Premium credit cards come with elite status, travel credits, perks, high reward rates, and a personal concierge to help simplify life.
Premium credit cards offer prestigious perks, high rewards rates, potentially large sign-up bonuses, and valuable redemption options. These benefits come with higher than average annual fees, with many costing around $500 a year.
Since the cost of the card is higher than most, before you get the card, you need to make sure that the benefits will outweigh the cost. These cards also require excellent credit, so be sure to establish credit before applying for a premium card.
Elite cards aren’t only for individuals, they’re available for businesses, too. They’ll make business travel more luxurious and rewarding.
From travel rewards to co-branded cards, the following are the best premium credit cards:
Best for travel rewards: Chase Sapphire Reserve®
In 2016, Chase launched the Sapphire Reserve®, which quickly became one of the top premium credit cards in the market. The rewards and perks are comparable with other premium cards. Where the Chase Sapphire Reserve® stands out is the value of Ultimate Rewards® points because it has many partners to transfer points to, and you get 50% more value when you book through the Chase Ultimate Rewards® portal.
Card details:
- Annual fee: $550 and $75 for each authorized user.
- Type of card: Visa Infinite® credit card.
- Sign-up bonus: 50,000 points after you spend $4,000 within the first 3 months.
- Foreign transaction fee: None
- Rewards: 3x on travel and dining. 1x on all other purchases.
- Credits: $300 annual travel credit. Application fee credit for Global Entry or TSA PreCheck.
Full list of benefits
- Complimentary Priority Pass™ Select membership for airport lounge access.
- 50% more value when redeeming points for travel through Chase Ultimate Rewards.
- Access to the Luxury Hotel and Resort Collection.
- Trip cancellation and interruption insurance (up to $10,000 per person and $20,000 per trip).
- 10x points on Lyft rides.
- $60 statement credit for DoorDash purchases plus no delivery fees and reduced service fees.
- Auto rental collision damage waiver (up to $75,000).
- Lost luggage reimbursement (up to $3,000)
- Trip delay insurance (up to $500 per ticket).
- Emergency evacuation and transportation (up to $100,000).
- Purchase protection (up to 120 days for damage or theft up to $10,000 per claim and $50,000 per year).
- Return protection if the store won’t take it back (within 90 days of purchase, up to $500 per item, $1,000 per year).
- Extended warranty.
Best for travel perks: American Express Platinum Card®
Although it doesn’t earn the most points per dollar spent, the American Express® Platinum card offers elite benefits and perks that make the card worth it. It’s one of the most prestigious in the premium card market, and if you can use the benefits, the value will outweigh the cost of the card. You’ll also get hundreds of dollars each year for travel and shopping.
Card details:
- Annual fee: $695 and $175 per additional platinum card, $0 additional gold cards.
- Type of card: American Express® charge card.
- Sign-up bonus: 75,000 points after you spend $5,000 within the first 3 months.
- Foreign transaction fee: None
- Rewards: 5x on flights booked directly with airlines or American Express, 5x on hotels booked through American Express, and 1x on all other purchases.
- Credits: $200 annual airline fee credit, $200 Uber credit ($15/month, $20 in December), $200 annual hotel credit, $179 CLEAR credit, Global Entry or TSA PreCheck application fee credit, and $100 annual Saks credit ($50 semi-annually).
Full list of benefits
- Centurion Lounge, Priority Pass™ Select, and Delta Sky Club access (when flying Delta).
- Marriott Bonvoy™ Gold Elite Status.
- Hilton Honors Gold Status.
- Complimentary premium car rental membership.
- 24/7 concierge. You are given special access that only others that receive this are the Centurion (black) cardholders. Delivering items, booking “fully-booked” restaurants, etc.
- Fine Hotels & Resorts® Program (daily breakfast for 2, room upgrades, 4 PM late check-out, noon check-in, and free Wi-Fi).
- Access to The Hotel Collection.
- Delta Private Jets 20% discount on commercial flights.
- By Invitation Only®.
- Access to Incircle®.
- No preset spending limit.
