The
Mastercard® Black Card is not a good credit card, as it charges a
$699 annual fee without providing the kind of standout rewards or luxury perks you’d expect to come with that. The main things you get are
1 - 2 point per $1, a $200 yearly air travel credit, and airport lounge access.
There are a few other benefits, like an application credit for Global Entry and access to “exclusive events,” but the best luxury cards give far more in return for their high annual fee. Most give a big initial bonus, for example, while this card has none. The bottom line is that while the Mastercard Black Card tries to position itself as a luxury card, it’s more like fool’s gold.
6 Key Things to Know About the Mastercard Black Card
Not THE Black Card
This isn’t the Black Card you’ve seen celebrities flash. That’s actually the
American Express Centurion Card, which is available by invitation only to people who spend hundreds of thousands of dollars per year. So don’t apply for the Mastercard Black Card thinking you’re getting a status symbol.
Sky-high annual fee
The Mastercard Black Card charges a
$699 annual fee. That’s one of the highest annual fees among all credit cards, according to WalletHub data. So, confusing this card with the Black Card of pop culture fame would be an expensive mistake.
Decent rewards, but not worth the cost
You will earn
1 point / $1 on all purchases charged to your Black Mastercard, which is actually a bit below the
average for a rewards card. Additionally, you will earn
2 point / $1 on eligible hotel and airfare purchases booked through LuxuryCardTravel.com.
Fortunately, you get a pretty good deal on redemption, with some methods proving more lucrative than others. Each point is worth $0.02 when redeemed for airfare, $0.015 when redeemed for a statement credit and $0.01 when redeemed for hotel or car rental reservations.
Still, you can get at least as much rewards value from cards that are hundreds of dollars per year cheaper.
$200 annual airline credit isn’t enough
If you fly at least once per year, you can consider Mastercard Black’s annual fee to be just $499, thanks to its $200 annual airfare credit. That’s still pretty expensive, though, so this particular perk isn’t enough to really move the needle.
0% balance transfers marred by a fee
If you transfer a balance to the Mastercard Black Card, you’ll have
15 months to pay it off before interest begins to accrue, provided that you make on-time minimum monthly payments in the meantime. Unfortunately, your balance will also be inflated by a
5% (min $5) transfer fee. You’d think Mastercard Black could afford to waive this fee, as some other cards do, but sadly you’d be wrong.
Good credit required
The same good or excellent credit needed to get the Mastercard Black Card also qualifies you for the market’s
best travel rewards cards. So if you
check your credit score and discover that it fits the bill, make sure to check out those other offers.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
