Wall Street bosses, big-name lawyers, and A-list celebrities don’t use American Express.
The rich and famous are introducing a new credit card, but it’s so exclusive you’ve probably never heard of it.
The typical user loses at least $500,000 a year and has a net worth of over $28 million, and there’s one big problem: The Atlas card is invitation-only.
What they get for all their hard-earned money is a modern concierge service that CEO Patrick Mrozowski says is taking the industry by storm.
Fort Knox restaurants like 4 Charles, ITO Omakase, and Nobu Malibu are unlocked with this shiny stainless steel card.
Last-minute Taylor Swift tickets (sold out to mere mortals) are available at your fingertips via the sleek, minimalist iPhone app or from the concierge via text message.
Travis Kelce and Taylor Swift in New York. The couple frequently heads to the city’s most sought-after dining establishments, such as Sartiano’s, Rafs and the Corner Store.
Among the delights the concierge can offer you are helicopters to the airport, front row seats at Wimbledon and hotel upgrades at the Ritz.
Mrozowski previously founded a debit card that earned points. At that time the volume of business was important, but with Atlas it pursues clients in rarefied air.
“The interesting thing about credit cards,” he says, “is that the difference between an average customer and a truly premium customer is that the latter is worth 100 times more.”
That’s why he doesn’t want to “dilute the service” with low-income people and believes that “Atlas can become a really big company without many members.”
As of late last month, they were on track to reach more than 50,000 waitlist members. In contrast, there are around 100,000 users of the more exclusive Amex Centurion card.
There is no pre-set spending limit for the Atlas Card, meaning that when your wealthy clientele buys a new car or watch, you get a piece of that action through transaction fees. A thousand people who spend $500,000 each month are worth more than 100,000 members who only spend a few thousand in the same period.
Since Atlas uses the VISA payment system, it is also widely accepted.
Mrozowski says another benefit of tapping into the high-net-worth market is that its members are protected from the tumult of the global economy.
Rising inflation in the United States has led to a credit card delinquency rate of 3.25 percent, the highest since the global financial crisis of 2008. This is a big red flag for typical lenders, as it means that customers who use their credit cards are not getting their money back.
But for Mrozowski, “whether the economy goes up or down, our clientele still has a lot of purchasing power.” In other words, they are so rich that it doesn’t matter if the economy goes into crisis, they are still going to fly to St Tropez and buy that new Ferrari.
Currently, about 60 percent of concierge service is dominated by restaurant reservations.
“The dining part of the app is like a more curated Resy,” says Mrozowski, and will deliver a short list of the top 15 to 20 restaurants in each city for its members to choose from.
In New York City, this includes celebrity favorites Sartiano’s, Rafs, and Corner Store.
Blake Lively and Ryan Reynolds at the Corner Store in Soho, New York on October 11
And these VIPs and A-listers still love their points. Members earn triple points in whichever category they spend the most money in (restaurants, hotels, flights) and then redeem them for vacations or airline miles.
“There is a group of customers who literally don’t know about points and another group who are obsessed with points,” Mrozowski says.
When it comes to flights and hotels, the CEO and founder says Atlas can offer its members benefits they can’t get by booking their trips off the platform.
“If you book the hotel through Atlas, you’ll often get a multi-category room upgrade and we’ll make sure you have a corner room with a stunning view,” says Mrozowski.
“When it comes to flights, it all comes down to getting better rates; we can get a better rate than you can find elsewhere.”
When asked who its members are, Mrozowski is cautious, citing legal reasons, but adds: “You definitely know these people, they are well-known names.”