New Color of Plastic (6/18/99)
FULL STORY:
Gold cards have generally lost their luster and platinum cards are
beginning to tarnish --- so what is the new color of plastic money?
According to CardWatch (www.cardwatch.com) the new card colors include
black, diamond and titanium. American Express recently introduced the
'American Express Black Centurion' card in the UK. The card, which is
available by personal solicitation only, is targeted at consumers with
annual incomes above 150,000 British pounds. The card is positioned as a
notch above the AmEx 'Platinum' card, however it features many of same
benefits such as unlimited access to more than 250 airport lounges, airline
upgrades, free companion tickets, and private banking. AmEx is charging 550
British pounds per year for the new card product. Meanwhile, in the U.S.,
the 'Diamond Card' is beginning to take hold. Capital One now offers a
'Diamond' credit card that offers an initial credit limit of up to $5,000
compared to Capital One's 'Silver Card' (up to $2,000 credit limit) and
Capital One's 'Platinum Card' (up to a $20,000 credit limit). Atlanta-based
CompuCredit, a sub-prime specialist, also offers a 'Diamond VISA' with
initial credit limits up to $10,000 compared to a maximum limit of $7,500
for its 'VISA Gold'. CompuCredit's 'Platinum VISA' also offers a $10,000
maximum credit line. And finally the 'Titanium' card has picked up some
competition. First USA introduced the 'Titanium' card last year. However
Fleet recently introduced its version of 'Titanium' with a 'Titanium
MasterCard' featuring a 9.9% APR and $50,000 credit limit. To check out the
'Diamond VISA' dial www.compucredit.com. For the 'Titanium VISA' from First
USA visit www.firstusa.com.