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At the upper end of the credit card market, there is an almost bewildering plethora of premium and platinum products available. So as a high earner, willing to pay the annual fee of a card that goes the extra mile, what should you choose? With its reputation as the credit card provider with the most attractive range of customer rewards, offers and exclusive deals, American Express may be your first port of call. If you're lucky enough to be invited to apply for the Centurion Card, then it may be hard to resist. The benefits of the Centurion card, classy enough to be used by James Bond, are notorious. The annual fee currently stands at £650 in the UK, but those who make the investment often claim that it pays for itself in relatively short time. Although some card holders lament the supposed down grading of the Platinum Guest Status at Starwood hotels, there are plenty of advantages for those who book with at selected hotel chains. What better than being offered an upgrade on arrival at your holiday or business destination? Preferential early check-ins and late check-outs will ease the practicalities of your busy life. And in order to assist you to spend even more on your credit card the ShopVIP retail programme has been created, currently linked to the biggest, boldest names in luxury retail; Harrods, Harvey Nichols, Bvulgari and Gucci. As a VIP shopper, you'll be showered with gifts, a personal shopper, extended opening hours, not to mention complimentary wrapping and delivery service. Beware though that these offers are not standard across all retail partners, and are subject to change. If the Centurion card invitation doesn't happen to land on your doormat, then not to worry. The American Express Platinum card, with the slightly more modest annual fee of £300 still offers plenty of advantages, for you and your family. The Platinum plastic might not scream wealth and prestige in quite the same way as the Centurion titanium, but you're still entitled to a considerable concierge service from the Amex team. Whether at home or abroad they will source theatre tickets, hotels and flights for you. Regardless of the type of airline ticket you've booked, you'll have entry into 450 VIP airport lounges across the world. And once abroad, you and your family can rest easy with a comprehensive travel insurance programme that offers up to £2 million in treatment fees, and even extends to your adventurous teen who is embarking on his or her round the world gap year extravaganza. Last but certainly not least, since it could potentially be worth the annual fee alone, is the offer of a complimentary companion ticket every time you book a Business class ticket using your Platinum card. If you live the high life, and live it in style, then the Platinum card makes it all that bit smoother. Amex are far from the only credit card provider on the market. You may opt for the prestigious tradition of the Royal bankers, Coutts. Some claim that customer service levels have dipped in recent years, making the current £380 annual fee for the new World credit card less of an attractive prospect. However, it is worth mentioning that if your annual expenditure is truly astronomical, measuring up to the £50,000 mark, then this fee is waived. Coutts do not shout about the various concierge and customer service benefits they offer, but if lore is to be believed then with the Coutts card, the next time your car breaks down, your children could be getting a lift home from a chauffeur driven courtesy car! More upfront and transparent is the Infinite Card offered by NatWest. They plainly state you need a £100,000 salary to sign up and offer comprehensive concierge services for £20 a pop. The global travel insurance for you and your family, as offered by Amex, is included as standard here too. Despite the opening offer of an automatic and interest free £1000 overdraft, this card (with its 34.2% typical APR) is no way to borrow. But then, that goes without saying for all credit cards. They offer frills and treats, but not a long term borrowing solution.
Staff editor, Credit Cards Section, January 2007 |
