Compare black credit cards

A black credit card refers to a high status credit card tier sitting at or above premium. They are offered by a handful of credit card issuers, and come with a significant amount of benefits and perks, and generous credit card limits. 

The term ‘black credit card’ was made popular by the American Express Black Card. Reserved for rock stars and titans of industry, it is reported to have an ‘unlimited’ credit limit and is famously shrouded in mystery. 

Generally speaking, black credit cards often simply refer to the highest-status card offered by a provider. They may not be labeled as a “black credit card”. Just as there are standard, gold and platinum credit cards, a black credit card is typically seen as one of the highest status levels that a cardholder can be approved for. Not every provider will call this tiered credit card ‘black’ and may use their own category descriptions.

It is considered to be a luxury credit card, reserved for the biggest spending applicants with higher incomes. This also ensures that cardholders can afford the typically higher-than-average purchase rates and annual fees that are associated with these products.

There are 13 card issuers in Australia that provide black credit cards, according to RateCity’s database, including American Express, Citi and Virgin Money.

But as a black credit card can just refer to a highest-status level card, it may be listed under an alternative name by some providers, including the big four banks.

Big four bank ‘black’ credit cards:

Source: RateCity.com.au. Data accurate as of 26/04/23

Black credit cards are sought after in the Australian credit card market for their high standard of perks and rewards. While these benefits may also translate to a higher-than-average annual fee or purchase rate, the perks offered are considered worthy of these costs.

Some of the benefits of a black credit card may include:

• Membership rewards points
• Frequent flyer points
• Airport lounge access
• 24/7 concierge service
• Brand partner discounts
• Access to special events and stadium lounge access
• VIP seating and packages

You may also gain access to the following protections:

• Fraud protection
• Free domestic and international travel insurance
• Extended warranty
• Purchase protection insurance
• Rental car excess insurance
• Transit accident insurance
• Guaranteed pricing scheme

The fees and interest rates associated with black credit cards are some of the highest on the market. However, if you can afford to qualify for a black credit card, then you’re generally considered to be able to afford these costs.

The RateCity database shows that the average purchase rate for a credit card has sat at around 16% for years, with an average annual fee of around $130-$140. The Qantas Money Premier Titanium credit card, by comparison, has an annual fee of $1,200 and a purchase rate of 19.99%.

A $1,200 annual fee may be considered a disadvantage to some Australians looking to keep their ongoing costs low. However, if you’re in the market for a high-status credit card, these higher costs are likely to be commonplace.

It is still worth comparing your options to see what fees and interest rates are charged across the available black credit cards so you can find one that suits your needs and budget.

To gain approval for any credit card you will need to meet standard eligibility criteria, such as being 18-years or over and being employed part or full time. For a black credit card, gaining approval can require meeting a higher income limit than your standard credit card or platinum credit card. You’ll also typically need to be a big spender, with your annual credit card spending and payments reaching $100,000 - $500,000 or more, depending on the card provider.

Black credit card holders may also need to have an excellent credit score to qualify. For the two major credit reporting bureaus in Australia, this may mean a score of 800-1000 for Experian or 800-1200 for Equifax.

A black credit card will typically offer a much higher credit limit than your standard credit card, or no maximum credit limit at all. This may be considered one of the biggest advantages of being approved for this status level.

The American Express Centurion Card, or ‘Black AMEX’, is famous for reportedly offering no credit limit to its customers. CommBank’s Diamond Awards credit card and NAB’s Rewards Signature cards also have no set maximum credit limit, with minimum limits of $15,000.

Comparatively, if you look at the big four bank black credit cards, two of four options do carry maximum credit limits of $75,000.

Some of the big four bank black credit card limits

Source: RateCity.com.au. Data accurate as of 26/04/23

The most exclusive credit cards in the world are typically invite-only, and require customers to reach a certain income level or professional status. 

While it’s hard to pinpoint which credit card is the most exclusive or luxurious, these options may be what you find in the wallets of royalty and world leaders:

1. American Express Centurion - The most well-known luxury credit card offering no spending limit. Customers must be invited to join. 
2. JPMorgan Reserve Card (formerly Chase Palladium) - Offered to customers with a minimum of $10 million in assets, managed by J.P. Morgan’s private bank.
3. Dubai First Royale Mastercard -Boasting edges adorned with real gold and a .235-carat diamond in the middle of it, this credit card is exclusive to the ultra-rich and royal family of the United Arab Emirates. 
4. Citi Chairman American Express Card - An invite-only credit card reserved for those who boast significant financial investments with Citi. 
5. Stratus Rewards Visa White Card - Commonly known as the ‘white card’, customers must be invited by another member to join, and must spend at least $100,000 a year to qualify. 
6. Coutts Silk Card - Allegedly the credit card used by British royal family members. The UK-based private bank requires eligible applicants to deposit $1 million pounds when opening the account. 
7. Sberbank Visa Infinite Gold Card - Made from real gold, diamonds and mother of pearl, this luxury credit card comes with a $100,000 spending limit minimum.

If you’re in the market for a black credit card, you’ll want to ensure you’re choosing the best option for your goals. It may be worth writing a list of the types of perks and brand partnerships you would prefer to earn rewards with. 

For example, if you’re a frequent flyer with Qantas, prioritising a black credit card that offers Qantas lounge access, airport meet and greet service and elite rental car access may be a priority. 

Next, consider using a comparison table, such as the one on this page, to view black credit card options side by side. This can allow you to compare apples with apples and explore how each credit card compares in terms of fees, interest rates and rewards. 

You can also narrow down your short list using the comparison table filter and select more personalised options, such as Visa, Mastercard or AMEX or the partner program you prefer.