Visa Black card

[mulescent]

I received an offer in the mail for the Visa Black card yesterday.  Billed as the "ultimate buying tool," here are some of the salient features:

-made of a unique blend of carbon fiber and stainless steel
-I can redeem my points for luxury gifts from the world's top brands
-I get VIP treatment at over 3,000 properties

All this and more for a low, low annual fee of $495!

Ridiculous.

http://www.blackcard.com/?campaignId=1853&cellNumber=3&referrerid=ADL1300001&sid=50c2dee096d946578014f7e354471898&kwid=50c2dee096d946578014f7e354471898

[lexie2000]

I just can't wrap my mind around someone paying that much money (or any amount for that matter) to use a credit card. 

[Zamboni]

Wow, that's some marketing genius right there.

Newsflash:  no one gives a crap what color your credit card is!

[warfreak2]

It's for the kind of frugal person for whom a country club membership is the cheaper option, compared to having a swimming pool installed and buying a golf course.

[amha]

Even Stephen Colbert, no Mustachian himself, opposes the Black Card: http://thecolbertreport.cc.com/videos/mj9pcq/the-visa-black-card

[frugalecon]

I just can't wrap my mind around someone paying that much money (or any amount for that matter) to use a credit card.

Hmm. In two years, my reward points have helped me to get three free plane tickets to Europe and four free domestic tickets. I have found airline miles pretty reliably are worth two cents per mile, at least on the routes I fly. Pair that with free luggage check in and the right card with a fee can make a lot of sense.

[brewer12345]

I paid $395 annually for a couple of years for the super-de-doper Continental/United card.  Why?  Free bag check, frequent flyer status and a membership in the United Clubs.  I was travelling a LOT for work and getting paid per diems which easily paid for the fee, and access to the Clubs was a godsend.  Cancelled it once I quit, of course.

[Zamboni]

^If I traveled commercial every week I would use that type of card as well (and the club pays for itself just in free soda and snacks, not to mention having a more peaceful place to get work done.)  When I did travel a lot, I was spoiled bc my company had a private jet that I could often use if I coordinated my trip correctly.  Once you've experienced that luxury of driving right up and parking next to the hanger, no security check, take off 10-15 minutes after you get there . . . commercial travel becomes a drag.  MMM would give me a big facepunch right now, but I if I was ever filthy rich, I'd give most of it away but possibly keep enough to keep my private jet in the air.

Unfortunately my current employer has no jet (that I know of at least, they seem to hide perks here) and also explicitly DOES NOT allow us to pay for the club on the company tab, but it seems a reasonable business expense to me that if someone is flying for business more than a couple of times every month.  It's one of the only things explicitly forbidden in our official corporate manual even for departmental discretionary funds.

But does the black card get you any of this?  It sounds like it gets you something, but I am not clear what.

[Nords]

Ooooooh... carbon fiber AND stainless steel?

I'm going to cancel my Visa Carbon Fiber and my Visa Stainless Steel!

[dragoncar]

yeesh, for that price, I'd make a card out of 14k gold, emboss it myself and attach a custom-encoded magnetic strip with info from another card.  I'm sure it would rarely be declined by a cashier, but most of the time they'd probably be shitting themselves at how exclusive  I am.

[Forcus]

I got that invite too. Was excited (in a non-MMM way) until I started reading about it. First it is no "black card" in the traditional sense (where you have to spend ten's of thousands every month to qualify). Second the fees. I will say though the services that you get for the fees are probably worth it for a frequent traveler. Anyway the application is shredded!

[Villanelle]

DH and I have an Amex Platinum.  Annual fee is $495, I believe.  However, they waive that fee for active duty military.  There are some nice perks, though we hardly ever charge anything to the card.  Not entirely relevant to the OP, but for anyone in the military, do know that you can get this card for free. 

DH is about to sign up for the AMEX Blue (I believe that's the name of it) as well, as it has a great rewards program, unlike the Platinum which is just other perks.  Amex will waive the annual fee for both, for as long as he's active duty. 

[Brad_H]

Look into the Capital One Quicksilver.  It is 1.5% cash back redeemable anytime for any amount, no fee and with some perks like double warranties....  I wonder if I can buy a car with it?

