Many credit card companies are today starting to penetrate the luxury credit card market. However, till date, there remain just two original and powerful Black Credit Cards. It is these pioneers in the black credit card market that have led to the perpetration and propaganda of the “black card” legend.
The Amex Centurion was the first card in this elite card class in 1999. With many hoping to own it as the ultimate sign of personal wealth, the Amex Centurion black credit card became legendary. This card from American Express offered more benefits to the card’s owner than any other credit card existing in those days.
American Express Centurion Black Card
The Amex Centurion has many myths attached to the card but here are the facts to pertaining to the card.
- It is a charge card and there is a balance you have to pay on each month
- It is made of aluminum
- In the past, to apply for an Amex Centurion, you needed an invitation. Today you may be able to request an upgrade
- You can qualify for a Amex Centurion card only if you have a very high credit rating, charge a prefixed (very high) minimum amount on your cards annually and own a significant amount of assets
- Small business purchases can contribute to the required annual spending minimum
- There is a one time fee of and an annual fee running into a few thousand pounds that are required to keep your card active
AMEX Centurion Black Card Rewards
To offset the requirements to receive and keep an Amex Centurion Black card, there are some great rewards.
- The card does have a high credit limit based on your personal wealth but it is not unlimited
- You can use this card to reserve last minute tickets to special music concerts and sporting events
- As part of the benefits you get to own a part of a jet and access to a private jet
- You can get free upgrades when you travel
- Other perks such as spa exclusives, and free companion flights
- You will get a personal concierge for almost any task
Visa Black Card
Visa Black is the other Black credit card in the game. This was launched as Visa’s attempt to steal some competition away from Amex and break into the elite luxury black credit card industry. The upside to getting a Visa Black is that it is easier to get. The downside is that there are not as many rewards as the American Express card.
The Visa Black card was issued in 2008 and this card is made from a patent-pending carbon graphic material. The card is gaining popularity fast because of the dissatisfaction that customers have experienced when using Amex.
Getting Visa Black Credit Card
The terms and conditions associated with acquiring a Visa Black card are:
- The annual fee is much lower compared to Amex card fees
- The card is actually issued by Barclays Bank
- To keep the Visa Black credit card exclusively high, only one percent of the population is considered eligible
- The credit limits are based on your personal finance situation
- Anyone can apply on the Visa website, but only a few will be approved
Visa Black Card Rewards
Some the rewards offered by the Visa Black credit card are below:
- You receive 24-hour concierge services
- You can access a personal shopper and have help with transportation as well
- The card offers 24/7 legal, medical, and financial emergency travel services and a considerable sum as travel accident insurance
- You get exclusive purchase protection up to a certain amount within a ninety day period
- You can earn cash back on purchases and one point for every dollar spent on travel anytime
- Enrollment into an exclusive rewards program is standard. You will get luxury gifts free as well
As of today, these are the two black credit cards on the market. There is the Amex Centurion and the Visa/Discover Black. Choosing one or the other is a hard decision to make. You need to look at all the costs and rewards, and then decide which card you are going to apply for. Do understand that you may be turned down at first but you can always reapply.
Before you apply, make sure that your credit report is spotless and has a high rating. You also need to take into consideration the very high amount that you will need to spend annually to obtain an Amex Centurion card. If you are just testing the waters, then you should go with the Visa Black credit card.
Disclaimer: This content is not provided or commissioned by American Express. Opinions expressed here are author’s alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express®.
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