CREDIT CARDS Companies cater to the lifestyles of wealthy consumers

There's no need to apply. Most of the cards are issued by invitation only.
DALLAS MORNING NEWS
Imagine this: You and your six closest friends fly to Egypt in a private jet. At the end of the flight, you take a private tour of the pyramids and then dine at the Nile-side villa of former President Sadat of Egypt.
Sound too good to be true?
The Stratus Rewards credit card can give you all that -- plus private yoga lessons with Gwyneth Paltrow and a box of Zino Platinum cigars -- for a mere annual fee of $1,500 and a 14 percent annual percentage rate.
As if having money isn't a perk in itself, several new credit cards have emerged targeting those who have money and spend a lot of it.
Some of the card companies expect customers to spend at least $100,000 annually.
All give you special "exclusives," like personal shoppers at Saks or quarterly Oscars-style gift bags with samples of new products.
Points
The more you spend, the more points you receive.
The more points you have, the closer you are to that Elie Blue gold medallion humidor or a pair of Alexandra Neel satin feather heel stilettos.
"We are here for those who enjoy and want to maintain a certain lifestyle," said Alison Chittum, president of Stratus Rewards, a new U.S. Bank Visa credit card. "Every credit card has points these days. What we offer is just above and beyond them."
The idea of receiving points or rewards for credit card purchases is practically the norm now.
Airline carriers have been awarding free miles on co-branded cards since the mid-1980s. Cash-back cards soon followed, and today retailers such as Barnes & amp; Noble, Banana Republic and even Starbucks offer rewards and discounts on their co-branded cards.
Catering to consumers
What has changed is the need to be "catered to," said Bill Hardekopf, chief executive of LowCards.com, a Birmingham, Ala.-based credit-card ranking company.
Most major U.S. banks offer their own Platinum cards, which for an annual fee offer their clients concierge services, rewards and special benefits.
"A step up from Platinum? Some people would say having a Platinum card is elite enough," Hardekopf said. "The credit card industry is outrageously competitive. They are definitely marketing these cards to where it razzles and dazzles you."
Stratus, which is based in Santa Monica, Calif., said it is catering to the business-savvy consumer who loves private air travel.
Other contenders vying for big spenders' pocketbooks include the new Audi Visa Signature Card and the already established Centurion Card from American Express.
The Audi card, which teamed with Bank One Corp. and launched this month, allows consumers to earn points toward the purchase of a new Audi.
"There's certainly a niche market for these cards," said James Daly, editor of Credit Card Management, a monthly industry magazine. "The competition will always be fierce."
Competition
Stratus' main competitor -- the Centurion Card -- has been around for five years and has a couple of thousand members as its established clientele. American Express officials say they are not concerned about losing any of those clients to new entries to the market.
"We do what we do, and they are going to do what they do," said American Express spokeswoman Desiree Fish. "There are a lot of cards out in the market. We know what our clients want, and we give them a high level of service."
The Black Card, as it is known to those who have or wish they had the exclusive card, offers nights at Mandarin Oriental and Ritz-Carlton hotels and resorts, round-the-clock travel counselors and exclusive shopping benefits at places such as Bergdorf Goodman, Ferragamo, Escada, Neiman Marcus and Saks Fifth Avenue.
Membership in Stratus Rewards incorporates an array of personal services, including concierge services by Mint Lifestyle, monthly travel guides by Nota Bene, enrollment in Abercrombie & amp; Kent's Marco Polo Club and premium insurance coverage.
Exclusive membership
If you're interested in sampling some of the wealthy wares of these credit card programs, good luck: Both Centurion and Stratus select their clients by invitation only.
American Express chooses from existing clients and accepts recommendations from senior company executives. Stratus is welcoming applications from customers of its marketing partners and plans to establish a waiting list for those who want the card but lack the connections.
Even with connections, the cards come with a price.
Centurion charges an annual fee of $2,500, up from $1,000 when it was launched. Stratus' fee is $1,500.
And while neither card has a preset spending limit, Centurion members spend about $150,000 annually, Fish said.
Stratus hopes its clients will spend at least $100,000 each year.
"We are not being elitist to be elitist," Chittum said. "We just want to be able to deliver a luxurious lifestyle to those who live and love it."