Are you part of the select credit card club?

August 9, 2007

For many, credit cards are mainly a tool that can be used to give them the finance that they need in times of need. However, for others they are simply just a status symbol, showing how much money they earn and what they can afford to buy. Split into two worlds, credit cards mean different things to different people and the trend with select credit cards seems to be catching on.

You would think that celebrities for example would have enough money that they could simply splash out with cash whenever they felt like it. However, whilst it is true that they could very well afford to pay with cash, often cash is not always the best method of payment if you are spending a lot of money. For larger purchases, there are select credit cards and celebrities and other high earners love nothing more than to flash their cards whenever the mood arises.

So what is the difference between status credit cards and ordinary credit cards? Well status credit cards tend to come with invitation only and they allow a lot more benefits on top too. Benefits such as private jets and personal shoppers to help you spend the large amount of credit that is available to you are two luxuries you can look forward to with a select card.

The American Express Black card is one of the most well known select cards that was once only used by A-lister celebrities. Now many people are invited to have one of these cards so they are not as exclusive as they once were. It does provide exclusive access to things however and the benefits of the card do tend to make up for their somewhat less exclusive status.

Whilst having a select card may sound glamorous, it is not for everybody. Even some of the richest people in the UK would not consider one of these types of cards because they often come with some ridiculous fees such as the minimum purchase being £125,000 per year.