KZBlog

Kazakhstan’s government and banks have been trying hard to show that the financial crisis is not affecting this country. Government bailouts to banks and articles about the safety of the market aside, this week the banks sent a strong signal that at least the super-rich are not in any trouble. Kazkommertsbank is issuing a credit card with a diamond inlay.

The card, issued in partnership with Mastercard, has a 0.02-carat diamond embedded in the center. Men can order one with a winged horse and women can get a peacock illustration. The cards will also be laced with gold. Only 1000 card will be issued at a rate of 30 a month.

Alla Voyakina, Kazkommertsbank’s head of international payments systems, says rather boldly, “The crisis is also affecting us but we are talking about rich people, they can afford to have such cards. It’s a question of prestige to have such cards in your wallet.” (from the Financial Times). To ensure that only those who can afford the prestige of conspicuous consumption will get this card, it comes with a US $1 000 annual fee. The credit limit of $50 000 is about $20 000 more than the Mastercard platinum card offers. And card holders will have 24-hour access to a personal bank manager. In a country where high-rolling customers have access to special VIP rooms at banks, including comfy chairs and tea service, this is perhaps not as strange as it sounds to a Westerner. And it should come as no surprise that the other place to have such a card is Dubai, the world capital of wasteful consumerism.

So I guess we know what the hot New Year’s present will be this year in Kazakhstan.