The Best Black Cards in the Business

There are few status symbols that are coveted like a black card, which today is widely recognized as the most elite credit card offering from any card issuer.

There’s no doubt that a quick flash of a black card in public instantly elicits visions of country clubs, helicopters and stretch limos, but the truth is most of the perks you hear about are financial urban legends conjured up by overzealous status worshipers. We’re here to put the myths to rest and separate fact from fiction so the next time you hear that black card holders get exclusive visits to a secret underground facility in Scotland to see the Loch Ness monster, you can set them straight.

A Tale of Two Cards: Black Card History

There are two black credit cards that people are referring to when they speak of a black card: the Amex Centurion Card and the Visa Black Card. While many credit card companies are starting to penetrate the luxury credit card market, these are arguably the two most original and powerful.

The Amex Centurion Card was the first player in the elite credit card class. When rumors of an ultra exclusive card being issued by American Express surfaced in the early 1990s, the company decided to take advantage of the press by making it a reality in 1999.

“It wasn’t true, but we decided to capitalize on the idea anyway,” said AmEx Europe director Doug Smith.

Years later, the card attained legendary status with many hoping to own it as the ultimate sign of personal wealth. The charge card offered many benefits to its holders, much more so than other credit cards, and so the myth grew.

The other black credit card in the game is the Visa Black Card. It is simply Visa’s attempt to enter in the elite luxury credit card business to steal some competition from Amex. The Visa Black Card does not carry as many perks as the Centurion Card, and requirements for obtaining it are much easier.

The Amex Centurion Card

The Amex Centurion Card, the ultimate credit card, has many myths associated with it. Here are the real details you should be concerned about if you ever want to own one of these for yourself.

Amex Centurion Card Details

1. It is a charge card, so you will have to pay off the monthly balance at the end of each monthly billing cycle.
2. The card is made of aluminum rather than plastic.
3. In the past, you could not apply for the card as it was invitation-only. Today, you may be able to request an upgrade if you already have an American Express Platinum Card.
4. You can qualify for a Centurion Card if you have an extremely high credit rating, charge $250,000 to your card annually and own a significant amount of assets.
5. Small business purchases can also contribute to the $250,000 annual spending minimum.
6. You must pay a one-time fee of $5,000 and an annual fee of $2,500 in order to keep your account active.

Amex Centurion Perks

1. The card features an extremely high credit limit based on your personal finances, but is not unlimited as rumors have indicated in the past.
2. American Express will reserve last minute tickets to special music concerts and sporting events for cardholders.
3. You can have access to a private jet and even own a part of one as one of the card’s benefits.
4. You can get free upgrades when traveling, such as free tickets, hotel accommodations and exclusive food and entertainment perks on cruises. Certain hotels even offer one free night per stay, but there can be differences depending on which country your Centurion Card is issued from.
5. There are a number of other perks such as spa exclusives, gift cards, free companion flights and private shopping escorts.
6. You will get a personal concierge for almost any task, including shopping, travel arrangements, securing tickets to venues, banking and legal assistance.

The Visa Black Card

The Visa Black Card is Visa’s response to the ultra famous American Express Centurion Card, detailed above. Visa released the card in 2008, which is made of a patent-pending carbon graphite material instead of plastic. The Black Card is fast gaining popularity on its own for those dissatisfied with the service they’ve received with Amex.

Visa Black Card Details

1. The Visa Black Card has an annual fee of $495.
2. The card is actually issued by Barclays Bank, although it is marketed to make it seem like Visa is the one issuing the card’s benefits.
3. Only 1% of the U.S. population is eligible for the Black Card to keep its exclusivity high.
4. The Black Card limits are based on your personal financial situation.
5. Anyone can apply for the card from the website (although only a small percentage will be approved).

Black Card Perks

1. The Black Card offers 24-hour concierge services.
2. You can access a personal shopper, and have help with travel accommodations as well.
3. The Visa Black Card offers 24/7 legal, medical and financial emergency travel services and offers up to $250,000 in travel accident insurance.
4. You get exclusive purchase protection warranties on any purchase you make with the Black Card up to the amount of $500 for a 90-day period.
5. You can earn 1% cash back on purchases, and 1 point for every dollar spent that can be redeemed for travel anytime.
6. Enrollment into an exclusive rewards program comes standard for anyone who gets a Black Card, and you’ll be able to get free luxury gifts as well.

While most of us will never be able to obtain one of these black cards, we would probably never really need it either.

Do you think the high annual fees of black cards are worth the exclusivity and perks?