The affluent are a coveted class of customers in the banking world. So it comes as no surprise that Chase’s premier banking division, J.P. Morgan, and The Ritz-Carlton teamed up to launch a special rewards credit card, which made its debut in the summer of 2011.

As you can imagine, this black credit card is not for your average Joe or Jane. Rather, it’s for the well-to-do individuals who expect nothing less than first-class treatment. The price tag is not cheap, but neither are the rewards and benefits (which are quite impressive). This review will guide you through all it has to offer.

The Rewards Program

As with most credit cards, the Ritz-Carlton Visa Signature card will earn you points on spending. However these are not your typical run-of-the-mill credit card points, but rather points for the exclusive Ritz-Carlton Rewards program. You will earn them as follows:

• 5 points per dollar for your spending at The Ritz-Carlton hotels, anywhere in the world.
• 2 points per dollar on airline tickets purchased directly from an airline, restaurants, and at car rental agencies.
• 1 point per dollar on virtually all other purchases

Of course, all that means absolutely nothing without analyzing how much the Ritz-Carlton reward points are worth, right? Well as you will see, you get a tremendous value compared to the cash price you would typically pay for the very same rooms in a given category…

The above table is for “Standard” rewards redemption. However when you book your reservation in advance during qualified dates at participating location, you will save even more money through PointSavers. This redemption offers you stays for up to 33% less points than Standard…

Best of all, when you redeem your points for a 5-night stay, your 5th night is completely free (which is essentially a 20% points savings, since you are receiving 5 nights for the price of 4).

Travel Benefits

• Airport Lounge Access – You will receive complimentary membership in the Priority Pass Select program, which grants you access to over 600 airport lounges across the globe. If you’re curious, this PDF document provides the full listing but please be aware that it’s 231 pages long and therefore may slow down some computers.
• $200 Airline Fee Credit Every Year – For checked baggage fees, in-flight meals, and other airline incidentals, you can receive up to $200 rebated every year. Simply contact the J.P. Morgan Priority Services (number on back of credit card) within 4 billing cycles of these purchases and you will receive statement credits for them, up to $200 per year. Considering that the Ritz-Carlton credit card’s annual fee is $395, this $200 benefit in and of itself can offset over half that value.
• No Foreign Transaction Fee – Most credit cards have a 3% surcharge on purchases made outside the United States, but with the Ritz-Calton, you won’t pay anything extra.
• J.P. Morgan Premier Concierge – While a number of credit cards these days come with concierge, the Premier Concierge benefit offers you the absolute highest quality service.
• Lost Luggage Reimbursement
• Trip Delay/Cancellation Insurance
• Emergency Medical Coverage

Ritz-Carlton Hotel Benefits

• $100 Hotel Credit – Every time you stay 2+ nights, you receive $100 credit to use at the hotel’s restaurant, spa, or recreational activities.
• The Ritz-Carlton Club Level Upgrade – If you’re not familiar with the Ritz Carlton Club, it’s a luxurious private lounge which is typically located on an upper floor (and it can only be accessed via your special key). Five times per day, complimentary food and beverages are served. Perhaps the most raved about is their vast breakfast buffet. A wide-array of international magazines, newspapers, books and more makes it the perfect place to relax. From 6 am to 11 pm a concierge is on duty, at your beck and call. This Club Level upgrade is yours free-of-charge, up to 3x per, on stays of up to 7 nights.
• Gold Elite Status– With the Ritz Carlton rewards card you are given Gold Elite Status for your first year. As long as you spend at least $10k per year on your credit card, you will continue to receive the Gold Elite Status year after year. With it you get a number of valuable benefits including:
  • Priority Late Checkout (based upon availability)
  • Complimentary Room Upgrades (based upon availability)
  • 25% bonus on the membership base points through The Ritz-Carlton Rewards
  • Elite Reservation Line + Dedicated Guest Services Line
  • Complimentary In-Room Internet
  • Exclusive offers and reward opportunities
  • Gift shop savings

Shopping Benefits

• Price Protection (This is a benefit you will not find on any American Express card)
• Warranty Manager Service
• Purchase Security
• Return Protection

Verdict?

For $395 per year many are hesitant and if that’s you, it’s not for you. However if you enjoy the finer things in life and want the best, then the Chase Ritz Carlton card offers an excellent opportunity.

To celebrate the launch of the card, you can apply here and get a staggering 50,000 reward points bonus after your very first purchase!

Want a lower-level option? Then check out the Marriott Rewards Premier Card which allows points to be spent at Ritz-Carlton.