Sometimes consumers purchase things as status symbols rather than for reasons of need. For example, you might be shocked to know that a Mercedes and Toyota are made of pretty much the same parts. Yes, there are advantages to buying a Mercedes, such as performance and appeal. However, when you break down the value, I doubt you’ll find one car to be worth four times the other. What you pay for is the brand.
The Visa Black Card is a great example of another status symbol. Any time a cardmember uses this card to make a purchase, all of the eyes in the room are aware that this person is successful. Now, success can be defined in many different ways, but let’s agree that from a financial perspective, owners of the Visa Black Card are doing just fine. If you happen to find yourself making a great living and are interested in filling out an application for the Visa Black Card, allow me to take you through the pros and cons of what this card has to offer.
Visa Black Card Annual Fee
Even though I usually wait until the end of a review to reveal the annual fee, this card implores me to tell you right away. Cardholders are subject to a $495 annual fee, and if any additional persons are added to the account, primary cardholders are expected to pay another $195 per person. Compared to other cards in the market, this card has absolutely one of the highest fees, second only to the AMEX Black Card. American Express has decided to offer that card by invitation only, but the Visa Black Card is open to anyone willing to apply.
Moving on, there are requirements needed in order to be approved for the Visa Black Card, however, those are kept in the locked vault of the hidden fortress. According to many owners of the card, the Visa Black Card requires the same things other credit cards require, just in a higher scale. Credit History must be spotless (or as close to spotless as possible). Income must be at least in the six figures annually, and Visa Black must be convinced that you will not be a risk of any kind. So long as those requirements are met, they’ll happily accept your $495 check every year.
Cash Back & Interest Rates
There’s no shortage of benefits the Visa Black Card offers to its users. All cardholders will receive 1% cash back on their purchases and the card also includes a 0% intro APR on balance transfers for fifteen months (4% BT fee). The purchase APR is a reasonable 14.9% variable, but be careful. If you default on your card at any time (meaning missed payments or going over your limit), the APR can increase to more than 30%.
The above rewards are all frankly mediocre. You can do much better on cash back with a number of cards with no fees. The balance transfer terms are outdone by any number of zero balance transfer cards. And the interest rate, while within a reasonable range of cards today, can be beat by a number of low interest rate cards.
Visa Black Concierge Services
Beyond standard rewards, the Visa Black card offers some of the best perks and concierge services available. I’ve only summarized what Visa Black provides, but you can find a full list on the Visa Black Card application page.
- Offers reimbursement at no additional charge for damage due to collision or theft up to the actual value of most rental vehicles.
- Black Card protects you when unexpected circumstances occur by providing convenient 24/7 towing and locksmith referral services in the U.S. and Canada.
- VIP Airport Lounge Access through Priority PassTM, which is the world’s largest independent airport VIP lounge program, allowing you access to more than 600 airport lounges in over 100 countries worldwide.
- The Black Card is made with carbon, creating a more unique card, guaranteed to get you noticed.
There’s no doubt that the Visa Black Card can provide perks and services that no other credit card offers. But those services come at a very hefty price. I doubt, however, that anyone who can obtain the Visa Black Card will mind the $495 annual fee too much, so to apply, visit the Visa Black Card secure application page.
Published or updated March 6, 2013.