one, including teen actress Lindsay Lohan, who was
A purple card offered to private clients of Coutts & Co. is even rarer, hence possibly more desirable. Only about 100 people are said to have been invited to join, including Queen Elizabeth II.
It seems rich people not only like exclusive clubs; they also like getting a deal just as much as the next guy, if not more.
"This group is more responsive to the idea of earning points for purchases," says Rick Ferguson, editorial director of Colloquy, a loyalty marketing research and consulting firm. "They are more value conscious than the general population."
Value is in the eye of the beholder. A standard theme of the programs is upgrades and discounts for luxury travel and hotel accommodations, and, more important, concierge or personal shopping services.
Points can be redeemed for a dizzying array of luxury items, and at the very highest echelon, the customer gets to decide where she or he wants the points to be spent.
"I've heard of cases where the customer spent his points on plastic surgery for his wife," Ferguson says. "Or on an antique."
As for annual fees, if you have to ask. . .