The Mastercard® Black Card™ is a luxury credit card designed for consumers who prioritize premium travel experiences and benefits. This exclusive card offers a range of privileges, including access to luxury lounges, a 24/7 concierge service, and various travel perks such as airline fee and baggage fee credits.
While the Mastercard® Black Card™ comes with a high annual fee, its unique features cater to frequent travelers who seek enhanced comfort and convenience during their trips. Below, we will examine the rewards, benefits, and drawbacks of this prestigious credit card, to help you determine if it’s the right choice for your lifestyle and spending habits.
Card Overview
The Mastercard® Black Card™ is a luxury travel credit card designed for those individuals seeking unique concierge services and travel benefits. This card comes with a range of features that cater primarily to the frequent traveler, focusing on perks such as airline credits and high-quality customer service.
One significant benefit of the card is that, unlike many other luxury black cards, it is not invitation-only, making it accessible for those with good or excellent credit scores. The card, however, does come with a hefty $495 annual fee, as well as a $195 authorized user fee, making it a more expensive option compared to some competing high-annual-fee cards.
It offers extensive travel benefits, such as:
- A $100 airline credit, which can be applied towards selected airfare purchases, baggage fees, or other travel expenses
- Access to more than 1,300 airport lounges worldwide, thanks to its Priority Pass Select membership
- Global Entry or TSA Pre✓® credit, up to $100
- 24/7 Luxury Card Concierge, assisting with various needs including travel bookings and recommendations
Despite these attractive travel perks, the card’s rewards earnings are considered less competitive compared to other high-annual-fee cards in the market. Overall, it is essential for potential cardholders to carefully consider the Mastercard® Black Card™’s costs and benefits to determine whether it aligns with their spending habits and preferences.
Annual Fee and APR
The Mastercard® Black Card™ comes with a rather hefty annual fee of $495, and if you want to add any authorized users to your account, they will need to pay a separate $195 each.
Moving on to the APR, the card carries a regular variable APR of 19.24%. It is essential to take this rate into account when making any balance-carrying decisions, especially if you don’t plan on paying off the card balance in full every month.
When considering the value of the Mastercard® Black Card™, you should weigh the benefits and rewards against the costs associated with the high annual fee and APR. It’s crucial to take into account your spending habits and whether the benefits offered will offset the costs for you personally. Nevertheless, if you are a frequent traveler and can take full advantage of the rewards program, you might find that the $495 price tag is justifiable.
Reward Program
The Mastercard® Black Card™ offers a points-based rewards program for its cardholders. For every dollar spent, cardholders earn one reward point, which is a base rewards rate that doesn’t necessarily compete well with other high annual fee cards.
While the rewards earning rate might seem on the lower side compared to the competition, the redeeming options for the Mastercard Black Card can be valuable. Cardholders can redeem their reward points for airfare, cashback, gift cards, and merchandise. The redemption rate for airfare is 2% and for cashback, it’s 1.5%.
It is important to consider the rewards program in conjunction with the card’s upscale perks and benefits when evaluating its value. Some of the luxury perks include airport lounge access, Global Entry or TSA PreCheck application fee credits, and various travel and hotel privileges.
Travel Benefits
The Mastercard® Black Card™ offers some notable travel benefits that can make your trips more enjoyable and hassle-free. One of the card’s key features is the annual airline credit of up to $100, which can be used for expenses like tickets, bag fees, and upgrades.
Another perk is the complimentary Global Entry and TSA PreCheck fee credits, making your airport experience more efficient by expediting your security screening process. These programs can save you time and stress while traveling.
Cardholders also enjoy complimentary lounge access to over 1,300 airport lounges worldwide through Priority Pass Select membership. This benefit provides a comfortable and quiet place to relax, enjoy refreshments, and even get some work done while waiting for your flight.
When it comes to foreign transactions, the Mastercard® Black Card™ has you covered with no foreign transaction fees. This can save you money when making purchases abroad, as you won’t be charged the typical 3% fee that many other cards impose.
Finally, traveling with peace of mind is essential, and the Mastercard® Black Card™ provides travel accident insurance of up to $250,000. This coverage can protect you and your family in case of an accident while on a trip.
Luxury Perks
The Mastercard® Black Card™ offers a range of luxury perks designed to enhance the cardholder’s travel and lifestyle experiences. Some of these benefits include:
- Airport Lounge Access: Cardholders receive complimentary access to over 1,200 airport lounges worldwide through the Priority Pass Select program.
- Premium Golf Courses: Access to top-notch golf courses is another luxury perk offered by the Mastercard Black Card.
- Global Entry/TSA Pre✓®: The card offers a credit of up to $100 for Global Entry or TSA Pre✓® application fees every five years to help cardholders save time at airports.
- Travel and Shopping Perks: Mastercard Black Card members can enjoy a variety of exclusive experiences and benefits with leading travel and shopping partners, such as luxury accommodations, fine dining, and elite-level services.
