The rivals have been waging an intense print offensive, promoting products that are pitched at different ends of the wealth spectrum.
Citbank's Ultima Card is issued through the Visa network, while DBS is co-branded American Express product.
The campaign for Citibank's Ultima Card broke with four consecutive full-page print ads in Straits Times.
The DY&R campaign aligns the Ultima Card with the exclusivity of a Stradivar (only 10 instruments left in the world), the Koh-I-Noor diamond (one of only 12 in existence of over 100 carats) and the Lazzara 106 super yacht (only four units produced to date). Subscription of the Ultima Card is by invitation only to a select 1,000 well-healed Singaporeans, based "on their affluence and asset holdings and standing in society".
It offers personalised luxury services such as use of a private jet, luxury yacht, fast car or limousine and other jet-setting benefits, including complimentary air miles on Singapore Airlines, a complimentary air ticket to a business class ticket purchased as well as access to airport lounges, hotel upgrades and access to golf clubs. The privileges come with a steep annual fee of S$2,000 (US$1,148) and two free supplementary cards.
In contrast, DBS is gunning for a wider market, throwing open subscription to anyone with an annual income of more than $48,000 and an affordable annual fee of $150. The DBS campaign - developed by Ogilvy & Mather - ran four days after Citibank's. It featured a centre-spread teaser, with the third full page listing the cards benefits. This was followed up a week later by a glossy booklet insert. With its cheaper annual fee and its pitch at the lower end of the wealthy segment, the DBS card's benefits are modest in comparison to the Ultima Card. It includes double reward points, discounts at retail and dining outlets, fitness centres and resorts and a waiver of the annual fee for the first year. The bank's managing director and head of consumer banking group, Ed- mund Koh, said DBS had opted for a card that "appeals to a larger base" from a "business perspective".
The DBS card is pitched at those who want something more than the gold credit card but are not yet qualified or want to pay the fees for the platinum card, according to the bank's spokesperson.
American Express was the first to launch the black card, with its Centurion Card in the US in 1999, aimed at the super rich. Amex declined to comment if the DBS card would downgrade the appeal of the black card. Citibank meanwhile dismissed observations that the DBS product would hurt the appeal of the black card as a status symbol. "We believe what is most important is the relevance and value of our card benefits customised to meet the needs of our specific target market segment," said a spokesperson.