Do you want an exclusive credit card? Then you need to fit into a specific financial profile. You may also fit a psychological profile as well, a profile exclusive credit card issuers are targeting.
Financial Profile for Exclusive Credit Cards
The “high roller” cards as some call them are invitation only cards. You have to already spend the kind of money the credit card issuer wants you to spend on their exclusive cards. For example, an American Express Centurion Card, also known as the “Black card,” is only offered to customers who are already Platinum card holders and who have spending habits of $250,000 a year.
The requirements to get Barclay’s Bank’s Visa “Black” card aren’t quite as stiff. You just have to fall in the top 1% of American income earners.
Both cards offer concierge services and other bonuses geared to help you feel that the fees are worth it. The American Express “Black” card costs $2,500 per year, plus a first year initiation fee of $5,000.00. The Barclay’s “Black” card has a $495.00 annual fee.
The other exclusive credit cards available globally aren’t offered in the U.S. They all share the same exclusivity feature, though, of only being available to a limited group of people that fit certain income profiles.
Psychological Profile for Exclusive Credit Cards
There is psychology at work in the marketing of these exclusive credit cards. It can make you feel like you have finally arrived to receive an offer to one of these exclusive cards. You can guarantee that the offer is couched in terms that make you feel like you can be even more successful with their card in your wallet.
In addition, credit card issuers recognize that using plastic disconnects you from your money. If your income levels fit their profile, they are happy to leverage that disconnect to their benefit. If you operate in a money fog, they don’t mind keeping you there as long as you are paying the bill on time.
A study by researchers from Cornell University and the London School of Economics, points to another psychological trait the credit card companies don’t mind using. They know that buying things you want, rather than things you need make you feel good. And while there’s no official study to prove it, being treated as someone who is worth special services bolsters self-confidence as well.
In many cases, you can avail yourself of most of the “perks” of the exclusive credit cards without the high yearly fees. Shop around among the platinum credit card offers on the market. You may find that you can get most of the psychological benefits of carrying plastic in your wallet, with as high a price tag.
