Best Luxury and Premium Credit Cards

Comparing the best premium credit cards

A closer look at the top premium cards

The Platinum Card® from American Express

Rewards rate: Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel. 1X Membership Rewards® Points on other purchases. Terms Apply.

Annual fee: $695

Intro APR: N/A

Regular APR: 21.24% – 29.24% variable

Signup bonus: Earn 80,000 Membership Rewards® Points after you spend $8,000 on purchases on your new Card in your first six months of Card Membership.

Our verdict: The more accessible option than Amex’s exclusive Centurion (Black) Card, the Platinum Card is your best bet for high-class travel and luxury living. Not only does it offer a series of substantial credits and perks that can cancel its high annual fee, but the purchase protection and power of Amex’s customer service and concierge team is hard to beat.

Pros:

• Travel insurance.
• $200 annual hotel credit.
• Access to American Express’ Fine Hotels and Resorts Collection.
• Access to American Express’ The Hotel Collection.
• Delta SkyClub access.
• $240 annual digital entertainment credit.
• $200 annual airline credit.
• $155 Walmart+ credit (which also includes complimentary Paramount+ subscription).
• $200 annual Uber cash.
• $300 annual Equinox credit.
• $189 CLEAR Plus credit.
• TSA PreCheck/Global Entry credit.
• $100 annual Saks credit.
• Complimentary Resy membership.
• Concierge service.
• Complimentary Amex Gold cards.

Cons:

• $695 annual fee.
• $195 annual fee for each authorized user.
• Authorized users may not have similar benefits.
• Many annual credits are broken into monthly installments, making it hard to redeem all credits fully.

Apply now: The Platinum Card® from American Express

Chase Sapphire Reserve®

Rewards rate: Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases.

Annual fee: $550.

Intro APR: N/A.

Regular APR: 22.49% – 29.49%, variable.

Signup bonus: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $900 toward travel when you redeem through Chase Ultimate Rewards®.

Our verdict: Designed to compete directly with Amex’s Platinum Card, the Sapphire Reserve is packed full of benefits. Cardholders have reported Chase seems to be generous with its definition of “travel” and what can qualify for the annual $300 reimbursement. Plus, it offers access to Chase’s new collection of Sapphire lounges, credit for TSA PreCheck or Global Entry, travel insurance, and a complimentary Priority Pass membership.

Pros:

• $300 travel credit.
• Access to Sapphire lounges.
• Priority Pass membership.
• TSA PreCheck/Global Entry credit.
• 10x points on Chase Dining, hotel stays, and car rentals.
• Travel insurance.
• Multiple travel partners.

Cons:

• $550 annual fee.
• Chase’s lounge footprint is small so far.
• Maximizing the earn rate requires using Chase’s Ultimate Rewards portal.

Apply now: Chase Sapphire Reserve®

American Express® Gold Card

Rewards rate: Earn 4X Membership Rewards® points when you dine at restaurants worldwide. Earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per year in purchases, then 1X). Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com. Terms Apply.

Annual fee: $250

Intro APR: N/A

Regular APR: 17.24% – 28.24% variable

Signup bonus: Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months of Card Membership. Terms Apply.

Our verdict: If you’re someone who likes to dine out often, the Gold Card from Amex is your best option. Not only does it offer spending bonuses for restaurants and groceries, but its monthly $10 credit for GrubHub, Cheesecake Factory, and other dining places makes it easy to treat yourself often.

Pros:

• Generous signup bonus.
• Bonus categories are popular places.
• Lowest annual fee of the premium cards.

Cons:

• $250 annual fee.
• No airport lounge access.
• Some benefits can be hard to redeem fully.

Apply now: American Express® Gold Card

Capital One Venture X Rewards Credit Card

Rewards rate: Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel, Earn unlimited 2X miles on all other purchases.

Annual fee: $395

Intro APR: N/A

Regular APR: 21.99% – 28.99%, variable.

Signup bonus: Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel.

Our verdict: If you’re just not able to justify Amex or Chase’s exorbitant fees but still want to have a little bit of luxury, this card from Capital One can be a top pick that delivers awesome benefits and rewards – as long as you’re able to use their travel portal.

Pros:

• 10k annual mile bonus.
• 5x miles on airfare.
• 10x miles on hotels and rental cars.
• 2x miles for other purchases.
• Access to Capital One lounges.

Cons:

• $395 annual fee.
• Requires using Capital One’s portal to maximize benefits.
• Lounge locations have a smaller footprint than Centurion or Priority Pass lounges.

Apply now: Capital One Venture X Rewards Credit Card

How to choose the best premium credit card for you?

