World Elite Mastercard?
Sep 7, 2006 | 1:07 pm
#1
Original Poster
Join Date: Apr 2004
Location: ATL
Programs: SPG gold; otherwise just base in everything so far, but learning!
Posts: 489
World Elite Mastercard?
Just saw this online. I wonder what it will be, other than just an expensive Mastercard...
I did a quick search, but did not see any threads mentioning it. What kind of "premium pricing"?
http://www.marketwatch.com/News/Stor...ord=mastercard
NEW YORK (MarketWatch) -- MasterCard Inc. said Thursday it's teaming up with luxury travel consortium Virtuoso to launch the World Elite MasterCard, a new card platform aimed at affluent customers with more than $250,000 in income.
With the move, MasterCard is taking aim at a rival American Express, which has made inroads with its Platinum and other products.
World Elite MasterCard offers a mix of travel benefits, rewards, and global acceptance, including personalized travel agency benefits.
An advertising push behind the World Elite platform gets underway in October.
The program will have associated premium pricing expected to be announced the first quarter of 2007.
"MasterCard understands the importance of the affluent and high spend business segments to our customer financial institutions, and has made it a priority to understand (their) mindset," said Wendy Murdock, chief product officer, MasterCard Worldwide. "We believe that it will drive a higher level of spending on our cards by taking MasterCard from an 'in the wallet' to a 'top of wallet' position, and deliver greater value to our cardholders."
Soleil analyst Craig J. Maurer said he wasn't familiar with the specifics of the plan, but added that MasterCard appears to be "late to the party" in courting the affluent.
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fuzz
I did a quick search, but did not see any threads mentioning it. What kind of "premium pricing"?
http://www.marketwatch.com/News/Stor...ord=mastercard
NEW YORK (MarketWatch) -- MasterCard Inc. said Thursday it's teaming up with luxury travel consortium Virtuoso to launch the World Elite MasterCard, a new card platform aimed at affluent customers with more than $250,000 in income.
With the move, MasterCard is taking aim at a rival American Express, which has made inroads with its Platinum and other products.
World Elite MasterCard offers a mix of travel benefits, rewards, and global acceptance, including personalized travel agency benefits.
An advertising push behind the World Elite platform gets underway in October.
The program will have associated premium pricing expected to be announced the first quarter of 2007.
"MasterCard understands the importance of the affluent and high spend business segments to our customer financial institutions, and has made it a priority to understand (their) mindset," said Wendy Murdock, chief product officer, MasterCard Worldwide. "We believe that it will drive a higher level of spending on our cards by taking MasterCard from an 'in the wallet' to a 'top of wallet' position, and deliver greater value to our cardholders."
Soleil analyst Craig J. Maurer said he wasn't familiar with the specifics of the plan, but added that MasterCard appears to be "late to the party" in courting the affluent.
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fuzz
Sep 7, 2006 | 5:05 pm
#2
Join Date: Aug 2006
Programs: Amex Plat, Citi Chairman
Posts: 82
Some basic information on the Saks version of the card.
Sep 7, 2006 | 7:23 pm
#3
Join Date: Jun 2006
Location: San Francisco
Programs: UA 1K MM, AMEX Platinum
Posts: 747
Hmm... The benefits are:
- 1% Cash back (more at Sacks)
- Companion airline tickets
- Concierge
- Airport lounge access
- NO ANNUAL FEE!!!!
Until the annual fee, I was thinking it sounded a bit like the Chairman card. No annual fee and Airport lounge access from the same card sounds hard to believe. I wonder if you have to pay at the lounge, as in some of the lower levels of PriorityPass membership.
- 1% Cash back (more at Sacks)
- Companion airline tickets
- Concierge
- Airport lounge access
- NO ANNUAL FEE!!!!
Until the annual fee, I was thinking it sounded a bit like the Chairman card. No annual fee and Airport lounge access from the same card sounds hard to believe. I wonder if you have to pay at the lounge, as in some of the lower levels of PriorityPass membership.
