I'm Still Not Sure What A VISA "Black" Credit Card Is, But We Just Got Issued Them Yesterday. Do You Know?

  • Posted by a hidden member.
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    Nov 29, 2014 11:16 PM GMT
    We went into our bank yesterday to replace my husband's debit card. It was physically worn out, and the magnetic strip wasn't reading consistently.

    While we were sitting at a desk with a customer rep to get that done, the bank manager walked over. He wanted to introduce himself, having recently taken over there. He apparently knew who we were.

    After pleasantries he said he had already authorized 2 Black VISA credit cards for us. That meant nothing to us, and we said we don't use credit.

    He said this was the highest level of VISA credit card, available to very few. And we'd have it interest free, and with no fees, for an entire year.

    We told him we don't use credit, and wouldn't need or use it. But he told us all the bennies we'd receive. Like all kinds of rewards, and private banker assistance, a travel concierge, etc. So OK, we agreed. But what it all really means I still don't know.

    But there's no joining fee, no annual fee which was waved, and no interest. So I suppose if we don't abuse it we should be OK.

    And it apparently has virtually no limit. He said if we wanna use them to buy a sailboat it won't be a problem. We don't wanna buy a sailboat. Nor anything else that can't be covered by our savings on hand today.

    So I'm kinda puzzled by this. I'm trying to research online, and see what it is we've gotten ourselves into. Anyone here know about VISA "Black"?
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    Nov 29, 2014 11:22 PM GMT
    Black Cards were first started by American Express.

    It was a way of differentiating from Platinum.

    It means there is NO limit.

    You and Your Husband must have extremely good credit and assets.

    They are NOT given out freely.
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    Nov 29, 2014 11:23 PM GMT
    The Visa Black card is somewhat meaningless. The only black card that matters is the original one from AMEX. This is the one that's offered to celebrities that like to spend money faster than they make money. icon_lol.gif


    N2uFR9u.jpg
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    Nov 29, 2014 11:28 PM GMT
    xrichx saidThe Visa Black card is somewhat meaningless. The only black card that matters is the original one from AMEX. This is the one that's offered to celebrities that like to spend money faster than they make money. icon_lol.gif


    N2uFR9u.jpg


    I'm curious..

    Is VISA just trying to imitate AMEX but not offering the same level of service?
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    Nov 29, 2014 11:31 PM GMT
    I would read the fine print. If you go to the Visa website, the Black card has an annual fee. Also might want to verify if there's a minimum purchase requirement.
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    Nov 29, 2014 11:35 PM GMT
    I have that card. Its Visa's Signature level card. I was upgraded a few years ago from Gold. I guess its done automatically when your old credit card expires and if you have outstanding credit rating, they upgrade you for being a really good customer, for free (no fees) with a pretty good APR rate, as long as you use the card. I don't use my credit card but just to keep it, I bought some high end items in the last few years and just paid it off real fast.

    Keep it, its a gift, you must have great credit.
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    Nov 29, 2014 11:37 PM GMT
    Cash saidBlack Cards were first started by American Express.

    It was a way of differentiating from Platinum.

    It means there is NO limit.

    You and Your Husband must have extremely good credit and assets.

    They are NOT given out freely.

    This is what confused us. They were issued to us without our involvement. We were there to replace his beat-up debit card, nothing more.

    And the bank manager walks over and tells us we've just been issued these things. We hadn't even applied for anything, filled out nothing, signed nothing! Had never heard about a "Black" card. They arrive in the mail within the next week or 2. And yeah, he implied there is no limit, with his sailboat remark.

    But we DON'T have a lot of assets, and I have rather crummy credit, thanks to my ex-wife. What we do have is community prominence, and maybe that's what this manager is going on.

    Plus when this branch first opened in a new building a few years ago we started an account there, and liked them. And did what we could to promote them, and helped get them established. We also got some business accounts transferred there worth millions.

    So that I suspect when they bring our names up on their computer screens they are flagged in some favorable way. And that might explain this Black VISA thing. Because our personal assets most certainly could not get us a Black Card, as I'm now understanding this.
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    Nov 29, 2014 11:39 PM GMT
    xrichx saidI would read the fine print. If you go to the Visa website, the Black card has an annual fee. Also might want to verify if there's a minimum purchase requirement.

