By: Rob Otto

While major companies like American Express and Capital One don’t publicly reveal detailed figures for their high-net-worth credit cards, it’s clear that luxury cards remain a coveted niche in the market.

As the New York Post reported, last year popular trading app Robinhood jumped into the fray with a limited-edition 10-karat gold card. Other heavy hitters such as the Amex Platinum, Citi Strata Elite, and Capital One Venture X have also doubled down on metal cards designed to offer more heft and prestige than the plastic cards most of us started with in college.

However, as several sources told the Post, the “cool factor” that once came with flaunting a black or gold card has faded considerably. In today’s world, those cards just don’t signal wealth the way they used to.(Apparently, Instagram has taken over that role.)One reason for the decline is the shift in how people pay. With mobile wallets like Apple Pay becoming ubiquitous, and many restaurants sending digital payment links instead of handing you a check, the ritual of pulling out a shiny card is becoming rare. Plus, online shopping is steadily replacing face-to-face transactions.

The Post also noted that many consumers have realized it doesn’t make much sense to flash an elite card at mediocre restaurants. This has opened the door for companies that combine exclusivity with actual tangible benefits.

Atlas, a card launched in 2019, has built a loyal following among young urban professionals who prize access over status. CEO Patrick Mrozowski told the Post that their focus is on concierge services – “We are a concierge company first and a credit card company second.” Atlas boasts top-tier travel agents and cultivated personal relationships with sought-after restaurants, helping cardholders snag some of the toughest reservations in town, like the exclusive Corner Store.

The New York Post also highlighted that while iconic cards like the American Express Centurion(the so-called “black card”)do offer luxury perks such as complimentary hotel and airline upgrades, airport lounge access, and exclusive shopping credits at places like Saks Fifth Avenue, these benefits often don’t match the highly personalized experience that cards like Atlas provide.

Another card shaking up the scene is the Bilt Rewards card, which focuses less on traditional luxury and more on community engagement. As the Post reported, Bilt partners with local favorites like Delmonico’s and SoulCycle to offer benefits that resonate with lifestyle-minded consumers.

Adding to the shakeup, big spenders aren’t sticking to just one luxury card anymore. Zach Perrett, CEO of Plaid – a fintech company connecting bank accounts to apps for millions of Americans – told the Post that consumers now link multiple credit cards to budgeting tools, sometimes juggling half a dozen at once.

“People want to use cards specific to their purchases,” Perrett explained. “If you have a Delta card, you want to put all your travel expenses on that.”

The Post interviewed a recent black card holder who ditched his elite card and now splits spending among a Delta card, a Chase Sapphire card, and others. He said the black card felt like “paying for a club I never used.”

“The only real benefit was airport lounge access,” he said. “But even those perks have declined. I never took advantage of other promises like personal shopping. It was more expensive than most private club memberships I have in the city, so I couldn’t justify keeping it.”

In sum, as the New York Post reports, the era of the exclusive black or gold card as a symbol of status may be fading, replaced by a more fragmented and practical approach to credit card spending – one where personalization and utility matter more than flash and heft.