This news story at Taipei Times will not displace the world famous American Express Black Card, but it is worth noting to see how the 1% of 1% transact in this population of 24 million.
- DBS Bank Taiwan (星展銀行) on Wednesday launched a credit card aimed at the very rich, in a bid to boost its retail banking and wealth management businesses.
- The card is the first of its kind for the bank, as it can only be applied for with an invitation, but only those whose assets are worth more than NT$30 million (US$967,555) will be invited.
- The bank believes that the customer base for the card should be huge, as the number of high-net-worth individuals in Taiwan is estimated at 381,000, Lin said, citing a global wealth report by the Credit Suisse Research Institute in 2017.
Visa is the selected vendor for the card.
- The credit card is named “DBS Treasures Sparkle Infinite.”
- Cardholders can enjoy speedy immigration and security clearance in Taiwan Taoyuan International Airport, and with no more waiting in long security lines it should take them less than one hour to arrive at their boarding gate after arriving at the airport, Lin said, adding that the service is provided by Ever Rich DFS Corp’s (昇恆昌) Huan Yu VIP Terminal.
- “The speedy clearance service costs about NT$10,000 for regular travelers, so few banks provide such benefits,” he said.
- The bank also offers room upgrades and free breakfast at high-end hotels worldwide, and airport pick-up services in a Mercedes-Benz, Lin said,
- The bank even would hold a yacht party for cardholders if their annual credit card spending exceeds NT$18 million, he said.
At NT$18 million, anticipated card spend is close to USD 600,000, so this is not just your everyday card, proving once again that there is a credit card suitable for every consumer, from rags to riches.
Overview by Brian Riley, Director, Credit Advisory Service at Mercator Advisory Group