This week Mastercard (NYSE:MA), Accomplish Financial, and the Royal Mint have come together to bring social climbers everywhere an exclusive card that’s accessible to anyone who can scrape the cash together. The card is made of 18 karat gold and costs £18,000 (~$23,000) when you open a Raris account. According to Raris’ Instagram page, only 50 cards will be produced in both yellow and rose gold.
Spend Your Way into High Society
This isn’t the first status-symbol credit card to hit the market— the infamous American Express (NYSE:AXP) Black Card has been a celebrity favorite for years, and the Dubai First Royale Card is arguably more ostentatious with gold trim and a diamond set in the center. However, it is the only flashy card that allows anyone with a few grand to buy it.
Unlike the rest of the prestigious cards on the market, the Raris card has no annual fee, and there are no criteria to meet. By contrast, the AMEX black card won’t even allow customers to pay the $7,500 setup fee unless they’ve spent more than $250,000 in the previous year. The gold Raris card, on the other hand, would allow you to blow your last $23,000 to obtain it.
Although the Royal Mint is advertising the card as, “Your golden ticket to limitless spending,” the limit is actually the cardholder’s account balance, as it’s a debit card.
Raris Gold Debit Card Is an Impractical Investment
The card itself is unlikely to be worth the investment, either. While details about the weight of the card aren’t immediately available, in order for it to be worth the $23,000 price tag, it would need to weigh about as much as a basketball.
Perhaps buyers will just have their servants carry it.
Then there’s the issue of what to do when the card expires. Raris says users will be asked to pay an account fee after two years and that they “definitely will have the 18 karat card as an option and a few other surprises.”
At least one of those is probably another $23,000 fee.
The Royal Mint says there will also be an option to personalize the card for those who “value high-quality luxury items that make a statement.” It remains unclear exactly what that statement would say.
Last modified: September 23, 2020 1:07 PM