Forget the Little Black Dress, Try the “Black Card” from American Express

By: Jason Collazo

Despite the nation’s current economic struggles, super-wealthy American consumers are still spending and using their American Express “Black Card”, the most exclusive credit card in the world. The card, available by invitation only to consumers with extremely high incomes, nearly perfect credit, and a year’s history as a card holder of American Express, is shielded in great secrecy by the company but information about it is starting to leak out.

Even the card’s official name, the Centurion Card, commands respect. A centurion is the term for an officer in the ancient Roman Army, specifically one who was in charge of commanding a century, or a group of 100 men. The “Black Card,” as it is referred to colloquially, is made of titanium and is, in fact, all black. It is a technically a ‘charge card’ and not a ‘credit card,’ which means that Centurion cardholders cannot carry a balance from month to month but must pay everything off in full each billing cycle. First introduced in 1999, it represents an elite club accessible to only a handful of American Express customers on an invite-only basis and, as they say in the commercials, membership really does have its privileges.

What are the requirements an individual must meet in order to be summoned to the ranks of the Centurion? As might be expected, American Express is vague about dishing the exact details, but it’s safe to assume that all Centurion carriers can boast an impeccable credit rating, a serious net worth, spending habits that inspire them to charge at least a quarter of a million dollars annually, and at least one year of being an American Express card member.

So what makes having the Centurion Card worth the pricey one-time $5000 initiation charge and the $2500 annual fee thereafter? Again, specifics have not been disclosed but aside from the obvious travel upgrades it seems that, ultimately, the most appealing perk of being a Centurion carrier is the 24-hour concierge service available. “It provides a rich suite of benefits that one could not replicate on their own," says Elizabeth Crosta, director of public affairs at American Express, who notes that cardholders are increasing spending.

“We’re actually seeing a rise in luxury spending.” Additionally, she states that premium customers are spending and traveling more than ever before.

If you are looking to get invited, Ms. Crosta said "it's decided person by person. I haven't been invited. I know that...People will call us and ask to be invited. We cannot provide the exact numbers but I can tell you the demand for the Centurion Card continues to be high."

With the American Express Centurion card not losing any of its appeal as a status symbol it seems that, at least for the wealthy, “Black” will always be the new black.

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