It looks like Kazakhstan is flaunting immunity to the credit crunch with a new diamond MasterCard.
Although this is not the first card to sport jewels (the diamond-studded Royale MasterCard for Dubai’s elite already did that), there is no shortage of exclusive, fantastic plastic. Witness the American Express Black Card, GK Power’s high-concept cards, the $5M Holiday Dream Card, and the very exclusive Sotheby’s MasterCard, just to name a few.
Lest your wallet yearns one more, here is the Diamond.
Home to Central Asia’s largest economy, Kazakhstan has a two tier banking system, and it seems they are banking on their immunity from the credit crisis.
MasterCard and Kazkommertsbank, the second largest bank in Kazakhstan, are set to issue a MasterCard credit card adorned with gold and diamonds, with a $50,000 credit limit.
The ‘Diamond,’ sports a picture of a peacock for female cardholders, and a winged horse for men, with both versions displaying a 0.02-carat gem.
The targeted VIP customers will have to ante up an annual fee of $1,000, and the cards will be available November 13. Issues are limited to 30 per month.
"The [financial] crisis is also affecting us but we are talking about rich people, they can afford to have such cards," says Alla Voyakina, Head of International Payment Systems on the card. "It’s a question of prestige to have such cards in your wallet."
The Kazakh card also comes with a personal card "manager", available around the clock.
Bejeweled Credit Cards
Kazakh Diamond Mastercard
Trend Themes
1. Luxury Credit Cards - There is a growing trend among the wealthy to showcase their status through luxury credit cards that feature extravagant designs and high credit limits.
2. Gem-encrusted Credit Cards - One emerging trend among the elite is to opt for credit cards adorned with precious gems such as diamonds, sapphires, and rubies.
3. Exclusive Credit Cards - A trend in the credit card industry among the rich is to seek out exclusive, invitation-only cards that offer unique perks and benefits.
Industry Implications
1. Financial Services - Financial institutions have an opportunity to tap into the growing demand for luxury credit cards by developing exclusive offerings for high-net-worth individuals.
2. Jewelry - Jewelry companies can explore partnerships with credit card issuers to create custom designs featuring diamonds, gemstones, and other precious materials.
3. Private Wealth Management - Providers of private wealth management services can offer bespoke credit card services to their high-net-worth clients as an added incentive to retain their business.