High-end, luxury credit cards
If you have an amazing credit score, you should be able to take advantage of a credit card that is just as amazing. Luxury cards offer perks galore to make your life easier, more comfortable or more fun. Look for travel features like Global Entry or TSA Precheck credit, airport lounge access, airline credits and helpful concierge services.
How can I compare high-end credit cards?
When choosing your new credit card, keep such features in mind as:
- Card perks. Luxury credit cards come with incredible perks like airport lounge access, travel credits, and Global Entry or TSA Precheck credit. Choose a card with perks that fit your lifestyle.
- Annual fee. Many luxury cards come with high annual fees. Make sure you’ll use the card’s perks enough to make up for the annual fee.
- Rewards program. Can you earn more points in categories that fit your spending habits? Does the program allow you to redeem points in the way you want, such as on travel or cash back?
- Interest rate offers. Some high-end cards come with APR intro offers for balance transfers or purchases. If you’re looking to transfer debt or make a big purchase, consider a card with a 0% introductory APR.
7 credit card application tips
Applying for a luxury credit card doesn’t have to be complicated. Consider your personal and financial circumstances against what you’re hoping to get out of your next credit card.
- Assess your needs. Before you begin your search, think about what you want, need and can afford with your future card.
- Compare your options. Once you’ve decided on the type of card you want, it’s time to weigh your options.
- Make sure you’re eligible. Know what’s required for approval. For instance, do you need to meet a minimum income or age limit?
- Know your credit score. Request a free copy of your credit history before applying. Look it over for possible errors, and see exactly what banks see when assessing your application.
- Lower your credit utilization ratio. If you carry balances on other credit cards, try to pay them down before submitting a new application.
- Resist applying for multiple cards within a short time. You may be tempted to apply for a second card, just in case your first one isn’t approved. But each inquiry a provider makes into your credit history leaves a new mark on your credit report for up to five years.
- Be practical. It doesn’t make sense to apply for a card you can’t qualify for. Find one that matches your credit rating, and don’t chase rewards cards if you can’t meet the spending requirements.
Will a luxury credit card work for you?
While the ability to earn rewards and take advantage of high-end perks sounds appealing, a luxury credit card isn’t for everyone. These cards typically are best for you if:
- You have excellent credit. Credit card providers extend the best credit cards to consumers with a history of paying their bills on time and managing their debt well. If you don’t have a solid credit score, work on improving your credit before you apply for a high-end credit card.
- You pay your balance in full each month. As with any credit card, paying your balance off each month is the best way to reap the full benefits of your card — especially if the card charges an annual fee. You’ll pay interest on balances you carry, which can offset the rewards you earn.