The Middle East is home to a growing number of millionaires and billionaires, among the wealthy there exists a world of invitation-only credit cards offering unparalleled perks, astronomical spending limits and service levels that exceed mere financial transactions.
Unlike most credit cards, these symbols of wealth are not typical pieces of plastic. Some are crafted from precious metals, adorned with gemstones and are highly personalised to suit the lifestyles of the rich, needless to say, the spending limits on these cards are staggering.
Here is all you need to know about the credit cards for the wealthy:
American Express Centurion card
Commonly known as the ‘Black Card’, the American Express Centurion card is available through invite only and stands at the top of the list, its very existence was once denied by American Express. Now, it is one of the most exclusive card among the rich.
Often considered a collectible for those who are not deemed worthy, the card is a common sight on websites like eBay, selling for anywhere between AED1,000 to AED3,500.
Obtaining one of these prestigious cards is no easy feat, prospective cardholders in the region must reportedly have an annual spending that spans anywhere from $400,000 to $1,000,000 on existing American Express cards.
In addition, there is an initiation fee of $7,500 and an annual fee of $2,500.
Although the exact limit of the credit card has not been revealed, industry insiders suggest that it can extend up to millions of dollars. However, for most, the value of the card lies in its services which includes a dedicated concierge service, VIP services at high-profile events, exclusive previews and more.
The American Express website lists several lifestyle, travel, membership and service rewards.
“Whether you are looking for a local hotspot or a world-famous venue, a table for two or two hundred, we can help. If you are looking for new ideas close to home or suggestions in a strange city, our experts have local knowledge around the world,” the website reads.
Other benefits:
- Global chef partnerships – reservations and benefits at acclaimed restaurants around the world
- Concerts, shows and events – By invitation only for events including high-profile after parties, track days, movies, fashion, theatre and more.
- Pre-sale ticket access hours before general public sale
- Reserved seating access for major events
- Travel points
- Global lounge collection
- Preferential airfares
- Private jet charters
- Elite car rentals
- Cruise privileges
- Travel concierge
- Lifestyle concierge
J.P Morgan Reserve card
The J.P Morgan Reserve card has crafted its own niche among the elite. Crafted from palladium and 24-karat gold, the card is a statement piece in itself. To qualify for the invite-only card, clients must reportedly have millions in assets managed by the private bank, aside from other eligibility factors that have not been revealed.
The card has an annual fee of $595 and provides cardholders with an array of benefits including a round-the-clock concierge service, lounge access, travel credit and more.
Similar to the American Express Centurion, the reserve card offers VIP access to events and experiences and other benefits.
There are reportedly 5,000 J.P Morgan Reserve cardholders around the world.
Billionaire x Insignia card
It’s not just international players making waves in this exclusive market, last year, a limited-edition card was launched in Dubai in partnership with Billionaire and Insignia in collaboration with luxury watch designer Jacob & Co.
Insignia also offers premium payment cards crafted from fine metals and gemstones for its ultra-high-net-worth clients, including a jewellery card, glamour card, and billionaire jewellery card. The grape with rubies card, for instance, comes with pearl grapes, dotted rubies and jadeite.
To qualify for the Billionaire card, the client needs to have a minimum spend of $500,000 and a net worth of around $30 million and over. The value of the card, depending on the number of precious stones and metals ranges anywhere from $28,000 to $100,000.
The card itself stands as an “art piece” and benefits range from dedicated personal assistance 24/7 throughout the year, access to global invite-only events and venues, large cash withdrawal limits, exclusive F1 access and more.
The spending limit on this card is staggering, in conversation with Arabian Business in February, Nada Rouviere, President of the Insignia Group said, “On average our typical client will spend about one to two million on their card on a quarterly basis.”
The single largest transaction that occurred was in partnership with global real estate consultants, Knight Frank in the UK, where a client purchased an apartment for GBP16 million.
Insignia has been the “wish granter” for over 450 high-net-worth families worldwide fulfilling the most unusual requests including an expedition to the South Pole with Wi-Fi, store shutdowns for shopping sprees and more.
