Do you need a premium credit card with some seriously good perks? Black credit cards offer first-class levels of service with a host of benefits and features. Compare below and read on to learn more about black credit cards.
A ‘black’ card describes a premium credit card – like gold or platinum. Black credit card holders can expect high levels of customer service; which can include generous credit limits, a personal shopper, offers from high-end retailers, and other complementary products.
A black credit card is essentially a supercharged credit card. We’re talking more perks, more status, higher limits (up to $100,000), higher interest rates and, yes – higher fees.
Credit providers designed black cards for customers with a high level of income and a steeper level of spending. Here’s a breakdown of some common black credit card rates and fees:
If you’re a black credit card holder, there are a number of benefits you could enjoy – should they be available on your card.
With a standard credit card, you may earn few (or no) reward points for every dollar spent. As a black credit card holder, it might be much more generous (e.g. between one-and-a-half to two points for every dollar spent). This increases your reward earning potential, which you can then spend on a range of travel and shopping perks.
A personal concierge service may be available to assist you with your business, travel, entertainment, and transport needs. Many credit providers have partnerships with luxury brands and offer personal shopping assistance to cardholders.
Many black credit cards offer complimentary travel cover when you book flights or holidays with your card. The types of cover will vary between credit providers, so it pays to do your research to ensure it suits your needs, as opposed to a standalone travel insurance policy.
Black cards can also include other perks; such as travel vouchers, flight upgrades, access to airport lounges and more.
Many of these cards have higher than average yearly spending limits – which, if you spend it, you will have to pay back. The exact requirements will vary between cards and credit providers. When comparing your options, consider additional costs (higher annual fees and interest rates), which may negate savings made through rewards and benefits.
What’s more, high credit limits can impact your credit borrowing power (even if you never hit it and make repayments on time) as lenders may see it as potential debt.
Different credit providers may have their version of a black credit card – with subtle differences. The best card for you will depend on which lender has bundled together the most attractive set of rewards and benefits that match your spending habits.
Here’s what you need to consider when comparing black credit cards:
Generally, black credit cards are for high earners, big spenders and frequent travellers. If you’re a high earner who travels regularly and can see value in the rewards, extras and benefits on offer, then they could be worth it. The trick is to ensure the value received exceeds the money spent on fees and rates.
Black credit cards generally surpass gold and platinum cards in terms of status, credit limits, rewards and complimentary extras. They tend to offer a greater variety of benefits in exchange for more fees and typically higher interest rates. Which type of card is best for you will depend on your own personal financial situation and spending habits.
It’s more than likely, yes, plus the benefits of the black card extend beyond Australian shores. Black cards often incentivise overseas trips with many travel-related perks; such as, free flights and upgrades, travel vouchers, airport transfers or access to exclusive hotels and airport lounges.
Black cards are a particularly exclusive product, and some are even invitation-only. Others require an income of $75,000 and beyond, as well as a flawless credit history. If you believe you meet the requirements, then scroll up, compare and apply.
Learn more about the credit card application process.
Premium credit card users expect a lot from their cards, and so they should! Finding a combination of features that matches your lifestyle may provide a significant benefit to the cardholder.
Our credit card comparison tool helps you compare interest rates, rewards programs and annual fees in a convenient side-by-side view. Comparing is easy, free and the choice is all yours.