About the Mastercard Black Card

The Mastercard Black Card is one of the Luxury Card premium rewards cards. It provides customers with competitive reward rates. Regularly, you will earn one point per dollar you spend and access to airfare redemptions and cash back redemption options.

With a Mastercard Black Card, you will earn points for making purchases that can be redeemed in different ways. In addition, you also receive a lot of additional perks that might be useful while traveling or in your daily activities but be aware that this credit card may seem heavy as it's made of stainless steel. Finally, of course, a pretty high annual fee must be considered.

In this Mastercard Black Card review, we will tell you about its crucial features and compare it to other popular premium credit cards in Canada.

Mastercard Black Card features

One of the most noticeable features of Mastercard Black Card is its material. You will notice it as soon as you pick it up, as this credit card is made of a unique black PVD-coated metal front and carbon back for more durability.

As a result, Mastercard Black Card is much heavier than standard plastic cards. Its weight is 22 grams. In addition, Mastercard Black Card is delivered in a custom cherry wood tray box that contains flashcards, which provide all brief data about the key benefits, notable features, and the Luxury Card rewards program.

Luxury Card rewards program

Moreover, Mastercard Black Card gives you access to the Luxury Card rewards program that allows you to earn one point for every dollar spent. Points earning is not limited to a certain amount and the bonuses earned have no expiration date, so you can earn those as long as you wish as long as your account is active. However, there are no special cash back rates for specific categories of purchases.

Regularly, you earn one point per dollar spent. Unfortunately, there are also no sign-up bonus offers.

Points redemption

You will have two ways of your cash back redemptions. First, those can be redeemed as a statement credit or deposit at a rate of 2% Value for Airfare Redemptions with no blackout dates or seat restrictions or 1.5% Value for Cash Back Redemptions.

So, for example, if you spend $50,000, you will earn 50,000 points redeemable for $750 cash back or $1,000 in airline tickets. However, you should note that the airfare redemptions option allows you only to redeem toward airline tickets, while the cash back redemptions option has no limitations. In addition, cash back can be deposited directly into a U.S. bank account or applied as a statement credit.

Promo offers

Moreover, you will be offered a balance transfer intro APR. You will have a 0% interest rate on balance transfers for the first fifteen billing cycles after the account opening, but with a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater. There is also no foreign transaction fee, so that you can use this credit card abroad or onboard for in-flight purchases.

Interest rates

The regular APR is 17,99%, and cash advance fees are $10 or 5% of each cash advance, whichever is greater. Moreover, you should note that this credit card has relatively high annual fees of $495 and $195 for each authorized user added to the account.

Luxury perks

Furthermore, Mastercard Black Card offers you some additional luxury perks. For example, you will have access to a 24/7 Luxury Card concierge services team that will assist you with personal requests, travel arrangements, tickets to events, room upgrades, and other requirements that you may have.

Also, you will have a Luxury Card Travel perks such as annual airline credit that lets you have up to $200 reimbursed to your account each year for spending on tickets, baggage fees, room upgrades, in-flight services, and access to 1,300+ airport lounges worldwide and annual air travel credit of up to $100 in statement credits. You can also have access to several additional World Elite Mastercard benefits.

Insurance coverage

What is more critical, Mastercard Black Card will provide you with several insurance services. For example, you will have access to baggage delay insurance. You will be eligible for the reimbursement of covered items up to $100 a day for eligible baggage delays of more than four hours from your arrival time.

Also, the Mastercard Black Card offers travel accident insurance coverage of up to $250,000. You will receive this reimbursement in cases of carrier accidental death and dismemberment at no additional cost when you charge your entire travel fare to your eligible Luxury Card for a covered trip. Besides, this credit card offers you access to travel assistance services, auto rental collision waiver option, and trip cancellation and interruption up to $5,000 per insured person.

Additional perks and services

In addition, Mastercard Black Card provides more perks and services, such as Global Entry and TSA PreCheck Credit. You will have an expedited arrival to the United States from international destinations and participate in TSA PreCheck, an expedited domestic security screening at participating airports in the United States as a card member.

Additionally, you will access annual airline credit of up to $100 toward flight-related purchases, including airline tickets, baggage fees, upgrades, and more. For your convenience, yearly airline credit will automatically apply to your Mastercard Black Card.

You will also be provided a Priority Pass option as a card member. It means that you will have airport lounge access in many countries. In addition, you will be allowed to many VIP lounges and have a Priority Pass membership.

Pros and cons

As a result, we see that there are some significant benefits that Mastercard Black Card has:

• No foreign transaction fee;

• Unlimited 1-point cash back on every dollar spent

• 0% introductory APR offer;

• Decent value for airfare redemptions and cash back redemptions 2% of 1.5%, depending on redemption type, cash back, or airfare, respectively;

• Several additional travel perks;

• Some insurance options are offered;

• Luxury gifts from top brands;

• Annual airline credit of up to $100 in statement credits;

• Luxury Card Concierge services are available 24/7;

• No blackout dates or seat restrictions.

