Question
Does anyone have any scoop on the forthcoming high-end credit card to be issued in the US by the concierge company Quintessentially?
As many of you know it's been offered in the UK for about a year, and I hear that it's due to be offered in the US in 1Q or 2Q, but I don't have any of the particulars.
Can someone please fill in the gaps?? Thx
Answer
its a standard charge card. in UK its VISA. probably similar "limit" as amex. aprs are high like amex.
Handling Charge for Cash Advances from ATMs and cash dispensers: 2% of the amount withdrawn subject to a minimum Handling Charge of £1.50.
Overseas Transactions: We convert any Transactions undertaken abroad into sterling at a rate of exchange determined by Arbuthnot Latham & Co., Limited on the date of the Transaction. http://quintessentially.com/htm.php?page=creditagreement.htm
2 questions >
rewards?
foreign exchange?
http://www.flyertalk.com/forum/showpost.php?p=6976508&postcount=2 is the last concierge reference post i made
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Do you have any idea which bank might issue it? Is the card issued in the UK a Visa / Mastercard / Amex / other??
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The UK card is a VISA Credit Card...
http://quintessentially.com/htm.php?page=faqcreditcard.htm
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foreign exchange?
"Overseas Transactions: We convert any Transactions undertaken abroad into sterling at a rate of exchange determined by Arbuthnot Latham & Co., Limited on the date of the Transaction."
This does not sound like a VISA Signature class product...
"We offer Credit Limits from £2,000 to £5,000, or other amounts as agreed in writing between Us. We will notify you of your Credit Limit at the start of the Agreement and We can vary your Credit Limit at any time. You may request an increase or decrease to Your Credit Limit at any time although We are not obliged to accept Your request. "
"We may ask You to pay immediately any amount by which Your Balance exceeds Your Credit Limit..."
"Charge for breach of Credit Limit: if You breach Your Credit Limit We reserve the right to charge You an administration fee of maximum £50 per month and this charge will be debited to Your Account."
Answer
"Charge for breach of Credit Limit: if You breach Your Credit Limit We reserve the right to charge You an administration fee of maximum £50 per month and this charge will be debited to Your Account."
My, such user-UNfriendly warnings. This card, like any others, could and should set a hard ceiling such that a cardholder cannot exceed said limit.
Instead, by not enforcing a hard limit, seems the card issuer almost welcomes the chance to charge these fees. No ?
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mia, im sure that the limit is fine/similar to amex/etc. they must put that 2-5K thing there as a minimum or something..
it seems like they dont charge a fee on foreign charges, but its not really clear imho. we also have no idea how good/bad their exchange rates are. (like if they use inflated rates as de facto fee..)
and there is no indication of rewards.
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could and should set a hard ceiling such that a cardholder cannot exceed said limit.Instead, by not enforcing a hard limit, seems the card issuer almost welcomes the chance to charge these fees. No ?
This seems like pretty standard contract language, and I mentioned it only to illustrate that the card is evidently not of the "no preset spending limit" variety. I think no card authorization system can absolutely prevent a cardholder from exceeding the credit limit because some classes of merchants appear to be able to process charges without authorization and the network may also automatically authorize transactions of a certain size even if the issuer's database is offline.
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I suppose those who are interested in this sort of service already know that Quintessentially provides the concierge service at The London NYC hotel in New York. It sounds as if you could give yourself a "trial" membership of sorts by booking a stay...
http://www.thelondonnyc.com/
http://www.thelondonnyc.com/quintessentially/
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as well as flying E0. if you book a ticket, you have access from the time you pay for it, until your return flight.
http://www.eosairlines.com/flyeos/overview/concierge.jsf