The luxury card war is about to heat up. As reported by Bloomberg News, UBS is looking to debut a premium card later in May in a boost to its U.S. business and in a move to gain favor with wealthier Americans.
The new card will be called the UBS Infinite card and bows next week on May 27. It has a $495 fee, which in turn, along with expenditures of $50,000, brings in a $500 annual airport lounge credit. The card also allows for the redemption of 25,000 points for an airline ticket, which compares, for example, with other cards that offer higher points to ticket ratios, such as Amex with a 35,000 points for a comparable flight.
The card debuts against a crowded landscape for the minds and wallets of the relatively well-to-do. Key competitors include JPMorgan Chase and also U.S. Bancorp. Bloomberg stated that these two companies have brought cards to market that, along with American Express, target the wealthy. And where these firms all jockey for position is through benefits offered, where AmEx has a Platinum card in place with an offer of $200 annually in Uber ride credits.