To get the most out of your premium credit card, consider using it for travel. Not only can it help you earn accelerated points on purchases, but it can offer many perks such as annual travel credit, a dedicated concierge service, complimentary lounge access and more. Just be ready to pay a high annual fee.
When making our selection for the best premium credit cards, we looked at a variety of factors a consumer might consider. Some of these factors included the types of reward programs, cash back or points per dollar spent, travel or bonus statement credits, annual fee, welcome offer value, balance transfer fees and other luxurious perks found in a premium credit card.
The Chase Sapphire Reserve® card got an update on January 12, 2020. Here’s what’s changed:
Annual fee increased from $450 to $550.
10x points on Lyft rides until March 2022.
One year complimentary Lyft Pink membership worth $199.
One year complimentary DashPass membership.
DoorDash statement credits up to $120 until December 21, 2021.
Better earn rates. Most premium credit cards have high earn rates because they award points based on how frequently you make trips or spend using your credit card.
Promotional offers. Many card providers offer premium credit cards to attract new customers with signup bonus points and additional perks which will increase your total rewards from the get-go.
Various reward options. Points accumulated from premium credit cards can be redeemed in a variety of ways, including airfare, airline class upgrade, goods and services, cash and more.
Added benefits. Premium credit cards with high income requirements are generally platinum or black cards, and this means they come with premium benefits such as complimentary insurance policies, discounts on services, airport lounge passes, dedicated concierge and more.
High annual fee. Generally, premium credit cards tend to have relatively high annual fees. This means you have to spend more on using the credit card to offset the annual fee with the value of your redeemed points. But using this type of card usually offers additional benefits that can outweigh the cost.
High interest rates. Many premium cards come with a high interest rate compared to regular cards. Make sure you pay your balance on time to avoid the high interest rates.
No intro APR period It’s rare to find a premium credit card that offers intro APR period on purchases and balance transfers. At the time of writing, the Luxury Card Mastercard® Titanium Card™ is the only premium card that offers an intro APR period on balance transfers.
Exclusive. As suggested by the name, premium credit cards are only available to high-income earners, restricting the number of cardholders who can take advantage of their benefits.
How to choose top premium credit cards
To choose the best premium credit card, ask yourself:
Do you want to earn accelerated points on hotel stays? The Platinum Card® from American Express gives you the highest value on hotel purchases and airline tickets, worth up to 5% in redemption value.
Do you want to earn accelerated points on dining? With the Chase Sapphire Reserve® you earn up to 4.5% in redemption value on dining and travel purchases worldwide.
Do you want to make balance transfers? Premium credit cards rarely let you transfer your balance interest-free for a limited amount of time, but all three Luxury Mastercard credit cards offer just that.
Do you want the ultimate credit card? With the gold-plated Luxury Card Mastercard® Gold Card™ you get access to invite-only events, chauffeur transportations, yacht or private jet services and more.
Should I get a premium credit card?
If you’re looking for top class perks and benefits, a premium credit card will be up your alley. The main thing to watch for is the annual fee. You should only pick up a premium card if you can use enough of the card’s perks to offset the cost of the annual fee. Otherwise, you’re likely better off with a standard rewards card.
Compare premium credit cards
Want a look at how these luxury cards stack up to one another? Use the table below to compare them side-by-side.
If you’re willing to pay a high annual fee, you can get the best premium cards. These usually come with an annual airline credit, Global Entry or TSA PreCheck credit, accelerated points on travel purchases, complimentary lounge access and more.
Kliment Dukovski is a credit cards writer. He's written over 600 articles to help readers find and compare the best credit cards. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.
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