Industry Spotlight > Women in Wealth

UBS Launches Premium Credit Card to Attract Wealthy Clients

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UBS says that it will launch the UBS Visa Infinite credit card later this week that offers includes concierge-style access to financial advice, travel services and more.

The wealth firm, which has some 7,000 advisors in the Americas, said earlier this year that it would move into more traditional banking activities and also announced plans to limit upfront signing bonuses and other robust recruiting efforts.

It also seems to be pinning hopes that the card rollout could prove as successful as those of rivals; JPMorgan Chase, for instance, introduced the popular Sapphire Reserve card in 2016; the bank says some 10.4 million people opened new credit card accounts with it last year.

“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, in a statement.

The firm says its “sleek, new metal credit card [is] designed to meet the luxury lifestyle needs of high- and ultra-high-net-worth clients.” Cardholders are set to have 24/7 access to a concierge service, the Client Services Group and financial advisors who can help them set up automatic payments and enroll them in fraud, travel and other alerts, it adds.

By having a credit-card account at UBS, advisors and clients can reach “better informed decisions when planning [clients'] financial future [with] both assets and liabilities … in one place.”

“Our clients place an immense value on high-end and high-value services, which are integral to the UBS wealth management experience,” explained John Mathews, head of Private Wealth Management and Ultra High Net Worth, UBS Wealth Management Americas, in a statement.

“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,” he added.

Both existing wealth-management clients and those not currently working with a UBS advisor can apply for the card, which replaces the UBS Preferred Visa Signature card. The new card can be used to obtain cash worldwide with no charges (if the cardholder has suffience funds available).

It has a $495 yearly fee. Cardholders who spend $50,000 or more a year will receive a $500 airport-lounge credit. Those with 25,000 points can purchase a $350 airline ticket, for  instance.