Exclusive Credit Card From Barclays Bank

Even before the credit card bill was formally signed into law in late May but more so since, credit card companies have been furiously cutting the existing customers' credit limits, raising fees, raising APRs, sometimes cancelling the cards altogether, just when the U.S. consumers can use extra help to get through the tough times that are getting tougher. This bill has joined so many others in creating "an unintended (but very predictable) consequence". (I sure hope that it was indeed "unintended", but I may be too naive.)

But no, not at Barclays Bank. One of my friends got this invitation to apply for their exclusive card.

BLACK CARD. The World Awaits.

It claims to be the world's most prestigious and versatile credit card. The features include:

• Limited membership


• 24-hour concierge Service


• Exclusive rewards program


• Luxury gifts


• Patent pending carbon card


• Annual fee $495

APR is variable at 13.24%, and it has one feature that hardly any other credit card issuers offer these days: Maximum fee on balance transfer of only $50. The norm these days for balance transfer fee is 3 to 5% of the transfer amount, with no maximum.

If they charge $495 annual fee, they can be gracious and charge only $50 for your balance transfer, I suppose. But this annual fee of almost $500, I've never seen anything like this before, not even during the bubbly late 1990s or mid 2000s.

(What's with "carbon card"? Does Barclays Bank want us to think this card is capturing "carbon" therefore it is so "green" to carry this card?)

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