Credit Cards

Visa Black Card Review: The Pros and Cons

Visa_Black_CardThere are many difficult kinds of credit cards with benefits geared toward different goals: Some offer you points, rewards, or flyer miles, while others offer you luxury and a status symbol. For those that are high earners and are looking for a card to reflect that earning power, the Visa Black Card is a viable choice.

But to ensure that you make the right decision for yourself and your finances, read on to find out more about the Visa Black Card and review just exactly what makes this card so attractive – or even unattractive.

About Visa Black Card

Visa Black Card is a credit card that operates under Visa but is issued by Barclays. When it comes to choosing this card, if you are looking to gain a high number of rewards points or to avoid international transaction fees, this card is not for you. This card is for individuals that are looking for a different type of service which hinges upon exclusivity, lost luggage reimbursement, purchase security, concierge service, and the like.

With these features, you can enjoy benefits that other cardholders do not have access to. In addition, not only is this card geared towards luxury services, it even looks the part: The Visa Black Card is sleek, made of stainless steel, and the image of high status.

Rewards – Disadvantage

You read that right! Usually, when it comes to rewards, card members expect that they’re getting an advantage. Yet, in this case, it is pretty much not the case. Cardholders can expect to earn a measly point per dollar spent. With most purchases and redeemable points, you’ll earn back only 2% and the cash back return is one cent per point. In all honesty, there are much better deals out there if you’re looking for a credit card that will provide you with the ability to get some great rewards.

Hefty Annual Fee – Disadvantage

There is a reason that Barclays boasts that only 3% of the U.S. population can qualify for this card. To qualify, you must have a perfect credit score and an ability to pay the annual $495 fee, the standard interest rate, and 4% balance transfer fee. Each of these fees can be pretty taxing on your finances, especially if you are not prepared for them. Furthermore, hopefully you don’t plan on traveling and using this card, because purchases will cost you a 3% foreign transaction fee for all charges that are made outside of the United States.

Travel Policy – Advantage

Although you are obligated to pay extra fees when you travel, this card does encourages traveling: You can expect global acceptance of this card in over 170 countries, plus travel emergency and assistance services, auto rental damage collision waiver, baggage delay insurance, trip interruption/cancellation insurance, worldwide travel accident insurance, and lost luggage reimbursement. These services can be extremely beneficial if you are a frequent flyer and are looking for ways to make your flying experience less stressful and more enjoyable.

Zero Liability – Advantage

There is nothing worse than being liable for purchases that you did not make with your credit card. Fortunately, this card works to protect you against unwarranted purchases. Users of this credit card are not liable whatsoever when a purchase has been made without the permission of the cardholder.

Therefore, you can easily protect yourself and your finances. In addition, this card also offers you a high level of purchase security, meaning that it will reimburse you up to $500 per claim for eligible items within the first 90 days of the purchase date.

Overall, this card is mainly beneficial to users that are able to forgo the points accumulation and other rewards for better travel security and luxury status. Despite the foreign transaction fees, the annual fee, and the regular interest rate, this card is a luxurious addition to your wallet that mirrors status and special concierge services.

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