Visa Black card

[y26]

Ok i get this offer in the mail for the premier Visa Black Card which is only given to about 1%. I'm reading it and it has an annual fee of 450 per year, 24 hr concierge services, gifts, 10.99 + prime rate and a bunch of other junk. Oh and 1% reward on purchase..

So now i think to myself "i have a citi card that i pay off every month 7.99% no annual fee and 3% on gas, grocery, utilities and pharmacy. 1% everything else".

I'm not seeing the big deal with this Black card. Am i missing something.

[Seeker]

You're not missing anything.

Pulling out that card and using it, means that essentially people fall all over trying to help you. They see it as "You've got money and aren't afraid to throw it away." It's for the "flaunters"

[disneysteve]

It's for the "flaunters"

I do not have any of those high end cards so I can't speak from experience, but if you lead a lifestyle that makes those concierge services useful to you, I've heard that they can be well worth the annual fee. It is kind of a "how the other half lives" thing. You can't imagine the value of the card because you don't live that lifestyle (nor do I).

Let me give you a much lower example. I am a Silver Elite member of the Marriott Rewards program and carry their Premier Visa card. I have access to a dedicated reservation line for silver members. When I call to make a reservation, I get a human being (and an American one, not some call center in India). When I check in to a hotel, I am greeted and acknowledged as being a silver rewards member. I get a different key card than a regular guest would get (not a big deal at all but just their way of recognizing their loyal guests). At some hotels, I've gotten a little gift bag at check in with stuff like a bottle of water, fruit, granola bars, etc. I've checked in at a couple of places where there was a bulletin board by the desk welcoming their elite members by name. I also earn more reward points per stay than someone who isn't a silver member. No single item is a big deal but overall, it just makes one feel a little more special than the average Joe coming in off the street. I also get one free night each year just for having the Visa card. That actually is worth more than the annual fee.

The rich, the type who would get a card with a $450 fee, get even more perks that us regular folks would never even think of.

[Seeker]

I do not have any of those high end cards so I can't speak from experience, but if you lead a lifestyle that makes those concierge services useful to you, I've heard that they can be well worth the annual fee. It is kind of a "how the other half lives" thing. You can't imagine the value of the card because you don't live that lifestyle (nor do I).

Let me give you a much lower example. I am a Silver Elite member of the Marriott Rewards program and carry their Premier Visa card. I have access to a dedicated reservation line for silver members. When I call to make a reservation, I get a human being (and an American one, not some call center in India). When I check in to a hotel, I am greeted and acknowledged as being a silver rewards member. I get a different key card than a regular guest would get (not a big deal at all but just their way of recognizing their loyal guests). At some hotels, I've gotten a little gift bag at check in with stuff like a bottle of water, fruit, granola bars, etc. I've checked in at a couple of places where there was a bulletin board by the desk welcoming their elite members by name. I also earn more reward points per stay than someone who isn't a silver member. No single item is a big deal but overall, it just makes one feel a little more special than the average Joe coming in off the street. I also get one free night each year just for having the Visa card. That actually is worth more than the annual fee.

The rich, the type who would get a card with a $450 fee, get even more perks that us regular folks would never even think of.

lol - true enough.

But even if I were "rich" enough to use that sort of card, I'd probably not.

I'm just generally of the "I don't want to attract any kind of attention" group of people. That's just not my style.

But yeah, I can understand movie stars, sports figures, etc., because publicity IS part of thier continuing fame.

[disneysteve]

But even if I were "rich" enough to use that sort of card, I'd probably not.

Don't be so sure. To use my example again, I pay an annual fee of $65 for my Marriott card. Every article you read about credit cards says to avoid cards with annual fees. On my card, though, I get one free night per year at up to a category 5 property. A cat. 5 Marriott goes for $250-$300/night. So every year, my wife and I get to do an overnight get-away at some luxury hotel and it really only costs us $65, less than the cost of most budget hotels.

If the $450 card gives you benefits that are worth much more than that, why not take advantage of it?

[Broken Arrow]

I don't have any experience with the "other side" either, but I've read some interesting stories regarding black cards in general.

Once upon a time, it started out as a rumor on the internet that American Express had some super secret card they handed out only to the super-rich and super-privileged.

While it was only a rumor, Amex also realized that they had a potential gold mine here, and decided to make the rumor real by creating the black Centurion card. Here's the Snopes confirmation, and here's the Amex Centurion portal.

Living up to its own legend, the Centurion card is indeed difficult to obtain. For example, you had to have sterling credit, be an existing member of Amex with good standing, charge at least $100k per year to maintain the card, and of course, it's invitation only.

Some have argued that it's actually not that difficult to get though, especially if you're a business owner and you use it as a corporate card for all your needs.

Naturally, Visa wanted to get a piece of that pie. Here's their online application site. Relatively-speaking, Visa is a little bit easier to get into, but like its Amex counterpart, the idea is to cater to the "other side" with special perks and amenities that you don't normally get with any other cards.

[boosami]

I have American Express and Diners Club cards with high annual fees (~$1,000 combined). They offer perks I cannot get with lower-end cards, and I make the most of those perks. Do I always make back my $1,000 fee? No, but it's close enough to be worth it for me.

What perks, you might ask? For example, my DC allows me to wait 60 days to pay for any charge with zero interest. In fact, they don't even report to the credit bureaus at all, so I can carry an "invisible" balance for up to 60 days with no effect on my credit at all. There is no other US card that I know of that offers that feature. It's great for business use while waiting for slow clients to pay. The AmEx travel benefits are the best I've seen on a card. For example, I can call and ask for 3 different full package trip options to something like Disney and they will get back to me within the hour with fully planned out itineraries for me to choose from. They'll then book everything for me. Can I do that myself? Sure, but my time is worth money too!

Cards with high (or any) annual fees aren't for everyone. The Visa Black is 100% hype. It's not even a part of Visa's high-end brand, the "Signature" line--that was a red flag for me that this was not a card worth of such a high annual fee.

[Joan.of.the.Arch]

If you want a black card for the status, just use a black Magic Marker to color it.