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Oct. 11, 2019, 10:45 a.m. EDT

Royal Mint launches the first debit card made from solid gold — and it costs more than $20,000

The 18-carat payment-card offering comes amid growing demand for luxury cards

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By Lina Saigol


The Royal Mint, Mastercard, Accomplish Financial.

Gold is the new black.

American Express /zigman2/quotes/203805826/composite AXP +0.28% 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 /zigman2/quotes/207581792/composite MA +1.58% 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 /zigman2/quotes/202934861/composite AAPL -0.30% 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.

/zigman2/quotes/203805826/composite
US : U.S.: NYSE
$ 120.00
+0.34 +0.28%
Volume: 1.88M
Nov. 19, 2019 4:10p
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14.51
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1.43%
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$97.91 billion
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$733,559
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/zigman2/quotes/207581792/composite
US : U.S.: NYSE
$ 285.31
+4.45 +1.58%
Volume: 2.95M
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P/E Ratio
42.35
Dividend Yield
0.46%
Market Cap
$283.23 billion
Rev. per Employee
$1.01M
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 266.29
-0.81 -0.30%
Volume: 17.71M
Nov. 19, 2019 4:15p
P/E Ratio
22.47
Dividend Yield
1.16%
Market Cap
$1186.80 billion
Rev. per Employee
$1.98M
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