Vidhu Bajaj
Nilooka Dissanayake
David Boyd
What is a black credit card?
Black usually signals a card's elite status rather than just its colour. Black cards bundle premium perks, often with higher and less restricted earn rates, and they charge higher annual fees. Both personal and business versions exist.
Some issuers use names like Premium, Diamond, Prestige, Premier or Signature instead of black. The dark, sometimes metal, design still signals the status.
What benefits do black cards offer?
Most include higher credit limits, complimentary travel insurance, generous sign-up bonuses, a higher earn rate per dollar, no or high points caps, shopper's insurance, and a personal concierge.
The most expensive cards add more: airport lounge access, an annual domestic return flight, airport transfers, a travel credit, hotel-group membership, and invitation-only events.
How much do black cards cost?
Expect a higher annual fee than other card types, with the current median between $300 and $400 a year.
Even so, you can recoup the fee through points alone if you put most of your spending on the card. Don't expect a low interest rate, though: overdue balances usually attract at least 20% p.a., and more for cash advances.
Expert insight: do the perks still justify the fee?
“Amex Centurion used to be fantastic. Over the last twenty years, though, a lot of the benefits I valued (the ability to get into any restaurant in the world, 24x7 concierge, companion flights) have been pared back, while the fee has climbed to about $6,500 a year. It's worth being clear-eyed about what you're actually getting for that today.”
Technology entrepreneur
What to compare
Sign-up bonus: many black cards offer new customers a large welcome bonus, often over 100,000 points, for spending a set amount within 90 days.
Earn rate and program: a higher earn rate adds up over time, so check any caps, and pick a program (and lounge network) that fits how you travel. Weigh all of it against the annual fee.
How to get approved
Black cards target higher earners who spend mostly on credit. You'll usually need an above-average income and a very good to excellent credit score.
Income requirements vary but often sit around $65,000 to $70,000 a year, sometimes more. Check your credit report before applying.