Sep 8, 2006 | 12:02 am
#4
Flyertalk Posting Legend Moderator: Credit Card Programs, American Express, Capital One, Chase, Citi, Diners Club, Eco Travel, Signatures
Join Date: Jun 2003
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Programs: AA, IHG & Marriott Platinum; DL & HH Gold
Posts: 51,875
Sep 8, 2006 | 12:10 am
#5
Flyertalk Posting Legend Moderator: Credit Card Programs, American Express, Capital One, Chase, Citi, Diners Club, Eco Travel, Signatures
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA, IHG & Marriott Platinum; DL & HH Gold
Posts: 51,875
<<What kind of "premium pricing"?>>
I think this refers to merchant fees for accepting the new card class which would be set by Mastercard, not the cardholder annual fees which would be established by each issuer.
<<No annual fee and Airport lounge access from the same card sounds hard to believe.>>
I doubt that it costs much to provide this benefit. The $400 "retail" value of a Priority Pass is a fiction. Their own website tells you that discounts of "70%" are available for corporate accounts with "hundreds" of users. This makes the cost about $120, and I believe it would be less for a card issuer buying "thousands" of memberships, because the utilization rate is low.
dennis
I think this refers to merchant fees for accepting the new card class which would be set by Mastercard, not the cardholder annual fees which would be established by each issuer.
<<No annual fee and Airport lounge access from the same card sounds hard to believe.>>
I doubt that it costs much to provide this benefit. The $400 "retail" value of a Priority Pass is a fiction. Their own website tells you that discounts of "70%" are available for corporate accounts with "hundreds" of users. This makes the cost about $120, and I believe it would be less for a card issuer buying "thousands" of memberships, because the utilization rate is low.
dennis
Last edited by mia; Sep 8, 2006 at 12:23 am
Sep 8, 2006 | 3:10 am
#6
Join Date: Aug 2006
Programs: Amex Plat, Citi Chairman
Posts: 82
Some more information from Mastercard...
http://www.priceless.com/cards/cards.html
World Elite MasterCardYour ticket to the most priceless places on earth.The World Elite MasterCard card redefines the way you pursue that which matters most to you. With world-class travel benefits, reservation programs, and premium offers, World Elite MasterCard serves as your trusted partner, providing exemplary service and assistance at a moment's notice.
Exceptional Travel BenefitsWorld Elite MasterCard cardholders enjoy exceptional travel consultant services, as well as valuable benefits, special upgrades, amenities, and truly priceless travel experiences from the Virtuoso international luxury travel network.
Concierge ServiceAn expert concierge staff is available to assist World Elite MasterCard cardholders with personalized recommendations and reservation assistance for dining, travel, entertainment, and a host of other services, 24 hours a day, every day of the year.
Preferred AccessCarrying the World Elite MasterCard card puts you at the front of the line when making reservations for a distinguished selection of dining, entertainment, shopping, and spa/salon experiences.
Premium Collection OffersThis portfolio of top quality lifestyle products and services from many of the worlds leading providers offers considerable savings and value-added amenities on a wide selection of retail, gift, dining, and personal services.
More details about the many benefits of the World Elite MasterCard card are coming soon.
- SR
World Elite MasterCardYour ticket to the most priceless places on earth.The World Elite MasterCard card redefines the way you pursue that which matters most to you. With world-class travel benefits, reservation programs, and premium offers, World Elite MasterCard serves as your trusted partner, providing exemplary service and assistance at a moment's notice.
Exceptional Travel BenefitsWorld Elite MasterCard cardholders enjoy exceptional travel consultant services, as well as valuable benefits, special upgrades, amenities, and truly priceless travel experiences from the Virtuoso international luxury travel network.
Concierge ServiceAn expert concierge staff is available to assist World Elite MasterCard cardholders with personalized recommendations and reservation assistance for dining, travel, entertainment, and a host of other services, 24 hours a day, every day of the year.
Preferred AccessCarrying the World Elite MasterCard card puts you at the front of the line when making reservations for a distinguished selection of dining, entertainment, shopping, and spa/salon experiences.
Premium Collection OffersThis portfolio of top quality lifestyle products and services from many of the worlds leading providers offers considerable savings and value-added amenities on a wide selection of retail, gift, dining, and personal services.
More details about the many benefits of the World Elite MasterCard card are coming soon.
