Originally Posted by
dolmar
I guess Citi is going to consider this card a bigger failure than even the Mastercard version.
Personally I don't understand how Citi thought people would pay $500 a year for this card when they would not pay $400 for Mastercard that was more widely accepted. I have a felling a lot more SB Reserved would have either taken up SB offers on the card or accepted the card if Citi would have been more generous and allowing a on going annual fee waiver for Reserved Clients(highest level at Citigroup PB and Retail Bank) rather than only waiving the annual fee on an on going basis for only for "Private Wealth and Management Clients" which is a level offered only at SB offices outside of both Private Bank and Retail Bank which requires $5 million in managed money or $50 million in assets.
Think about how big of joke that is when BOA is issuing fee Accolade Cards with $100k in assets which is basically the same card as this without flight points earning ability.
DOLMAR -- I agree with you to an extent. Obviously the card has not received the "subscribership" (not sure if this is the appropriate jargon) that was initially hoped for. However, I think that the Chairman AMEX offers a significantly better concierge service than does Accolades card **Disclosure -- I have NEITHER -- I have Chairman MC (AWFUL concierge) and AMEX Centurion (Amazing concierge)** Nonetheless, I think among the reasons for the "flop" if it is one was a poor decision by marketing to alienate many UHNW individuals. The director of the escalation team (I believe) asserted, "I don't care
how much money you or your family has in assets with SB." No "special" accommodation can be made. In contrast, other financial services corporations ie: Coutt's and others would love to manage liquid assets of UHNW individuals and will accordingly "bend over backwards" to do so.