UBS to launch credit card for Super Rich

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, as reported by Bloomberg News.

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 provides an array of premium rewards, travel benefits and credits, including exclusive savings when users fly, stay, cruise or drive, and a rich earnings structure with rewards points that never expire while the card is open. 

“Our clients place an immense value on high-end and high-value services, which are integral to the UBS wealth management experience,” said John Mathews, Head of Private Wealth Management and Ultra High Net Worth, UBS Wealth Management Americas. “By putting the UBS Visa Infinite credit card in our clients’ hands, we can have a more meaningful impact on our clients’ everyday lives and experiences by serving more than their traditional wealth management needs.”

“The advisor’s ability to service and advocate for their clients is just one thing that makes the UBS Visa Infinite credit card exceptional,” said Fred Jubitz, Head of UBS Cards.

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.