I was told by my advisor that the card is initially being offered to Smith Barney clients with over $1 million in assets by an invitation-only basis. However, I have heard others say that they can just apply for it without a Smith Barney account and no invitation.

I'm unsure about this, but I remember being told that to get your entire fee waived, you must have at least $1 million in assets and spend $10,000 a year on commissions with Smith Barney; but, the commission requirement is waived for those with more than $5 million in assets.