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Barclaycard US this month chose what might be the nadir of the economic crisis to unveil the new Black Card, a Visa-branded card made with carbon graphite that carries a $495 annual fee. The Barclaycard Black Card provides 24-hour concierge service, access to 500 members-only airport lounges worldwide and a rewards program that enables cardholders to redeem "luxury" level gifts and travel benefits. In TV spots and print ads running in national newspapers and magazines, Barclays touts the card as "the ultimate buying tool" and says it is "available to only 1% of U.S. residents" to ensure the highest caliber of personal service for cardholders. Some of the Black Card's features mirror American Express Co.'s $450-a year Platinum card and the new card plays off of indirect association with AmEx's $2,500-a-year, invitation-only Centurion card, which requires a $5,000 initiation fee, observers note. The Centurion card often is referred to as "the black card" because of its all-black design. Barclaycard's Black Card rewards program offers one point per dollar spent; cardholders can redeem points for a variety of awards including air travel; 30,000 points is good for one domestic round-trip airfare on any airline at any time, according to a card representative. Barclays is offering 0% annual percentage rate for the first six months on balance transfers; otherwise the rate currently is 13.99%. Megan Bramlette, managing associate with Westbury, N.Y.-based Auriemma Consulting Group, tells CardLine that despite the economic downturn, this is not a bad moment to market a super-premium credit card. "The truly affluent are still spending money, and as long as Barclaycard keeps a tight focus on its market, it is a pretty safe bet for them to make," she says. AmEx does not view the Black Card as a threat, an AmEx spokesperson tells CardLine, adding that its Centurion and Platinum cards have been "flattered by imitators for years."
