Their problem here is they have a [crappy] product that has absolutely no viable customer.
They have a card with a $495 fee, which as cards with fees go its in the top end, but then their benefits are not even remotely close to what Amex Plt has for example.
Then they try to play off the "exclusive" aspect with the whole only 1% can get it, well that's 3M cards if you estimate the US pop @ 300M.
So now they need to 3M people who:
a) are willing to pay $495 for a CC
b) to dumb to realize that for the same price there are alternatives that offer a far superior product or
c) someone who just has so much money they don't quite much care.
I'd suggest the number of people who fit into a&b is quite small, so the good news for them is they can feel even more exclusive
People that fit a&c probably already have the "real" black card.