A black credit card is a super-premium credit card that offers more status and benefits than standard, gold or platinum credit cards. The use of the term "black" for this type of credit card refers to the level of the account, similar to the way frequent flyer programs have different status levels.
So in the case of credit cards, black is generally the best you can get. This means black cards are designed for the highest earners and spenders, with features ranging from generous rewards programs and complimentary insurance policies to travel perks and dedicated concierge services.
What banks offer black cards in Australia?
The Big Four Banks – ANZ, CommBank, NAB and Westpac – all offer black-tier credit cards. Other major lenders including American Express, Bankwest, Citi and St.George also offer black cards.
According to the Finder database of over 290 cards, there are currently 13 lenders in Australia offering black or an equivalent level of credit card. Sometimes these cards are known by other names, such as Visa Signature or World Mastercard, but still offer top-tier perks.
Black credit card benefits
Every black card has its own mix of perks, but some of the most popular features include:
Higher credit limits (up to $100,000)
More points per $1
Travel vouchers or free flights
Comprehensive insurance cover
Complimentary status upgrades for loyalty programs
💡 Tip: When you’re looking for a black card, it’s a good idea to go through all the features or even ask the credit card company about any specific benefits you want.
How much does a black credit card cost?
The annual fee and interest rate for purchases are two of the key costs to look at when you're comparing credit cards. Here's what to expect with a black credit card:
Annual fees
Black cards often have a higher annual fee than other credit cards, typically around $300 to $750. But the American Express Centurion has an annual fee of $5,000 and is one of the most prestigious black cards in the world.
To put this in perspective, platinum card annual fees typically range from $59 to $450 (although they can be higher too).
Interest rates
Interest rates for black credit cards typically range from around 19% to 24% for purchases, which is at the high end of the scale for credit cards in Australia. And unlike platinum, gold or standard cards, there aren't any black-level low rate credit cards.
Who qualifies for a black credit card?
Black credit cards are suited to people with high incomes who spend a lot on credit cards each month.
You also need to meet the eligibility requirements, which could include a minimum income of between $65,000 to $120,000 (or more) depending on the card. You will also need to have a good or excellent credit rating.
But meeting the application requirements doesn’t necessarily mean you should get a black credit card. If you rarely use a credit card, for example, you won’t be able to make the most of the benefits. This could mean that the annual fee costs you more than any value you get from the card.
On the other hand, if you're a big spender, frequent flyer or someone who will take advantage of features such as travel insurance and airport lounge access, the benefits could help offset the costs of getting a black credit card.
Questions to help decide if a black credit card is worth it
Do you use credit a lot? If you regularly pay with plastic, the higher credit limit of a black credit card could help you avoid over-limit fees. It can also help you get the most out of rewards and other perks.
Do you regularly pay off your credit card? The interest rates on black credit cards make them expensive if you carry a balance. But if you pay off the total amount listed on each statement, you'll usually get an interest-free period for purchases that allows you to get more value out of a black card.
How many of the features will you use? Black credit cards are loaded with features and benefits but you'll only get value from them if you use them. So think about what features you want and how often you'll realistically use them to help decide if a black credit card is worth it for you.
How many credit cards do you have? Most Australians have more than one credit card. With a black credit card, you’ll get more value the more you use it. So having multiple cards could make it more expensive and less valuable. It could also hurt your credit score.
Is there a black credit card you want? It’s important to find a credit card that ticks as many of your boxes as possible. Comparing a range of cards will help you decide if a black card is right, or if there's another one more suited to you.
Black credit card features: What to compare
Ideally a black credit card (or any card) should offer you value through a mix of features that can justify its costs. So here are some of the key features to look at (outside of fees and interest rates) when you're comparing cards.
Rewards programs
Some black credit cards have a bank rewards program, such as the ANZ Rewards Black. Others are linked to frequent flyer programs including Qantas and Velocity. A range of black credit cards also let you choose between earning rewards or frequent flyer points per $1 spent.
For example, the Westpac Altitude Black offers Westpac Altitude Points, Velocity Points or Qantas Points.
Complimentary extras
Compare complimentary extras based on what’s practical and valuable to you. For example, someone who often pays for entry to airport lounges might want a black card that has complimentary Priority Pass membership, while someone else might place a higher value on a card that offers a flight or travel credit.
The terms and conditions and the level of service you get with a black credit card also impact its overall value. For example, the quality of customer service offered could be very different between banks or brands. Likewise, the coverage available with complimentary insurance can be different depending on the partnering insurance company.
Introductory offers
If you want to get a new black credit card, you could also enjoy bonus points, a 0% interest rate offer or a reduced or $0 annual fee for the first year. Some cards may offer a combination of introductory offers, which all have the potential to add value to the card you choose in the short term. Make sure you check the details of introductory offers and look at the ongoing or standard costs to determine the long-term value of each black card you compare.
💡 Remember: Even though black credit cards are very premium options, the most important thing is to the right card for your circumstances so that it really works for you (and not the other way around). If you don’t think a black card is for you, start comparing other cards down the ladder to find an option that suits your needs.
Finder's best black credit cards for 2023
Updated 13 June 2023 by Finder's senior credit card writer, Amy Bradney-George.
There isn't one "best" black credit card that will suit everyone. But these 10 black credit cards have been recognised in the 2023 Finder Credit Card Awards, which used expert analysis of 12 months' worth of data to determine the best cards in key categories.
If you want to compare these cards you can also view the full list of 2023 Finder Credit Card Awards winners and finalists, as well as details of the methodology for each category.
Black credit cards are typically more exclusive than other cards and can be a subtle (or not-so-subtle) way of showing wealth or status. These cards can offer a lot of value through rewards and perks, but remember most of them come with hefty fees and strict eligibility requirements.
If you'll use most of the benefits, want to earn more points and find a black card you want, then the costs may be worth it. But if you're mainly after status, keep in mind that most people don't know the difference between a black credit card in Australia and any other card (unless it's metal or one of these exclusive cards from overseas). So you could leave an impression on people flashing any other premium credit card issued in Australia.
A black credit card is one step up from a platinum card. If you look at the platinum and black credit cards offered by the same issuer, you'll usually find that the black card offers more complimentary extras, more points per $1 spent, no points cap (or a higher points cap) or even priority services. Typically, black credit cards will also have higher annual fees, higher credit limits and higher minimum income requirements than platinum credit cards.
Unfortunately, because this is an invite-only program, details about exactly what discounts and offers these cardholders receive are hard to come by. We do know that, on invitation, you'll receive a booklet outlining all of the benefits offered through this card, in addition to details of the account fees.
Amy Bradney-George was the senior writer for credit cards at Finder, and editorial lead for Finder Green. She has over 16 years of editorial experience and has been featured in publications including ABC News, Money Magazine and The Sydney Morning Herald.
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