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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: 0% APR Date:  4/29/1998  7:34 PM
Author:  TMFCheeze Number:  1294 of 312188

Crazyfred sed:
Never saw the point of a platinum or gold card. For a higher fee, you seem to get some meaningless (to me) perks, and a funny colored credit card. Appears merely to be bragging rights.

I'm going to coin a term here... "Metal Creep"

Used to be, a Gold Card had a certain cachet to it... but as more and more people got them, the "membership" in a Gold Card account lost its ability to confer prestige. And so, when the marketing oomph was drained out of the "Gold" concept, the credit card peddlers upped the ante: the mark of the true elite became the Platinum Card.

Of course, everybody and his brother qualifies for a Platinum Card these days... even I've got one, and if they let me have it on a Fool's salary, they aren't exactly checking pedigrees. So we may define "Metal Creep" as the tendency for a decline in the efficacy of the symbols used by credit card marketers in their attempts to confer an aura of status to their products -- especially when said symbols are gimmicky, like the funny color of a plastic rectangle. In a few months, I'll be expecting the dapper and well-to-do will be flashing their Plutonium Cards under the turned-up noses at Tiffany's. Three months after that, we'll all have them.

Moral of the story: read the fine print -- don't be dazzled by the shiny colors. Remember, kids... prestige doesn't have the cachet it once had.

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