Posts Tagged 'black card'

Exposed: debunking the Visa Black Card

Visa Black Card

Maybe you received one of those slick black envelopes in the mail, with an “Invitation Enclosed” message and promises of limited membership and benefits.

This is what the Visa Black Card, fresh from London, England, tries to sell you. But we’re here to tell you it’s not worth it.

We got our hands on one of these “exclusive” invitations thanks to an American 1 member. Put together in fancy packaging, the Visa Black Card mailing says it comes with limited availability, special “luxury” gifts, and a carbon – not plastic! – credit card that will make your dreams come true. It claims, as you can see above, to provide a yacht-club-style membership.

The reality is, when you dig into the details, this card could cost you. Big time.

Visa Black annual fee

First, there’s an annual fee. And it’s a whopper. Almost $500 every year you use this card. Maybe because it’s steered toward the luxury market, the folks at Black Card (actually, a British bank called Barclays which is no stranger to controversy) think a $500 annual fee is nothing.

We think it’s crazy.

Then there are the other fees. If you’re late on a payment, go over your credit limit, make a payment that is returned, or “do any of the above on another account” you have with the fine folks at Black Card – zoom, your rate jumps above 30%.

Those feelings of exclusivity? Hope it’s worth it.

There are other fees, like a cash advance fee, balance transfer fee, and a $2 minimum interest charge, that add up to luxury-style costs. With this card, you won’t feel luxurious for very long.

The Visa Black Card only appears to give you a limited lifestyle. Add it all up, and you need to be fabulously wealthy just to afford this card.

For more in-depth credit card research, visit our Top Secret Visa site, and catch a glimpse of our Visa philosophy at WeUnderstand.org.


American 1 Federal Credit Union