12/20/2022
To a greater or lesser extent, we all want to have access to exclusive or premium products. In the world of financing, black credit cards have become that unmistakable symbol of wealth, elegance and VIP status.
As you might expect, few have access to these plastics and that's why we'll tell you what it takes to have one.
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What is a Black credit card
In principle, it is a highly exclusive credit instrument that is reserved for those who manage a lot of money or are known for their fortunes.
Obtaining one is not exactly simple, since they are only offered by invitation to people who have an exuberant lifestyle. Among those that exist in the market, the most recognized is the American Express Black.
Although there are credit cards with very attractive benefits that are not in this category, they are far from offering the advantages of a Black card.
That higher level of personalized attention, services, insurance and other benefits are reserved for those who are used to paying thousands or hundreds of thousands of dollars for travel, dining, shopping and other regular expenses.
How to get a Black credit card
Many would like to have a black credit card for different reasons, especially for its almost unlimited financing. However, issuers of this kind of plastic are quite picky about who deserves this exclusivity.
As we've revealed before, most are obtained by invitation and you can't just ask for it because you want to live a life of luxury.
The exception is the Mastercard Black Card from Luxury Card and there are some recommendations you can implement to get one of these cards.
If you want to be sent the coveted invitation, you can start spending larger amounts and more frequently. It is said that an annual consumption of $250,000 in any American Express, could give you the ticket to a VIP promotion.
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On the other hand, getting the go-ahead from the institutions offering these products depends on the amount of assets you manage. For example, Chase Bank's black credit card is only available to select clients who have significant investments and high amounts on deposit.
Even so, it is difficult to know how much you need to have in these institutions to be considered for these plastics.
How much it costs to have a Black card
The issuance of a credit card requires a higher investment to enjoy its advantages. On average, annual fee for these premium products is over $450, but it can be much higher.
In the case of Amex's Centurion, the initiation fee is $7,500 and the annual fee is $2,500. There are other black cards whose cost is not even known.
Benefits of these cards
In addition to their costs, you should also know the benefits associated with a common Black credit card. Among them, we can highlight:
- Travel bonuses.
- 24/7 counseling service.
- Higher or unlimited credit limits.
- Special upgrades at affiliated hotels.
- VIP access to events, experiences and more.
- Comprehensive travel insurance with more coverage.
- Special plastic design, which can be carbon or titanium.
- Complimentary upgrades for airline and hotel programs.
- Hundreds of exclusive airport lounges available through Priority Pass Select membership.
How to compare black credit cards
When you have the opportunity to get a Black card, it is always good to consider its most relevant aspects to choose the best option. There are 3 basic categories for comparison:
- Fees. With these financial products, cost-benefit is a key point. What you get for spending in the categories you are most interested in should include more compensation than what you pay for the annuity.
- Rewards. It is fair to say that these exclusive plastics are not the ones that offer the best rewards because they are focused on offering greater benefits. If you need a TDC that gives you good rewards, such as cash back cards, check which one best fits your consumption categories.
- Add-ons. The comparison of benefits should be guided by what you can get the most out of. These products have their differences in terms of loyalty programs, points or miles, insurance, entertainment, travel protections and more.
Final Recommendations
Even if you receive an invitation for a black credit card, it does not mean that you should take it without analyzing it well.
There are a wide variety of financial products on the market that could cost you less to maintain and provide you with much more value. The same goes if you have several invitations, we suggest you compare your options.
Beyond exclusivity, black credit cards should serve to complement your personal finances and not to invite you to spend more.
In Busconomico's website you can find updated reviews on different credit cards and other financial products designed to give you liquidity when you need it most.
Español: ¿Qué son las tarjetas de crédito black?