Archive for the ‘Status Symbol’ Category

Service of Status Symbols: Really?

Monday, December 16th, 2019

Photo: marketwatch.com

I once cut up a platinum colored credit card that came in the mail because I didn’t want to pay a premium. The standard one from this company was dark blue. I called and asked for a blue one and was told “Didn’t you read the note we sent in May?” It was November. “We aren’t charging extra for platinum ones anymore.” In the day, a platinum card meant something special to some people–but not to me. The company sent me a new card.

Status symbols don’t impress me but apparently metal credit cards should. “Customers typically can’t ask their bank to swap out their plastic cards, but at least 20 types of credit cards in the U.S. contain metal, including offerings from JPMorgan Chase & Co., Citigroup Inc., and Wells Fargo & Co., wrote Michael Bucher in The Wall Street Journal.

Photo: businessinsider.com

“Like other luxuries once restricted to the wealthy—cellphones, private airport lounges and French handbags—metal credit cards have trickled down the income stream.” A trade magazine Bucher quoted estimates that by 2022 the number of metal cards will quadruple from the 32 million there are worldwide today.

It’s funny that heavier cards appeal to the public according to Citi when I keep trying to carry around less weight. “American Express Co. introduced its black card, named Centurion, in 1999. The titanium card still is issued only by invitation. Customers pay a $10,000 initiation fee and $5,000 annually.” What a waste of money! If you never heard of the Centurion–they didn’t advertise–it may be because you missed it in James Bond flicks, “Entourage” on HBO and in Kanye West songs.

Marriott customers complained when its card went from metal to plastic. [Imagine the savings for the lighter card in postage alone!]

Photo: wallethub.com

Not only is the card heavier, it requires special care. Apple advises customers to protect its titanium card from pocket change or keys that could harm it. “The Apple guide instructs cardholders to clean the card with rubbing alcohol.”

Bucher wrote about a supermarket employee who has handled the metal AmEx cards of affluent shoppers.  Capital One replaced her plastic card with one in metal.  “I opened it up and I was like, ’Whoa.’ It really did make me feel important instantly.”

There are tangible benefits: titanium ones are handy to scrape ice off a windshield or to tighten the screws on a drawer’s loose handle though if you need to destroy one, it’s nigh impossible reported Bucher.

What status symbols impress you? Do you have any metal credit cards? Do they give you bragging rights?

Photo: mercurynews.com

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