If you’ve heard of black credit cards before, you may know that they’re tiers above ordinary or entry-level credit card products. Most black card products boast a high credit limit and exclusive benefits and perks for their users, among others. Some creditors don’t even allow applications and instead send out exclusive invitations for the opportunity for one to get their hands on such an elusive card; others, like the Philippines’ Maya, offer both the prestige and accessibility of a black credit card for example by allowing easy and hassle-free application on the Maya app.

All the same, if you want to apply for one yourself, you’ll want to know whether the fees and responsibilities are worth maintaining the black card as opposed to an entry-level card. Before you take the plunge, here are a few points to consider to make sure you’re making the right decision for your finances:

Enjoying High (Or No) Credit Limits

One of the biggest perks of having a black credit card is the credit limit. Since these cards are typically designed for high-net-worth individuals, there’s a higher ceiling for how much a cardholder can spend. Those curious about the black card limit Philippines cards like the Maya Black card have may be able to expect higher limits than those of regular credit cards. Some black cards, in addition, have no credit limit at all.

While this gives a user a great amount of freedom and spending power, a black card also comes with the trust that they will be able to pay back the credit card company every month. While you may certainly upgrade your standard of living with a black credit card, it’s more important to ensure that your current income is both high enough and stable enough to handle the payments and fees that come with one.

Checking the High Qualifications

Black credit cards come with reputations of high stature, and that’s definitely something to be aware of when applying for one. Before you fill in your application, double-check the qualifications to make sure that you’re eligible for a black card. The specifics of these requirements vary depending on the company, but you have the best chances of getting approved if you have a strong financial profile, a great credit score, and high income.

Being Fully Aware of Fees or Deposits

Expensive fees or security deposits can catch you off guard while applying for a black credit card. The most exclusive cards that are available internationally have initiation and annual fees that total in the  hundreds of thousands of Philippine pesos. Fees for local black cards are much smaller in comparison, but you may still expect to still pay annual fees upwards of PHP 10,000.

Alternatively, black cards without annual fees might ask for a security deposit upon opening your account instead, which you cannot retrieve unless you want to cancel your card. If you want a black card of your own, make sure first that you won’t be draining your bank account and that you have the capability to make the required payments.

Making the Best of Perks for Frequent Flyers

Frequent travelers, in particular, can take advantage of black credit cards before and during their next travel adventures. Some local black card companies offer rewards such as being able to convert points into airline miles, so that every purchase puts users one step closer to their next vacation. Black credit cards are also widely accepted internationally, allowing card holders to shop for souvenirs or eat delicious foreign cuisine with a single tap or swipe. If you’re a bit of a globetrotter yourself, and you want these experiences on top of perks like airport lounge access, then having a black card could be worth the investment.

Calculating Foreign Transaction Fees

Are you torn between applying for a local or international black credit card? One important thing to know is that some international cards don’t waive foreign exchange fees. If you don’t choose which one to apply for carefully, you could end up paying more than necessary and undermining any rewards and perks you’ll receive along with it.

You could still opt for an international card, but the safer decision is to look at the selection of local black credit cards available on the market right now. That way, you won’t have to deal with the potential headache of dealing with foreign transaction fees.

The Takeaway: Should You Apply For a Black Credit Card?

While undoubtedly one of the most powerful and exclusive types of credit card available, there’s also a lot of responsibility that goes into owning a black credit card. Companies are extremely selective with their applicants for a reason; they need to be able to trust that applicants are financially responsible enough to safely use credit without accruing large amounts of debt.

Getting a black credit card can open the doors to a comfier and more sophisticated lifestyle. If you are able to meet or even exceed the expectations set by these companies, then a black card would make for an excellent addition to your wallet.