What does a black card do?

The privileges of a black card include upgrades and special permissions for rental cars and access to some of the most breathtaking hotel suites in hard-to-reach destinations. Black cards also offer dedicated concierge services, and some are even rumored to provide charter jet service.

cnbc.com - Black credit cards are the ultimate status symbol — but what are they?

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Premium luxury credit cards, or "black cards," are the most exclusive credit cards on the market. There's a lot of mystery and myth surrounding these elite cards with wild stories of how the ultra-rich use them to make outlandish purchases, from the horse from "Dances with Wolves" to sand from the Dead Sea. While it's hard to know how many of those rumors are true, there are a few things we know for sure about black cards: they come with very high annual fees, they have very high spending requirements and they are not marketed toward the average consumer (sorry). But are black cards actually worth it? Below Select digs into the additional value of having a black card, who qualifies for a black card and other premium credit cards you might consider instead. Subscribe to the Select Newsletter! Our best selections in your inbox. Shopping recommendations that help upgrade your life, delivered weekly. Sign-up here.

What is a black card?

The credit card most associated with the phrase "black card" is the Centurion® Card from American Express, or the "Amex Black Card." It was released in 1999 and created such a buzz that other card issuers wanted to create their own deluxe credit cards to reward their highest-spending customers. Enter the age of the black card. Now there are many alternatives to the Amex Centurion for consumers of all income levels and credit histories. Many premiere rewards cards have borrowed the black color for their best credit card products, and card issuers have found ways to make their most popular travel rewards cards feel upscale. The Amex Black Card helped launch the metal card trend, and these days many consumers have at least one metal card in their wallets. There are even no-annual-fee cards like the Verizon Visa® Card* and Amazon Prime Rewards Visa Signature Card now that are made of metal. But a true black card is invitation-only and was designed for only the most top-tier spenders.

Who can get a black card?

It's hard to find precise information on exactly who qualifies for a black card. Some invitation-only credit cards, such as the Chase J.P. Morgan Reserve®, are an additional perk that comes if your assets are managed by a particular banking institution, while others require that you've been a cardholder with an issuer for a certain number of years. American Express allows existing Amex cardholders who are interested in Centurion membership to request consideration by filling out a short online form, but there are still no published qualifications.

How much do you have to spend to get a black card?

There are very high spending requirements to get a black card. Generally, a card issuer invites only their most loyal customers who spend upwards of six figures or more a year to become a black cardholder. The latest Census Household Income Report found the median American household income is $67,521 per year, which makes a minimum spending requirement in the six figures well out of reach. While the average consumer will likely never use a black card, there are now many affordable credit cards that offer welcome bonuses that have spending requirements as low as $500.

What are the perks of a black card?

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How much are the fees for a black card?

The fees for these exclusive cards vary quite a bit. In the case of the Dubai First Royale Mastercard, the card issuer doesn't disclose its annual fee publicly. It states in the Amex Centurion Black Card cardholder agreements that the annual fee is $5,000, and there is a one-time initiation fee of $10,000 when you sign up. And with the Chase J.P. Morgan Reserve®, sites such as Value Penguin report it has a $595 annual fee.

What cards compare to a black card?

It's been over two decades since Amex launched the original black card, and card issuers are increasingly offering more and more luxury perks at a more accessible price point to a larger portion of their customers. The biggest draw of elite rewards cards is the many travel benefits they offer. As mentioned above, the Amex Platinum card offers similar perks to that of the Black Card, like widespread airport lounge access, hotel elite status with Marriott and Hilton, credits towards an Equinox gym membership and more. Terms apply. The Platinum Card® from American Express Learn More On the American Express secure site Rewards Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year, 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel, 1X points on all other eligible purchases Welcome bonus Earn 80,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum Card®, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.

Annual fee $695

Intro APR None

Regular APR See Pay Over Time APR

Balance transfer fee N/A

Foreign transaction fee None

Credit Needed Excellent/Good See rates and fees, terms apply.

If you want a luxury travel card that's not invitation-only, the Chase Sapphire Reserve® delivers a lot of value with an annual fee of $550. When cardholders take full advantage of Chase's welcome bonus, the $300 travel credit and generous rewards program, it is quite possible to make the fee completely worthwhile. The Sapphire Reserve lets you earn 10X points on Lyft rides through March 31st, 2025, 3X points on travel worldwide (once you earn your annual travel credit); 5X total points on flights and 10X total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. 3X points on dining at restaurants worldwide and 1X point per $1 on all other purchases. Chase Sapphire Reserve® Learn More On Chase’s secure site Rewards Earn 5X total points on flights and 10X total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases plus, 10X points on Lyft rides through March 2025 Welcome bonus Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Ultimate Rewards®

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Annual fee $550

Intro APR None

Regular APR 20.74% - 27.74% variable

Balance transfer fee 5%, minimum $5

Foreign transaction fee None

Credit needed Excellent Terms apply.

Others might prefer the American Express® Gold Card, with its current welcome bonus of 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases within the first six months of card membership. Terms apply. American Express® Gold Card Learn More On the American Express secure site Rewards 4X Membership Rewards® points at Restaurants (plus takeout and delivery in the U.S.) and at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X), 3X points on flights booked directly with airlines or on amextravel.com, 1X points on all other purchases Welcome bonus Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases within the first 6 months of card membership

Annual fee $250

Intro APR Not applicable

Regular APR 19.74%-26.74% Variable

Balance transfer fee N/A

Foreign transaction fee None

Credit needed Excellent/Good See rates and fees, terms apply.

For rates and fees of the American Express® Gold Card, click here. For rates and fees of The Platinum Card® from American Express, click here. *No Annual Fee/No Foreign Transaction Fee - For New Accounts: Variable Purchase APRs are 24.74% or 28.74% for the Verizon Visa Credit Card or 21.74%, 24.74% or 28.74% for the Verizon Visa Signature Credit Card. APRs are accurate as of 10/1/22 and will vary with the market based on Prime Rate (as defined in your credit card agreement). Minimum Interest Charge is $2. Click here for additional details on the Verizon Visa® Card. Information about the American Express Centurion Card, Amazon Prime Rewards Visa Signature Card and Dubai First Royale Mastercard has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication. If you purchase something through the Amazon Prime Rewards Visa Signature® Card link, we may earn a commission. Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

cnbc.com - Black credit cards are the ultimate status symbol — but what are they?

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