How to find the best credit card Black and purple credit cards
If your gold credit card has lost some of its lustre and your platinum credit card doesn’t match your social aspirations, you may be looking out for a more exclusive credit card – the black card.
However, a premium black card or even a purple credit card may not be worth it.
Perks of premium credit cards
Black credit cards often come with a range of benefits, including a 24-hour personal assistant service, travel insurance and airport executive lounge access.
However, if you don’t use all these services it’s not worth getting a black card, especially given the high annual fees. Usually, you’d be better off with a Which? Best rate credit card that fits your exact needs, building the extra perks yourself from other Which? Best Buys. For example, an annual worldwide travel insurance policy could cost under £40 – far less than the £250 annual fee charged by the RBS Black card.
Applying for a black credit card
The hard truth is that most consumers won’t be able to get a black or purple credit card, also known as ‘super-prime’ cards. The RBS and Natwest black cards, for example, require you to earn at least £75,000 a year and the minimum credit limit is £15,000. You also have to be over 25 years old.
Others, like the Coutts World Card, require you to be a high-earning existing customer.
And many black cards aren’t advertised – you can’t ask for one, the credit card company will come to you with an invitation to apply. The American Express Centurion card, for example, is available by invitation only.
Annual fees on black credit cards
Most premium credit cards charge an annual fee, so your cool new image will come at a hefty price.
The Natwest Black card charges an annual fee of £250, while Coutts charges £350 a year, refunded if you spent over £50,000 on the card in the preceding year.
Which? view on black credit cards
Apart from very high earners who are likely to use the available perks, black credit cards offer poor value for money.
It’s vital to choose a credit card to match your needs – if you pay off your bill in full every month, a Best Rate cashback credit card may be for you. For those who borrow on their card, a Best Rate credit card for everyday use or a credit card offering 0% on balance transfers may be best.
- For any financial query, call our experts on the Which? Money Helpline
- Do you know your rights when paying by credit card? Make sure with our guide
- Confused by your credit report? Take a look at our guide