- SR
Sep 8, 2006 | 9:57 am
#7
Join Date: Dec 2004
Posts: 8,224
http://www.virtuoso.com/us/Company/P...rCard+Virtuoso
MasterCard Unveils World Elite Exceptional New Card for Elite Affluent Consumers and Businesses
Alliance with Virtuoso Will Cater to Luxury Travelers
Purchase, NY September 7, 2006 MasterCard Worldwide today announced the launch of the World Elite MasterCard, a new card platform for elite affluent consumers, small businesses and executives of large corporations. Unlike other super-premium payment products geared to these audiences, World Elite MasterCard offers a mix of travel benefits, rich rewards, and global acceptance, including personalized travel agency benefits provided through a strategic alliance with Virtuoso, the leading luxury travel network.
World Elite will create a distinct brand position for MasterCard within the elite affluent demographic, defined as those with annual household incomes greater than $250,000. Beyond targeting consumers, MasterCard will bring to market a World Elite card for small businesses and for executives of large corporations in 2007.
The affluent segment overall is a key growth target for MasterCard. According to data from the American Affluence Research Center, the wealthiest 10 percent of U.S. households earns 40 percent of all American income. The growth of the segment in recent years has fueled the expansion of the U.S. luxury category, which surpassed $1 trillion in 2005, according to a report from Research and Markets. Spending on experiential luxuries, which include travel, dining and entertainment, nearly doubled last year, according to the same report.
A MasterCard analysis of the demographic revealed a changing mindset among elite affluent consumers, marked by a strong desire for personal attention, best-in-class service, and memorable experiences. World Elite, built around these new segment demands, is a unique offering that is intended to resonate with today's consumers, deliver optimal value to customers, and drive increased spending to merchants.
MasterCard understands the importance of the affluent and high spend business segments to our customer financial institutions, and has made it a priority to understand the mindset of the elite affluent consumer so that we can develop the most desirable payment solutions possible, said Wendy Murdock, Chief Product Officer, MasterCard Worldwide. The launch of World Elite is the culmination of that process, as it gives us one of the best card programs in the industry for affluent travelers. We believe that it will drive a higher level of spending on our cards by taking MasterCard from an in the wallet to a top of wallet position, and deliver greater value to our cardholders.
Virtuoso will provide a wide range of travel benefits exclusively to World Elite cardholders:
Travel Expertise Unsurpassed global travel expertise provided by Virtuoso, a widely acclaimed network of more than 6,000 member travel consultants with over 300 member agencies that specializes in connecting the worlds most discerning travelers with the worlds finest vacation destinations. Through Virtuoso, cardholders will receive unparalleled service and counsel by a designated Virtuoso member consultant while enjoying the special travel benefits, value-added amenities and experiences listed below.
Airline Benefits Complimentary companion tickets with the purchase of full-fare Business Class tickets for international travel on specific airlines (space permitting with no blackout dates); one-category upgrades for international travel on select airlines.
Cruise Benefits Tailored shore excursions and private cocktail receptions on four premier cruise lines.
Hotel Benefits Preferred rates and availability at over 650 of the finest hotels, resorts, lodges and villas in the world. Value-added amenities including complimentary daily breakfast for two, room upgrades (based on availability at time of check-in), customized offerings that are unique to the destination and VIP status.
Travel Publications Complimentary subscriptions to dynamic, award-winning travel publications, Virtuoso Life and the Best of the Best hotel directory.
Other cardholder benefits include:
Airport Lounge Access Cardholders will receive airport lounge access to VIP lounges around the world.
Privileged Access Special event access and tickets to performing arts and theater events; restaurants; art galleries; and spas in ten major U.S. cities including: New York, Chicago, Miami, San Francisco, Atlanta, Dallas, Houston, Los Angeles, Seattle and Washington.
Unsurpassed Acceptance MasterCard-branded cards are accepted at more than 24 million merchant locations worldwide. The World Elite MasterCard will be accepted at more than triple the number of international locations that accept the American Express Platinum card, according to Nilson Report data. Moreover, the elite affluent cardholder tends to purchase higher ticket items, delivering considerable benefits to merchants.
