But the mystique around the black card has attracted just about every high net worth individual I've ever met. Apparently there is something about whipping out the card that makes people feel special.
Don't discount the power of mystique and ego. American Express issued me my first green card when I was a college student back in 1988. Once I got into the working world, and started spending more money, they bumped me to gold card.
After many years of holding the gold card, I started to wonder if I'd ever reach platinum card status with them. It didn't bug me I hadn't, but I did wonder about it. Well, a few months later, a big envelope came in the mail from AMEX inviting me to take the platinum card, which I did.
As stupid as all this must sound, I do remember several times whipping that platinum card out when I first got it and having people comment on it. A few times, I've been around high net worth people who have the black card (aka the Centurion Card) and there's a part of me that goes "Ooooh!" in the same dumb pseudo-jealous way I'd look at somebody's Ferrari or Lamborghini.
Ego, keeping up with the Joneses, whatever you want to call it, is a powerful thing, and of course companies know this. While I'd like to think I'm past all that now, have I given up my platinum card and returned to a lower card level? Nope. Would I jump at the chance to have a black card if I had that level of wealth and they invited me to take it? Yes, I would.
I consider myself a pretty practical person, but there are still a few stupid ego-driven faults I succumb to. I guess refusing to give up my platinum card is one of them, as stupid as I know that sounds.