Why Posh Plastic Isn't Worth It

The super-rich get access to the prestigious black credit card market. But all that glitters is not gold.

Many years ago I went out on a date with 'an older man' about whom there are only two things I remember. One was that he drove the car du jour -- a TR7 -- and the other was that he rather proudly flashed a credit card at me and expected me to be impressed because it was a 'posh' one.In those days gold was the status symbol colour to have, then they started calling them platinum and in recent years the ones for the very rich have gone black. NatWest does one for example -- it's only available to people with a minimum income of £70,000 and costs £250 a year in annual fees. And that's one of the cheaper ones. Mastercard's Signia card which is issued by bankers to the Queen, Coutts & Co, supposedly requires an income of around £250,000 a year.It all started a few years ago when rumours circulated that American Express had an exclusive black credit card which was available by invitation only to the super-rich. Apparently it really was only a rumour until Amex decided the idea was a sound one and produced its black Centurion card. Annual fees are a mere £650 and for that you have 24-hour access to a personal service that will get you tickets for sold out shows, exclusive restaurant seats and first class airline tickets. It's supposed to be the crème de la crème in snob value -- if you like that sort of thing.The main problem with these cards though is that they're unregulated. Credit agreements for more than £25,000 aren't covered by current consumer credit laws, although the limit will be removed next April.For the same reason, purchases aren't protected by Section 75 of the Consumer Credit Act. This enables you to make a claim against your credit card company for any losses on credit card purchases of between £100 and £30,000 should the retailer fail to meet his obligations.Mind you, I suppose if you're Victoria Beckham who reportedly spent £59,000 in one hit on jewellery the other day, a 'posh' credit card is probably as much of must-have as any trinket she bought.Compare the better credit cards on the market.