    I will. I was told for the first year the annual fee has been waved, there is no interest, and no purchase requirement. I knew enough to ask.
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    Nov 29, 2014 11:46 PM GMT
    I found this, is the Visa Black card, Barclays'? I guess I don't have this


    http://www.bankrate.com/finance/credit-cards/6-premium-credit-card-rewards-elite.aspx


    or this

    Is Visa Signature Better Than Platinum?
    http://www.accumulatingmoney.com/is-visa-signature-better-than-platinum/
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    Nov 29, 2014 11:47 PM GMT
    Art_Deco said
    xrichx saidI would read the fine print. If you go to the Visa website, the Black card has an annual fee. Also might want to verify if there's a minimum purchase requirement.

    I will. I was told for the first year the annual fee has been waved, there is no interest, and no purchase requirement. I knew enough to ask.


    NEVER pay fees.

    Tell them You will cancel Your account and they waive them automatically.
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    Nov 29, 2014 11:48 PM GMT
    southbeach1500 said
    Be careful that you are not paying MORE in annual fees with this new "privilege" courtesy of the bank. icon_wink.gif

    As I said, we are not paying any fees for the first year. I will be watchful for fees beginning the second year.

    We don't pay any fees now for our debit cards. And we have no credit cards. We buy nothing on credit, ever. Not cars, anything.

    Which we're told actually hurts our credit rating. But since we never use credit anyway, we don't care.

    So that this is a new experience for us. Partly why I'm posting to ask these questions, because I'm virtually a novice at this.
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    Nov 29, 2014 11:51 PM GMT
    I think these banks are running out of gimmicks. Back in the old days, Gold card was prestigious. Then Platinum. Now Titanium. Next up.. Unobtainium. icon_lol.gif
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    Nov 29, 2014 11:55 PM GMT
    Art_Deco said
    southbeach1500 said
    Be careful that you are not paying MORE in annual fees with this new "privilege" courtesy of the bank. icon_wink.gif

    As I said, we are not paying any fees for the first year. I will be watchful for fees beginning the second year.

    We don't pay any fees now for our debit cards. And we have no credit cards. We buy nothing on credit, ever. Not cars, anything.

    Which we're told actually hurts our credit rating. But since we never use credit anyway, we don't care.

    So that this is a new experience for us. Partly why I'm posting to ask these questions, because I'm virtually a novice at this.


    Your credit rating will go UP if You actually run a credit line.

    Meaning, You purchase something and pay over time. The interest is where the money is made by the lender.

    It is easy to negotiate interest rates.

    Spend a Thousand dollars in November.

    Pay it off in January...Yer rating goes up and You are out a few bucks.

    But if Ya wanna buy a house...the BANKERS actually care about this stuff.
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    Nov 30, 2014 12:31 AM GMT
    xrichx saidI think these banks are running out of gimmicks. Back in the old days, Gold card was prestigious. Then Platinum. Now Titanium. Next up.. Unobtainium. icon_lol.gif


    I haven't even heard of Titanium...

    Is that beyond Black?

    I have several black cards

    But not a Black Amex

    Never been invited, just dontl make the cut.

    My Mother has one

    And I have dated five Men who carried one.

    All of them so cheap they would pinch a penny until Lincoln screamed.



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    Nov 30, 2014 12:35 AM GMT
    Cash said
    Your credit rating will go UP if You actually run a credit line.

    Meaning, You purchase something and pay over time. The interest is where the money is made by the lender.

    It is easy to negotiate interest rates.

    Spend a Thousand dollars in November.

    Pay it off in January...Yer rating goes up and You are out a few bucks.

    But if Ya wanna buy a house...the BANKERS actually care about this stuff.

    As I said above, I've not interested in credit rating. I don't need or use credit.

    But earning money for purchases might interest me. Sorta like when I was a frequent flyer. If you're gonna fly anyway (or spend money on stuff), why not earn some bennies for it?
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    Nov 30, 2014 12:43 AM GMT
    southbeach1500 said
    I know someone who doesn't have a credit card too. He's now in his 60s and he told me that he is now concerned that using the debit card is a security risk, leaving him with no protection in case his account gets compromised, so he is going to get his first ever credit card in a few weeks!

    I'm not sure what security risks you mean. I keep a low daily expenditure limit on my own debit card, although it's the one with the larger reserves behind it. Which can be a hassle at times.

    But there's no limit on my husband's card. Except I keep very little on it, the card we usually don't use. For big purchases I transfer the adequate amount to it just before the purchase, which is then quickly gone.

