Looking for a more affordable elite card you can actually apply for online? The Visa Black Card, which comes with a $495 annual fee, may be for you. Card membership is limited to 1 percent of U.S. residents.

A 24-hour concierge service assists members with business, travel and leisure needs, including referrals and reservations for restaurants, health clubs, sporting events, concerts, music festivals, car rentals, car services, airlines and hotels. The concierge service also provides travel and tourist information, gift recommendations and gift-shopping assistance for specialty items such as rare books or records.

Visa Black Card members earn 1 percent cash back on all purchases made with the card. Rewards points can be redeemed for travel on any airline at any time. There are no restrictions or blackout dates to worry about.

To redeem an airfare valued at $500, you would need to accumulate 30,000 reward points by charging $30,000 on the card.

Rewards points can also be redeemed for gift cards for restaurants and retailers, stays at Hyatt, Marriott and Ritz-Carlton hotels and car rentals from Alamo, National, Hertz and Avis.

The Visa Black Card, which is issued by Barclays Bank Delaware, comes with a 13.24 percent variable interest rate on purchases and a zero percent teaser rate on balance transfers for six months.

But if you should pay late with the card, you won't be feeling pampered in the least. Penalties on the card are very severe. Pay late and you'll be hit with a late fee as high as $39 and a penalty interest rate as high as 30.24 percent.

So with one false move an ultra-punitive penalty rate slams into effect. Plenty of folks with far less-dazzling credit can relate to that.