Are Premium Credit Cards Worth The Massive Annual Fees For Your Lifestyle

Simply put, premium credit cards are credit card products that are specifically targeted at high earners. The more you spend the more the credit card company benefits, so it does make sense. To attract high earners the banks and credit card companies offer an ever more sophisticated line up of benefits. These go far deeper than the rewards that come with a typical credit card, and can include anything from instant gold level status with a major US hotel chain, to free airport lounge access.

Are the premium credit cards worth having?

Each card providers benefits vary so it’s worth doing your homework. You need to find a card that’s right for your lifestyle. Keep in mind though that there’s no such thing as a free lunch, and there are annual fees for these cards so what is given with one hand is paid for to an extent by another. Annual fees vary but can be as high as $450.

How do I qualify for premium credit cards?

This is a bit of a grey area. Few card providers have a minimum earning requirement for their premium cards but that does not mean that your application will always be accepted. Much will depend on your credit score, what other credit cards you have and what debt you are carrying. There are some credit cards that are by invitation only, for example the American Express Centurion Card.

What are the best premium credit cards available?

Card providers update and switch out benefits all the time so it’s hard to make specific card recommendations. JP Morgan (who own Chase) and American Express are by far the biggest credit card providers in the US, and as you’d expect both have pretty decent premium card offerings. Others worth a close look are Citi and VISA themselves.

Any other advice?

These cards work you are the kind of credit card user who carries cards only as a convenience, and pays down their balance each month. If that’s not you, whether you qualify or not for premium cards or not, you might want to look at cheaper alternatives - and certainly a card with the lowest APR you can find.