Black credit cards are the ultimate status symbol — but what are they? (2024)

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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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.

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.

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.

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 (see rates and fees),The Business Platinum Card® from American Express (see rates and fees),Delta SkyMiles® Reserve American Express Card (see rates and fees)andDelta SkyMiles® Reserve Business American Express Card(see rates and fees) can 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.

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.

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.

Read more

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.

For rates and fees of the Delta SkyMiles® Reserve Business American Express Card, click here.

For rates and fees of the Delta SkyMiles® Reserve American Express Card, 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.