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Gold is the new black.
American Express AXP, +1.58% has for years dazzled consumers with a by-invitation-only black card, reserved exclusively for the ultrarich. But now there’s a new status symbol.
The Royal Mint, which makes U.K. bank coins, has produced its first solid-gold debit card for customers who sign up for a Raris account. The Royal Mint worked with Mastercard MA, +1.38% and the payments-technology company Accomplish to produce the cards.
The 18-carat card costs a whopping £18,750 ($23,440) and can be personalized for customers who “value high-quality luxury items that make a statement,” the striker of U.K. bank coins said.
Unlike credit cards, customers can’t use the cards to borrow as the money comes straight out of their accounts when they make purchases. But, apart from the initial expense, there are no foreign exchange or transaction fees.
Demand for precious-metal cards has been growing in popularity, based on the recent receptions afforded high-end cards. In August, Apple AAPL, +1.72% launched a titanium credit card.
However, some people took to Twitter on Friday to express outrage about the cost of the card and the excess they say it represents:
Barbara Kollmeyer contributed to this report.
