credit card advice
If you’ve heard the buzz surrounding the American Express® “Black Card”, you already know that it’s the velvet rope of consumer credit options. This invite-only charge card, formally known as the Centurion, has been used to proclaim status, both in spending and in credit-worthiness. But what is a Black Card? And what does it take to get an invite to this “members-only” club?
It’s an elite card used most often by celebrities and the ultra-rich, with the card itself being made of anodized titanium. While the information isn’t as readily available as the terms for more common cards, there are some rather strict requirements to be aware of.
Black Cards are Invitation Only
Like most elite experiences, the card is invite-only at the moment, with no indication that this will change anytime soon. Loyal American Express® cardholders are most likely the target market for those on the VIP list, including both long-time business and personal charge card customers.
Since there is no way to officially “apply,” your best bet is to check out the requirements for members to see if your habits and qualifications match up. Most people realize that it’s not about knowing how to get a Black Card, but rather managing the very strict thresholds for eligibility.
Those wondering “What is a Black Card?” should also know that there are some unique perks for members, including access to airline lounges and VIP treatments at spas and hotels.
Black Card Requirements: For One, Be a Multi-Millionaire
Credit scores used to be one of the most important factors in getting a great credit card offer, and the Black Card is no different. The card, available to just 0.1 percent of the population according to The Motley Fool, would most likely only be offered to those who can handle its high-limits and spending power.
While the jury is out on what the exact cut-off is for a qualifying credit score, common sense would dictate that you must have an excellent and established history of spending and payments with an existing American Express® card to even be considered for this premium offer.
The typical card user won’t be using their card in a way that meets Black Card requirements because most people don’t spend that much.
While it’s rumored that only Platinum Amex members would have the credit lines available to push spending to the limits of qualifying, the required $250,000 a year in purchases and payoffs can likely come from any qualifying card. No matter what card you use, however, it’s obvious that you need the income to both buy and repay a massive amount of goods and services to be Black Card material.
In addition to the high spending thresholds needed to be invited and maintain your status, there is a cost to join, as well. Annual membership fees are currently $7,500 for initiation. (This is on top of the $2,500 annual fee per card!) That means the perks you use must likely be high valued enough to make it worth the cost.
For those wondering just how to get a Black Card, the answer is pretty obvious (and pricey!): spend often, and on big purchases, with the intent to pay back promptly. If you find that you can’t qualify for the posh requirements of the American Express® Centurion card, you may want to consider other “elite” options. VISA and MasterCard have their own cards with elite benefits, and they may be more open to new recruits.
Black Card images courtesy of BusinessTech and Vecer MK