Sick and tired of your boring old rewards credit card? Want a piece of plastic that can keep up with your life in the fast lane? Look no further than a black rewards card.
These cards are the pinnacle of rewards cards, with impressive points earning power and some really cool perks up for grabs. But all that luxury doesn’t come without a price tag, so before you decide to go all in with the creme de la creme of credit cards, check out the details below:
A black rewards card is the most exclusive of credit cards, a step above platinum plastic in the credit card hierarchy. A lot of black cards are shrouded in mystery - sometimes, you only really know what’s on offer when you’re extended an invitation to apply - which only adds to the appeal of carrying one.
These elite cards are not the right choice for every shopper, no matter how appealing the matte black finish and spending prestige might be. But one of these cards might be the right choice for you if you…
Even if you think you’re the kind of person who should carry a black rewards card in their wallet, there’s another hurdle to jump: some pretty strict eligibility requirements.
Each provider may have slightly different eligibility criteria, but for starters, as with any other credit card, you’ll likely need a driver’s licence or passport as I.D., as well as proof of a regular income.
That’s where it starts to get a bit trickier. You’ll also need an exceptional credit rating and history to score a black rewards card. Plus, most black credit cards come with a minimum income requirement, usually between $50,000 and $120,000 p.a.
At least part of the appeal of a black rewards card is a sense of prestige and exclusivity. But that won’t help you spend when and how you want. So what exactly are you getting when you opt for one of these pieces of plastic?
Here are some of the main features you can expect from your black credit card:
If perks are such an important part of having a black rewards card, then you’ll need to know just what’s on offer, right?
Each rewards program and each card offer is a little bit different, so some might have perks that others don’t. But with that in mind, here are some of the premium freebies you can often expect to bag, compliments of your black credit card:
Complimentary insurance cover is a pretty standard freebie for platinum or black rewards cards. Cover on offer could include:
If you’re a frequent traveller, a black rewards card could hook you up with a heap of handy free services and perks, including:
Your black credit card usually comes with a 24/7 concierge service, which is set up to help you with things like booking flights, accommodation and restaurants or finding that perfect gift.
Black rewards card programs often come with access to exclusive food, lifestyle or retail events, such as VIP shopping experiences.
The main downside to having an exclusive black card tucked in your pocket is that it’s the most expensive credit card option around. From high annual fees to a steep interest rate, these cards don’t come cheap.
That means you have to really make use of the perks and rewards points on offer to justify the higher cost of having the card. But be careful not to overspend on your shopping just to score rewards points - then not only have you shelled out for the annual fee, but you’ve spent more than you bargained for elsewhere too.
|Rewards||Platinum rewards||Black rewards|
|Points earned on AMEX||1||2||3|
|Points earned on Visa/MasterCard||0.75||1||1.25|
*Table is indicative only. Please check each product for information on points scheme.
That means you can rack up points quicker than ever, plus, since black cards often come with no cap on points and no points expiry date, it’s super easy to build up a stack of them to use on rewards you really want.
If the luxe and exclusive world of black rewards cards is right for you, head over to our black credit cards comparison table to check out some of the deals on offer.
Need some more information before you committ? Read our general guide on black credit cards.