Are You Losing Money on Your Credit Card?

Remember when the Amex Black Card was the ultimate flex? A few years back, it was practically a status symbol, and even A$AP Mob dedicated a whole song to it. But, that was then, and, well, times have changed.

Nowadays, practicality seems to take precedence over the bling factor. I’ve heard from quite a few wealthy individuals who are now opting for credit cards with useful banking features—like the Chase Sapphire Reserve—or those that serve more like personal assistants, planning trips to places like Le Veau D’Or and San Sebastián.

It seems companies such as American Express and Capital One aren’t issuing card numbers for clients with high net worths anymore, though they still clearly see the appeal in that market.

Take Robinhood, for example—they rolled out a limited edition 10-carat gold card last year. And yes, Amex Platinum and Capital One’s Venture X cards are still a thing, but they’re increasingly becoming a weightier alternative to those flimsy credit cards you get from colleges.

But really, they’re losing that cool factor. High-end credit cards don’t hold the same weight they once did; perhaps that’s what social media is for, right?

Part of the shift is due to the rise of alternative payment options, like Apple Pay. More and more, restaurants send links for customers to pay their bills online. And online shopping? That’s just the norm now.

It’s also worth mentioning that flashing a black or gold card isn’t the best move if you’re dining at an average eatery. It seems some companies are about to feel the heat as consumers shift their preferences.

Since launching in 2019, Atlas has attracted a loyal following among the affluent crowd.

The founder said, “We are the first concierge and second credit card company. We’re focused on providing great concierge services, hiring top travel agents, and nurturing relationships with restaurants.” These connections allow members to score some of the toughest reservations, like at Corner Store.

Meanwhile, other premium cards like Centurion offer benefits like complimentary hotel and airline upgrades or free access to exclusive airport lounges—benefits that Atlas doesn’t typically offer.

Bilt Rewards, on the other hand, highlights community involvement and partners with local eateries and fitness studios. It’s a different kind of connection, more grounded in everyday life.

Things are getting a bit murky for high-end card providers as consumers are splitting their spending across multiple cards.

Plaid’s CEO, Zach Perrett, mentions that he’s noticing people connecting several cards to budgeting apps. “People are using four, five, or even six credit cards to manage their expenses,” he says. “If you have a Delta card, for instance, you’d probably want to use it when you book a trip.”

One former black card holder shared that they felt like they were paying for a club membership they never used. “The only real perk was airport lounge access, but even that feels less valuable now. I never utilized the advertised benefits like personal shopping. I was paying more than most private club memberships in the city. I just couldn’t rationalize it anymore.”