Choosing the best luxury credit card for you depends a lot on your spending habits, budget, and your ability to maximize the benefits. Here are a few questions to consider:

1. Where do you typically spend the most money? If you’re someone who likes to travel in style, then look for a premium card that’s targeted towards travelers. If, however, you’re someone who likes to get the best designer goods and high-end electronics, then a luxury travel card wouldn’t be a good fit. Opt instead of a card that offers exclusive access to events, generous purchase protections, and insurance.
2. How much of an annual fee can you afford?
3. Will you be able to utilize the perks enough that the annual fee is canceled out?
4. Are you someone who likes to be hands-on, or do you prefer letting other people do the heavy lifting? Many cards will offer concierge services that can plan travel or shop for exclusive and hard-to-find items. However, these services typically come with higher annual fees than those that let you flex your DIY skills instead.

Is a premium credit card worth it?

Premium or luxury credit cards are only worth the cost of their annual fee if you’re able to use the card wisely. Here are some factors to consider when deciding if a premium credit card is worth it for you:

1. Annual fees: Premium credit cards usually have higher annual fees compared to regular credit cards. Consider if the benefits and rewards offered by the card outweigh the cost of the annual fee. The fee might be worth it if you can take full advantage of the benefits, such as travel credits or airport lounge access.
2. Rewards and perks: Premium credit cards often come with generous rewards programs, such as earning points or miles for every dollar spent. Some cards also offer travel benefits like complimentary travel insurance, airport lounge access, concierge services, and hotel or airline loyalty program perks. Assess whether these rewards and perks align with your lifestyle and spending habits.
3. Spending habits: Premium credit cards typically require a higher minimum income or spending threshold to be eligible. Consider if you have the means to meet these requirements. Additionally, evaluate if your spending habits align with the card’s rewards structure. If you frequently travel or make significant purchases, a premium credit card with travel rewards might be a good fit.
4. Interest rates and fees: Along with the annual fee, consider the interest rates and other fees associated with the premium credit card. If you tend to carry a balance on your credit card, the interest rates could negate the benefits of the rewards program. Make sure to compare the interest rates and fees with other credit cards to ensure you’re getting the best deal.
5. Card issuer reputation: Research the card issuer’s reputation and customer service. Premium credit cards often come with dedicated customer service lines and personalized assistance. Look for reviews and feedback from other cardholders to ensure you’ll receive the support you need.
6. Consider alternatives: If the annual fee and benefits of a premium credit card don’t align with your needs, consider other credit card options. Many regular credit cards offer competitive rewards programs and perks without the high annual fees.

In conclusion, whether a premium credit card is worth it for you depends on your financial situation, spending habits, and lifestyle. Carefully evaluate the annual fees, rewards and perks, spending requirements, interest rates, and issuer reputation before making a decision.

Premium credit card tips

Choosing the best premium credit card for you can be a daunting task, as there are numerous options available in the market. However, with careful consideration of your financial goals and spending habits, you can find a premium credit card that offers benefits and rewards tailored to your needs. Here are some tips to help you make the right choice:

1. Assess your spending habits: Take a look at your monthly expenses and determine where you spend the most. Some premium credit cards offer higher rewards for specific categories like dining, travel, or shopping. Choose a card that aligns with your spending patterns to maximize your rewards.
2. Consider your travel preferences: If you frequently travel, look for premium credit cards that offer travel perks such as airport lounge access, complimentary travel insurance, or airline miles. These benefits can enhance your travel experience and save you money in the long run.
3. Evaluate the annual fee: Premium credit cards often come with higher annual fees compared to regular credit cards. Consider the value you will receive from the card’s benefits and rewards to justify the annual fee. If the perks outweigh the cost, it might be worth it for you.
4. Review the rewards program: Look into the rewards program offered by the credit card issuer. Check if the rewards can be redeemed easily and if they align with your interests. Some premium credit cards offer cashback, while others provide points or miles that can be used for travel or merchandise.
5. Examine additional benefits: Premium credit cards often come with additional benefits like concierge services, purchase protection, extended warranties, and access to exclusive events. Consider these extras and determine if they add value to your financial situation.
6. Read the fine print: Before applying for a premium credit card, carefully read the terms and conditions, including interest rates, late payment fees, and any restrictions or limitations on rewards. Understanding these details will help you avoid any surprises later.

Remember, a premium credit card can be a valuable financial tool if used wisely and aligned with your lifestyle. It’s essential to assess your own needs and preferences before making a decision.

Methodology

The methodology used to calculate the best cards for fair credit relied on several factors, with the most prominent of those being:

• The required credit score to apply successfully for the card.
• The additional benefits offered by the card beyond rewards.
• The rewards rate of the card, if applicable.
• Overall difficulty in securing a credit card with fair credit.
• The history of the card issuer itself.
• Any potential costs associated with owning the credit card.

The product information provided here is based on research conducted up to a specific date and may have changed. For the latest and most accurate information, we recommend you visit the respective card’s website before proceeding.

FAQs