The Trendy Black Credit Card – Is It Worth It?

With many stories of recession-induced credit problems, there are still many consumers who are considered to be excellent credit risks and the credit card industry are pulling out a lot of stops to make sure to keep those individuals interested in their latest credit innovations. Credit card companies have been offering special rewards and different level credit cards, such as platinum, gold, and silver. However, they have been taking it step further to aid in the competition.

One such competitive innovation is the trendy black credit card. American Express was one of the first credit card companies to introduce the black credit card to the market. But have no doubts, this credit card is not for everyone. In order to become a card holder of this prestigious credit card, an applicant must meet stringent requirements financially. There are specific income limits, rules for spending, and strict guidelines for qualifying credit histories. In turn, the cards offer an array of benefits you can’t get anywhere else in the credit card world.

Average consumers would likely not be able to afford the hefty fee that is required to get the trendy card, which runs several thousands of dollars. Plus, there is an additional annual fee, also in the thousands of dollars, that must be paid each year by the card holder. The annual fees alone may prevent many people from ever acquire this exclusive level of credit card. But for those who can afford to invest in this trend, it is still worth it to compare the different credit card companies offering credit cards at this level.

As other credit card companies have begun following suit, the benefits have only improved in order to stay competitive. Now honored card holders can enjoy exclusive membership into luxury lounges and other special perks not found with gold or platinum credit cards. The prestige of owning a black credit card can alone be worth some weight depending on the circles in which you travel.

The other perks that can accompany the high-fee black credit card may include automatic upgrades on airline flights or during hotel stays. With some of the cards, you have access to a personal concierge service that will assist you with everything from adding events to your personal calendar to helping you gain access to exclusive restaurants and nightclubs.

The black credit cards on the market today are not for everyone but for the credit card company, the risk is minimal but the benefits are maximized. Essentially the credit card companies offering the black status credit cards are providing an exclusive service at an extreme price. For those who can afford this level of credit, the benefits will be mutual. The credit card industry is working hard on cutting back the rewards programs and other perks from the other cards on their roster for the average consumer but continue to invest and promote the trendier cards to those who qualify.

As other credit card companies begin introducing other variations of the black credit card, there may be even more rewards offered to remain competitive. Credit card companies will always want to hang on to its exclusive customer base and loyal customers. While we may not all be “black”status, it is still worth it to find and stick with the credit card type that works best for your financially not just for appearances.

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This entry was posted on Friday, February 20th, 2009 at 3:32 am and is filed under Choosing a Credit Card, Credit Card Applications, Credit Knowledgebase. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.