You may have heard about it or even seen one, but what is a black credit card? In short, it’s one of the most elusive and luxurious credit cards you can have in your wallet. While there are many, most describe the American Express Centurion Card as the “black credit card”.
How does a black card work?
Basically, it provides exclusive benefits and rewards as well as premium customer service for high net worth individuals. However, these benefits do come with a high price tag. For example, in today’s cardholder agreement for the Centurion Card, an initiation fee of $10,000 and an annual fee of $5,000 is required. But the benefits are well worth the price.
With the Centurion Card, cardholders have access to concierge services to help make travel plans, book dinner reservations and get tickets to the world’s most exclusive events. Additionally, other benefits include airport lounge access Global Entry or TSA PreCheck membership credit, VIP airport arrival and departure at select airports, Gold Medallion status with Delta, Hilton Honors Diamond status, Platinum Elite status with IHG One Rewards, a CLEAR Plus membership and more.
As for the limit, the black card is a charge card. Meaning, it doesn’t have a preset limit. The limit is based on your income, credit score and other factors. It was designed to be a status symbol to appeal to big spenders who charge tens of thousands per month. They can purchase what they want regardless of the cost. Typically, the cards are made of metal in black or stone grey.
How to apply for a black card?
Due to the cliental, most black cards are invite-only, in which you can’t fill out a form and apply. That being said, the qualifications are not posted publicly either. Although, there is some evidence that you can receive an invitation after spending $250,000 or more on another card from the same bank in a year. In addition, some card issuers may require $10 million in assets held with the bank such as with the Chase J.P. Morgan Reserve card. On the other hand, some people with the American Express Platinum Card have been considered for the Centurion Card.
Although, most won’t qualify for this card, you can still receive exclusive benefits with other credit cards and the fees are a lot smaller. If you want a premium card, you can apply for the Chase Sapphire Reserve or the American Express Platinum. Both offer exclusive benefits with hundreds of dollars instead of thousands for the annual fee. Another benefit is, you don’t have to wait for a special invitation.
