To qualify one needs 160,000 points and non of it can come from the Latam credit card for US residents. 6 points per dollar for airfare means one needs to spend $26,666. The main perk is getting 14 segment upgrades but that comes out to $1904 per upgrade which usually is more than if you just pay for business class.

For Black status one needs 75,000 points and spend $12,500. Can get maximum of 9,000 from the Latam credit card but it’s 20% per dollar or $5=1 point.
Perk is 8 upgrade segments and worth $1,562 per upgrade. So it’s economically better than Black signature and would be dollar equivalent if they give out 17 upgrades instead of 14. Granted they are first on the upgrade priority list but is it worth it?