Banks competing for high-net worth credit card business

Three new card offerings hit the market

Monday, March 17, 2008
By Regan Ray


Three of Canada’s big five banks are targeting high-net worth clients with new Infinite Visa credit cards. After two of its rivals announced high-end credit card offerings last week, TD Bank wasn’t going to be left out in the cold. The bank announced the release of its TD First Class Travel Visa Infinite card today. The TD card allows users to book trips any way they want, without having to deal solely with travel rewards programs. Users can book online or with any travel agent, making it easier “for cardholders to get the trip they really want," said the bank.TD says the card includes trip cancellation and interruption insurance, concierge assistance, VIP treatment at the world's finest hotels and resorts and access to reviews exclusive restaurants.CIBC was first to launch an Infinite card, with its CIBC Aerogold Visa Infinite card release last week. The CIBC version offers travel medical insurance and trip interruption insurance among other benefits. The annual fee is the same as that of its Aerogold card. The new CIBC Aerogold Visa Infinite card comes on the heels of changes CIBC made last year to its cards, including extra fraud prevention and allowing cardholders to earn 1.5 miles earned for every dollar spent.Royal Bank stepped up with its own Infinite announcement two days after CIBC’s. RBC called its “the most prestigious Visa card in Canada.” The bank said the card offers personalized servicing, customized rewards, travel assistance, concierge service, worldwide airport lounge access, premium insurances, and access to ultra exclusive events and experiences. RBC said the card is designed specifically for high net worth individuals and is available by invitation only.