The credit card Qantas says you can't have

Qantas has unveiled a new credit card. But more than 97% of us can't have it…

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Another day, another credit card. Yes, in the search for the best credit card, you almost need a supercomputer and 8 days to wade through all of the options.

But Qantas (ASX:QAN) has made the choice at least a little easier for most of us by releasing a credit card that, according to data from id.com.au, they don't want more than 97% of Australians to have.

Yes, it might seem strange for a company to offer a product that it — by design — doesn't want many people to use, but welcome to the world of credit card marketing.

We're all used to the idea of credit cards being status symbols: cards named after precious metals abound. And Qantas' new card is no exception.

Called Qantas Titanium, you'll only be considered for the card if you earn over 200 gorillas a year (that's $200,000). Oh, and the card's annual fee is an eye-watering $1,200.

For that you get, according to traveller.com.au:

"…the highest points earn rate and points sign-on bonus of any Visa or Mastercard in the market [and] perks including a 10 per cent discount on two Qantas bookings per year, and departure lounge invitations."

These days, airlines could almost be considered loyalty programs with planes, given that in the most recent results, Qantas earned just under 25% of its underlying profit from the Frequent Flyer program. Virgin Australia (ASX: VAH) will be hoping for the same sort of success, too.

And not just from flying.

According to Qantas, its top 1,000 members earned more points from shopping than from taking to the skies, including one customer who earned 30 million points in one year. That's a helluva lot of spending!

Still, I'd wager this card will be a success. There's something deeply psychologically compelling about frequent flyer points. And even more attractive is the opportunity to join an exclusive club, and own a card that makes you feel important as you hand it over at the shops.

If you can resist the urge — and you earn enough readies — it might be worth giving this one a miss. After all, Qantas isn't offering this card out of the goodness of its own heart.

It was always said that you didn't want to be on the other side of a transaction with Kerry Packer. Perhaps we should say the same of credit cards.

As Groucho Marx might have said, it doesn't pay to be a member of any credit card club that would have you.

Motley Fool contributor Scott Phillips has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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