- Car rental loss and damage insurance.
- Baggage insurance.
- Global assist®.
- Travel accident insurance.
- Trip delay, cancellation, and interruption insurance.
- Extended warranty, which gives you one extra year added to the original manufacturer’s warranty.
- Purchase protection gives you 90 days from the purchase date to file a claim if your purchase gets stolen, damaged, or lost. You’re eligible for $10,000 per occurrence, $50,000 per calendar year.
- Return protection. If the merchant won’t take back an eligible item within 90 days from the purchase date, American Express may refund the full purchase price without shipping and handling, up to $300 per item, up to $1,000 per year.
Best for dining and everyday spending: American Express® Gold Card
Compared to other premium cards, the American Express® Gold has a low annual fee, while offering strong benefits. For everyday spending, it’s the best premium card because it earns 4 points per dollar spent on groceries and restaurants. Since you’re likely visiting the grocery store once or multiple times per week, you’ll earn a good number of points for each trip.
Card details:
- Annual fee: $250
- Type of card: American Express® charge card.
- Sign-up bonus: 35,000 points after you spend $4,000 within the first 3 months.
- Foreign transaction fee: None
- Rewards: 4x at restaurants and U.S. supermarkets, 3x on flights booked with the airline or through American Express, and 1x on all other purchases.
- Credits: $100 annual airline fee credit and $10 monthly dining credit.
Note: Membership Rewards® allows you to earn more when you enroll your card.
Full list of benefits
- No preset spending limit.
- Access to The Hotel Collection and The Travel Collection by Travel Leaders Group.
- Car rental loss and damage insurance.
- Baggage insurance.
- Global assist®
- Travel accident insurance.
- Trip delay, cancellation, and interruption insurance.
- Extended warranty.
- Purchase protection.
- Return protection.
Best for hotel rewards: Hilton Honors American Express Aspire Card
The Hilton Honors American Express Aspire Card is one of the most generous premium credit cards in the market. It’s ranked as the best for hotel rewards because it offers solid bonuses, complimentary Hilton Honors Diamond status, $250 annual airline fee credit, and Hilton resort credit. The Hilton Honors American Express Aspire Card makes it easy to maximize the benefits, which makes the annual fee worth it.
Card details:
- Annual fee: $450
- Type of card: American Express credit card.
- Sign-up bonus: 150,000 Hilton Honors Points after you spend $4,000 within your first three months.
- Foreign transaction fee: None.
- Rewards: 14x on Hilton purchases, 7x on flights booked with airlines or American Express, and car rentals booked directly with the company, 7x on dining, and 3x on all other purchases.
- Credits: $250 annual Hilton Resort statement credit, $250 annual airline fee credit, and $100 Hilton on-property credit.
Full list of benefits
- Complimentary Diamond status.
- Weekend night rewards.
- Complimentary Priority Pass™ Select membership.
- Car rental loss and damage insurance.
- Baggage insurance.
- Return protection.
Best for airline rewards: Delta SkyMiles® Reserve American Express Card
The Delta SkyMiles® Reserve American Express Card has rich benefits, especially if you frequently fly Delta. It offers complimentary access to Delta Sky Club®, the Centurion® Lounge, Status Boost™, Medallion Qualification Dollar waiver, and an annual companion certificate, which can be redeemed for a round-trip domestic first-class flight.
Card details:
- Annual fee: $550
- Type of card: American Express credit card.
- Sign-up bonus: 40,000 miles and 10,000 Medallion® Qualification Miles after you spend $3,000 within the first three months.
- Foreign transaction fee: None.
- Rewards: 3x on Delta purchases and 1x on all other purchases.
- Credits: Application fee credit for Global Entry or TSA PreCheck.
Full list of benefits
- Complimentary Delta Sky Club® and The Centurion® Lounge access.
- Medallion Qualification Dollar (MQD) waiver.
- Status Boost™.
- Annual companion certificate.
- Priority for complimentary upgrades.
- The first checked bag is free.
- Baggage insurance.
- Priority boarding.
