Using a Charge Card to Buy $170 Million Painting


Apparently the sand was to be used in a school.
You see, its invite just and American.
Card purchase with it? According to American Express executives,.
$170 million … And, yes, he put it on his card.This was in fact the 2nd time he d used.

Video Transcript: Using a Charge Card to Buy $170 Million Painting Throughout the late 1980s and early 1990s
there was a legend that was circulated speaking of an unique charge card just provided
by American Express to individuals with more zeroes in their bank balance than a half eaten bowl
of Cheerios. This was, naturally, not real, or at least
it wasnt till 1999 when American Express decided to make the card a reality. To price quote a director for the company, Doug
Smith, “There had actually been reports going around that we had this ultra-exclusive black card
for elite customers. It wasnt true, but we decided to capitalize
on the idea anyhow.” Dubbed “The Centurion Card”, this card
is functionally identical to an American Express platinum card with a couple of included advantages unique
to Amexs a lot of upscale customers.We wont bore you with a few of the more
ordinary benefits of being rich enough to have a platinum card, like hotel upgrades and having
most deal costs waived, due to the fact that theres a lot more intriguing advantage to speak about-.
the 24 hour concierge service. Yes, the platinum customers have unlimited,.
round the clock access to a number they can call for assistance doing almost anything. While on paper the service is supposed to.
be utilized for things like booking hotels or discovering dining establishments in a city one is not familiar.
with, if the individual is a bit more, will we say, innovative, the service is essentially.
a 24 hour individual assistant. For instance, think about the story of internet.
prankster John Hargrave, who as soon as tried to press the limits of a similar service provided.
by his Visa Signature Chase card. Hargrave found that his concierge service.
were happy to help him do everything from book a journey to space to help him with a crossword.
puzzle he was stuck on. Nevertheless, after asking an agent if.
there was something they would not do, he discovered it protested Chases policy.
to utilize the service to run individual errands, plan a wedding event or assistance organize a visit to.
a kid prostitute … The business did, nevertheless, admit that they d.
be more than pleased to help “make an appointment for a rendezvous at the Bunny Ranch” (a.
legal brothel in Nevada), if a consumer so desired it.Now, keep in mind, this is the level of service.
provided by a routine credit card a person with an average earnings could pay for- so picture.
what kind of things a billionaire with an uber-exclusive card only granted to the upper.
tiers of society can get if they asked. If youre imagination isnt all that terrific,.
according to one executive at Amex asked about the most outlandish requests the company has.
fulfilled, he noted they were as soon as asked to provide a handful of sand from the Dead Sea.
to London. The business did this by sending out an international.
courier to the shores of the Dead Sea on a motorcycle. The carrier then posted the sand to the consumer. Obviously the sand was to be utilized in a school.
job. In another case, the cardholder desired to.
appear on a daytime drama, but wasnt sure how to make this happen.The Amex representative handled to get the.
lady an audition for a function in such a program. Yet another unusual request was from somebody.
desiring Amex to find the horse ridden by Kevin Costner in Dances with Wolves. They were not only able to track this down.
for the consumer (with the horse then residing in Mexico), however were also able to arrange.
for purchase of the animal and after that had it transported to Europe where the consumer lived. In addition to a more customized, devoted.
concierge service, the Centurion Card comes with an individual travel agent, automatic access.
to a variety of high-end clubs for abundant individuals, and individual buyers for the most unique.
shops in the world.The card likewise grants extensive travel associated.
benefits such as complimentary travel insurance, access to unique airport lounges and very first class.
upgrades on flights with particular airlines. This may all have you wondering how exactly.
you get your hands on such a card and what the particular requirements are. Well, nobody outside the business understands exactly. You see, its invite just and American.
Express has actually never released any official info about what criteria they utilize to choose who.
is qualified. This said, the rumour mill has it that if.
you really want an invitation for a Centurion Card there are three fundamental requirements you require.
to fill: You need to currently be an American Express.
platinum card holder. You require to have actually used that card for a minimum of.
a year. You require to spend on average in between $250,000.
and $500,000 each year on your card. When it comes to any total wealth requirement, theres.
currently no agreement on how wealthy you need to be to be eligible for the card, though.
a frequently quoted annual earnings is about $1.3 million minimum.This said, there are apparently Centurion.
Card holders “who merely make mid-six-figure wages”, so perhaps they use a versatile.
or weighted requirements system (most likely including net worth and credit history), rather.
than a more stiff one mainly based on income and costs routines. What is more definitively known is that, once.
provided the card, you usually have to pay a signing up with cost, plus a rather significant yearly.
charge. While it varies from country to nation, for.
recommendation, in the United States its a $7,500 signing up with charge with an additional annual charge of.
$ 2,500 for each card holder. While this is exceptionally expensive, if one.
travels a lot, the benefits of the card, including that virtual personal assistant, can really.
quickly make it worth it.So what can the fortunate couple of who do own a Centurion.
Card buy with it? Well, to put it simply, anything they desire. According to American Express executives,.
the cards limit is successfully boundless and only bound by the holders individual.
wealth. To this end, the cards actual limitation is.
chosen by an extensive analysis of the holders spending practices and net worth. As for the most elegant thing ever acquired.
utilizing one, that is probably the Amedeo Modigliani painting Reclining Nude which was purchased.
by Chinese billionaire, Liu Yiqian, in 2015. The total expense? $170 million … And, yes, he put it on his card.This was in fact the 2nd time he had actually used.
his card for such a costly item around this time, previously paying $36 million for.
a tea cup that went back to the Ming Dynasty. If being able to pay for a $170 million, as.
painting (amongst numerous other large purchases) with a an Amex wasnt absurd enough,.
Yiqian has likewise made possibly the most credit card reward points of anybody in history, with.
his better half noting they had sufficient indicate fly the household in high-end for totally free for the.
rest of their lives. Apparently one can also utilize the points.
to buy luxury items, such as a 26-carat diamond bracelet that goes for a mere 33 million rewards.
points … Of course, the points werent the only factor.
he put the painting and other such expensive products on his credit card, rather of paying.
cash. You see, China has restrictions on just how much.
cash a person can transfer out of country annually at around the equivalent of $50,000. Needless to state, for a billionaire with pricey.
tastes, this is incredibly restricting when wishing to buy something out of country. By utilizing the card, it circumvents this restriction.
entirely as his card was issued through the bank of China. So hes paying them back, not sending out money.
out of nation himself.

License: Creative Commons