Hoping to target the 1,2 rand millionaires in South Africa, MasterCard has launched two premium credit cards – the World and World Elite cards – offering enticing benefits locally and abroad.
“The affluent market is increasingly looking for experiences that drive personal growth and happiness as opposed to the ownership of material possession,” says Mark Elliott, MasterCard SA division president.
“Our World MasterCard premium offering is specifically aimed at creating incomparable experiences for these discerning consumers and their loved ones by providing hassle-free advantages, savings and privileged access to a rich offering of luxurious travel and lifestyle benefits.”
Among the key benefits are discounted air tickets, access to more than 500 global lounges, complimentary stays at Starwood Hotels and Resorts, an assortment of insurance benefits, gold status at the Legacy Group of global hotels and resorts, discounts on serviced luxury apartments and, for Elite cardholders, a 24-hour lifestyle and travel concierge service.
But before you get too excited, it should be noted that the cards are pretty exclusive and as such, only private bank clients are eligible for the World MasterCard. The World Elite card is accessible only to those who have at least R10 million in investable assets.
According to New World Wealth’s 2016 wealth report, SA is home to about 38 500 dollar millionaires, also referred to as high-net-worth individuals (HNWIs) – of which 45% is black, coloured or Indian – collectively worth $159 billion (R2,4 trillion).
The number of HNWIs in the country is also expected to climb by 10% to 42 300 by next year.