The American Express Centurion Card (a.k.a. “Black Card”) has a $7500 ‘initiation fee’ and just raised its annual fee to $5000.

What if a card issuer, though, said “hold my beer – those fees are for pikers” and came out with a $10,000 fee card and an up front charge as high as $200,000?

Insignia Group offers concierge and lifestyle management services along with a suite of credit cards. I do like that their Black Card offers two billing cycles to pay like the old Diners Club used to.

Next year they’re bringing a new card to the U.S. that is diamond and sapphire-studded and can be customized at an up front cost of up to $200,000 to go along with a $10,000 annual fee.

Swiss artisans craft the cards by hand using “especially high-strength gold plates,” Insignia said in its marketing materials. Those approved for the card can meet with a designer to create one customized “for every personality and taste that could include family crests, images of beloved pets, sports logo and more.”

This card has been offered in other markets already, however “fewer than 100” of them have been created. Whereas many premium rewards cards in the U.S. offer insurance and other protections for purchases made with the card, according to Insignia’s U.S. President most of these customers insure the cards themselves.

This seems odd to me. Insignia says they currently have 50 U.S. clients (10 – 15 of whom are billionaires). They have “about 800 clients” in Europe. I’m not a billionaire, so I’m not the target market, but I don’t think I’d spend on insurance for a credit card if I was. Wouldn’t the hassle factor of the claim make me better off self-insuring?

Credit: Insignia Group

They believe they’ll sign a U.S. bank partner in the first quarter of 2020, but say they can issue cards through a European bank in the meantime.

Ultimately they’re a concierge service that captures payments as well, though it’s not clear why someone would want to bundle those. There are several high end firms handling travel and other requests, and they aren’t necessarily offering the best payment card (indeed it’s not clear this one is even very good from the website).

(HT: @zero_coupon)