Invitation Only Credit Cards for the Elite

Most of us are struggling just to make ends meet and to keep current on bills as they come in each month. We worry that if we don’t keep a decent credit score we may not be able to borrow money in case of an emergency and we worry that we won’t get a good job, a good apartment or will not be able to arrange medical payments ‘on time’ if we can’t maintain a decent credit history. Not so for the super affluent as they are invited to carry a credit card that is by invitation only.

What Is an Invitation Only Credit Card?

According to Yahoo! Finance, most of the major credit card companies and several banks such as Chase have their own versions of an invitation only credit card. Unfortunately, little is known about these cards as they are cloaked in secrecy. Only those members who have been privileged with an invitation actually know why someone would want one. What we do know is that many of them come with an extremely high initiation fee, sometimes as much as $5,000, and that they may carry high annual rates as well. It is known that the American Express Black Centurion is one of those cards that carries a $5k initiation fee and the annual fee is $2,500. Oddly, most of us would like to have a credit score worthy enough to have a $5,000 credit limit on a basic card!

What Do You Get For All That Money?

Besides the prestige of having an invitation only credit card that is offered to the wealthiest card holders (or at least those who have probably charged hundreds of thousands of dollars in a single year), there are reputed to be some pretty nice perks along the way. Among the ‘known’ benefits are travel perks above and beyond those frequent flyer type miles such as extra special service at hotels around the world. These cards hold private discounts and as mentioned, free upgrades for all sorts of travel arrangements and accommodations. Some of credit card companies also hold dinners for invitation only cardholders at which they are given a ‘bag of personalized loot.’

Achieving a Happy Medium

While most consumers could never hope to be a member of such a select few who would qualify for such a swank invitation only credit card, we can work towards achieving a happy medium. By keeping tabs on our credit score we can work our way up the credit card ladder in order to perhaps qualify for a credit card with low annual fees and perhaps even a fairly high credit limit. Unless you have a bank account with perhaps $20+ million which would qualify you for one of those ritzy bank invitation only credit cards that is about the most you can hope for – a credit card which has low rates and a high limit.

Take the time to get your free annual credit report to keep tabs on what could be affecting your credit. If there are any errors, contact the credit reporting agency (Experian, Equifax or TransUnion) that reported erroneous information. Make sure that you are not the victim of identity theft and then look at how your creditors have been ‘grading’ you. Have you been paying bills on time and in full? Did a creditor report that you had paid off a loan? These are the types of things you should be looking for that will affect your credit score and future credit. You may never qualify for an invitation only credit card, but why would anyone want one? Don’t you think they could purchase so much more than they are getting with that $2,500 annual fee? I guess we’ll never know.


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