Most Premium Credit Card – Founded in 1850, American Express (AXP) is a financial services company best known for traveler’s checks, credit and debit cards. The two most popular cards are the black card and the platinum card. Both options are debit cards, which means the cardholder doesn’t earn interest, but must pay the full balance when they receive their statement.
But there are fundamental differences between the two. The American Express Black Card is a premium, exclusive payment card available to individuals by invitation only. Customers qualify for the American Express Platinum Card based on their credit score and income. Read on to learn what each card offers and how they differ.
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The American Express Black Card is not for everyone. This is a debit card offered to high net worth individuals (HNWI) by invitation. Think of it as an exclusive club. This means you can’t just apply to join. Also called the Centurion card, it is easily recognized because of its black color unlike the American Express Centurion. The card itself is made of anodized titanium and weighs 14 grams.
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Getting an invitation usually depends on several factors. There’s no information on the card’s website about how people can qualify for an invitation, with reports saying you’ll need to spend anywhere from a few hundred thousand dollars to about $1 million. a year on your card. Estimates of the minimum annual income also vary.
Sufficient disposable income allows the cardholder to cover the higher fees associated with the card. According to the cardholder agreement, the Black Card has an initiation fee of $10,000 and an annual fee of $5,000.
Many advanced benefits are associated with transportation. You get Platinum Medallion status with Delta Air Lines, 24-hour concierge service, President’s Club status with Avis, which allows you to get upgrades, discounts on flight awards and access in various cabins—including Amex’s Centurion Lounges—to name a few.
You don’t have to be elite or spend nearly as much to apply for the American Express Platinum Card. Unlike the Black Card, you can easily apply for the Platinum option on the American Express website. If you are a Gold Cardholder who regularly charges a reasonable amount to your card and pays on time, you will likely receive an application.
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American Express is not as secretive about this card as it is about the Black Card. The Platinum Card is the next step up from the Gold Card and comes with many prestigious benefits. Getting this card requires a very high credit score – and a long credit history. Prospective cardholders need a fairly high income to be approved for the card, though certainly not as high as the Black Card.
American Express recently launched new payment flexibility features for its customers with Platinum, Gold and Green business cards, allowing cardholders to pay a fixed interest rate on purchases over $100 and breaking larger purchases into fixed installments. more time. So, while the Platinum Card is still a debit card, it now offers a revolving credit facility with a separate line of credit that makes it more like a credit card on demand.
The Amex Platinum Card has an annual membership fee of $695 – not nearly as much as the Black Card. The card’s website lists more than 40 perks you can get in exchange for the high annual fee, including airport lounge access. Perks also include premium hotels, car rental privileges and concierge service. Cardholders can earn points for every dollar spent on the card – up to five times on travel-related transactions and one point per dollar on regular purchases.
Starting in 2022, new cardholders will receive a welcome bonus of 100,000 Membership Rewards points after spending $6,000 in the first six months.
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Both cards are travel cards, which means there’s little reason to keep them if you don’t travel often. Platinum’s high annual fee and black card’s high fee are not covered unless you travel frequently.
With the Platinum Card, you get the same rewards as the Black Card. But the benefits that set Black Cards apart, at least according to cardholders, are diminishing. Concierge and reservations services are said to be poor and overpriced, and customer service is often slow.
Of course, the status symbol, if you hold any card, has its advantages. Some people say that just by using the Black Card they get upgrades that they wouldn’t otherwise be eligible for. If you’re invited to the Black Card, you have the option to speak with an Amex representative before signing up. Ask about its benefits and then ask yourself if you can benefit from the additional benefits and if the higher cost is worth it.
If you spend a lot of time at 36,000 feet and spend a lot of nights in hotels, the Platinum Card offers many of the benefits of the Centurion Card (Black).
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The American Express Centurion Card is the official name of the Amex Black Card. The Black Card is a premium, exclusive payment card issued by American Express. Platinum card holders must meet certain conditions to be invited. The American Express Black Card is available in personal and business versions. The physical card is made of anodized titanium and weighs 14 grams, like the weight of a compact disc.
American Express does not disclose the requirements for sending a Black Card invitation, except that the cardholder must be a Platinum Cardholder.
There are no specific income requirements, and even people with excellent credit scores and a long and positive history with American Express may not be invited to apply. The maximum spend is also not an official requirement, but a good rule of thumb is that prospective cardholders should spend between $250,000 and $500,000 in annual purchases on all their open Amex card. Some depend on the unspecified behavior of the financial institution.
The Black Card is invitation only for high net worth people who travel frequently. There is a $10,000 membership initiation fee and an annual fee of $5,000.
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Black card privileges include upgraded flights, hotel and car rentals, and access to exclusive airport lounges. Black Card also offers personal concierge service and early access to concert tickets and is even said to offer a rental service.
There is no spending limit on the Amex Black card. However, the balance must be paid in full each month.
Strong credit and income are required to qualify for the American Express Platinum card. Annual membership is $695 and cardholders receive a variety of travel benefits, including access to Centurion, Delta and Airspace lounges, as well as hotel, car rental privileges and concierge services. concierge.
As American Express likes to say, “membership comes with its perks,” and owners say that just using the Black Card gets them upgrades they might not qualify for. The Platinum Card is a level lower in cost and benefits and has a variety of travel benefits. For others, American Express offers 17 other cards.
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Require writers to use primary sources to support their works. This includes white papers, government data, actual reports and interviews with industry experts. Where appropriate, we also refer to original research by other reputable publishers. You can find more information about our standards for providing accurate and unbiased content in our editorial policy. For people of modest means, a credit card is a way to get by when money is tight. However, the super rich can get cards that give them luxury benefits, helping them finance their lavish lifestyles. Many of these exclusive credit cards come by invitation only or upon meeting certain requirements.
The American Express Centurion Card is the world’s most exclusive credit card, known as the ‘Amex Black Card’. The product launched in 1999 was kept under the cover of uncertainty by American Express.
The Centurion Card is so unique that American Express does not release all the details about the card or tell you how to become a cardholder. Credit Karma reports that you must spend at least several hundred thousand dollars per year on the American Express card and have at least $1 million in annual income. Condé Nast Traveler reports that specific spending habits are also required, as Amex favors luxury, restaurant, event and travel purchases.
Previously, American Express had to call you to get the card. However, they recently allowed you to apply if you are an American Express cardholder.
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If you receive a positive response, you must pay an initial payment of $10,000 and an annual payment of $5,000. The APR for cash advances is 21.99%, and
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