Premium Credit Card: Is It Worth Having One? Find Out Now!
Credit cards usually come with a few advantages, but premium credit cards offer many additional benefits.
For instance, they provide even greater rewards, travel points, and VIP treatment.
However, like conventional cards, they come with significantly high annual fees. So, if you want to learn more about how they work and whether having a premium credit card is truly worth it, keep reading!
What is a premium credit card?
A premium credit card, also known as a black credit card, is a model that typically charges an annual fee in exchange for some exclusive benefits.
As such, they are considered high-level credit cards, often seen in the hands of high-income spenders.
Therefore, this credit card generally offers a high credit limit, along with a range of advantages that are very costly and hard to find elsewhere.
What benefits does a premium credit card usually offer?
The exact benefits of premium credit cards may vary depending on the bank chosen, but generally, the most common include:
- 24-hour personal assistance service.
- Reservations for travel, hotels, flights, and airport transfers.
- The ability to earn points for engaging in leisure activities.
- Personal shopping assistance and ordering for others.
- Access to exclusive lounges, insurance, and some generous rewards.
What credit score is needed to get a premium card?
To obtain a premium credit card, you will need a high credit score to ensure the security of the chosen bank.
Most premium cards require a score of at least 700, with many applicants falling in the 750+ range.
These high credit score requirements ensure that only financially stable individuals gain access to the generous credit limits and benefits these cards offer.
Additionally, a high income is often a factor in the approval process since these cards are aimed at big spenders.
In other words, banks want to ensure that applicants have the financial resources to pay their balances in full every month.
Premium credit card suggestions for you to explore
Now that you understand the benefits, let’s take a look at some of the top premium credit cards available today and what they offer.
The Platinum Card American Express
- Annual fee: $695
- Rewards: 5X points on flights booked directly with airlines or through Amex Travel, 1X points on other purchases.
- Key benefits: Access to over 1,400 VIP airport lounges, up to $200 in Uber Cash annually, and $200 in airline fee credits.
- Ideal for: Frequent travelers who want high-level travel perks.
Chase Sapphire Reserve
- Annual fee: $550
- Rewards: 3X points on travel and dining, 1X points on other purchases.
- Key benefits: $300 annual travel credit, access to Priority Pass lounges, and excellent travel protections.
- Ideal for: Travelers seeking a robust rewards program and premium travel benefits.
Capital One Venture X Rewards
- Annual fee: $395
- Rewards: 2X miles on all purchases, 10X miles on hotels and car rentals through Capital One Travel.
- Key benefits: $300 annual travel credit, unlimited access to Capital One Lounges, and 10,000 anniversary miles.
- Ideal for: Those looking for a premium card with a lower annual fee and valuable travel perks.
Bank of America Premium Rewards
- Annual fee: $95
- Rewards: 2X points on travel and dining, 1.5X points on all other purchases.
- Key benefits: $200 travel credit, no foreign transaction fees, and travel insurance.
- Ideal for: Moderate travelers who want rewards without paying a high annual fee.
United Club Infinite
- Annual fee: $525
- Rewards: 4X miles on United purchases, 2X miles on travel and dining, and 1X miles on all other purchases.
- Key benefits: United Club Lounge access, first and second checked bags free, priority boarding.
- Ideal for: Frequent United Airlines flyers.
Have you discovered if a premium credit card is truly worth it? Use the tips provided to improve your financial life.
We hope you enjoyed the content! Keep following other posts on the site for more information.
Want a great suggestion? Also, read our content explaining how new credit can impact your score.