Exclusive Credit Cards

One of the most exclusive high limit credit cards is the American Express Black Card. This was formally known as the American Express Centurion Card. This is a no-limit card. But at what cost?

According to a well-known credit card forum, while the annual fee started at $1,000 about ten years ago, it is now up to $2,500 in addition to a $5,000 initiation fee.

Creditcards.com has reported that the American Express Black Card has no limit and is only issued by invitation. You cannot apply for this card. There are other reports that have indicated that this card requires annual charges of at least $250,000 while still others have reported that number to be as high as $1 million. Additionally, the card is actually made of titanium!

For many years the existence of this card from American Express (AXP) was thought to be just a myth. In fact, according to American Express, the myth predated the actual card. American Express decided to “capitalize on the idea…” As crazy as it sounds, during this time of economic strife, American Express has actually seen a rise in luxury spending. They’ve seen customers use the card to purchase a Bentley and even a charter jet. It seems that if you’re ultra-wealthy its worth the membership fees not to have to go the bank and get a certified check or make a wire transfer.

It’s worth pointing out that this card from American Express is actually not a credit card. It is a charge card. What’s the difference? A charge card must be paid off, in full, every month. As dailyfinance.com points out perhaps this is a secret of the wealthy. Pay off all cards, in full, every month.

Imagine one of these with your name on it.

Resources: creditcards.com, dailyfinance.com