- Travel Insurance and Protections: The card provides premium travel coverages, such as trip cancellation and interruption insurance, baggage delay insurance, and car rental collision damage waiver, among others.
While these luxury perks can significantly enhance a cardholder’s travel experience, it is essential to consider the high annual fee associated with the card. Other alternatives in the market may offer similar or better rewards and benefits at a lower cost.
Pros and Cons
The Mastercard® Black Card™ offers some attractive benefits and features for its users. However, like any high-end credit card, it has its drawbacks as well. In this section, we will explore the pros and cons of the Mastercard® Black Card™ in more detail.
Pros:
- Interesting travel perks such as airline credit, extensive airport lounge access, and concierge services.
- $100 airline credit that can be utilized for airfare and other travel-related expenses.
Cons:
- A hefty $495 annual fee, which may not be justifiable for some users.
- Additional $195 authorized user fee for adding another user to the account.
- The rewards earnings and perks may not be as competitive as those offered by other high annual fee cards.
- A steeper 3% balance transfer fee compared to industry standards.
It is essential to weigh these pros and cons when considering the Mastercard® Black Card™ as a potential credit card option.
Comparison to Competitors
The Mastercard® Black Card™ faces competition from other premium credit cards in the market. Some of its main competitors are the American Express Platinum Card, the Chase Sapphire Reserve, and the Citi Prestige Card. In this section, we will compare the Mastercard® Black Card™ to these competitors in terms of rewards, annual fees, and additional benefits.
Rewards: When it comes to rewards, the Mastercard® Black Card™ offers 1 point per dollar on all purchases, with a 2% value when redeemed for airfare and 1.5% for cash back. In comparison, the American Express Platinum Card offers 5 points per dollar on airfare and prepaid hotels, while the Chase Sapphire Reserve provides 3 points per dollar on travel and dining expenses. The Citi Prestige Card also offers higher reward rates, giving 5 points per dollar on air travel and restaurants, and 3 points for hotels and cruise lines.
Annual fees: The Mastercard® Black Card™ has an annual fee of $495, while its competitors have varying fees. The American Express Platinum Card charges $695, the Chase Sapphire Reserve has a $550 fee, and the Citi Prestige Card costs $495 per year. As we can see, the Mastercard® Black Card™ and Citi Prestige share the same annual fee, but the other two cards are slightly more expensive.
Additional benefits: All four cards offer various additional benefits to their cardholders. The Mastercard® Black Card™ provides a number of luxury perks, such as a 24/7 concierge service, access to over 1,300 airport lounges, and a $100 airline credit. The American Express Platinum Card also includes an extensive list of benefits, such as a $200 airline fee credit, Global Lounge Collection access, and hotel status upgrades. The Chase Sapphire Reserve offers a $300 annual travel credit, Priority Pass lounge access, and 1:1 point transfers to various travel partners. Lastly, the Citi Prestige Card provides a complimentary 4th-night hotel stay, a $250 travel credit, and Priority Pass lounge access.
In conclusion, while the Mastercard® Black Card™ offers several luxury benefits and competitive reward redemption rates, its competitors may provide higher rewards earning rates and additional benefits, depending on the cardholder’s specific spending habits and travel preferences.
Who Should Get This Card
The Mastercard® Black Card™ is best suited for individuals who prioritize luxury travel perks and are willing to pay a high annual fee for the benefits provided. This card may be a good fit for you if you frequently travel and value benefits such as:
- Priority Pass Select airport lounge access
- $100 annual airline credit
- Global Entry or TSA PreCheck fee credit
- 24/7 Luxury Card concierge service
- Various travel insurance benefits
Additionally, the card is designed for people with good to excellent credit, so if you meet these credit requirements, you may be eligible for this card.
However, if your main goal is to maximize rewards earnings, there are other high annual fee cards on the market that may offer a better value and more competitive rewards rates. Before deciding on the Mastercard® Black Card™, it’s important to compare its benefits and rewards structure to other premium travel credit cards available to make sure it’s the best fit for your lifestyle and spending habits.
Conclusion
The Mastercard® Black Card™ offers various benefits, such as luxury travel perks, impressive rewards, and top-notch customer service. While the annual fee could be a bit high for some, frequent travelers and individuals who prioritize luxury experiences may find it worthwhile. It’s essential to weigh the provided perks against this cost to determine whether this card is the right fit for one’s needs.
Additionally, it’s essential to consider other high-end credit cards in the market, as the Mastercard® Black Card™ may not cater to everyone’s preferences. Some other cards offer a different set of benefits or more affordable annual fees, which may ultimately be better suited to one’s specific financial goals and travel habits.
In summary, the Mastercard® Black Card™ is a solid choice for individuals seeking luxurious travel experiences while still earning competitive rewards. Nevertheless, it’s important to carefully evaluate one’s requirements and consider alternative options before making a final decision on this card. Always remember to use credit responsibly and ensure that the potential value gained from any card ultimately outweighs its associated costs.