Like many Americans--probably most--I will not have a credit card that comes with an annual fee attached. Largely, that it because it sends precisely the wrong message: It seems to say that the credit-card company is doing me a favor by issuing me its credit card, whereas I believe just the opposite: viz., that I am doing the credit-card company a favor by using its card. (Even though it does not make any money off me, specifically, since I pay off the balance in full each month, it still makes the two or three percent--whatever it has successfully negotiated for--off the merchant's end of the transaction.) But I just came across an advertisement for a credit card that charges an annual fee of--no, not $35; not even $75--but almost $500. And that is not a misprint. Here is the link: http://www.blackcard.com/?campaignI...260c9d2&kwid=b0005b0b950040dab3a3ee689260c9d2 I am seriously wondering how this company does any business. Who would pay $495 per year for the use of a credit card? (Over a 10-year period, that comes to almost $5,000!) Aaaaargh...
Apparently, this card is a relative cheap-o. Another card has an annual fee of $2,500. Plus, an initial fee of another $7,500. Here is the link: https://web.aexp-static.com/us/content/pdf/cardmember-agreements/centurion/CenturionAECB.pdf
It appears there are even credit cards made specifically for people with more money than good sense. Might also be a good perk for that new partner who looks on another pay raise as just an even higher tax bracket, though I'd still rather take the money at today's rates.
This card apparently has some VIP type services attached to it. If you are the type who makes use of such extravagances, perhaps a $500 premium might be worth it. For me, I'm with you... there is no way that I could justify it. It's all perspective, I suppose.
I want all the credit that I can GET, myself, and I WILL pay a $20 or so annual fee, too, provided that they let me work up to 10k or more of credit on that card. Those cards are a wonderful "emergency fund" if needed, and often, if handled right, cost you nothing to have on tap. there's a way to get at least $7000 of the remaining 8k after you've got your cash limit (2k) out of your 10k card and yes ,it can be done online and dozens of cards in a few hours.
They are trying to compete with the AMEX black card which is a status ubber rich folk thing, but apparently comes with concierge type services like you can call them up with some dumb request and they will plan your whole vacation for you, including your desire to ride an elephant on the beach or whatever; buy presents for your wife and your girlfriends, etc.
