“Oh my God, is that a Black Card?'
I turned around and replied, why yes but I prefer the term
African American Express” – Kanye West, “Last Call”

By now, you’ve probably heard of and seen several of your favorite hip-hop artists toting the "Black Card." Well, as of the past couple of weeks, that is so yesterday.

It seems American Express has ditched the Black Card, officially called the "Centurion," for the new Titanium card. Similar to how the black card was handled, membership is invitation-only.  Past Black Card holders included Sean "P-Diddy" Combs, Jay-Z, and Naomi Campbell. Though the company never publicly announced how many Black Cards were in circulation, it was estimated that only roughly 5,000 people in the U.S. had them.

The Titanium cards have already been in circulation in some European countries and have become essential tools among Robb Report type high-rollers.

The card carries a hefty $2,500 annual fee and requires the card holders to charge more than $250,000 a year. Word is that since they are so new, many Titanium cards are being refused by some merchants who think they are not real, and some customers have had problems with airport metal detectors.

Airports aside, the card comes dripping with perks like a personal concierge and travel agent - a service that will get you a table with 24 hour notice at any of the hottest (and priciest) restaurants. Want that hard-to-get shoe? They'll track a pair down and ship it to your suite at the Four Seasons (room upgrade courtesy of the Black Card). First-class seats on some airlines are also part of the deal. If the flight is to Europe, they'll even throw in a loaner cell phone.

Despite the royal treatment, there are some reported drawbacks.  A chief executive of a privately held software development firm, in Manchester, England, told Forbes magazine that the Black Card had failed to live up to its hype.

"The Centurion card is for people with more money than sense. Centurion claims to be the best in the world for what they do - but could not find me a proper place to eat when I was on business in Ottawa. Plus, every time I call, I get diverted to a call center. I'm looking around for another concierge company, and the only reason I keep the card in the meantime is because I can put it on the table at a business dinner--and it makes the point. Unfortunately, the card is still a status symbol."

So far, American Express has been mum on whether the Titanium version will upgrade its concierge services.  “We don't talk about products before they've been introduced here.  But our European customers are happy…”

While most of us may never feel a Titanium card between our fingers, it’s always nice to know what’s going on in someone else’s world.