American Express “First Collection” Offers Big Rewards for Big Spenders
By Justin McHenry
American Express announced yesterday a new rewards program called First Collection for its high-spending cardholders that significantly ups the ante on traditional credit card rewards. Big spenders who hold the American Express Platinum Card or the American Express Centurion Card (sometimes called the American Express Black Card) can choose rewards from initial partners that include high-end brands such as Baccarat, Chopard, Davidoff, Eos Airlines, IWC, Lamborghini, Mikimoto, Monarch Billiards, Oberoi Hotels & Resorts, Piaget and Steinway & Sons. Soon to come: Bergdorf Goodman, Ermenegildo Zegna, Neiman Marcus, Pebble Beach Resorts, Raffles Hotels & Resorts and Tiffany & Co.
While American Express notes that rewards start for as little as 20,500 points, that’s definitely the low-end of the scale. The high end includes rewards such as:
- A one-year lease of a Lamborghini Gallardo Spyder, for 10.5 million points
- Chopard “Ice Cube Collection” 18-karat white gold and diamond watch, for 93,200,000 points (you read correct)
- A Steinway Model O Grand Piano, 7,200,000 points
While American Express does not divulge the exact standards it uses in deciding on which cardholders qualify for the Platinum and Centurion Cards, it is known that the Centurion Card is by invitation only and rumor has it that American Express only offers it to those charging $10,000 to $15,000 per month. The yearly fee for the Centurion Card is said to be $2,500.