Visa just launched Black Card, an exclusive credit card with a $495 annual fee. The rewards include:
- 1% cash back or airline miles without any blackout dates.
- 24-hour concierge service.
- A patent pending carbon graphite card as you can see to the left.
- Free luxury gifts.
- 0% APR for 6 months on balance transfers.
- VIP access to more than 500 travel lounges around the world.
- EXCLUSIVITY. Let's face it, this is the real seller of the card. The card is limited to fewer than 1% of US resident. So assuming you want it, unless you have a fat wallet to begin with, you aren't getting it.
The rates on the card are competitive but certainly not exclusive. But I guess if you want the card you probably aren't worried about carrying a balance. The standard APR is 13.99% variable. Balance transfers are 0% fo the first six billing cycles and then it goes to 13.99% APR. Cash advances are 19.99% APR.
Visa is taking a page out of American Express's playbook with Black Card. For most credit card holders, the rewards aren't great. 1% cashback is low compared to some of the other top rewards credit cards. And the annual $495 fee means that only those that want to flash the patent pending graphite carbon alloy blend would fit into the card's target market.
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