Best premium credit card

Pros

• 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.

Cons

• 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.

• The Perks

  • Intro APR period on balance transfers. Enjoy a 0% intro APR period of 15 billing cycles following each balance transfer that posts to your account within the first 45 days. Once the intro period passes, your rate reverts to a variable APR of 16.49%.
  • Luxury Card Travel. Get a value of up to $500 per stay at over 3,000 properties worldwide. This includes room upgrades, complimentary food and beverage, spa treatments and more.
  • Mastercard Titanium benefits. You’ll enjoy baggage delay insurance, ID theft protection, zero fraud liability protection, price protection and purchase assurance.

• The Perks

  • Reward points. You earn 1.5 point per dollar spent with this card. This equals 1.5 cents when redeemed for cash and 2 cents when redeemed for airline tickets.
  • Mastercard Black benefits. You get an annual $200 airline credit for airline tickets, baggage fees, upgrades and more. You also get $100 Global Entry or TSA PreCheck application credit. Enjoy even more comfort with Priority Pass and receive complimentary access to more than 1,000 lounges worldwide.
  • Mastercard Priceless. Enjoy unique excursions and access to exclusive events.

• The Perks

  • Reward points. Earn 5x points on air travel and restaurants, 3x points on hotels and cruise lines and 1x points on all other purchases. Redeem points for travel, experiences, cash and gift cards or donate to a charity.
  • Signup bonus. Earn 50,000 reward points once you spend $4,000 in your first 3 months of opening your account. That’s worth $500 travel with no blackout dates.
  • Travel credit. Get up to $250 in travel credit every calendar year.

• The Perks

  • Reward points. Earn 3x points on travel purchases and when you dine at restaurants worldwide, and 10x points on Lyft rides until March 2022. Everything else you buy earns 1x points. Redeem your points through Chase Ultimate Rewards and get 50% higher value for your points.
  • Signup bonus. Spend $4,000 within 3 months of your account opening and earn 50,000 bonus points. This is worth $750 when redeemed through Chase Ultimate Rewards.
  • Lounge access. Get complimentary access to more than 1,000 VIP lounges worldwide after a one-time enrollment in Priority Pass.

• The Perks

  • Membership Rewards points. Earn 5x points on flights purchased directly with an airline or through Amex Travel, and 5x points on prepaid hotels booked through Amex Travel. All other purchases earn 1x points.
  • Hotel benefits. Get complimentary benefits valued up to $550 with Fine Hotels & Resorts and up to a $100 hotel credit when you stay a minimum of two consecutive nights on hotels booked through Amex Travel.
  • Welcome offer. Earn 60,000 membership reward points once you spend $5,000 in your first three months of card membership. That’s up to $600 in redemption value.
  • Lounge access. Enjoy access to more than 1,200 airport lounges worldwide.

• The Perks

  • Luxury Card Travel. Get up to $500 value per stay for room upgrades, complimentary food and beverage, spa credits and more at over 3,000 properties across the world.
  • Reward points. Earn 1x points on all of your purchases. When redeeming for cash or airfare, each point is worth 2 cents.
  • Travel credits. Get $200 airline fee credit every year to use for airline tickets, baggage fees, seat upgrades and more. And get up to $100 statement credit for your Global Entry or TSA PreCheck application fee.
  • Lounge access. Enjoy complimentary lounge access with Priority Pass Select.