Can You Get Approved for a Black Credit Card? 8 Qualifications Banks Look At

For those in the know, the term “black credit card” calls to mind exclusivity, power, and financial freedom. In pop culture, these cards are often portrayed as an invite-only privilege for the ultra-rich, unlocking such luxuries as private airport lounges, closed-door shopping events, and bespoke concierge services. 

This may be one of those few times where pop culture references accurately portray reality. The vast majority will find it a little more challenging to qualify for a black card credit card, even if they have high credit limits or multiple cards. The fact is, even those with incomes that qualify for a black card may not get one because they’re meant for a very specific type of high-spending individual.

However, with spending power growing amongst Filipinos, the demand for these exclusive cards is at an all-time high. With their curated rewards and near-unbeatable flexibility across local and international transactions, black cards are starting to earn their place not just in elite circles but in businesses as well as in more modest households.

Still, getting approved for a black card isn’t easy, even if you have plenty of money in the bank. Here’s what card issuers look at when reviewing black card applications in the Philippines.

1. Strong and Consistent Monthly Income

As with all credit cards, black card approval hinges on proof of reliable income. Because of the intended market for these cards, many issuers will require users to have salaries or other proof of income beyond the upper limit of what’s typical for Filipinos. Your application will probably be declined if your income is below PHP 100,000 a month, and earning more won’t be a guarantee that they will reconsider. 

2. Stellar Credit History

Aside from income, issuers will often look for a clean repayment record, low credit utilization (typically less than 30% of available limits), and solid patterns of responsible credit card usage. So, even if you have a 6-digit income, if you have not held a credit card before or taken out a business loan, card providers will be hesitant to issue their top-tier cards. Moreover, if you’ve had frequent late payments or defaulted loans, your black credit card application will have a higher chance of getting rejected.

3. Effectively Handling High Credit Limits On Other Cards

Speaking of credit limits, if you’ve previously held a credit card with a high credit limit without any serious issues, issuers may take this as a sign that you’re a good risk to take. If you’ve already been approved for cards with limits significantly more than PHP 200,000, issuers may be more open to granting you a black card.

4. Significant Yet Responsible Spending

It’s not enough to just have a high credit limit on your other cards. Some banks may check if you consistently and responsibly spend high amounts on your existing credit cards, hopefully within a given credit utilization threshold. If you can handle big sums on your card without falling behind, your chances of scoring a black card go up significantly.

5. Stable Employment or Business Ownership

A job hopper isn’t going to score a black card easily unless, perhaps, their income is on a clear upward trajectory. In most cases, providers will prefer those with long-term relationships with reputable companies or business owners who have demonstrated at least a few years of consistent growth. In any case, financial statements and tax forms may be required to prove that you’ll be able to use a black credit card responsibly.

6. Minimal Outstanding Debt

Manageable or low levels of debt are a green flag. However, issues will place a huge emphasis on the sustainability of your borrowing. If you’re constantly juggling multiple loans or are maxing out your credit lines, issuers will think twice before offering an invitation to apply, let alone approving you for a black card.

7. Clean Legal and Financial Records

Before issuing credit cards, providers are going to check for any existing legal disputes, bounced checks, or blacklist flags with other financial institutions, both in the Philippines and overseas. Because black cards represent a serious financial risk, card issuers will be a lot more thorough in this process; they probably won’t leave a stone unturned in catching any history of fraud, unpaid obligations, or credit issues. While a single indiscretion can probably be worked through, a pattern of questionable decisions may disqualify you from getting a black card, possibly for years to come.

8. Current Relationship with the Issuer

Lastly, a good banking relationship with your issuer may matter much more than almost everything else on this list. If you maintain several savings and investment accounts at a bank, your chances of qualifying for their black cards go up significantly. This is even more true if you’ve taken loans with them and have a good history of paying them back. While they will consider your history with other banks, at the end of the day, they will prioritize your relationship with them in their approval decisions.

The Best Rewards Go to the Most Prepared

While they may be a bit more democratic than they used to be, black credit cards are still very much exclusive, difficult-to-get products. Still, if you want travel perks, exclusive discounts, or other incredible rewards, they may be well worth the trouble, especially if you’re aiming to get more out of life. 

If you think you’re ready, start by checking your credit score, reviewing your income, and paying off your current loans. An upgraded lifestyle might just be waiting around the corner.

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