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Those Coveted Black Credit Cards April 13, 2010

Posted by tkcollier in Business, Lifestyle.
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Take American Express’ Centurion Card, for example. There’s an initiation fee on the Black Card of $5,000 — plus an annual fee of $2,500. Considered the cream of the crop, the top of heap and the most exclusive card in the world, this “Black Card” is by invitation only and has been around since 1999.

“Whenever you take a card that gives points, miles, whatever, the more perks a card offers its cardholders the more [the credit card company] charges the merchant for taking that card,” says Sherry Frankel, president of the Worth Avenue Association and owner of Sherry Frankel’s Melangerie.

The charge for using a Centurion Card can be as high as 4 percent but is determined by the amount of business a merchant does within a year. The average rate charged for using it today is reportedly around 3.75 percent.

via Black credit cards come with cachet, price.

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