    I play this "shell game" to prevent theft. It also makes our accounts look less attractive to thieves, showing very little money at any given moment.
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    Nov 30, 2014 3:39 PM GMT
    Hey there...not sure if it's the same thing, but I have a Visa Black card...it's just a regular card with no special perks, but has a very low interest rate.

    Cheers.
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    Nov 30, 2014 3:47 PM GMT
    Art.....they waived the FIRST year fees. Next year however, you'll be paying $500.00 a year + another $200.00 for your partner. This is a scam to get people to sign up, hoping they will forget to cancel by next year. If you don't need credit, I'd cancel that bitch right now.
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    Nov 30, 2014 5:13 PM GMT
    Scruffypup saidArt.....they waived the FIRST year fees. Next year however, you'll be paying $500.00 a year + another $200.00 for your partner. This is a scam to get people to sign up, hoping they will forget to cancel by next year. If you don't need credit, I'd cancel that bitch right now.

    Trust me, I will be watching for that. We do NOT need credit, we have the cash to pay for everything without credit.

    But as I noted above, if it's like my frequent flyer card, and I'll be getting bennies for spending the same money I was gonna spend anyway, then OK, that's a worthwhile perk.

    But not with a high membership fee. So thanks for the warning. I was prepared for that. Buy hey, for 12 months it looks like we get a free ride. And if at the end they want a fortune to continue, we'll walk away. icon_biggrin.gif
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    Nov 30, 2014 6:32 PM GMT
    Art_Deco said
    Scruffypup saidArt.....they waived the FIRST year fees. Next year however, you'll be paying $500.00 a year + another $200.00 for your partner. This is a scam to get people to sign up, hoping they will forget to cancel by next year. If you don't need credit, I'd cancel that bitch right now.

    Trust me, I will be watching for that. We do NOT need credit, we have the cash to pay for everything without credit.

    But as I noted above, if it's like my frequent flyer card, and I'll be getting bennies for spending the same money I was gonna spend anyway, then OK, that's a worthwhile perk.

    But not with a high membership fee. So thanks for the warning. I was prepared for that. Buy hey, for 12 months it looks like we get a free ride. And if at the end they want a fortune to continue, we'll walk away. icon_biggrin.gif



    They count on people getting caught up in their lives and letting that due date pass them by. Then one day you see $700. 00 gone from your account and it's too late.
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    Nov 30, 2014 6:55 PM GMT
    Scruffypup saidArt.....they waived the FIRST year fees. Next year however, you'll be paying $500.00 a year + another $200.00 for your partner. This is a scam to get people to sign up, hoping they will forget to cancel by next year. If you don't need credit, I'd cancel that bitch right now.


    Actually, You can talk them out of their fees very easily.

    I have done it a million times.

    They WANT Your LONG TERM business. Not immediate fees.

    Amex did not become a powerhouse 500 bucks ata a time.





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    Nov 30, 2014 10:21 PM GMT
    Yeah, watch out, Art. Something can come up around the time of "renewal"....for instance, you or your hubby's health might keep you busy and not notice the fee.

    Yes, you can ask them to drop it, but that's a hassle especially for someone like you who doesn't use credit. Why not just surrender it now? Unless you think you might actually start building a credit rating by making a small (under $1,000) purchase and paying more than the min payment each month until paid off?


    I was offered the Amex Black when I returned the Platinum card, which they offered me when I turned in the Gold card after I saw the stupidity of carrying a card in my wallet that cost me $110 annually for the privilege of carrying it!


    Guess what Amex said? "Keep it. If you ever use it, no matter when in the future, we will reinstate it pronto!"

    So, I have the Platinum card at no fee! If the need would ever arise, I suppose it would be convenient. icon_wink.gif
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    Nov 30, 2014 10:29 PM GMT
    Don't be fooled into thinking consumers do not pay fees. AMEX has one of the highest merchant/transaction fee's going… do you think the merchant does not pass that on the end user? Think again!!

  • Nov 30, 2014 10:31 PM GMT
    I've been offered this card in the past, but turned it down once I knew their was an annual fee. The "luxury gifts" they mention had me intrigued though!

    Brian


  • christastic

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    Nov 30, 2014 11:39 PM GMT
    I have a friend who works for TD and he says it's practically the worst credit card possible (perks are intangible, but the $500 fee isn't!) They'll offer it to anyone over 30 with average assets, so it's pretty much a status object for those who really want it for some reason.

    TD gold elite visa is plenty enough for me icon_lol.gif