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Black credit cards are the most prestigious currently available. They have high credit limits and have a range of benefits as standard such as a higher earn rate on rewards and 24/7 concierge services.
These are the most prestigious offers currently available. As such, they are reserved for the select few who can meet the stringent criteria required for approval, i.e. people earning north of $75,000 p.a. and with well established credit records. You also need to be able to repay the balance in full each month in order to benefit from what these cards offer.
If you are a low spender, the annual fee to hold a black card will probably not be worth paying for. High spenders, particularly those who pay off the entire balance each month, will get the most value.
Generally, lots. But there are differences between each bank. It is assumed that applicants travel frequently either for business and/or pleasure, so their rewards programs are skewed towards frequent flyer points. Earn rates are strong, but not necessarily higher than what’s on offer from a dedicated frequent flyer credit card. Sign up bonuses tend to be higher than usual in order to attract high net worth customers. Importantly, black cards generally have no points capping or tiering.
Apart from points, other interesting perks include lounge access (often via Priority Pass membership), travel insurance, and 24/7 concierge assistance. Some may also offer gold status at prestigious hotel brands.
If you think you are eligible for both, black credit cards have several distinguishing features. Unlike many of their gold and platinum siblings, black cards usually do not have any points capping or tiering. Black card insurance policies generally offer a better level of cover in comparison. Their concierge services will do more for you and you may also get invited to VIP events.
Concierge services come with many platinum cards, so they are not the sole preserve of the black card. However, black concierge services will be more facilitating. Just how much they are prepared to do is somewhat of an unknown as their specific guidelines are not publicly available. From our research into black card concierge services on forums, social media, etc., they seem to facilitate practically any request within the law. One example: a black card holder asked her concierge to locate a newly released games console, which was sold out nationwide. After two weeks of near constant phone calls, the concierge found one, arranged for a messenger to pick it up, get it wrapped, and then deliver it to their home – all in time to go under the Christmas tree!
If you are unfamiliar with what credit card concierges can do, you can learn more in this blog post.
Black cards typically offer international travel insurance as a minimum, but often have insurance to cover travel travel inconvenience (e.g. flight delays and cancellations, lost luggage, etc.), purchases, theft, etc. It is not possible to cover specific insurance policies here, but it is generally accepted that black credit card insurance is better than that on offer for gold and platinum cards. What exactly is better will vary from card to card, but one thing remains the same: you must familiarise yourself with the policy before doing anything.