Imagine a credit card so powerful that you could buy anything that money can buy with a single swipe. So powerful, it could get you things that even money can’t buy. This isn’t fiction. This is the world of super premium credit (SPC) cards. Let’s take a look at what they are, who they are for, what they help you afford, and whether you are eligible for one.
What are Super Premium Cards?
SPCs are high-end credit cards with no spending limits. These cards are given only to ultra-high net-worth (UHNW) individuals. These cards not just allow you to shop to your heart’s content, but also bring you brag value, access to a premium lifestyle, and luxury goods to buy — for example, imagine getting a ticket to a sold-out Justin Bieber concert. SPCs come with world-class concierge services that go to extreme lengths to take care of their UHNW customers’ wants and needs.
What it costs?
SPCs are not cheap. While an ordinary credit card may have annual renewal fees ranging from zero rupees to a couple of thousand rupees, an SPC may cost anywhere between Rs 10,000 to Rs 4 lakh. There may also be a joining fees. Since the cards are provided only to UHNW individuals, the fees are no deterrent. Additionally, the fees paid are repaid to the card holder through gift vouchers, deals, discounts, concierge services etc. For example, a card charges you Rs 1 lakh annually but repays the cost through gift vouchers of luxury clothing brands.
How to get an SPC?
A typical credit card can be availed by visiting a bank branch or by filling an online form. But not an SPC. These are typically an invitation-only offering. Often, it needs a customer to have a long-standing relationship with a bank. For example, you may be an existing customer of a bank’s wealth management product, or have exceeded a spending threshold on another premium card of the same bank. Based on that relationship, high-value transactions, and other eligibility criteria which the bank sets, an UHNW customer may be invited to the SPC card programme.
Is it for you?
If you are a UHNW individual shopping for a premium card, you must ascertain what a card will achieve for you. It must help you enjoy a lifestyle that you already have, or a lifestyle you aspire to. You must be able to find utility in the offered benefits, else the card is not the right one for you. For example, you may like Hugo Boss suits, but a card is offering gift vouchers of Canali suits, which you don’t prefer. The annual fees aren't a problem for you. So you must ensure the card provides you the lifestyle you need.
In the right hands, the discounts of an SPC are many. Beyond the complimentary airport lounge access all over the world, free gift vouchers, deals and discounts, SPCs help you access a premium lifestyle. Firstly, some SPCs are made of precious metal of encrusted with diamonds. This alone provides a high value to the card holder. Then, there are the high-quality concierge services that money can’t buy. In a fabled case, a London-based customer of an SPC asked the card concierge to collect sand from the Dead Sea for their child’s school project on the holy land. An SPC can help exotic and premium lifestyle choices, a priority booking at a restaurant where the wait list runs into months, private sailing or golf lessons.