JetBlue’s New Credit Card is the Latest in a Line of Rewards Cards That Elevate Cardholder Lifestyle

• JetBlue’s Premier World Elite Mastercard is the latest credit card to offer premium rewards to cardholders. 
• Premium credit cards offer the same payment functionality as less prestigious cards, but cardholders value their exclusive benefits.
• Premium cards can also come with eye-catching physical features — such as a metal design — that set them apart from plastic cards.

JetBlue recently announced the launch of its first premium credit card, the JetBlue Premier World Elite Mastercard, issued by Barclays. The offering brings cardholders a variety of upscale benefits — including access to private airport lounges and spas — that sound more like advantages you’d receive for being a member of an exclusive club than for owning a certain payment instrument.

Prior to the Premier Card, JetBlue didn’t offer a payment tool that could stack up against cards that cater to those seeking luxurious experiences.

“With features crafted to compete with other top-tier travel cards, the Premier Card gives JetBlue fans more reasons to love our award-winning experience, while earning extra points and enjoying exclusive benefits before takeoff,” Chris Buckner, JetBlue’s Vice President of Loyalty and Partnerships, said in a press release introducing the card.

Eye-popping perks are not uncommon in the competitive high-end credit card space. Benefits for elite credit cardholders can include tickets to exclusive concerts and private shopping sessions at elite retail stores.

Premium credit cards can serve as a status symbol that differentiate the haves from the have-nots. And with social media making it easier than ever to convey one’s lifestyle to followers and friends around the world, demand may dictate the need for even more premium credit card offerings in the near future.

The Congressional Budget Office predicts a slowdown in economic growth over the next decade. But that hasn’t stopped credit card issuers from rolling out new products. 

According to Federal Reserve data, 82% of adults in the U.S. own at least one credit card.

With more than 4 out of 5 adults toting credit cards in their physical or virtual wallets, it’s no surprise that issuers offer a wide variety of card benefits. 

Matthew Goldman is the Founder of Totavi, a consulting firm that advises fintechs on marketing, product management, and strategy. We spoke with Goldman about premium credit cards, how they arrived on the payments scene and what the future holds for the elite credit card landscape.

Goldman told us the premium credit card market began to take off in 2017 when Chase Bank hired a group of employees away from American Express to build cards that could compete with elite rewards offerings on the market at the time.

“When Chase made those hires, it really started an arms race for premium card benefits,” Goldman told us. “It used to be that your credit card would have lending and insurance components and some rewards, but now you’re getting all these lifestyle add-ons. These things can help card companies build deeper loyalty among their customers.”

Premium perks aren’t available on many credit cards, and issuers that do offer them often require cardholders to pay hefty fees. JetBlue’s Premier card charges consumers a $499 annual fee. Other premium cards charge similarly high fees, or require cardholders to surpass spend thresholds to unlock card benefits.

Credit card companies owe much of the success of premier cards to advertising efforts that appeal to individuals who seek status symbols, said Goldman. For example, people may be more likely to sign up for a travel card if it’s marketed as a tool that can help them afford a luxurious vacation in a tropical setting. 

Goldman told us that’s true even if most cardholders use their travel rewards to visit their families in destinations far less suitable for an envy-inducing Instagram post.

“Humans are status-driven animals, and a lot of people sign up for rewards cards because they sound amazing, not necessarily because they’re practical,” Goldman told us. “People who use their Chase Sapphire when out to dinner with friends are using it for more than just making a payment. They’re saying that they have good credit, and they value travel and experiences.”

If you’re skeptical that a consumer would choose a financial instrument based on whether it’ll double as a status symbol, consider the composition of some high-end cards. Metal credit cards weigh more and are more eye-catching than their plastic counterparts. 

A metal makeup doesn’t impart more payment functionality to a card, Goldman told us. 

But the fact that metal cards attract attention is valuable to cardholders seeking a payment device that complements their attire, personality, and overall lifestyle.

Credit cards have long been status symbols in the U.S., but the payment market has evolved. If most U.S. adults have at least one credit card, then simply owning a card isn’t any more of a status symbol than owning a car. But the card industry’s ability to adapt, by designing cards that confer status based on their benefits or physical appearance, has successfully kept credit cards — or at least certain cards —  in the limelight.

“There are tools people can use that look at how they spend to find the best credit card for them,” Goldman told us. “But, we know that people are not fully rational. Some of these things — like a card’s design — I think they can be fun, but it’s just window dressing in many ways.”