free of charge access to lounges, especially
in Beirut Airport. “If a couple travels three
to four times a year, they would benefit
from services whose value is equivalent
to the price of the card,” Azzy said. The
Visa Infinite Card gives unlimited free
access to lounges in more than 800 airports
all over the world. It is the only card in
Lebanon that gives free unlimited access
to the Cedar Lounge at Beirut Airport,
according to Azzi. Credit Libanais’ Metallic
card provides lounge access all over the
world even if the cardholder’s plane ticket
is not a business class ticket. Bdeir said
that their card, which is offered at an
annual fee of $750, allows their clients
to benefit from complimentary nights at
the Marriott Bonvoy international hotel
network, which includes such hotels as the
St. Regis, Sheraton, The Luxury Collection,
Western, and Le Méridien. For each night
booked the cardholders are given a night
for free and they also get privileged hotel
services, she said. Bank Audi’s card provides
holders once-in-a-lifetime opportunities
to meet world-renowned celebrities and
access to members-only clubs in more than
40 countries. Credit Libanais’ card also
provides access to private clubs and spas.
Saboury said that access to exclusive events
or clubs is more important than the costs
involved in the eyes of luxury cardholders.
INSURANCE COVERAGE
Cardholders are also offered different kinds
of insurance coverage. Bdeir said that the
most important benefit provided by their
card is the insurance program. Credit
Libanais offers three insurance policies.
The first one provides insurance against
accidents that occur while traveling as well
as medical insurance. The policy’s coverage
reaches up to $2 million. The same coverage
is also provided by BLOM’s Visa Infinite Card.
Bdeir said: “This is new. The maximum
insurance coverage we provided in Lebanon
didn’t exceed $1 million.” Cardholders can
benefit from this policy if they bought their
tickets using the Metallic card. The second
policy provides purchase protection, which
covers up to $75,000 of the price of goods
bought through the Metallic card if they
were lost, stolen, or damaged within three
months from the time of their purchase.
Credit Libanais’ third policy provides car
rental insurance, so cardholders will not
have to pay the insurance required by
car rental companies. The card provides
insurance coverage of up to $100,000. Travel
LEBANON OPPORTUNITIES, AUGUST 2019 37
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L0819-84 Contact informationinsurance, life insurance, and purchase
protection insurance are also provided
through BoB’s card.LOYALTY POINTS
Banks also offer loyalty points as additional
incentives to luxury card holders. BoB
offers ‘Beirut Rewards’ which is a flexible
and comprehensive loyalty program. The
number of points per each dollar spent is
the highest on the market, according to
Aouad. It is flexible and unique on the local
market, for instance, cardholders could
choose the airline or the
hotel for which they want to
redeem their points, or they
could redeem points to rent
a car, he said. BoB also offers
a gift catalog of more than
600 items in Lebanon that
include home appliances,
computers, phones, laptops, coupons at
Virgin Megastore, and tickets to events. In
addition, the bank offers cashback. Loyalty
points can also be converted into talk time on
the customer’s mobile phone. Cardholders
can also convert their BoB loyalty points into
donations to the Red Cross. Credit Libanais’
loyalty program allows cardholders to
benefit from two points for each dollar spent.
“It is a double-earning loyalty program.
These points can be used to buy airplane
tickets all over the world,” Bdeir said.PERSONALIZED EXPERIENCES
The market is moving towards more
personalized services. “HNWIs like to
feel special and important. They want
personalized shopping experiences. Theyfeel a great deal of frustration when they
receive impersonal services when shopping,”
Bdeir said. They need a card that defines and
reflects their status, she said. According to
Makary, UHNW customers need recognition
and want to be part of an elite community,
sharing interests and an exclusive lifestyle.
“They are not looking for offers and
promotions, but definitely, to access “money
can’t buy assets,” he said. Data analytics is
crucial for monitoring consumer behavior in
order to provide the personalized experience
they require. According to MasterCard,
local consumer demand for
digital payments is becoming
increasingly sophisticated,
and the need for personalized
engagement continues to
grow. International card
technology companies are
issuing cards with more
luxurious offerings. Azzy said that Visa and
MasterCard are increasingly targeting ultra-
high net worth individuals (UHNWIs) with
more luxurious cards. BLOM Bank and BoB
recently launched the Visa Infinite Privilege
card which is available by invitation only to
a select group of UHNWIs. The MasterCard
World Exclusive is also coming to the Arab
region, Azzy said.Reported by Shikrallah NakhoulCards define and
reflect the status
of their holders
Some credit cards give free access to lounges in more than 800 airports