[Abe]

My parents got one in the mail also, the only thing that ran through my mind is "25 years of never paying credit card fees and Visa thinks they'll fall for this one?"

[Villanelle]

Look into the Capital One Quicksilver.  It is 1.5% cash back redeemable anytime for any amount, no fee and with some perks like double warranties....  I wonder if I can buy a car with it?

The only time I've ever purchased a new car, we put as much on our credit card as they would let us.  The dealership had a limit (I think it might have been $5k).  They either wouldn't let us charge more than that, or would have added a fee. 

[Jamesqf]

Look into the Capital One Quicksilver.  It is 1.5% cash back redeemable anytime for any amount, no fee and with some perks like double warranties.... 

Plus a $100 signup bonus if you spend a certain (not unreasonable) amount in the first couple of months, and a year at 0% interest.

[LucyBIT]

Wow, that's some marketing genius right there.

Newsflash:  no one gives a crap what color your credit card is!

Some people do, if they see it as a status symbol.

[seattlecyclone]

yeesh, for that price, I'd make a card out of 14k gold, emboss it myself and attach a custom-encoded magnetic strip with info from another card.  I'm sure it would rarely be declined by a cashier, but most of the time they'd probably be shitting themselves at how exclusive  I am.

Why make your own precious metal credit card when JP Morgan already has one made of palladium? For a $695 annual fee, you get "free" access to a bunch of airport lounges, 2 points per dollar spent on travel, 1 point per dollar on other purchases, and a 35,000 point bonus after you reach a mere $100k in annual spending. What a deal!

[eil]

Some people do, if they see it as a status symbol.

Haha, I came here to say this: Two words: status symbol.

We normal folk are not the target market for this card. The target market for this card are the ones who eat dinner at restaurants because cooking is too hard, have a $300/month cable plan but only watch sportsball on the weekend, and commute 45 minutes to work each day in a glossy black late-model Escalade.

$495 annual fee? Worth every penny to the high-rollin' consumerist suckas!

[Christof]

Hmm. In two years, my reward points have helped me to get three free plane tickets to Europe and four free domestic tickets. I have found airline miles pretty reliably are worth two cents per mile, at least on the routes I fly. Pair that with free luggage check in and the right card with a fee can make a lot of sense.

I've never ever seen a free offer. Inexpensive, yes, but free, no. There's taxes you have paid, minimum spending you had to meet, the feeling of being able to spend more at the destination because the flight was "free". I've composed a lengthy reply, but deleted it, because it's hard to counter this emotional topic rationally (being someone who was and is involved, too). Instead let me just ask a few questions:

- Have you had any concrete plans of flying to Europe before you got reward miles?
- Have you collected miles on someone else expenses oron  your own?
- If you used sign up bones for a credit card was the minimum spend requirement ever on your mind? How did you feel when you made it 95% and only a week was left?
- Did you ever pay for a ticket because paying it at 2 cents per mile was cheaper than using miles (considering that you got miles and status)?
- Have you flown the same class that you would have paid to fly?
- Have you actually paid for any of the services that you get now for free (luggage, seat reservation, lounge access)?
- What is your plan for the time in two or three years when you don't qualify anymore for credit card sign up bonuses?
- What does a free flight cost when paying $495 for a credit card is the requirement?

[frugalecon]

Hmm. In two years, my reward points have helped me to get three free plane tickets to Europe and four free domestic tickets. I have found airline miles pretty reliably are worth two cents per mile, at least on the routes I fly. Pair that with free luggage check in and the right card with a fee can make a lot of sense.

I've never ever seen a free offer. Inexpensive, yes, but free, no. There's taxes you have paid, minimum spending you had to meet, the feeling of being able to spend more at the destination because the flight was "free". I've composed a lengthy reply, but deleted it, because it's hard to counter this emotional topic rationally (being someone who was and is involved, too). Instead let me just ask a few questions:

- Have you had any concrete plans of flying to Europe before you got reward miles?
- Have you collected miles on someone else expenses oron  your own?
- If you used sign up bones for a credit card was the minimum spend requirement ever on your mind? How did you feel when you made it 95% and only a week was left?
- Did you ever pay for a ticket because paying it at 2 cents per mile was cheaper than using miles (considering that you got miles and status)?
- Have you flown the same class that you would have paid to fly?
- Have you actually paid for any of the services that you get now for free (luggage, seat reservation, lounge access)?
- What is your plan for the time in two or three years when you don't qualify anymore for credit card sign up bonuses?
- What does a free flight cost when paying $495 for a credit card is the requirement?

