The Visa Black Card is a unique card made of carbon, not plastic, that touts impressive benefits for its members, but also carries hefty fees. This card is available for a limited number of members (1% of the American population) and may be a good fit for those who travel frequently and are looking for travel perks.
The Visa Black Card offers VIP airport access to 600 lounges in over 100 countries. In addition, customers can earn rewards as either cash back or airline rewards. If customers choose cash back, they can use points to earn 1% cash back on all qualifying purchases; airline rewards start as low as 25,000 points for a $500 airline ticket.
Perhaps the best feature of the Visa Black Card is the 24 hour concierge service. This is truly like having your own personal assistant. The concierge professionals can help card members with entertainment planning, business services, travel information and assistance, country and city information, gift arrangements, and specialty services. For instance, they can help a traveler with airline reservations as well as hotel and car reservations, just to name a few.
Other benefits include:
-Zero liability—card members are not held responsible for any unauthorized charges on their card
-Purchase security—Visa Black card members will be reimbursed up to $500, or their item will be replaced or repaired within 90 days of purchase if the item breaks or is stolen.
-Warranty manager service—the warranty on any item purchased can be extended up to one year.
-Lost luggage reimbursement—if your luggage is stolen or lost, you will be reimbursed up to $3,000 if your ticket was purchased using your Visa Black Card.
-Trip interruption/cancellation—if your flight is unexpectedly cancelled or delayed, receive up to $1,500 in reimbursement.
-Baggage delay insurance—receive up to $100 a day for three days to replace items needed when your own baggage is delayed.
While the Visa Black Card certainly has impressive perks, many of which cater to frequent travelers, it also comes with high fees and penalties, especially if the card member is late with payment. Here are some of the penalties and fees a Visa Black Cardholder may face:
-a 14.99% opening APR depending on credit worthiness
-a penalty APR of 30.24% if the card member makes a late payment, goes over his credit limit, or makes a payment that is returned. (This APR rate is based on the Prime Rate and is subject to change.) If, after 6 months of paying the penalty APR there are no further infractions, the APR resumes at the standard rate.
-a 25.24% APR for cash advances based on prime rate
-an annual fee of $495 and $195 for each additional registered user
-a 3% foreign transaction fee
-a returned payment fee of $35-a late payment fee of $35
The Visa Black Card is made to appeal to an upscale clientele both with its concierge service and its benefits. If you travel frequently and would like to utilize a professional assistant, the Visa Black Card may well be worth the $495 annual fee. However, for others, this card’s annual fee, punitive fees and high APR may not be worth the perks.