Wealthy New Yorkers say Amex Black Cards have lost their cache

Have credit cards lost their cache?

A few years ago, whipping out an Amex Black Card was the ultimate status symbol — so much so that the hip hop collective A$AP Mob even wrote an entire song about it. But that was 2017.

Now? It’s all about practicality, not ego. A wealthy subset tell me they are increasingly choosing cards that either offer a suite of banking features — like the Chase Sapphire Reserve — or act as your dream assistant that can get you into Le Veau d’Or and plan your entire trip to San Sebastian — like Atlas. 4

While companies like American Express and Capital One don’t break out the numbers for the cards targeted at high-net worth clients, it is clearly still an alluring space for companies.

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