Credit cards that may be out-of-reach despite having an excellent credit score
Generally, consumers assume that they can obtain some of the best credit cards if they have a good or excellent credit score. However, that is not entirely true, as there are some of the cards that cannot be guaranteed even if you have the perfect credit score.
These are better known as the invitation-only cards, states Beverly Harzog who is an expert in this field.
The American Express Centurion or the Black Card is one of the well-known cards that belong to this elusive category. The terms & conditions that are applicable on this card have never been disclosed formally by AmEx. In fact, the only thing that you may be able to learn when you visit the card issuer’s website is that Centurion is a card that is ‘rarely seen, always recognized.’
However, experts seem to have done a lot of digging and have found out through interviews with some of the cardholders that they could get hold of, and it has been found that Centurion is awarded to just a select few. The card is normally awarded to the existing cardholders would have already charged around $250,000 or more on their cards within one year. These people end up paying a $5,000 initiation fee as well as $2,500 as annual fees in case they choose to obtain this card.
Very little is known about the perks that are offered with this card, but it is supposed to carry some really cool travel perks that include free upgrades and exclusive discounts on all carriers. Tim Chen, CEO of a prominent website states that the concierge will do just about anything for you.
Founder of another prominent website, Curtis Arnold, has also stated that the cards offers much more than just travel benefits. In fact one of the cardholders even told the website about a dinner that was hosted recently by Centurion at Bergdorf-Goodman, where the free meal also came with a bagful of goodies and personalized stuff.
However, it is important to note that Centurion is not the one and only invitation-only card in the market. The Platinum card offered by Chase carries a lower annual fee of $595 when compared to AmEx, states Harzog. However, this requires a full private Chase bank account and believed to be around $20 million to $30 million.
Chen also states that there are a number of financial institutions that offer cards only to those who use the services of their private wealth managers.
