Visa "BLACK CARD" ~ yipee I got invited!?!

[melensdad]

Got the mail today and found an "invitation" to get my pre-approved Visa BLACK CARD. It is guaranteed to get me noticed, so says the fancy invitation. I am priviledged to be one of the only 1% of Americans to get this parchment like invitation in the mail. Oh joyous day.

Here are some of the details:

• $495 ANNUAL FEE
• $195 additional fee for each additional authorized user
• 23.24% interest rate on purchases
• 21.99% interest rate for cash advances

Oh and then there are the transaction fees. . .

• $10 or 4% -whichever is greater- fee for balance transfers
• $10 or 3% -whichever is greater- fee for cash advances (I presume that is on top of the interest rate for the same cash advance)
• $10 or 3% -whichever is greater- fee for purchase of a money order.

Now last time I checked, my bank doesn't charge me any fee when I get a cashier's check or certified check and the post office only charges $1.50 for a money order. My bank gave me a line of credit, if I use it there is no fee for writing the check and the interest rate is something around 5-or-6% (never use it so I don't really know). Interest rate of 13.24%, don't know if that is good or not, I never charge more than I can pay in a month.

Oh, and that $495 annual fee, well that gives me the honor of accepting the invitation for their BLACK CARD.

Uh, no thanks

What I want to know is how many suckers will fall for this card with its $495 membership fee?

Oh, I forgot that does get you into the VIP lounge at most airports but I already have an American Airlines Admirals Club membership and the fee was only $400 so paying $495 to get in for free doesn't seem like such a good deal

[migopod]

Did you throw a mask or something?

[melensdad]

Did you throw a mask or something?

Well I clearly ticked off someone.

[migopod]

It would be awesome too if the name on the card was
"Fencer Excluded"

[melensdad]

I wonder if ASKFRED would allow it to be used for pre-registration of events

[migopod]

If so, it would be the strangest thing to see Fencer Excluded actually preregistered for an event.

[noodle]

that would be a marketing scam.

i know people who have actual black cards. they don't get anything in the mail. the credit card company will call you and have a conference call with account executives over the prospect of the card. these people get them because they put 25k+/mo on their card and pay it down quickly.

[keith]

that would be a marketing scam.

As opposed to a scam, scam

I'd agree, after all who doesn't have platinum stamped on their visa cards these days?

Makes you wonder whats next.

[noodle]

As opposed to a scam, scam

I'd agree, after all who doesn't have platinum stamped on their visa cards these days?

Makes you wonder whats next.

actual scam = someone takes off with your money and you get nothing

marketing scam = you get something for your money, just not what you imagine based on creative advertising and such

[melensdad]

marketing scam = you get something for your money, just not what you imagine based on creative advertising and such

Ah yes, the good old days of creative marketing. Remember when driving an AMC Gremlin "X-Model" made men appear to be sexy to hot women?

[YOUTUBE]http://www.youtube.com/watch?v=U6JHhRNsi9E[/YOUTUBE]

[tchwojko]

Is there a better target market for just about any product than innumerate wealthy people?

EDIT: I don't mean to imply that everyone who got this product is innumerate, but the subset who accept it might be...

[noodle]

Is there a better target market for just about any product than innumerate wealthy people?

EDIT: I don't mean to imply that everyone who got this product is innumerate, but the subset who accept it might be...

http://en.wikipedia.org/wiki/Veblen_good

[melensdad]

Is there a better target market for just about any product than innumerate wealthy people?

The truly wealthy don't need to display their wealth, its the wannabes who are the show offs flashing wads of cash, driving more expensive cars than they can actually afford, spending lavish amounts on parties, and then, in many cases defaulting on their loans.

[tchwojko]

The truly wealthy don't need to display their wealth, its the wannabes who are the show offs flashing wads of cash, driving more expensive cars than they can actually afford, spending lavish amounts on parties, and then, in many cases defaulting on their loans.

True enough.

To be fair some of those defaulting on loans were not wannabe wealthy, just innumerate who didn't really understand what they were signing.

There's also the group who are numerate and consciously weigh the pros and cons of defaulting when they have significant negative equity.

[Inquartata]

The truly wealthy may not "need to", but they often do it anyway. Eg the Sultan of Brunei's estimated 3,000+ cars worth over $4 billion, including 500 Rollers, and a personal 747 with gold-plated furniture. Or Michael Bloomberg, buying the mayoralty of NYC. Or Malcolm Forbes with his hot-air balloons, yachts and motorcycle collection.

I think you'll find very few wealthy people who live like Warren Buffet.

[tchwojko]

I think you'll find very few wealthy people who live like Warren Buffet.

I think you'll find very few wealthy who go for conspicuous consumption. That does not mean that they don't spend money, but my experience is that they don't buy superfluously either.

[Inquartata]

Eh, you must not have noticed my examples, which took me about 5 minutes to find.

Another 5 minutes:

http://au.lifestyle.yahoo.com/b/auto...-billionaires/

http://www.forbes.com/2005/03/10/cz_...rs_bill05.html

http://www.thefreelibrary.com/Lords+......-a093207321

http://rbth.ru/articles/2009/10/28/2...oligarchs.html

http://www.independent.co.uk/news/uk...es-428774.html

http://www.guardian.co.uk/world/2009...-sale-sothebys

http://www.consumerismcommentary.com...running-man-i/

Veblen would be so proud...

[tchwojko]

Eh, you must not have noticed my examples, which took me about 5 minutes to find.

Semantics, I suppose. Depends on what you define as "wealthy". Living in Microsoft-land, I've met a lot of well off people that really don't consume conspicuously.

That doesn't mean they don't spend money, but they don't seem to go overboard.

And there is a set of people who do. But then they end up having to go back to work...

[Inquartata]

No doubt, but Melensdad said "the truly wealthy", not the merely "well off"...

I'm not sure that for every Richard Branson there's a Warren Buffet, but maybe among the...ah...lower upper class the numbers even out a bit more.

[tchwojko]

No doubt, but Melensdad said "the truly wealthy", not the merely "well off"...

I'm not sure that for every Richard Branson there's a Warren Buffet, but maybe among the...ah...lower upper class the numbers even out a bit more.

Fair enough. Though there are a lot of people here that are not "merely" well off.