Many of us have credit cards today, ranging from your entry level cards, to Gold cards and to Platinum cards but today I came across the Amex Black credit card which is supposed to be the top of the range credit card in the world today. They say your world changes when you are in possession of this card so I decided to take a closer look at it and let you know of my findings.

The Amex Black credit card is actually an American Express issued credit card hence the name Amex (American Express). The card is filled with a lot of mystery in terms of how one can obtain one and what are the requirements and limitations of the card. Visiting the American Express website to find out more was fruitless as they do not mention anything about the card on their website except for giving you a login page where you enter your username and password to gain access to the Amex Black card information. So clearly from that point you already need to have an Amex Black card to login to that section of the website.

But upon further investigations I came across some articles and write-ups about the Amex Black card from other websites and magazines. Apparently one can only be invited to have one of these cards, that was the thought initially, but then it looks like if you already have had another American Express card for no less than one year and you spend more than US$250 000 (R1.625m) a year on your credit card, you can request to have the Amex Black card. One would also require to pay the joining fee of US$5 000 (R32 500) and an annual fee of US$2 500 (R16 250). Now when I saw this I thought to myself, “why would someone want to spend so much money (almost R50 000) in fees in the first year for a credit card?” Thus the reason why this card is meant to be for the ‘super’ rich. I just wonder how many people in South Africa today spend R1.625m per year on their credit card?

Now the question is: what are the benefits of having the Amex Black card? Firstly, an Amex Black card holder will have a very high spending limit based on their income. This is normal with any other credit card but the limits of the Amex Black card seem to be extreme with some people even going as far as saying there is no limit to your spend on your Amex Black card. I find that hard to believe though. Some have said that a holder of the Amex Black card has actually ‘swiped’ for US$30m with their card to purchase a private jet! Hard to believe but it could be possible. There are some people in South Africa today who can walk into a car dealership and ‘swipe’ for a R750 000 car.

The second benefit is having a 24 hour personal concierge. What they can basically do is make reservations for you at short notice to the trendiest or expensive hotels and restaurants across the world, plan weddings, parties or meetings for you and even get you tickets to any sporting event you would like. You thought getting a ticket for the Rugby World Cup Final would have been a mission? Well if you have an Amex Black card they would have made a plan for you.

The other benefits include private shopping services at the finest retailers across the world. So instead of walking into a department store to buy clothes you would go into a fashion boutique such as Escada or Gucci and have someone personally help you shop for what you want.

Amex Black card holders also have access to all VIP airport lounges and they will always travel in the best class a flight has to offer. Coupled with that they also receive complimentary companion airline tickets on international flights and they will get some hotel accommodation for free.

It seems a rather extravagant credit card to have but is it really necessary? I wonder what the interest rates are like on that card? But then again, I would assume the holder of such a card has so much money that they will not actually use the credit card facility, if they do, they are able to pay it back very quickly. This card maybe more of a convenience for the ‘super’ rich rather than them requiring the credit facility as they already have their millions of dollars made. Rather than carrying out all the paper work and transactions to purchase a US$30m jet, it is just easier to ‘swipe’ for it using your Amex Black card.

The card is also said to be made of Titanium and not plastic like a normal credit card. “The reason behind that?” your guess is only as good as mine. I wonder if those unfamiliar to the card, seeing it for the first time would know what to do with it? My bet is you would be turned away if you present the Amex Black card at a restaurant in South Africa where no one knows about the card.

I wonder if there is anyone in South Africa with one? If you are reading this and have one, please let us know about the hype behind this card.

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