On the other hand, Mastercard Black Card has enough weak sides:

• The relatively high annual fee is $495;

• 3% balance transfer fee;

• You earn only one point per dollar spent;

• No welcome bonus;

• The recommended credit score is good/excellent;

• Additional $195 per-authorized-user yearly fee;

• Cash advance and balance transfer fees are relatively high.

How to apply for a Mastercard Black Card

Applying for a Mastercard Black Card is pretty simple, as you are not required to leave home. But first, the card issuer needs to visit the website of Luxury Card and find the link that will lead you to the Mastercard Black Card page.

Then, you need to click on that page's "Apply Now" button. You will be redirected to the page containing brief information about this credit card and its key benefits. Before filling out the application form, you need to read the terms and conditions, and then you can go below and start the application. Next, you need to enter the following information:

• General Information: Your name, permanent address; city-state; time at the permanent address, and residence status.  

• Employment and financial information: Source of income; occupation; total annual gross income.

• Contact Information: Primary phone; email address and choose whether you are a citizen of the USA or not.

• Security information: Date of birth, SIN, and mother's maiden name.

After those boxes, you need to choose whether you want to receive paperless statements, add an authorized user if required, add balance transfers, and look through legal terms and conditions. 

Finally, you must confirm your application and click the "Apply" button. 

Comparing Mastercard Black Card to other elite credit cards

Mastercard Black Card vs. Chase Sapphire Reserve

Both Mastercard Black Card and Chase Sapphire Reserve have relatively high annual fees, $495 and $550, respectively. Still, the Chase credit card has a lower fee for an authorized user added: $75 vs. $195 for each authorized user. Also, there are more travel benefits and luxury perks. In addition, the Chase Sapphire Reserve card offers you more points-earning options. You will earn 5 points per dollar on air travel and 10 points per dollar on hotels and car rentals, and one point per dollar spent on all other eligible purchases. You also have more cash-back redemption options. For example, you can redeem your points for airline tickets with no blackout dates or seat restrictions through Chase services or their airline transfer partners. Additionally, Chase Sapphire Reserve offers you a sign-up bonus of 80,000 bonus points after you spend $4,000 on your purchases during the first three months from account opening. This card goes without foreign transaction fees and offers a cell phone protection service.

Mastercard Black Card vs. American Express Platinum Card

The American Express Platinum card is another luxury credit card with a steep annual fee of $695. However, it still offers you a sign-up bonus, while the Mastercard Black Card doesn't. Also, you can earn 5X credit card membership points on prepaid hotels booked with American Express Travel. Also, Platinum Card provides you with $200 back in annual airline credit on prepaid hotel partners' bookings. Though airfare redemptions from the Black Card at 2% and 1.5% value for cash back redemptions may be more attractive than the Platinum Card earnings, there are still many travel benefits and luxury perks. You will always earn one point per dollar spent on all other eligible purchases, which will never expire. Also, there are no foreign transaction fees or annual fees for an authorized user.

Moreover, the balance transfers and cash advance fees are still relatively high with the Mastercard Black Card. However, there are enough matches between these cards. In addition, the Mastercard Black Card provides you with Global Entry, a Priority Pass to VIP lounges, and concierge services.

Conclusion

The Mastercard Black Card differs from the Chase Sapphire Reserve and American Express Platinum Card. You will have higher cash back redemption rates - 1.5% value for cash back and 2% for airfare. Moreover, you will enjoy the benefits of the additional World Elite Mastercard. On the other hand, a Black Card membership gives you access to travel benefits. You can earn only one point per dollar, while other credit cards offer more attractive rates and more statement credit and gift card options.

Nevertheless, there are a lot of similarities. Mastercard Black Card lets you enjoy Global Entry, Priority Pass, and airport lounge access. Besides travel benefits, you will still have additional perks, such as cell phone protection or the Luxury Card concierge option. All these products have relatively high annual fees, but it's not simple to find a no-annual-fee card in the luxury credit card industry. Although there is no sign-up bonus, you will have an intro APR offer on balance transfers for 15 months since the account opens.

In summary, there are several significant differences between the Luxury Card product and other premium credit cards. The value for airfare redemptions and cash back are pretty generous and are higher than rates offered by the compared cards, but perks and additional services are not so strong. Of course, you will have enough statement credits benefits and Luxury Card concierge team access, but the Mastercard Black Card doesn't offer many exclusive offers. However, it costs the same. The annual fee, balance transfers, cash advances fees, and interest rates are relatively similar.