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Only the privileged few will get to own a 'centurion'

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For people in Hong Kong, getting a credit card is the equivalent of obtaining a basic survival toolkit. Card issuers are aware of this, and are constantly reassessing their approach to the market. A general trend is now emerging.

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'It is more worthwhile to have a smaller pool of high-end customers as opposed to many average spenders,' said Shera Lee Yee-cheung, former head of consumer banking at Fubon Bank. 'Our target market is people who earn, spend and are willing to invest.

Banks who can capture the big spenders will be able to cover their operation costs and make a decent profit.'

Spearheading the trend is American Express, which has based its business strategy around providing privileges and in pioneering products such as gold, platinum and corporate cards.

Now, with the ultra-prestigious 'centurion' or black card, the company has turned the standard business model, as recognised by the average Hong Kong consumer, on its head.

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According to Kenneth Lee Kin-wai, vice-president and head of charge products at American Express in Hong Kong, this card was not available to just anyone with a healthy bank balance, but was by invitation only.

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