Is the American Express Black Card Worth Its Absurd Annual Fee?

The Centurion® Card from American Express, better known as the "Black Card," is the most expensive card on our radar. But to even be eligible to pay the Centurion Card's annual fee, you'll need to be invited. There's no set criteria for an invitation, but many reliable sources say you'll need at least $250,000 in spending on other American Express cards to be considered.

Assuming that you do get an invitation, the card comes with a staggering $5,000 annual fee. And if this isn't enough, you'll also have to pay a one-time $10,000 initiation fee to get the card. Want another card for your spouse? There's an additional $5,000 annual fee for each authorized user, with a limit of two authorized user cards per account.

What do you get for this four-figure annual fee?

To be fair, American Express is notoriously silent when it comes to the details of the Centurion Card. Much of what is publicly known about the card and its benefits comes from secondary sources. For a full explanation of the card's benefits, check out our full review of the business version of the card, which is nearly identical to the personal version. But, without further ado, here are some of the major perks of the card:

• Airport lounge access: Centurion members get into several different airport lounge networks for free, including the namesake ultra-high-end Centurion Lounges, Delta Sky Clubs, and more. Terms apply; enrollment may be required.
• Elite status: The Centurion Card gets members complimentary Delta SkyMiles Platinum Medallion Status, Hilton Honors Diamond status, Marriott Bonvoy Gold Elite status, IHG Platinum Elite status, and more. Terms apply; enrollment required.
• Centurion Concierge service: According to many Centurion Card holders, this is the big x-factor. While many high-end credit cards have their own concierge services, the Centurion Concierge is reportedly at an entirely different level. The Centurion Concierge is notorious for fulfilling extreme requests for cardholders. Terms apply.

One thing you don't get is a great rewards program. The Centurion Card generally earns 1 Membership Rewards point per $1 of spending, which is a rather low rewards rate even compared with some of the no annual fee cards on our radar. You also don't get a welcome bonus, which is somewhat of a surprise since with most cards, higher annual fees come with more enticing welcome offers.

Could the fee ever be worth it?

The Centurion Card does offer some valuable perks. While you can't even buy access to the Centurion Lounges, an individual Delta Sky Club membership costs $695 per year all by itself. Elite status definitely has value, particularly on airlines. Estimates by travel website The Points Guy value Delta Platinum Medallion status at $3,420, assuming you're a frequent Delta traveler.

The Centurion Concierge service is the big question mark, as we don't fully know what it can and cannot do for cardholders. But it's fair to say that a service that can get you tables at impossible-to-reserve restaurants, find you tickets for sold-out shows, and more can certainly be worth something.

It's also worth mentioning that the The Platinum Card® from American Express, which has a much more palatable $695 annual fee (see rates and fees), offers many of the same benefits. The The Platinum Card® from American Express has the same airport lounge access as well as elite status at Marriott, as well as its own concierge service, and for a fraction of the cost. Terms apply.

The bottom line is that while the Centurion Card provides value to its cardholders, it's not likely to justify the $5,000 annual fee for many people. In most cases, the card is likely to be more of a status symbol than a valuable financial tool, and there are many other high-end credit cards (like the Platinum) that can easily justify their annual fees for the right customers.