Your Credit-Card Company’s Latest Venture: Exclusive Experiences
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What is the main topic discussed in this episode?
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Here's your Money Briefing for Thursday, August 22nd. I'm J.R. Whelan for The Wall Street Journal. Credit card companies are upping the ante when it comes to rewards for their biggest spenders. Among the perks, high-end lounges.
It was really swanky. So one of the things that Amex said, and a lot of these card companies said, is that they hire interior designers specifically to design a space so that it feels upscale and that anyone who steps foot in them really feels like they're a VIP and they're experiencing something exclusive.
Wall Street Journal personal finance reporter Amani Moiz will join us after the break.
This episode is brought to you by Charles Schwab.
When did credit-card companies start offering exclusive lounge perks?
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The newest perks offered by many credit cards include exclusive lounges at places like concerts and sporting events. Wall Street Journal personal finance reporter Imani Moise joins me. Imani, when did credit card companies start offering these types of rewards?
Some of these lounges have been around for decades. Anyone who's been to the U.S. Open probably knows that Chase and American Express have a pretty large presence there. But what's happening now is that credit card companies are really upping the ante and opening up these lounges in more places.
Which credit cards offer them?
A lot of these lounges are reserved for people who have the most premium credit card that a company may offer. For example, a lot of the Chase lounges are reserved for Chase Sapphire Reserve customers, and American Express' Centurion lounge is really only for the black cardholders.
Which credit cards and tiers grant access to these lounges?
And that's their highest tier of card?
Yes, correct.
So most of these lounges are not just for any cardholder?
Sometimes they are. So the most exclusive lounges will be for the top-tier cardholders, but some issuers are also opening cards that are open to all of their customers. For example, the Wells Fargo lounge at Hudson Yards, any type of Wells Fargo account can get you in.
Where are card-linked lounges being opened around the country?
Where else around the country are the credit card companies opening them up?
They are mostly in big cities for now. Chase also has a lounge that works similar to its Madison Square Garden lounge in Chicago at the Chicago Theater. They also open with festivals. So with Lollapalooza, which happened in Chicago earlier this summer, there was a Chase lounge there. And Amex has a lounge in Crypto.com Arena, the old Staples Center in Los Angeles.
What do people experience when they go there?
Many of the lounges also offer food. Sometimes it's to order and sometimes it's for free. And there's usually a bar as well.
Are these different from the lounges we often see in airports?
Yes. So what airport lounges are known for is complimentary food, open bar.
What can cardholders expect to experience inside these event and venue lounges?
These lounges tend to be a little bit more restricted. So, for example, at Madison Square Garden, the food is free, but the bar is a cash bar.
Have you been to any of these lounges?
Yes, I got to sample quite a few of these lounges. I went to the Wells Fargo Lounge at Hudson Yards. I went to the Chase Lounge at Lollapalooza and Madison Square Garden.
How do event/venue lounges differ from airport credit-card lounges?
And I also got to speak with some American Express representatives at the Centurion New York. Anything from my art.
What was the Centurion like?
It was really swanky. So one of the things that Amex said, and a lot of these card companies said, is that they hire interior designers specifically to design a space so that it feels upscale and that anyone who steps foot in them really feels like they're a VIP and they're experiencing something exclusive. What's really special about the American Express Interior Lounge is the view. So it's in the tallest building in Midtown, and you could really see everything from Brooklyn to New Jersey and straight through Central Park.
What kinds of events do the credit card companies organize?
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:01–1:20
2
When did credit-card companies start offering exclusive lounge perks?
1:20–2:23
3
Which credit cards and tiers grant access to these lounges?
2:23–2:43
4
Where are card-linked lounges being opened around the country?
2:43–3:24
5
What can cardholders expect to experience inside these event and venue lounges?
3:24–3:44
6
How do event/venue lounges differ from airport credit-card lounges?
3:44–5:09
7
Why are issuers adding experience-based perks instead of just miles or cash back?
5:09–7:10
8
How can cardholders find out which lounges and exclusive experiences their card offers?
7:10–8:30
Speakers
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