Qantas has entered the high end of the credit card market, launching what it describes as an "ultra-premium" card with benefits including first class lounge access, a concierge service and flight discounts. Applicants will have to pass an income test.The Qantas Premier Titanium Mastercard, which is being issued by Citigroup, has an annual fee of A$1200 and a minimum annual income requirement of $200,000.It offers two Qantas points for each dollar spent overseas and up to 1.25 points for each dollar spent in Australia up to $12,500 each statement period.Card holders can claim a 10 per cent discount on Qantas operated flights for up to two bookings a year - international and domestic. They can also claim 20 per cent "bonus status credits" on Qantas flights.The introductory offer includes 150,000 bonus points when the card holder spends $5000 within 90 days of card approval.Qantas says regular send of $10,000 a month over a year would generate enough points for two economy tickets Singapore or an upgrade from economy to business for two people flying to Honolulu.Qantas Loyalty chief executive Olivia Wirth said in a statement that program member usage was changing. "The top 1000 points balances are held by members who have maximised their points earn on everyday spend with partners like Woolworths and Red Energy."The expansion of the program means you can earn points buying wine or buying a car, so the potential for larger balances without flying is he."Wirth claimed that 35 per cent of credit card spend in Australia was on Qantas or Qantas Frequent Flyer co-branded credit cards.Wirth said: "We see more and more of our members with points balances in the millions. The Titanium card will help boost their points potential."