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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 CNBC 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.
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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 Prime Visa 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.
Regardless, you should expect to need an excellent credit score (scores of 800 and above) to qualify for a black card.
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 foundthe 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 bonusesthat have spending requirements as low as $500.
What are the benefits of a black card?
Some of the rewards offered by black cards are similar to what you get with more accessible, high-end cards, like The Platinum Card® from American Express or theChase Sapphire Reserve® credit card. These include opportunities to quickly rack up points on travel, dining and shopping around the globe, plus other perks like exclusive airport lounge access.
But the high-end perks that come with the ultra-elite black cards remain out of reach for even those who are willing to pay an annual fee to access the best international travel cards.
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.
In other cases, having a black card can help cardholders navigate the rigor of a high-demand business lifestyle with services like Royale Lifestyle Management which comes complimentary with the Dubai First Royale Mastercard.
As for the original black card, Centurion cardholders have access to the Amex Centurion Lounges at airports like New York's John F. Kennedy Airport (JFK). These lounges offer travelers a place to relax with a full complimentary bar, spa services and premium amenities.
However, Centurion customers aren't the only Amex cardholders who can access these lounges. Cardholders with the The Platinum Card from American Express,The Business Platinum Card® from American Express,Delta SkyMiles® Reserve American Express CardandDelta SkyMiles® Reserve Business American Express Cardcan also use the lounge when they pass through airports with Centurion lounges. (Note: Delta Skymiles Reserve card members are only eligible to visit the Centurion Lounge when flying on a same-day Delta-marketed or Delta-operated flight.) Terms apply.
Other rumored perks of the Centurion card include automatic Delta SkyMiles Platinum Medallion elite status, top-tier Hilton Honors Diamond elite status, access to the Centurion hotel program, an Equinox Destination Access gym membership and much more. American Express will also soon open an exclusive club in midtown Manhattan for Centurion cardholders. However, the points-earning rates are lackluster when compared to more accessible rewards cards. Reports also suggest that the Centurion card doesn't offer new card members a welcome bonus.
Read more:These credit cards make flying easier by including lounge access and credits for expedited airport security
How much does a black card cost?
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 theChase 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
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 $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum, 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.
Read our The Platinum Card® from American Express review.
Read more
The Amex Platinum now has a $695 annual fee: Is it still worth it?
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 Annual 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 Travel℠ 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®
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 Travel℠ 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 Travel℠.
Annual fee
$550
Intro APR
None
Regular APR
22.49% - 29.49% variable
Balance transfer fee
5%, minimum $5
Foreign transaction fee
None
Credit needed
Excellent
Terms apply.
Read our Chase Sapphire Reserve® review.
Others might prefer theAmerican Express® Gold Card, with its current welcome bonus of 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Plus, receive 20% back in statement credits on eligible purchases made at restaurants worldwide within the first 6 months of Card Membership, up to $100 back. Limited time offer. Offer ends 11/6/24. Benefits include $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. (enrollment required) and $120 Uber Cash on Gold: Add your Gold Card to your Uber account and each month automatically get $10 in Uber Cash for Uber Eats orders or Uber rides in the U.S., totaling up to $120 per year. (Enrollment required. You must have downloaded the latest version of the Uber App and your eligible American Express Gold Card must be a method of payment in your Uber account. The Amex Benefit may only be used in the United States.)
American Express® Gold Card
On the American Express secure site
Rewards
Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year, 3X Membership Rewards® points on per dollar spent on flights booked directly with airlines or on amextravel.com, 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. 1X Membership Rewards® point per dollar spent on all other eligible purchases.
Welcome bonus
Earn 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Plus, receive 20% back in statement credits on eligible purchases made at restaurants worldwide within the first 6 months of Card Membership, up to $100 back. Limited time offer. Offer ends 11/6/24.
Annual fee
$325
Intro APR
Not applicable
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.
Read our American Express® Gold Card review.
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 are24.74%or28.74%for the Verizon Visa Credit Card or21.74%,24.74%or28.74%for the Verizon Visa Signature Credit Card. APRs are accurate as of10/1/22and will vary with the market based on Prime Rate (as defined in your credit card agreement). Minimum Interest Charge is $2.
Clickherefor additional details on theVerizon Visa® Card.
Information about the American Express Centurion Card, Prime Visa andDubai 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 Prime Visa 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.