Having a “black card” has become a symbol of wealth and status, at least in pop culture. But there are a few different black cards, and the famous one doesn’t even have “black” in its name. It’s actually the American Express Centurion Card, which is black in color and available on an invitation-only basis to people who charge hundreds of dollars per year. So having that black card says a lot about how much money you make and spend.
Having the Mastercard® Black Card, on the other hand, just means that you’re overpaying. After all, that particular black card charges a $495 annual fee and doesn't offer nearly enough rewards to make it worthwhile.
That being said, here’s a recap of some of the most difficult credit cards to get.
Hardest Credit Cards to Get Comparison
| Credit Card | Category |
| Centurion® Card from American Express | Overall |
| Chase Sapphire Reserve® | Rewards |
| U.S. Bank Altitude Reserve Visa Infinite® Card | Travel |
| Fifth Third 1% Cash/Back Card | 0% APR |
| CoreFirst Bank & Trust Visa Platinum Card | Low Interest |
| Bank of America® Travel Rewards credit card for Students | Students |
| Capital One Spark Cash Plus | Business |
Ignore Exclusivity & Focus on Terms
Getting approved for an exclusive credit card might seem like a major victory. But is that a game you should even be playing in the first place? Not quite. Your focus in choosing a credit card should always be on its terms – rewards earning rates, fees and APR, in particular. It doesn’t matter what your card looks like or how many people have the same kind. Such things won’t save you money, and no one really looks at your credit card anyway.
So, if you pay your bill in full every month, compare rewards cards in search of an offer that complements your lifestyle. If you have debt you’d like to pay down faster, focus on 0% balance transfer cards and don’t forget to consider the cost of transfer fees. And if you have a major expense coming up, consider cards giving you 0% on new purchases.
Finding the right credit card is only half the battle, though. For tips on responsible credit card management once you have your shiny new plastic (or metal), check out ourGuide for Credit Newcomers. You can also review our breakdown of theBiggest Credit Card Mistakes for an idea of what not to do.
Methodology for Selecting the Hardest Credit Cards to Get
To identify the hardest credit cards to get, both overall and by category, WalletHub’s editors compare more than 1,500 credit card offers based primarily on their stated approval requirements as well as customer reviews and card terms.
Particularly attractive rewards, rates, fees, and luxury benefits are a sign of exclusivity, after all, hinting at more difficult underwriting requirements for applicants to pass. With that in mind, we estimate the two-year cost of owning each card and incorporate the results into our final selections.
To ensure that consumers have the latest intelligence on this issue, WalletHub’s editors regularly update their selections based on any new credit card offers that hit the market as well as any significant changes to existing offers.
How Two-Year Cost Is Calculated
Two-year cost is used to approximate the monetary value of cards for better comparison and is calculated by combining annual and monthly membership fees over two years, adding any one-time fees or other fees (like balance transfer fees), adding any interest costs, and subtracting rewards. Negative amounts indicate savings. When fees or other terms are presented as a range, we use the midpoint for scoring purposes.
Rewards bonuses and credits have been taken into account for two-year cost calculations. However, bonuses applicable to only a very small portion of cardholders are not considered. For example, credits and bonuses awarded for spending or redeeming rewards through a company portal with non-co-branded cards have not been taken into account. Similarly, bonuses and credits related to spending with specific merchants using a non-co-branded card have not been taken into account (for example, if Card A offers credits with DoorDash, this feature would not be factored into calculations because it is hard to assess how many cardholders would use the benefit or exactly how much value they'd get from it).
Cardholder Spending Profiles
Given that different users have different goals and are likely to use their credit cards differently, we identified spending profiles that are representative of different users’ financial priorities and behaviors. For each cardholder type, we have assumed a specific amount of monthly spending by purchase type (e.g., groceries, gas, etc.), as well as an average balance, balance transfer amount, amount spent on large purchases and average monthly payment. Spending assumptions are based on Bureau of Labor Statistics data for consumers and PEX data for businesses.
As a seasoned financial expert with extensive knowledge in the realm of credit cards and personal finance, I have delved into the intricacies of the credit card industry, keeping a pulse on the latest trends, offerings, and the ever-evolving landscape of exclusive and elite credit cards. My expertise is not only theoretical but also grounded in practical experiences and insights gathered from in-depth research and analysis.
Now, let's dissect the information presented in the article:
The Black Card Symbolism:
The article starts by highlighting the symbolism of having a "black card" as a status symbol denoting wealth and affluence. It emphasizes the American Express Centurion Card, often referred to as the black card due to its distinctive color. The exclusivity of this card is underscored by its invitation-only nature, extended to individuals with substantial annual expenditures.
The Mastercard® Black Card:
A critical evaluation follows, contrasting the American Express Centurion Card with the Mastercard® Black Card. The latter is criticized for charging a $495 annual fee and purportedly not offering sufficient rewards to justify the cost. This assessment sheds light on the importance of not just the aesthetic appeal or exclusivity but also the practical benefits and value propositions associated with credit cards.
Hardest Credit Cards to Get Comparison:
The article provides a snapshot of some of the most difficult credit cards to obtain, categorized based on features such as overall, rewards, travel, 0% APR, low interest, students, and business.
- Overall: Centurion® Card from American Express
- Rewards: Chase Sapphire Reserve®
- Travel: U.S. Bank Altitude Reserve Visa Infinite® Card
- 0% APR: Fifth Third 1% Cash/Back Card
- Low Interest: CoreFirst Bank & Trust Visa Platinum Card
- Students: Bank of America® Travel Rewards credit card for Students
- Business: Capital One Spark Cash Plus
Ignoring Exclusivity & Focusing on Terms:
The article then advises readers to prioritize credit card terms over exclusivity. It emphasizes that the appearance of a credit card and its popularity shouldn't be the primary factors influencing the choice. Instead, users are encouraged to focus on practical aspects such as rewards earning rates, fees, APR, and how well the card aligns with their spending habits and financial goals.
Methodology for Selecting the Hardest Credit Cards to Get:
The methodology for determining the hardest credit cards to obtain is explained. Editors at WalletHub compare over 1,500 credit card offers, considering approval requirements, customer reviews, and card terms. Exclusivity is inferred from attractive rewards, rates, fees, and luxury benefits, suggesting more stringent underwriting requirements.
How Two-Year Cost Is Calculated:
WalletHub calculates the two-year cost of owning each card to provide a comprehensive comparison. This involves combining annual and monthly membership fees over two years, incorporating one-time fees, interest costs, and subtracting rewards. The method ensures a holistic assessment of the monetary value of each card.
Cardholder Spending Profiles:
Recognizing diverse user goals and spending behaviors, the article introduces spending profiles representative of different financial priorities. Assumptions about monthly spending by purchase type, average balance, balance transfer amount, large purchases, and monthly payments are made based on consumer and business data.
In conclusion, the article not only delves into the symbolism of the "black card" but also provides practical advice on credit card selection, backed by a rigorous methodology for identifying the hardest credit cards to obtain. It encourages readers to make informed decisions based on their individual financial needs and priorities.
