Credit cards have long been a significant aspect of people's lives, serving diverse purposes as a popular financial instrument. For the average wealthy individual, credit cards act as a tool to manage finances, handle extra expenses, or earn rewards.
For the super-rich or billionaires, however, credit cards offer an array of luxurious perks that support their luxurious lifestyle. Obtaining these exclusive credit cards typically requires meeting specific benchmarks or receiving exclusive invitations.
One such credit card in the UAE is Dubai First Royale MasterCard. It is an invitation-based credit card with no predetermined spending limit, although its specific details and benefits remain undisclosed. To obtain the card, you would be required to pay an undisclosed annual fee.
Let’s find out more about the Dubai First Royale MasterCard in this article and also understand why millionaires need credit cards and how they use the same.
Reasons Why Millionaires Need Credit Cards
Detailed below are the reasons why millionaires use credit cards, especially one like Dubai First Royale MasterCard -
Rewards - With several credit cards providing cash back for every purchase, you can easily accumulate significant rewards by using your cards frequently. Savvy users of airline miles, for instance, can save thousands of dollars on airfare annually.
Complimentary Travel Insurance - Top exclusive credit cards often offer various forms of free travel insurance. From primary auto rental coverage to baggage delay insurance, trip delay reimbursement, and more, you can secure vital coverage for trip cancellations, interruptions, and accidents by using your card to pay for the trip.
Consumer Protections - Credit cards offer meaningful consumer protections in the form of extended warranties and similar features on purchases.
Access to Special Events - Some travel credit cards also grant cardholders access to exclusive special events, ranging from concerts to sold-out sporting events.
Safety - The usage of credit cards, particularly for online purchases, can be safer due to the zero fraud liability offered by the majority of credit card issuers.
Concierge Service - Many top travel credit cards provide concierge services to assist cardholders with a wide range of tasks and requests.
Features of Dubai First Royale MasterCard
The Dubai First Royale MasterCard features elegant gold trimming, with its centrepiece boasting a sparkling diamond. With this credit being an ‘invitation-only’ one, consumers must receive an exclusive invitation from Dubai First to become cardholders.
This Dubai First credit card offers an array of incredible perks. Cardholders gain access to a dedicated team of 24/7 lifestyle managers, committed to fulfilling their every request. Moreover, the card comes with no credit limit or restrictions, which allows cardholders to spend without constraints.
Some of the features of Dubai First Royale MasterCard are detailed below -
The Dubai First Royale MasterCard stands out with its sleek black appearance, adorned with real gold on two sides. At the heart of the card is a 0.235-carat solitaire diamond, which adds a touch of magnificence to the card.
It is reputed as the world's most exclusive credit card, with a limited number of cardholders (estimated at around 200), including members of the royal families of Dubai and Saudi as well as super-rich individuals.
No credit cap and absolute freedom with guaranteed approval for all charges, regardless of how expensive they may be
A dedicated relationship manager and a lifestyle manager are assigned to your account. They are available 24/7 and are ready to arrange everything from event tickets to private jet trips.
Instead of specific benefits, cardholders enjoy boundless access and privileges worldwide.
There is no specified credit Score requirement — individuals need to receive an invitation from Dubai First to qualify for the card.
Benefits of Dubai First Royale MasterCard
Here are some benefits of this royal privilege called Dubai First Royale MasterCard -
Each cardholder is provided with a dedicated relationship manager for assistance concerning financial matters as well as a lifestyle manager specifically tasked with fulfilling any extraordinary personal requests.
Personal lifestyle managers can arrange a wide range of exclusive services such as reserving private jets, securing invitations to exclusive events, chartering yachts, making last-minute reservations at world-renowned restaurants, providing VIP access to global sporting events, and much more.
No specific credit score is required to qualify for the card, as eligibility is determined by receiving an invitation from Dubai First.
Decoding How Millionaires Use Credit Cards
Let’s now understand some ways that millionaires use credit cards like Dubai First Royale MasterCard -
Earn Rewards - Credit card rewards can be highly lucrative when used wisely, with some sign-up bonuses worth four figures and cash-back rates reaching up to 10%. These rewards, such as cash back or travel points, offer wealthy individuals opportunities to enhance their lifestyles.
Utilise Card Perks - Credit cards offer a range of perks — from essential credits for grocery purchases to luxuries like airport lounge access. Premium credit cards with higher annual fees provide even better perks that can exceed the card's cost.
Purchase Luxury Items - While millionaires may not overspend, they might use credit cards for occasional luxury purchases like high-end fashion or expensive jewellery. This allows them to make upfront payments and potentially earn additional rewards.
Manage Cash Flow - Credit cards help wealthy individuals manage their cash flow, allowing them to make large purchases and pay off balances over time. This frees up cash for investments or time-sensitive opportunities.
Build Credit - Millionaires may use credit cards to build or maintain their credit scores, which can be crucial for obtaining loans and financing purchases at lower interest rates.
Fraud Protection - Fraudulent transactions can affect anyone irrespective of their wealth — this extends to millionaires as well, who can be at risk of fraud. Credit cards offer real-time fraud monitoring to detect and address any potential issues promptly.
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