Author Topic: mastercard black card  (Read 2452 times)

frugalnacho

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mastercard black card
« on: May 29, 2018, 01:01:40 PM »
Got an offer for the mastercard black card in the mail.  I don't get it.  It has a $495 annual fee and no sign up bonus.  It gets 1% rewards.  If you take it as cash back it's 1.5%, and if you redeem for travel it's 2%.  You can get the citi double cash back with no annual fee though and get 2% cash back on all your purchases which you can then use for travel (or literally anything cash can be exchanged for).

You do get $100 travel credit, but that hardly makes up for the steep annual fee.  I promptly tossed the offer in the garbage, but it's been bugging me for several days now: who the fuck would sign up for such an obviously terrible card?  I checked some reviews expecting to see some huge benefit I overlooked that makes the card more appealing, but I still don't see any.  The card gets very mediocre reviews, but I still don't understand how the reviews are even that good.  2.5 out of 5? How? How is it not 0? It's absolutely terrible.

http://www.luxurycard.com/blackcard

They also apparently have a gold card with a $995 annual fee.

 

grandep

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Re: mastercard black card
« Reply #1 on: May 29, 2018, 01:48:54 PM »
I imagine it has something to do with the Concierge and VIP travel features.

Concierge: "Enjoy 24/7 access to Luxury Card Concierge™—a complete and dedicated lifestyle management service tailored to your personal requirements. From booking an extravagant travel itinerary to sourcing hard-to-find gifts, our Concierge specialists are on hand to ensure Cardmembers experience more."

Wow.

ketchup

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Re: mastercard black card
« Reply #2 on: May 29, 2018, 01:58:25 PM »
I imagine it has something to do with the Concierge and VIP travel features.

Concierge: "Enjoy 24/7 access to Luxury Card Concierge™—a complete and dedicated lifestyle management service tailored to your personal requirements. From booking an extravagant travel itinerary to sourcing hard-to-find gifts, our Concierge specialists are on hand to ensure Cardmembers experience more."

Wow.
Don't we have robots for that now? I'm surprised we can't already say "Hey Siri, book me a cruise."

prudent_one

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Re: mastercard black card
« Reply #3 on: May 30, 2018, 06:26:10 AM »
It's designed to appeal to people who are not wealthy (and therefore cannot get credit cards which wealthy people can get) but wish to appear wealthy, and will pay money for the privilege.

alanB

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Re: mastercard black card
« Reply #4 on: May 30, 2018, 08:11:13 AM »
Here is a review of these cards:
https://www.doctorofcredit.com/luxury-cards-from-barclaycard-reviews-titanium-black-gold/

I guess it is easier to get than Amex Centurion and looks the same, so maybe you could fool some people into thinking you are a super high roller?

https://en.wikipedia.org/wiki/Centurion_Card
Currently costs $7500 to sign up followed by $2500 in annual fees.  Have to spend something like $250-350K per year on your amex cards to get invited (supposedly).  It is known for having (essentially) no credit limit. Has random benefits that I guess rich people would like: https://thepointsguy.com/guide/amex-centurion-black-card/

I agree, free 2% is good enough!!

Blonde Lawyer

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Re: mastercard black card
« Reply #5 on: May 30, 2018, 08:29:20 AM »
At first I thought it was the Amex Black.  That one is all about status.  I had a client that had one and he would describe women that would sit at bars and come to talk to him as soon as they saw the card come out. It's a way to flash around "I'm super rich!"  Mastercard Black is probably piggy backing off of that.  People confuse the two.

Dicey

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Re: mastercard black card
« Reply #6 on: May 30, 2018, 12:19:02 PM »
Haha, we got that offer and had a good laugh over the shredder.

I used to work at a high end retailer, where there was enormous pressure (and reward) to develop personal clientele. You bet your ass we took note of what kind of card people carried. Dude, you use a black AMEX (or whatever)? I am only showing you the very best stuff and I'm showing you shitloads of it, because this card tells me little about your net worth, but it tells me everything about your willingness to BUY, and that you can be influenced by the notion of prestige. Oh, hell yes, I want you as my personal customer! Forget about a target on your back, yours is zeroed in right on your wallet.
« Last Edit: May 31, 2018, 09:49:53 PM by Dicey »

sol

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Re: mastercard black card
« Reply #7 on: May 30, 2018, 01:30:23 PM »
he would describe women that would sit at bars and come to talk to him as soon as they saw the card come out. It's a way to flash around "I'm super rich!"  Mastercard Black is probably piggy backing off of that.  People confuse the two.

In that context, maybe it makes sense for the right kind of person.  One who is trying to attract sexual partners.  If the card gets you laid a handful of times, it probably pays for its own sign-up fee.  It's crass, yes, but people measure value in lots of different ways.

solon

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Re: mastercard black card
« Reply #8 on: May 30, 2018, 01:49:08 PM »
I got an offer for one of these cards, too. I was surprised to see there is a $195 annual fee for adding an authorized user. Which means if you and your spouse each want a card, it will cost $690 per year.

Dicey

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Re: mastercard black card
« Reply #9 on: May 31, 2018, 01:49:03 AM »
I got an offer for one of these cards, too. I was surprised to see there is a $195 annual fee for adding an authorized user. Which means if you and your spouse each want a card, it will cost $690 per year.
Oh, shit! Really? Wow!

Blonde Lawyer

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Re: mastercard black card
« Reply #10 on: May 31, 2018, 09:21:09 AM »
he would describe women that would sit at bars and come to talk to him as soon as they saw the card come out. It's a way to flash around "I'm super rich!"  Mastercard Black is probably piggy backing off of that.  People confuse the two.

In that context, maybe it makes sense for the right kind of person.  One who is trying to attract sexual partners.  If the card gets you laid a handful of times, it probably pays for its own sign-up fee.  It's crass, yes, but people measure value in lots of different ways.

Bingo!

PrairieBeardstache

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Re: mastercard black card
« Reply #11 on: May 31, 2018, 10:17:01 AM »
I used to work at a high end retailer, where there was enormous pressure (and reward) to develop personal clientele. You bet your ass we took note of what kind of card people carried. Dude, you use a black AMEX (or whatever)? I am only showing you the very best stuff and I'm showing you shitload of it, because this card tells me little about your net worth, but it tells me everything about your willingness to BUY, and that you can be influenced by the notion of prestige. Oh, hell yes, I want you as my personal customer! Forget about a target on your back, yours is zeroed in right on your wallet.

I find this fascinating. When I first received one of those cards (not specifically the one mentioned) I thought nothing of it, really, it was a result of some business value I had and reduced some of the fees I was paying. What was most interesting to me at the time is how the banks treat high net worth people and nickle and dime the poor. But then several times when out and about purchasing something the cashier or sales person noticed and verbalized it - this increasingly made me uncomfortable and I now actively avoid any cards that sell status. By the end of the year I'll have the card switched (already moved banks) to some zero fee 1% cash back card (I live in Canada, we don't have the same offers from what I can tell).