If you’re in the market for a premium travel card, then you’ve probably come across the Mastercard Black Card. But is it really worth the hefty annual fee? In this article, we’ll take a closer look at what the card offers and how it compares to its competitors.
Time’s Take
To put it simply, there are better cards out there than the Mastercard Black Card. When you compare it to other cards with similar annual fees and benefits, it falls short. The steep annual fee is hard to justify when the benefits and rewards are lacking.
However, there are a few unique scenarios where this card might make sense. We’ll cover those later in the article. Plus, if you’re a fan of fancy metal cards, this one is definitely at the top of the list.
Pros and Cons
Let’s break down the pros and cons of the Mastercard Black Card:
Pros:
- 0% balance transfer offer
- Concierge services
- Priority Pass included
- $100 annual airline credit
- No foreign transaction fees
- 2% redemption value for airfare
Cons:
- No welcome bonus
- Limited redemptions
- $495 annual fee, $195 fee for authorized users
- No travel rewards program
Who is the card for?
The Mastercard Black Card is marketed as a luxury card, but it’s not as exclusive as it claims to be. In fact, there are much better options available. If you’re considering this card, you probably know better.
One thing to note is that some people confuse this card with the American Express Centurion Black Card, which is a truly exclusive invitation-only card. The benefits offered by the Mastercard Black Card may not be exclusive, but they do come with a hefty price tag.
That being said, there is one scenario where this card can be worth the annual fee. If you have a large family and need lounge access for everyone multiple times a year, the unlimited Priority Pass visits that come with this card could make it worthwhile.
Features
The Mastercard Black Card comes with a long list of benefits, but the question is whether these benefits are worth the high annual fee.
- 0% APR on balance transfers: This card offers a 0% APR on balance transfers, but keep in mind that the balance transfer fee is higher than what many other cards charge.
- Simple rewards structure: You earn one point for each dollar spent on the card, and you can redeem airfare for 2% and cash back for 1.5%. Other cards offer better rewards in specific categories.
- $100 airline credit: Each year, you can receive up to $100 in credits for airline purchases. While it’s a nice benefit, other cards offer more substantial travel credits.
- Global Entry and TSA PreCheck statement credit: Cardholders receive a $100 statement credit for Global Entry, which includes TSA PreCheck.
- Concierge services: The card comes with active concierge services for various requests, such as booking travel arrangements and making dinner reservations.
- Priority Pass: One of the best features of this card is the unlimited Priority Pass membership, allowing the cardholder and any guests to enjoy lounge access.
The Fine Print
As with any credit card, it’s important to review the fine print. Here are some key details to consider:
- APR and balance transfer APR: The card has a regular APR and a balance transfer APR, but keep in mind that the balance transfer fee is higher than what many other cards charge.
- Annual fee: The Mastercard Black Card has a high annual fee, as well as an additional fee for authorized users.
- Balance transfer fee: The balance transfer fee is higher than what many other cards charge.
- Cash advance fee: There is a cash advance fee associated with this card.
- Transaction fees: There are no foreign transaction fees.
- Penalty fees: Late and returned payment fees may apply.
Additional Hidden Perks
In addition to the main benefits, the Mastercard Black Card offers some additional perks:
- Luxury Card Travel: This program offers valuable benefits when booking certain hotels through the credit card, such as room upgrades, breakfast for two, and free Wi-Fi.
- Travel insurance: The card provides strong travel insurance benefits, including trip cancellation and interruption coverage, travel accident insurance, and more.
- Mastercard Special Offers: Cardholders can take advantage of special offers from various businesses, including Lyft, ShopRunner, Instacart, and more.
- Cellphone protection: If you pay your phone bill with the card, you may be eligible for damage or theft protection.
What Could Be Improved
Considering the hefty annual fee, there are a few areas where the Mastercard Black Card falls short. Other cards offer better value with introductory bonus offers, bonus spending categories, and more compelling offers from retailers and partners.
If you’re looking for a prestigious, premium rewards card with a high annual fee, other options like the Mastercard Platinum Card or the Mastercard Gold Card offer better value. On the other hand, if you’re interested in the benefits provided by the Mastercard Black Card, there are other cards with lower annual fees that can meet your needs.
Time Stamp: A Luxury Card That Falls Short
In conclusion, the Mastercard Black Card doesn’t live up to its claim of being a luxury card. It lacks introductory bonuses, bonus spending categories, and a robust travel rewards program. For a card that comes with a high annual fee, there are better options available. Other cards in the same price range, such as the Mastercard Platinum Card, offer more value. Alternatively, if you’re looking for benefits similar to those offered by the Mastercard Black Card, there are cards with lower annual fees that can provide what you need.
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