- 20% back on in-flight purchases.
- Trip delay and cancellation insurance.
- Car rental loss and damage insurance.
- Purchase and return protection.
- Extended warranty.
Best for businesses: American Express Business Platinum Card®
For an ultra-premium business card with luxury perks and a dedicated account manager, the American Express Business Platinum Card® is the one. However, it’s not meant for every business because it’s designed for businesses that spend thousands of dollars monthly on business expenses and travel. If your business can take advantage of the benefits, the Business Platinum Card® will make your business travel more luxurious and comfortable.
Card details:
- Annual fee: $595
- Type of card: American Express charge card.
- Sign-up bonus: 75,000 points after you spend $15,000 within the first three months.
- Foreign transaction fee: None.
- Rewards: 5x on flights and hotels booked through American Express, 1.5x on purchases $5,000 or more, 1x on all other purchases.
- Credits: $200 annual Dell Technologies statement credit, $200 annual airline fee credit, and application fee credit for Global Entry or TSA PreCheck.
Full list of benefits
- Access to Fine Hotels & Resorts®.
- Complimentary Marriott Bonvoy Gold Elite and Hilton Honors Gold status.
- Access to American Express Global Lounge Collection.
- Trip delay, cancellation, and interruption insurance.
- Car rental loss and damage insurance.
- Access to the Global Dining Collection.
- Baggage insurance.
- Extended warranty.
- Purchase protection.
- Vendor Pay by Bill.com
- Dedicated account manager.
Most prestigious and exclusive cards in the world
Aside from premium credit cards, there are exclusive cards that require an invitation which means you can’t apply for them. The benefits of these cards range from no spending limit to exclusive events. Here are the elite cards that are accessible by invitation only.
1. The Centurion® Card from American Express
This card is widely known as the “Black Card” with incredible benefits. If you’ve been an Amex cardholder for a year and spend at least $250,000 a year while paying down the full balance, you have a better chance of getting invited.
The Centurion® Card is a charge card, which means that you need to pay the balance in full every statement period. It comes with a one-time $7,500 initiation fee and a $2,500 annual fee.
2. J.P. Morgan Reserve Card
Formerly known as the Palladium card, the J.P. Morgan Reserve credit card is made of palladium and brass.
You may get an invite if you have at least $10 million in assets with J.P. Morgan’s private banking. It comes with an annual fee of $550, which is far less than the Amex Centurion® Card.
3. Dubai First Royale Mastercard
This is one of the most exclusive cards in the world. It’s an invitation-only card with no pre-set spending limit and is wrapped with gold on two sides.
It also has a .235-carat solitary diamond in the middle of the card. The Royale card comes with a dedicated relationship manager and the annual fee is available upon request (Source: Dubai First).
4. Citi Chairman American Express Card
When this card was launched in 2007, Citigroup announced that the card was “designed to meet the specific needs of a unique group of people, including Smith Barney and Citi Private Bank clients who expect an exceptional level of service and benefits.” (Source: Citi).
There’s a credit limit of $300,000 and an annual fee of $500.
5. Coutts Silk Card
To get the Silk charge card, you’ll need to be a Coutts private banking client.
It offers great travel benefits, a dedicated concierge, and they also send gifts to their clients. According to Coutts, this card doesn’t have an annual fee but it’s by invitation-only.
Frequently asked questions
Are luxury credit cards worth it?
If you can take advantage of the benefits, luxury credit cards are worth the annual fees.
Depending on your spending habits and how often you travel, the best premium credit card will either be the American Express Platinum Card or the Chase Sapphire Reserve.
Conclusion
Premium credit cards are about more than prestige and status. Higher-end credit cards offer great perks, rewards, and exclusive access to events. There are many benefits that can outweigh the annual fee, it just has to make sense for you.
More resources:
Featured image courtesy of American Express, Chase, and Citi.
About David Em
Founder
David Em is the founder of More Money More Choices, which he launched to help you take control of your finances and build your dream life. Before More Money More Choices, David worked in leadership positions in the finance industry.
