You wouldn't think that this would be the time to launch a luxury credit card but JPMorgan Chase & Co. has come out with a new card, Chase Sapphire, which is aimed at the affluent. Bloomberg News reports that Chase Sapphire is for households with incomes exceeding $120,000. The new card has no pre-set spending limit and holders earn a point for every dollar they spend.

There are two Chase Sapphire cards. The basic card offers the Ultimate Rewards program that includes double points on airfare purchased through the company's travel booking tool and up to ten bonus points per dollar for shopping at any of the over 300 merchants featured at the Ultimate Rewards Mall. The Preferred card also includes a 25 percent travel bonus that means points are 25 percent more valuable when booked online with the travel booking tool. Preferred card members will receive 10,000 bonus points on purchases of $50,000 or more per year. The cards also offer concierge service and emergency services for travelers. The Chase Sapphire has no annual fee and the Chase Preferred has a fee of $95 after the first year. Chase Sapphire has a 10.24 percent variable interest rate and a $39 late fee for balances over $250.

The Sapphire card is meant to compete against American Express and its many programs for affluent cardholders. The Bloomberg article states that American Express CEO Kenneth Chenault told investors recently that his cardholders on average spend 3.5 times more than Visa cardholders and 4.5 times more than MasterCard users. The Sapphire's points and rewards program are meant to appeal to those who use their cards frequently. Will it work? American Express's cardholders are pretty loyal to the brand. But with American Express raising fees and rates being able to switch to a new card with no annual fee might be appealing.

The Eurasian Bank in Kazakhstan has come up with a very glamorous way of honoring their VIP members: they're issuing them limited edition VISA cards embedded with diamonds and accented with gold.

Said to be the first of its kind in the world, the card is reserved only for the elite few members of the bank that have incomes of $300,000 a year or greater. The cards have an elaborate gold filigree design in the shape of a heart that features a 0.02 carat diamond in the center.

Crazy.

Via Bornrich

For the most part, the fashionable set chooses exclusive credit like the AmEx Centurion -- the oft-envied black card crafted from titanium instead of mere plastic. But as of March of this year, Roberto "Excess is Success" Cavalli is trying to get in on the action with a snakeskin-finish credit card for the discerning shopper.

The iridescent card comes with its privileges: special sales at Cavalli, invites to fashion shows. Perhaps cardmembers will gain access to Cavalli's new club in Florence, or clubs soon to open in Dubai and Milan.

But snakeskin does not a status card make, between AmEx's personal concierge, free stays at the Mandarin Oriental and the eye-catching prestige of carrying plastic that's not plastic at all.

[via BlackBook]

Wealthy patrons with shopping addictions are a tempting customer base for creditors, and so more and more of them are coming up with ways to make their services attractive to the biggest spenders in the world. The Centurion card from American Express is the leading status symbol to date, with its classy black card made of titanium that comes with exclusive perks like a personal concierge (to help you plan your spending) and special treatment at all the top retailers.

But the Centurion, better known simply as the "Black Card," is getting some competition for the top of the prestigious credit card pyramid. Companies like Bank of America and Citigroup are coming up with their own versions, and it seems the greatest competition so far is from the Visa Stratus Rewards card, aka the "White Card." And in the U.K. there's always the Ozwald Boateng-designed Coutts & Co.'s World card from the same private bank Queen Elizabeth uses.