Rich Rewards Cardholders will receive a variety of travel, merchandise, and entertainment rewards, access to special events, and no pre-set spending limit.
Whereas the affluent segment used to value things like appearances, status, and privilege, they are now seeking life experiences and the professional expertise that a Virtuoso member consultant can provide, said Kristi Jones, President of Virtuoso. MasterCard and Virtuoso understand this and are capitalizing on the new definitions of luxury and aspiration that exist in the marketplace. Too many cards currently targeting the affluent consumer are marketed towards outmoded values. The personalized and tailored approach we take to travel is reflected in the World Elite benefits, making this card stand out from the competition.
The Saks Fifth Avenue World Elite MasterCard, issued by HSBC, was unveiled today, and is the first product on the World Elite platform.
The launch of the World Elite platform will deploy integrated marketing programs that reinforce the value proposition of the card with consumers and customers while driving activation and usage. A print and online advertising campaign, beginning this October, will leverage unique insights of this newly identified elite affluent demographic especially around their passion for experiences and travel. World Elite will also be promoted on www.priceless.com.
The World Elite platform will have associated premium pricing expected to be announced the first quarter of 2007.
MasterCard Unveils World Elite Exceptional New Card for Elite Affluent Consumers and Businesses
Alliance with Virtuoso Will Cater to Luxury Travelers
Purchase, NY September 7, 2006 MasterCard Worldwide today announced the launch of the World Elite MasterCard, a new card platform for elite affluent consumers, small businesses and executives of large corporations. Unlike other super-premium payment products geared to these audiences, World Elite MasterCard offers a mix of travel benefits, rich rewards, and global acceptance, including personalized travel agency benefits provided through a strategic alliance with Virtuoso, the leading luxury travel network.
World Elite will create a distinct brand position for MasterCard within the elite affluent demographic, defined as those with annual household incomes greater than $250,000. Beyond targeting consumers, MasterCard will bring to market a World Elite card for small businesses and for executives of large corporations in 2007.
The affluent segment overall is a key growth target for MasterCard. According to data from the American Affluence Research Center, the wealthiest 10 percent of U.S. households earns 40 percent of all American income. The growth of the segment in recent years has fueled the expansion of the U.S. luxury category, which surpassed $1 trillion in 2005, according to a report from Research and Markets. Spending on experiential luxuries, which include travel, dining and entertainment, nearly doubled last year, according to the same report.
A MasterCard analysis of the demographic revealed a changing mindset among elite affluent consumers, marked by a strong desire for personal attention, best-in-class service, and memorable experiences. World Elite, built around these new segment demands, is a unique offering that is intended to resonate with today's consumers, deliver optimal value to customers, and drive increased spending to merchants.
MasterCard understands the importance of the affluent and high spend business segments to our customer financial institutions, and has made it a priority to understand the mindset of the elite affluent consumer so that we can develop the most desirable payment solutions possible, said Wendy Murdock, Chief Product Officer, MasterCard Worldwide. The launch of World Elite is the culmination of that process, as it gives us one of the best card programs in the industry for affluent travelers. We believe that it will drive a higher level of spending on our cards by taking MasterCard from an in the wallet to a top of wallet position, and deliver greater value to our cardholders.
Virtuoso will provide a wide range of travel benefits exclusively to World Elite cardholders:
Travel Expertise Unsurpassed global travel expertise provided by Virtuoso, a widely acclaimed network of more than 6,000 member travel consultants with over 300 member agencies that specializes in connecting the worlds most discerning travelers with the worlds finest vacation destinations. Through Virtuoso, cardholders will receive unparalleled service and counsel by a designated Virtuoso member consultant while enjoying the special travel benefits, value-added amenities and experiences listed below.
Airline Benefits Complimentary companion tickets with the purchase of full-fare Business Class tickets for international travel on specific airlines (space permitting with no blackout dates); one-category upgrades for international travel on select airlines.
Cruise Benefits Tailored shore excursions and private cocktail receptions on four premier cruise lines.
Hotel Benefits Preferred rates and availability at over 650 of the finest hotels, resorts, lodges and villas in the world. Value-added amenities including complimentary daily breakfast for two, room upgrades (based on availability at time of check-in), customized offerings that are unique to the destination and VIP status.
