How much money do I need for a black card?

The Black Card has a hefty $10,000 initiation fee, a $5,000 annual fee, and offers many travel perks. The Platinum Card has a $695 annual fee with many travel-related perks, and cardholders can earn points for every dollar spent. Besides the Black and Platinum Cards, American Express offers a line of 17 other cards.

investopedia.com - American Express Black vs. Platinum: What's the Difference? - Investopedia

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American Express Black vs. Platinum: An Overview

Founded in 1850, American Express (AXP) is a financial services company best known for its line of traveler's checks, credit cards, and charge cards. Two of its most popular cards are the Black and Platinum Cards. Both options are charge cards which means the cardholder doesn't get charged interest but must pay the full balance when they receive the statement. But the two have some key differences. The American Express Black Card is a high-end, exclusive charge card that is available to individuals on an invitation-only basis. Consumers may qualify for the American Express Platinum Card based on their credit score and income. Keep reading to find out what each card offers and how they differ. Key Takeaways The Black Card is an exclusive charge card offered to high-net-worth individuals by invitation only. The Platinum Card is one tier lower. Prospective cardholders may apply online and must meet minimum eligibility requirements. The Black Card has a hefty $10,000 initiation fee, a $5,000 annual fee, and offers many travel perks. The Platinum Card has a $695 annual fee with many travel-related perks, and cardholders can earn points for every dollar spent. Besides the Black and Platinum Cards, American Express offers a line of 17 other cards.

Investopedia / Alex Dos Diaz

American Express Black Card

The American Express Black Card isn't available to just anyone. It's a charge card that's offered to high-net-worth individuals (HNWIs) through an invitation. Think of it as an exclusive club. This means you can't just apply to join. Also referred to as the Centurion Card, it's easy to recognize thanks to its distinctive black color and American Express Centurion. The card itself is made of anodized titanium and weighs almost 14 grams.

The Invitation

Getting an invitation generally depends on a number of factors. The card's webpage doesn't have any details on how people qualify for an invitation, while news reports have said to be invited you must use your card to the tune of a few hundred thousand dollars to around $1 million a year. Minimum annual income estimates also vary widely. Having enough disposable income allows the cardholder to maintain the hefty fees associated with the card. According to the cardholder agreement, the Black Card comes with a whopping $10,000 initiation fee and a $5,000 annual fee.

Benefits

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Most of the high-end benefits are travel-related. You get Platinum Medallion status on Delta Air Lines, 24/7 concierge service, President’s Club status at Avis which entitles you to upgrades, airline fee rebates, and access to various airport lounges—including Amex's own Centurion Lounges—to name a few.

American Express Platinum Card

Applying

You don't have to be as elite or nearly as much of a big spender to apply for the American Express Platinum Card. Unlike the Black Card, you can easily apply for the Platinum option on the American Express website. If you're a Gold cardholder who regularly charges a reasonable amount of money on the card and pays on time, you'll likely receive an application. American Express is not as secretive about this card as it is with the Black Card. The Platinum Card is the next step up from the Gold Card and comes with many luxury benefits. Qualifying for this card requires a very high credit score—and a lengthy credit history. Prospective cardholders also require relatively high income in order to be approved for the card, though certainly not as lofty as the Black Card. Recently, American Express extended new payment flexibility features to its Platinum, Gold, and Green consumer and business charge cards that allow cardholders to pay for purchases over $100 over time at a set interest rate as well as split up any large purchases into set installment payments over time. So, while the Platinum Card is still technically a charge card it now offers a revolving credit feature with a separate line of credit that makes it similar to a credit card if needed.

Fees and Benefits

The Amex Platinum Card has an annual membership fee of $695—not nearly as exorbitant as the Black Card. The card's webpage lists more than 40 perks you receive in exchange for the high annual fee including access to airport lounges. The benefits also extend to fine hotels, car rental privileges, and concierge services. Cardholders can earn points on every dollar spent on the card—as many as five times on travel-related transactions and one point for every dollar on regular purchases. As of 2022, the welcome bonus for new cardholders is 100,000 membership rewards points after spending $6,000 during the first six months.

investopedia.com - American Express Black vs. Platinum: What's the Difference? - Investopedia

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