http://www.dailyfinance.com/2011/07/11/a...arge-card/
Once upon a time, American Express's fabled "Black Card," reserved for the world's wealthiest and most elite, was just that -- a fable, an urban myth. But not anymore.
Elizabeth Crosta, director of public affairs at American Express (AXP), confirms that yes, the Centurion Card, as it's officially named, exists, and is thriving despite the larger economic troubles. "We're actually seeing a rise in luxury spending," she explained. "Our premium customers are definitely spending more and traveling more than they were a year ago."
"We cannot provide the exact numbers," Crosta said, "but I can tell you the demand for the Centurion Card continues to be high, as it provides a rich suite of benefits that one could not replicate on their own."
American Express has tried to keep those benefits under wraps as well, but some details have seeped out. Known benefits include what you might expect for an affluent population that frequently travels -- airline and hotel upgrades, and access to those nice airline lounges at airports. But for many cardholders -- who have their own jets and multiple homes scattered around the globe -- these may or may not even count as perks. Rather, the real benefit comes in the form of the 24-hour concierge service that can secure tickets to sold-out music and sporting events, that will do your shopping (if you so desire), remind you of birthdays and anniversaries, and find that impossible-to-locate, limited-edition collector's item.
Membership Really Has Its Privileges
According to snopes.com, the concierge service has located, purchased and delivered to Europe the horse ridden by Kevin Costner in Dances with Wolves, gathered sand from the Dead Sea and had it couriered to London for a child's school project on the Holy Land, and arranged for an aspiring actress to audition for a soap opera. Other benefits include access to the company's area at Fashion Week, and invitations to a $3,600-per-person-per-night weekend at Pebble Beach, hosted by Rolls-Royce.
Not surprisingly, American Express is equally demure regarding who, exactly, has a Centurion Card. Based on my Internet trolling, it seems to me that customers with the business version of the card -- that is, they can use it for their company expenses, as opposed to their personal needs -- are very willing to disclose their status symbol. But those at the highest echelon -- the few with the personal card -- prefer to stay in the shadows. I only located two instances of personal card-holders who went on the record about the card in a legitimate publication:
Billionaire entrepreneur Mark Cuban, and millionaire mogul Giovanni Zampolli.
So how do these super-rich clients handle the power of the Black Card? Do they just make minimum payments and roll over the debt? Surprisingly, no. The Centurion Card is a charge card, not a credit card, which means the balance must be paid in full every month. Crosta explains, "There are no pre-set spending limits ... but because you have to pay it in full every month, it's up to the cardholder themselves to decide how to use it."
That may be one of the secrets to the success of the world's wealthiest: They pay off their plastic in full every month. In other words, they live within their means, which is a great approach to managing your finances, whether "your means" enable you to buy a Bentley, or just pay the $10 admission fee to see one at a car show.
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