Ah, I may be one of those who may need to rely on insights on the application process! Not sure where to post this but I'll just do it here, if that's ok. It hardly deserves its own thread.
I recall having read a few threads where some Centurion card members after an evaluation determined the annual membership fee escalation had risen to a point have where it’s no longer justified and ended their long relationship (if I recall, sdix & seacharl – end of an era?). After all these long years, the time has arrived for me to make a similar determination.
Long story short, because of CA’s new regulatory powers passed in 2020 (mini Dodd-Frank), we’ve decided to unwind our firm and dissolve our operations by the end of this year. For my part, I’m leaving for a State with ZERO income taxes to start a Family Office and as we go through the State’s dissolution process, at some point we will cancel our Business Centurion. Alas, I must consider if it would be beneficial to apply for a Bus Cent for my newly formed Family Office or accept an invitation (assuming it would be forthcoming) for a personal one.
Assuming I’ll be spared another initiation fee, coughing up $5K absent tax deductions and the cost shared with my partners has put me in a position similar to sdix & seacarl—is it worth the $5K sticker shock tag for what is essentially a charge card?