Latest news with #PatrickMrozowski
New York Post
7 days ago
- Business
- New York Post
Wealthy New Yorkers say Amex Black Cards have lost their cache
Have credit cards lost their cache? A few years ago, whipping out an Amex Black Card was the ultimate status symbol — so much so that the hip hop collective A$AP Mob even wrote an entire song about it. But that was 2017. Now? It's all about practicality, not ego. A wealthy subset tell me they are increasingly choosing cards that either offer a suite of banking features — like the Chase Sapphire Reserve — or act as your dream assistant that can get you into Le Veau d'Or and plan your entire trip to San Sebastian — like Atlas. Advertisement 4 Credit cards like Atlas can get customers reservations at the toughest doors like Le Veau d'Or. Olga Ginzburg for NY Post While companies like American Express and Capital One don't break out the numbers for the cards targeted at high-net worth clients, it is clearly still an alluring space for companies. Popular trading app Robinhood unveiled a limited edition 10-karat gold card last year. Amex Platinum, Citi Strata Elite, and Capital One Venture X, have also invested in heavier metal cards that have more weight and gravitas than the plastic 'starter credit card' you get in college. But the cool factor just isn't there any more. People tell me high-end credit cards aren't a signal of wealth the way they used to be. (That's what Instagram is for) Advertisement 4 Popular trading app Robinhood unveiled a limited edition 10-karat gold card last year. Part of it has to do with the fact that people aren't pulling cards out of their wallets as much due to the rise of alternative payment methods like Apple Pay. A growing number of restaurants are even sending customers a link where they can pay the tab online and of course everyone is online shopping. The other reality many people are realizing is it's no good to whip out a black (or gold) card if you're eating at a second-rate restaurant. And that is where other companies are trying to swoop in to win over consumers. Advertisement Atlas has developed a devoted following of yuppy types since its launch in 2019. CEO Patrick Mrozowski told me that he believes that people are choosing his card because he provides a valuable service. 4 A black card had so much cache that A$AP Rocky and the A$AP Mob wrote an entire song devoted to it. Getty Images for MTV 'We are a concierge company first and a credit card company second,' he said. 'We've been focused on building an amazing concierge service, hiring the best travel agents, and building personal relationships with restaurants.' Those relationships have resulted in members getting some of the most competitive reservations in the city, like The Corner Store. Advertisement This story is part of NYNext, an indispensable insider insight into the innovations, moonshots and political chess moves that matter most to NYC's power players (and those who aspire to be). Other cards, like the Centurion, do provide perks — complimentary hotel and airline upgrades, free access to airport lounges, a club in New York City, the promise of aspiration reservations, and annual credits at Saks Fifth Avenue — but not typically at the level of Atlas. Meanwhile, the Bilt Rewards card has distinguished itself by emphasizing community engagement over traditional credit card offerings and has partnerships with local restaurants like Delmonico's and fitness studios like SoulCycle. Another trend that is complicating things for high-end credit card companies is the fact that big spenders are spreading out purchases between multiple cards. 4 Consumers are opting to use cards that are more specific to the purchases they are making. Jeff Greenberg/Universal Images Group via Getty Images Zach Perrett, the CEO Of Plaid, which provides technology to help connect bank accounts to fintech apps for over half of banked Americans, told me he is seeing people using half a dozen cards. 'People are connecting four or five, six or seven credit cards into a budgeting application,' Perret told me. 'Some of this is because you want to spend money on the card that is relevant to the thing that you're purchasing — let's say you have a Delta card, you want to put your travel on your Delta card.' Advertisement One person who recently canceled his black card and is now splitting purchases between a Delta card, a Chase sapphire card and a handful of other cards said it was like paying for a club you never use. 'The only benefit was the airport lounges, but now those have fallen off a cliff … I never used any of the other benefits they touted like personal shopping,' he explained. 'I paid more for this than most of my private club memberships in the city — I couldn't justify it anymore.'
Daily Mail
30-04-2025
- Business
- Daily Mail
The jet set has an ingenious new travel secret - and it's saving them thousands
Middle-class Americans are canceling vacations this year amid skyrocketing costs and growing anxiety over the economy. But for the rich, travel is booming. From the Hotel du Cap-Eden-Roc on the French Riviera to the Beverly Hills Hotel in Los Angeles, luxury resorts are selling out faster than ever. And it's in large part because there's a new way to get there. Gone are the days of booking a private jet and broadcasting your every move to the world. Now, the ultra-wealthy are traveling in stealth mode — and saving big. Patrick Mrozowski is the CEO of Atlas, a credit card for VIPs that offers a white-glove concierge service, including an in-house travel agency. 'The category our clients spent the most on last month was private aviation,' he reveals - referring to the soaring demand for high-end charter services used by royalty, billionaires, and Hollywood stars. Mrozowski explains that the ultra-rich — think Elon Musk, Taylor Swift, and the Kardashian clan — are increasingly relying less on the jets they own. Instead, they charter private jets through third parties like NetJets or Vista, allowing them to travel incognito — no identifying tail numbers, no paparazzi tip-offs, and no public scrutiny. Atlas even takes it a step further: the concierge can book travel under aliases and issue payment cards under those aliases, ensuring a seamless and discreet experience from door to door. These ghost flights are also far more economical. If you want to have a private jet at your beck and call to fly to Paris tomorrow, you're talking serious moolah. For example, a typical plan might run you $1 million per year for 100 hours of flying. But Atlas has shrewdly negotiated sharp discounts by leveraging the collective spending power of its members. 'Because we have so many clients flying private, we can aggregate that spend,' Mrozowski says. 'The rates that we're getting are extremely competitive.' He notes that Atlas doesn't charge commissions or markups and even waives the standard 4 percent credit card processing fee when booking private jets through the platform — a move that saves clients thousands and lets them earn rewards points they can use toward luxury stays at resorts like Aman. 'The economy is slowing down a ton,' he admits. 'But not for this market. Our clients are still dining at Cipriani, staying at Amans, flying private. They are traveling more than ever.' The majority of Atlas members are based in New York, Miami, and Los Angeles - cities where luxury is a way of life. And when it comes to destinations, one place stands above the rest — a nostalgic nod to the golden age of the jet set. 'It's definitely the south of France,' says Mrozowski. 'When we looked at the numbers in July last year, it was outpacing everywhere in terms of concierge requests.' From Saint-Tropez beach clubs to Cannes red carpets and champagne-fueled yacht parties, it's the Riviera that's luring the world's wealthiest back year after year. Atlas membership is invite-only, though hopefuls can add their names to a growing waitlist. Myriam Harrouche, partnerships lead at Atlas, says: 'Our focus is on building deeply intentional partnerships across every corner of the hospitality world - whether it's securing a table at the hottest restaurant like Chez Fifi, crafting exclusive hotel experiences, or unlocking preferred access at a wellness club like Remedy Place.' And as for those still stuck in economy? Mrozowski says demand has never been higher. 'We're doing several hundred million in spend on an annualized basis and it's growing double digits every month,' he beams. 'But for now, it's the best-kept secret in luxury travel — and our members like it that way.'
