The 5 Best Premium Credit Cards


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Your credit card doesn't just have to be a card; it can also be the key to unlocking a hidden world of priority access and premium service. At one time, these services were reserved for the truly wealthy people that some now refer to as “the 1%.” Today, banks are eager to offer their most exclusive products to customers with good credit, if not extraordinary spending power.

While these cards do provide some pretty excellent perks, you should never get them just for the sake of prestige. But if you use credit cards responsibly and are already paying out of pocket for the free services they provide, they can be financially worthwhile. (See also: Best Credit Cards for People With Excellent Credit)

1. The Platinum Card® from American Express

In my opinion, American Express has made a name for itself by offering premium products in conjunction with unsurpassed customer service. While their secretive, top-of-the line Centurion Card is only offered by invitation to select high-net-worth individuals, the rest of us can apply for their Platinum Card®, which costs a fraction of the price and may be almost as good. Platinum Card holders will enjoy an impressive array of benefits, including complimentary acess to over 600 VIP airport lounges worldwide, no foreign transactions fees, Starwood Preferred Guest Gold Status, Platinum Card Concierge, and much more. There is a $450 annual fee.

Card Highlights: 

  • Earn 40,000 points after you spend $3,000 on purchases on your new Card in your first 3 months.
  • Up to a $200 Airline Fee Credit Annually.
  • To receive the statement credit, you need to select a qualifying airline.
  • There are no foreign transaction fees with purchases made on your Platinum Card.
  • Platinum Card Concierge is your personal resource to help secure a last minute restaurant reservation, or shop for a hard-to-find gift.
  • Terms & restrictions apply.

Apply for the Platinum Card® from American Express today!

American Express continually tries to surpass itself with its personal concierge service that provides a variety of services, including the arrangement of travel, dining, and other purchases. Like other American Express products, cardholders will earn Membership Rewards points that can be used for cash back, gift cards, or exchanged for airline miles. On the downside, there is a $450 annual fee for this card, and American Express is less commonly accepted than Visa or Mastercard.

2. Citi ThankYou® Prestige

Citi's ThankYou® Prestige Card includes $250 air travel credit each year, complimentary 4th night for any hotel stay, 3x points for air travel and hotels and 2x for restaurants and entertainment. The card's premium benefits include complimentary access to American Airlines Admirals Club lounges and hundreds of VIP lounges through Priority Pass Select, 24/7 access to Citi's Prestige® global concierge as well as special access to entertainment and sporting events through Citi® Private Pass BeyondSM. Points earned can be transferred to participating travel loyalty programs, but they're worth the most when redeemed for American Airlines or US Airways flights. Finally, there are no foreign transaction fees and the card is equipped with chip technology for global acceptance. These premium benefits definitely make up for the $450 fee, and should be in any frequent traveler's wallet.

Click here to apply for the Citi ThankYou® Prestige Card today!

3. United MilegePlus Presidential Plus Visa From Chase

credit cardCustomers of United (and the former Continental) are being forced to pick sides after their airline fell out of favor with American Express. If you want to earn United miles and enjoy their lounges, you could do a lot worse than to receive the United Airlines MileagePlus Presidential Plus Card. When traveling on United, cardholders enjoy priority check-in, express security screening, priority boarding privileges, priority baggage handling, and two free checked bags. In addition, card members receive access to all United Clubs and over 200 other affiliated lounges such as the ones operated by US Airways. As with other premium credit cards, members receive several different purchase protection and travel insurance policies, as well as a dedicated concierge service. There is a $395 annual fee and no foreign transaction fees for this card. Finally, you know this is a great card because its name contains the word “Plus” twice.

4. J.P. Morgan Select

credit cardLike American Express, Chase offers a super-exclusive card called the Palladium that is only available to select clients of their personal banking service. Fortunately, they offer a slightly less glorified version called the J.P. Morgan Select, which leads these luxury cards in value. Like its competitors, it offers personalized service 24 hours a day, and cardholders will receive Chase Ultimate Rewards points that can be transferred to frequent flier miles or used for booking travel directly through Chase. Members also receive complimentary primary auto rental coverage, trip delay or cancelation insurance, and baggage delay or lost luggage coverage when they travel. Finally, international travelers will love the fact that this card has an EMV Smart Chip and no foreign transaction fees. Even better, Chase offers this product for a mere $95 a year, and even that is waived the first year.

5. Visa® Black Card™

credit cardDon’t tell anyone, but Barclay’s Bank offers the Visa Black card in order to compete with other premium products on the market. Barclay’s apparently wants to keep this a secret because it is extremely difficult to find their name attached to the card. They do prominently boast that this product offers holders a limited membership, a 24-hour concierge service, and even a card made out of carbon (patent pending).

Cardholders earn points that can be worth 1% cash back or airfare on any airline with no blackout dates or restrictions. Other perks include unlimited VIP airport lounge visits in over 200 cities and the occasional luxury gift delivered to your door. This card does have $495 annual fee and, sadly, a 3% foreign transaction fee on all charges processed outside of the United States.

So despite their upscale marketing, it might be worthwhile to take a look at some of the premium credit cards and their long lists of perks. While these cards come with a heavy price tag, their benefits can actually be worth more than their costs.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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Guest's picture
Brian

I'm loving my Chase Freedom card. 5% cash back on gas this quarter - cant be beat.

Guest's picture
Guest Muhammad Jahid Hasan

It is a nice deal. Thanks for sharing.

Guest's picture

For Canadians- I've had a lot of success with the PC Mastercard and blogged about how it works for us here: http://preservingpennies.com/how-we-save-money-by-using-our-credit-cards/

Guest's picture

Have people had a lot of issues with their MasterCard getting accepted? I think that would prevent that card from being #1 anywhere. The J.P. Morgan Select card looks pretty good though, especially with the first year's fee waived.

Guest's picture

None of these credit cards are worth it! If you want to get the best rewards, then do some research into credit card arbitrage. Basically, you sign up for credit card promotions when they are giving away bonuses of $500 or more. I've done this with 5 credit cards in the past year, made over $4,000 and my credit score has actually gone up!

Guest's picture
Carl Lassegue

The American Express Platinum Card looks great, especially for people who travel a lot. I'm always envious of people with a Global Entry membership as I watch them walk through immigration in a 2 mins after I've been standing in line for immigration for about 45 minutes.

Guest's picture

I'm thinking of obtaining another CC just for emergency purchases. Those premium cards listed are mostly good for those that do alot of travelling to rack up flight benefits e.t.c.

I have been living consumer debt free for the last few years, see post.
http://financiallyeliteblog.com/1380/live-without-credit-cards/

Dwight Anthony
Financially Elite Blog dot com

Guest's picture

There's a very specific market for these cards. If you are traveling a lot and want to feel like a king, it might be worth it. For the rest of us, regular rewards card that doesn't carry that type of annual price tag is definitely better.

Guest's picture
mmmbuzz

This statment from the article says it all, "...you know this is a great card because its name contains the word “Plus” twice." You've got to be kidding me! Cards with $495 annual fees are "premium"? I'm sure that's the word the issuing banks are using while they gloat over the premium fees, premium interest and premium bunch of suckers that own/use these cards. Carrying a credit card balance is stupid, no matter what you make, and paying a $495 fee to have it in your wallet/purse is one notch dumber!

Guest's picture
Brian

I think you missed a card of very significant value. Wells Fargo offers a Mortgage Rebate Visa card. Instead of giving you "perks" that half of the population won't use, your earned points are credited towards the principal on your mortgage.