What is a black credit card in Australia?
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Black credit cards have a certain air of mystery, but they’re exclusivity can sometimes be for good reason.
Here we’ll share some key information about black credit cards, the perks that some include and key pros and cons.
What is a black credit card?
A black credit card is a highly sought-after card for some that often comes with an ultra-premium rewards program that can be used to provide business or personal finance.
What kind of benefits could you get with a black credit card in Australia?
Black credit cards usually allow you to secure a high credit limit. You can also earn rewards (typically at a higher earn rate or more points per dollar), to spend on the products and services you choose.
Some of these cards may also offer a variety of perks, which could include:
- Complimentary travel insurance
- Access to airport lounges via lounge access passes or complimentary membership to an airport lounge program
- Complimentary airport transfers
- Travel vouchers
- Concierge service (which may help you buy event tickets, gift cards, book flights and accommodation, and more)
- Invitations to exclusive events, deals, and other promotions
Who issues black credit cards in Australia?
There are several black credit card issuers. These providers include American Express and the big four banks in Australia.
Compare rewards credit cards
While black credit cards often come with the best rewards, these are not the only rewards credit cards available in Australia. When comparing, it's important to weigh up the costs of the card against the rewards available.
We've included some rewards credit cards below to help you get a comparison started.
American Express - The American Express Essential Rewards Credit Card
Rewards Rate One
Latitude Financial Services - David Jones Prestige Credit Card
Rewards Rate One
American Express - The American Express Platinum Edge Credit Card
Rewards Rate One
Citi - Prestige Credit Card
Bonus Reward Points
Rewards Rate One
Bankwest - More World Mastercard
Rewards Rate One
Pros and cons of a black credit card
We’ve outlined some of the key advantages and disadvantages of black credit cards.
Advantages of a black credit card
- You may be able to earn more points than other classes of credit card
- You may get access to exclusive events
- Points earned may be able to be redeemed for premium rewards not available through other cards
- They generally include travel insurance coverage
Disadvantages of a black credit card
- Purchase rates are typically higher than standard cards
- The annual fee will likely be high
- Some may require you to pay off your balance in full each month
- You may need to be invited to apply for a black credit card
- Having a higher or uncapped credit/spend limit may impact your borrowing power if you want to apply for other lines of credit, like a home loan
What is the most exclusive black credit card?
While there are numerous black credit card issuers worldwide, the American Express Centurion card is widely regarded as one of the most exclusive, in part because American Express publishes little information about the card yet it’s very well known. However, technically, it’s a charge card rather than a credit card as it doesn’t have a spending limit, and you’re required to pay the balance in full each month.
Some also consider the Dubai First Royale Mastercard to be one of the most exclusive credit cards in the world. It’s a gold-plated, diamond-embedded card thought to be held by only 200 people in the world.
There’s no real standout when it comes to Australian black credit cards.
What to consider when comparing black credit cards in Australia
Apart from the generally higher cost involved in owning a black credit card, there are several other factors to consider when comparing these premium cards to other credit cards.
Some key considerations are:
- The credit score requirement. Black credit cards are generally only offered to people with excellent credit scores
- The invitation requirement. The truly exclusive black credit cards are generally invitation only, meaning you’ll need to build up a good relationship with your lender of choice to receive an to invite to apply for their black credit card
It may also be wise to take into consideration the following things when comparing black credit cards:
- Rewards programs. Australian black credit cards operate with various rewards programs, so it’s worth considering which you’d prefer, especially if you have a preferred airline
- Sign up bonus. Some black credit cards may come with sign-up bonuses (like extra points), which usually require you to fulfil specific conditions. Some of these may be more suitable to your needs than others
- Earn rate. They will most likely offer different earn rates and each may vary depending on where you’re shopping. So not all cards will suit your spending habits
- Annual fee. Black card annual fees can vary substantially, so it’s a good idea to investigate whether the rate for each card is worth it given your spending patterns and the perks on offer