That is quite a list of questions. I don't think you read my post very carefully. I said that I found that I have had good success redeeming miles for tickets at a value equal to two cents per mile. Thus, when considering whether a fee is worth it, I have factored in the value of the miles and found i can come out ahead with a rewards card. I cycle a lot of spending through my cards but have not carried a balance in about 21 years. I did not say I had this $495 Visa Black card, and in fact I don't.

As far as my trips to Europe, I would have taken them regardless of the miles. By the standards of a lot of people around here, I am a ridiculous spendthrift, but I earn a high income, so I can save a lot too.

[Self-employed-swami]

I have 2 Gold World Airmiles Mastercards, one for business expenses, and one for personal.  I buy a shit-tonne of gas for work, among other things, and I easily get enough miles a year for a trip to Europe (or up to 10 domestic return flights) for the annual fee of $129/card (the business card is a write-off for me). 

Completely worth it for me.  I don't fly a lot for work though, so something with actual airline perks, wouldn't give me much benefit.  The airmiles I collect, can be used on any participating airline, through the airmiles site.  My husband and I went to Hawaii 2 years ago, (along with a few domestic flights), and I'm heading to Seattle with a friend next month, and we still have 10,000+ miles left over for more travel this summer.

It all depends on your spending habits.  This card has some sort of 18% interest rate, but I've never paid a penny in interest to them.  I have a friend who flies internationally a few times a month for work, and she is a platinum on a few different airlines, and really enjoys the private lounges, and the upgrades on all her personal travel.

[Christof]

I don't think you read my post very carefully. I said that I found that I have had good success redeeming miles for tickets at a value equal to two cents per mile.

As a matter of fact, I did. The two cent valuation is what raised my questions. An AA reward flight in coach to Europe roundtrip is anywhere between 60K to 90K miles plus taxes and fees. At two cents a mile you would be willing to pay up to $1,800 to get these miles. Expedia is showing flights available on Delta for just $1,100.

How is spending $700 more for miles that the airline can take away at any time, where the airline alone controls pricing and inventory and that you don't get any interest for, better than just paying cash?

To get ahead with miles you usually need some sort of other restriction to make it worth. Two common restrictions are that you'd be flying business/first on a paid ticket or that you are not spending your own money AKA business trips.

These questions, BTW, are from my own experience as a business owner who has a BA credit card to collect miles (and used to have two more for other airlines), who had top tier status in more than one alliance, more than enough miles to fly between the US and Europe every month for a year, and spend quite some time in this game. To this day I see the letters YQ somewhere and think: Oh no, please no fuel surcharge. ;-)

[frugalecon]

I don't think you read my post very carefully. I said that I found that I have had good success redeeming miles for tickets at a value equal to two cents per mile.

As a matter of fact, I did. The two cent valuation is what raised my questions. An AA reward flight in coach to Europe roundtrip is anywhere between 60K to 90K miles plus taxes and fees. At two cents a mile you would be willing to pay up to $1,800 to get these miles. Expedia is showing flights available on Delta for just $1,100.

How is spending $700 more for miles that the airline can take away at any time, where the airline alone controls pricing and inventory and that you don't get any interest for, better than just paying cash?

To get ahead with miles you usually need some sort of other restriction to make it worth. Two common restrictions are that you'd be flying business/first on a paid ticket or that you are not spending your own money AKA business trips.

These questions, BTW, are from my own experience as a business owner who has a BA credit card to collect miles (and used to have two more for other airlines), who had top tier status in more than one alliance, more than enough miles to fly between the US and Europe every month for a year, and spend quite some time in this game. To this day I see the letters YQ somewhere and think: Oh no, please no fuel surcharge. ;-)

I guess the moral of the story is YMMV. If I determine the fee is no longer worth it...I will just cancel the card. Pretty simple solution. Seems like you have decided it doesn't work for you.