Travel Publications Complimentary subscriptions to dynamic, award-winning travel publications, Virtuoso Life and the Best of the Best hotel directory.
Other cardholder benefits include:
Airport Lounge Access Cardholders will receive airport lounge access to VIP lounges around the world.
Privileged Access Special event access and tickets to performing arts and theater events; restaurants; art galleries; and spas in ten major U.S. cities including: New York, Chicago, Miami, San Francisco, Atlanta, Dallas, Houston, Los Angeles, Seattle and Washington.
Unsurpassed Acceptance MasterCard-branded cards are accepted at more than 24 million merchant locations worldwide. The World Elite MasterCard will be accepted at more than triple the number of international locations that accept the American Express Platinum card, according to Nilson Report data. Moreover, the elite affluent cardholder tends to purchase higher ticket items, delivering considerable benefits to merchants.
Rich Rewards Cardholders will receive a variety of travel, merchandise, and entertainment rewards, access to special events, and no pre-set spending limit.
Whereas the affluent segment used to value things like appearances, status, and privilege, they are now seeking life experiences and the professional expertise that a Virtuoso member consultant can provide, said Kristi Jones, President of Virtuoso. MasterCard and Virtuoso understand this and are capitalizing on the new definitions of luxury and aspiration that exist in the marketplace. Too many cards currently targeting the affluent consumer are marketed towards outmoded values. The personalized and tailored approach we take to travel is reflected in the World Elite benefits, making this card stand out from the competition.
The Saks Fifth Avenue World Elite MasterCard, issued by HSBC, was unveiled today, and is the first product on the World Elite platform.
The launch of the World Elite platform will deploy integrated marketing programs that reinforce the value proposition of the card with consumers and customers while driving activation and usage. A print and online advertising campaign, beginning this October, will leverage unique insights of this newly identified elite affluent demographic especially around their passion for experiences and travel. World Elite will also be promoted on www.priceless.com.
The World Elite platform will have associated premium pricing expected to be announced the first quarter of 2007.
Sep 8, 2006 | 1:28 pm
#11
Join Date: Dec 2004
Posts: 8,224
Originally Posted by CMHFlyerOH
Are there any links to apply for any version of this card out there? (including the Saks version)
Sep 8, 2006 | 2:50 pm
#12
Join Date: Aug 2006
Posts: 12
Saks World Elite M/C in Select Stores 13 Sep.
Originally Posted by rrgg
I asked Saks if their existing cards would be converted to World Elite MC later, or if I could apply somewhere. Response, "I sincerely apologize for any inconvenience. Unfortunately, we currently have not been updated with information regarding the new credit card."
The Saks Fifth Avenue World Elite MasterCard card, with no annual fee, debuts exclusively at Saks Fifth Avenue stores at a select number of locations around the country on September 13, 2006 in conjunction with the Saks Fifth Avenue Want It! campaign of the most coveted, must-have items of the fall 2006 season. Applications for the Saks Fifth Avenue World Elite MasterCard card will be available at all Saks Fifth Avenue locations in mid-October.
http://biz.yahoo.com/prnews/060907/nyth186.html?.v=35
The article subsequently mentions that the lounge access will be for "...a nominal fee." Probably on par with a previous post regarding the basic Priority Pass level.
Sep 10, 2006 | 9:09 pm
#13
Join Date: Aug 2006
Posts: 12
I just noticed that www.mastercard.com now has an official link for World Elite. Not much details on there, just the general "more information coming soon" type message.
Sep 10, 2006 | 9:18 pm
#14
Join Date: Jan 2006
Location: ELP
Programs: AA EXP/LT PLAT, Marriott Titanium/LT PLAT
Posts: 4,140
maybe this is what the Chairman Card is going to be co-branded with.....I doubt that it will be a new amex...since Chairman is competing with Amex platinum and this new card is supposed to go after the Centurion customers....
Sep 11, 2006 | 6:05 am
#15
Join Date: Dec 2004
Posts: 8,224
Saks told me applications could be processed, starting today at www.saks.com/apply It doesn't seem to be working yet.