I got an interesting piece of mail last week.
My bankers, NatWest, have invited me to apply for the NatWest “Black” card. Ooh, lucky me!
If you’ve never brushed shoulders with the Monaco set, or spent your summers at The Hamptons (as indeed, I certainly haven’t), you probably won’t have been exposed to the mythical luxury of the Black card. Black is for people who aren’t like us. Black is for people with only one name (e.g. Kylie). Black is for people who turn left when they get on a plane; because they’ve got on the plane first; and because they’re only on the plane because the private jet is already taking the kids somewhere else. Black is for people who know what to do with a butler (whereas I would end up having a stilted conversation about ironing or something). You get the gist.
Don’t get me wrong, I’m not the slightest bit resentful- if you’re jolly rich, congratulations!
But I’m only an ordinary businessman. I fly Easyjet because it’s my money I’m spending! Which made me slightly suspicious that my bank should offer me a super-premium credit card. I could think of only two explanations:
- I’m richer than I thought I was (errr… nope!)
- This is a marketing ploy. Far from being a genuinely exclusive Black card, this is a card which plays on the history of what Black signifies; but actually just means more money for the bank. A bit like going to Stringfellows nightclub: twenty years ago it was a sign of prestige; but today it’s no more exclusive than your local Jumpin’ Jaks.
The latter is unfortunately true. Oh yes, those who sign up to NatWest Black will indeed be making the bank an enormous amount of money.
Because the interest rate on NatWest Black is… an astonishing… 51.8%APR.
Even though I’m not immensely wealthy, I have bumped into a lot of wealthy people. As a journalist and entrepreneur, I have interviewed several millionaire entrepreneurs. Recently, I had a backstage glimpse inside one of London’s most exclusive casinos, where the smallest chip was worth £10,000. And I know one thing about extremely rich people: they didn’t get there by signing up to credit cards with 51.8%APR rates of interest; even if got them a better seat in the airport lounge or roadside travel assistance.
Users of a true Black card don’t sit in airport lounges at all; and the only person who will need roadside travel assistance is the chauffeur.
Thank you, NatWest, for your distinctly duplicitous marketing; but if I’m going to have any chance of joining the Black card jet set, it won’t be on this card. Businesspeople like me need to rein in their egos, spot the marketing traps, and fly economy all the way. Leave the glamour until you’ve hit the big time- it’ll taste all the better when you do.
Filed under: finance, marketing | Tagged: black card, business, credit, credit card, entrepreneur, entrepreneurship, exclusive offers, exclusivity, finance, marketing, natwest black, personal finance, run a business, start a business
