Are flashy credit cards considered conspicuous consumption?

AmEx Centurion invented the grandiose credit card, popularly known as the Black Card - a card is so exclusive it cannot be applied for, you have to be invited.

Now, just in time for the worst mega-recession of all time, comes Roberto Cavalli’s snakeskin-finished credit card. Not only is the card is made of authentic snake hide (which will surely have PETA on their case) but like all good members “clubs,” it also comes with perks, such as special invitations to Cavalli shows and fashion sales where the card will be most welcome.

Or how about Dubai First Bank’s credit card with a solitaire diamond embedded in it, with no pre-set spending limit? Income aside, it’s reserved for a privileged few who must possess the right criteria in terms of social standing and profile. Those who meet its lofty standards enjoy privileges such as preferential access to the Burj Al Arab hotel, a personal relationship manager to meet all their financial and lifestyle needs and worldwide affiliations such as hospitality brands, yacht charters, polo clubs, VIP restaurant services, etc.

This begs the question; since the financial crisis made conspicuous consumption gauche - discretion in lieu of drawing attention – are these types of cards to be considered an accessory, kept discretely in one’s wallet? It will be interesting to evaluate the success of such cards going into 2009, because value perceptions amongst consumers have begun to change. Even Warren Buffet famously carries an ordinary green Amex card.

By Chelsea Orth, KWE group