The only black card you can actually apply for: A look at the Mastercard Black Card

There's no doubt that metal credit cards are a status symbol in today's world, but black cards are for cardmembers on a whole different level.

While the exclusive Centurion® Card from American Express, or the "Amex Black Card," and the Chase J.P. Morgan Reserve® are invitation-only black cards, CNBC Select found one that you can actually apply for if you have good or excellent credit and are looking for over-the-top luxury perks.

Below, we break down the rewards, benefits and fees of the Mastercard® Black Card® to help you decide if it's the right card for you.

The Mastercard® Black Card® recently added a welcome bonus when you're approved for the card. You'll earn 75,000 points after spending $6,000 on purchases, plus paying the annual fee in full, both within the first 90 days. With the 2% value on airfare redemptions, this welcome offer is worth $1,500 on flights.

While the appeal of a black card lies mostly in its travel benefits and concierge services, the Mastercard® Black Card® can still earn you points whenever you spend: 1X point for every dollar.

It's not the most generous rewards program, but your points can carry greater value depending on how you choose to redeem them. Cardmembers earn 1.5% on cash-back redemptions, which can be applied as a statement credit, and 2% on airfare redemptions (with no blackout dates or seat restrictions). This means racking up 50,000 points can get you a $1,000 ticket on an airline of your choice.

Black cards are known for helping ease the stress of a high-demand lifestyle while filling your days with luxury and enjoyment. Below is a breakdown of just some of the perks you can enjoy with the Mastercard® Black Card®:

• 24/7 Luxury Card Concierge: Helping busy cardmembers manage their hectic lives, the personal concierge assists with everything from travel bookings to creating once-in-a-lifetime memories. Such experiences listed on Mastercard Black Card's website include assisting a cardmember with proposing on the Jumbotron in New York City's Times Square and arranging an emergency Tylenol delivery in the middle of the night to a cardmember's sick child. 
• VIP Airport Lounge Access with Priority Pass™ Select: Black cardholders can relax and dine in one of the many complimentary lounges you have access to before your flight with Priority Pass™ Select.
• Annual Airline Credit: Receive up to $200 in annual statement credits toward flight-related purchases, including airline tickets, baggage fees, upgrades and more. No enrollment or airline designation required.
• Annual Dining Credit: Receive up to $100 in annual statement credits when you use your Luxury Card for restaurant transactions. No enrollment, designated restaurant networks or third-party apps required.
• Global Entry & TSA Pre✓® Application Credit: Receive up to $120 reimbursement credit for a Global Entry or TSA PreCheck® application fee. Global Entry includes access to TSA PreCheck®, which means getting through the airport faster than ever after an international trip.
• Cell phone protection: Coverage for damage and theft.
• Travel insurance: Covering cardmembers for the unexpected, including baggage delay, travel accidents and trip cancellation.
• Rideshare: Download the Lyft app and enroll your Luxury Card. Lyft will automatically add a $5 Lyft credit to your account once you take three rides in a month and pay with your Luxury Card. Limit one Lyft credit per calendar month.
• Mastercard® Priceless®: This perk lets you enjoy exclusive invites to the events you care about most, whether you are passionate about sports, concerts, shopping, culinary experiences or art.

The Mastercard® Black Card® charges a $699 annual fee, plus $249 for each authorized user.

In comparison, the Chase J.P. Morgan Reserve has a $795 annual fee (Value Penguin reports) and the Centurion Card from American Express has a steep annual fee of $5,000, on top of a one-time initiation fee of $10,000 when you sign up (according to its cardholder agreements).

There is an introductory 0% APR for 15 months on balance transfers that are made within 45 days of account opening. After that, the APR will be 19.74% to 27.74%, based on your creditworthiness and other factors. There is a fee of either $5 or 5% of the amount of each transfer, whichever is greater, for balance transfers.

For those traveling abroad for business or for pleasure, there are no foreign transaction fees.

The Mastercard® Black Card® is a great card for those credit cardholders looking to make the most out of life, particularly if you have a high-profile or demanding schedule. Its 24/7 Luxury Card Concierge helps you plan your life so that you can be present for what you care about most.

But not everyone is so busy that they need the help of a black card. While the Mastercard Black Card has a lower annual fee than other elite credit cards, applying for it may not make the most sense for your lifestyle.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card article is based on rigorous reporting by our team of expert writers and editors. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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Information about the Centurion® Card from American Express and the Chase J.P. Morgan Reserve® has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.