Fashion statements are never hard to come by, but one that relied on wealth was. The gold card was the must have accessory for the well off, in the dizzy height days of the yuppies in the eighties. The must see card was a symbol of how you were better off than most.
Not now, the gold card became easily accessible to the everyday man on the street and was soon replaced by a new colour that was incorporated to give that feeling of being wealthier than your peers.
The Platinum card was all the rage, but again inflation and the need to issue more cards to meet demand, soon brought about the end of the platinum card as the status symbol for the rich and famous. An income of £10,000 per year can now secure you a platinum card with issuers such as Capital One.
Though the need for these cards as a measure of how rich you were seen to be, was to make people show that they were better off, what they didn’t realise was that the benefits of owning one the original gold cards, and the special extras that some cards offered, was being diluted as issuers tried to meet demand for credit cards.
A rise of almost 13 and a half thousand platinum card owners was recorded in the 4 years from 1999 to 2003, this has made them less attractive to the haves and the wannabes, as more and more emphasis was being put on lower interest and 0% deals on balance transfers and purchases for set periods of time.
This led to the need for a new status symbol of wealth for the must haves, with the black card being introduced to the scene. Black arrived with the feeling that you had unlimited cash, and came with some of the benefits that were lost on the platinum card. Such things as upgraded seats on flights or even simple things like sending flowers to someone as a gift.
Remember, you can’t achieve the best credit cards without first building an excellent credit score. Visit Riegelwood Credit Union to learn more.
The black card has put the feeling of exclusiveness back into the credit card world, though in truth the need for serious cash is what you have to have to own one. Cards on the market include, The Amex centurion card that specifies that an income of £100,000 is needed to acquire one, that also comes with a yearly fee of £650. Other companies that have black cards are Halifax with an income of £75,000 and fee of £175, Nat West with an income based at £70,000 with a £250 yearly fee and the Lloyds TSB card that requires you to have an income of £60,000 and a yearly fee of £300.
To take it a step further a beyond black card was introduced to give that little bit extra for the seriously rich, coming in at having to be raking in a salary of £100,000 per annum and investments that exceed over £200,000 this is a card that the next generation of must have fashion junkies, will strive to own.