the buzz log

There are two kinds of people in this world: those who think credit cards are status symbols, and those who don't. For those who wouldn't be caught dead with anything less than platinum, have we got news for you! Chase has launched a new credit card for their "most affluent customers." The snazzy sounding "Chase Sapphire" is racking up huge numbers in Search.

As with most exclusive credit cards, you'll need a nice salary to qualify. According to Bloomberg.com, folks who earn $120,000 or more per year will be "targeted" by Chase. Those who deserve the honor of carrying the card will enjoy "no pre-set spending limit" and "a point for every dollar spent" — plus, we assume, impressed looks from waiters and retail clerks.

But didn't people spending beyond their means contribute to the whole financial crisis? Well, yeah, but Chase needs some profits. Again according to Bloomberg, Chase's card operation "fell $1.59 billion in the past three quarters." The hope is that by offering a card aimed at wealthy spenders, Chase will make more money — or at least lose less.

It won't be an easy fight. Banking Business Review explains that by entering the fray, Chase is taking aim at American Express, which dominates the affluent credit-card market. Kenneth Chenault, the CEO of AmEx, said that his company's cardholders "on average spend 3.5 times more than Visa cardholders and 4.5 times more than MasterCard users." Why? Simply put, they tend to have more money to spend. Time will tell if the Sapphire is glittery enough to lure those big spenders away.

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