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Verdict: Looking for an elite credit card? The Citi Chairman American Express card fits the bill. Of course, like most prestige credit cards, the Citi Chairman card is not cheap: It comes with an annual fee of $500. But if you qualify for the card, you’ll be able to earn rewards points, take advantage of free concierge services and reserve your seat on a private jet.
Overview: Only those borrowers in perfect financial health — and this includes high credit scores and high monthly incomes — will qualify for the Citi Chairman card. Those who do qualify will be pleased with the card’s low interest rate and its many benefits.
How This Card Works: For the high annual rate that cardholders pay, they receive a host of high-end services. Cardholders who need to reserve a last-minute hotel room? They’ll get help with that. Those who need suggestions for a gift for their spouse’s 20th wedding anniversary? They can help with a quick phone call, too. And those who have to get around the country in a flash can use their Citi Chairman card to book a seat on a private jet or chartered flight.
Travel and Shopping Benefits: For every dollar that cardholders charge on their card, they’ll receive ThankYou points from Citi. They can redeem these points for hotel stays, flights and merchandise.
The points, though, are just the start of the benefits that come with this premium card: Consumers can also access 24/7 concierge services, take advantage of 24-hour emergency travel assistance — which includes everything from medial and legal referrals to help with lost luggage –, VIP upgrades at participating hotels and annual memberships to Priority Plus lounges at participating airports.
Fees: This card does come with high fees. That’s not surprising, considering the services that come with it. The annual fee, of course, is high, $500. But the interest rate of 11.24 percent is quite reasonable. Cash advances cost either $5 or 3 percent of the advance amount, whichever is higher, while returned payment fees run $39. Late-payment fees can run from $15 to $39 depending on cardholders’ balances.
Penalty interest rate can soar as high as 29.99 percent.
Credit Shout is a community of personal finance experts dedicated to helping you save money and make smart financial decisions. Learn how to master your credit card rewards, improve your credit score and start eliminating your debt.