Why Are Black Cards So Prevalent in the Business World?

We’ve all probably heard a thing or two about black cards. But what exactly are they? Pennygem’s Natasha Abellard has the story.

Transcript

00:00Black cards, you have probably heard about them before, but how much do you really know

00:09about this mysterious card outside of its color?

00:12According to CNBC, the luxury cards are the most exclusive credit cards available, potentially

00:17explaining the mystery and rumors behind them.

00:20One thing for sure, the card is not marketed toward the average consumer as they carry

00:24both extremely high annual fees along with spending requirements.

00:29Back in 1999, American Express released their American Express Centurion credit card, also

00:34known as the luxurious metal black card.

00:38After creating a frenzy, other credit card issuers released their own lines of exclusive

00:42credit cards, some also using the color black.

00:45Bankrate reports that most access to black cards are reserved for the super wealthy and

00:49are invitation only.

00:51Some reports state that to get one from American Express, you have to spend about $250,000

00:57per year on another American Express card to receive an invite.

01:01Afterwards, there is a $10,000 one-time initiation fee and annual fee of $5,000 according to

01:07the Amex Centurion Black Card cardholder agreement.

01:11The perks are similar to those of other more available high-end cards, which can include

01:15points for things like travel, dining, and shopping.

01:19They also come with upgrade opportunities at hotel suites and exclusive global destinations,

01:24and some are rumored to also have private charter jet services.