Other benefits:
- A personal assistant is available throughout the day and all through the year
- A loyalty programme with points redeemable against luxury goods and services
- Customised private aviation and preferential pricing
- VIP airport assistance, including management of customs, passport control, boarding, transfers, and duty-free shopping
- VAT refund programme: Processing eligible tax refunds on behalf of the cardholder and notifying you when credit gets applied to the card
- Complimentary LoungeKey membership: 1,000 airport lounges worldwide and two complimentary visits
- Insignia hotels collection: A vast array of exclusive value-added benefits and perks at leading properties worldwide
- Insignia connect: Special mobile phone roaming rates and access to gold numbers, latest tech and mobile accessories
- Insignia wine club: Sourcing wines for deliveries to cardholder’s yacht, planning vineyard tours or hosting private tastings and more
- Access to an exclusive online shopping platform where with rare, limited edition and hard-to-source premium goods
- 24/7/365 card and client servicing
- Large cash withdrawal limits
- Currency availability: Base currencies in USD, EUR, GBP, or CHF to avoid exchange rate fees while travelling
- Deferred payment billing cycle: Monthly billing allows 56 days without payment or fees
- A private online portal where cardholder’s employees can check balances and adjust necessary card settings
- Enhanced security against fraud and proactive card activity monitoring
- Emergency replacement card: Your card can be quickly replaced anywhere in the world in case of loss, theft, or damage
- Flexible spending limits
- Ability to authorise high-value transactions without pre-approval or delay
- Card is accepted at millions of merchants and ATMs in over 200 countries worldwide
- Premium travel; insurance: Includes cover for emergency medical expenses abroad up to €1m and personal liability up to €500k
- Purchase protection insurance: Includes extended warranty and safe online cover
- Exclusive invitations to special events held at Billionaire’s global venues and Twiga events
- Once a year, members will receive an exclusive invitation to a weeklong vacation at the Billionaire Resort & Retreat, Lion in the Sun, in Malindi
- Billionaire luxury hamper
- Complimentary gift from the exclusive collection of Ginori 1735
- Exclusive benefits provided by the Ferretti Group
- VIP greeting and priority booking at all venues
- Exclusive access to Aston Martin’s off-track experiences
- Access to the F1 Paddock Club Prive at all Formula 1 Grand Prix races
- Exclusive access to Spring Place events
The Dubai First Royale card
The Dubai luxury card is trimmed with gold and features a diamond at its center. The Royale card is reportedly for the members of the royal family and ultra-high-net-worth individuals with no pre-set spending limit.
The invitation-only card has a joining fee of AED7,000 and a renewal fee of AED7,000 thereafter. The true allure lies in its bespoke services, which include preferential rates on luxury car rentals and fast-track immigration services at Dubai International Airport.
Clients can benefit from a dedicated relationship manager to cater to their requests and needs. In addition, the cardholder will have access to the Royale lifestyle management.
UAE to attract more millionaires this year globally
Last month, Arabian Business reported that the UAE is set to attract more millionaires this year than any other country around the world, Henley Private Wealth Migration Report 2024.
The increasing rate of migration was attributed to several factors including golden visas, low tax, enviable lifestyle and a strategic location.
The millionaire segment will be primarily driven by inflows from the UK and Europe. The country could see a record number over 6,700 in this year alone.
10 countries with the most millionaire incoming migration in 2024
- UAE: +6,700
- USA: +3,800
- Singapore: +3,500
- Canada: +3,200
- Australia: +2,500
- Italy: +2,200
- Switzerland: +1,500
- Greece: +1,200
- Portugal: +800
- Japan: +400
Andrew Amoils, Head of Research at New World Wealth said, “Migrating millionaires are a vital source of forex revenue as they tend to bring their money with them when they move to a country. Also, around 20 per cent of them are entrepreneurs and company founders who may start new businesses and therefore create local jobs in their new country, and this percentage rises to over 60 per cent for centi-millionaires and billionaires.”
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