Lai See | Even for the Black Card, it's a bit rich of Amex to double fee

The American Express Centurion Card - informally known as the Black Card - recently sent out a nice letter to its users but with a sting in the tail. The Black Card is, as Forbes describes it, the Bugatti of credit cards and use is by invitation only.

As Amex says on its website: "Rarely seen, always recognised." It goes on to say, "Available by invitation only. The Centurion Card is the world's rarest American Express Card and confers a level of service that can be extended only to selected individuals worldwide".

Its recent letter discussed its new services, discounts, access to clubs and so on. Some of these services include preferred pricing for hiring high-end cars like a Ferrari, Lamborghini, Bentley or Tesla, if that appeals. At the end of the letter Amex casually notes that the annual fee is to be increased by 100 per cent from HK$19,800 to HK$38,800 - a price that even selected individuals might balk at.

Cash Financial Services is attempting to cash in, so to speak, on the publicity surrounding the government's recent iBond announcement. It is offering university students a special deal if they purchase the bonds through the company, in the form of 100 per cent margin financing and a waiver of the administration fee. At HK$10,000 a pop this could represent an interesting "value proposition" as they like to say in the trade. We wonder how many parents will be pushing their offspring into these deals on their behalf. In addition, Cash is offering three internships to student bond buyers lasting 21/2 months, and will pay them HK$30,000. Cash is not doing this out of the kindness of its heart. It's looking to the student body as a source of new customers.