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5 must-haves of premium credit cards

Credit Cards » 5 must-haves of premium credit cards

Attention, premium shopper
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Attention, premium shopper © racorn/Shutterstock.com

Attention, premium shopper

Do you have great credit, a six-figure salary and a thick asset portfolio? There's a good chance your bank will try to sell you on an invitation-only or premium credit card.

These cards tout major rewards and exclusive perks, but, more often than not, carry steep annual fees.

You could wind up spending "$500 to $3,000 a year, or even more just to hold the card," says Thomas Nitzsche, a certified credit counselor with ClearPoint Credit Counseling Solutions.

This hefty price is one reason affluent, creditworthy consumers should carefully consider a seemingly elite piece of plastic.

Despite the mystique that issuers intentionally build around these types of cards, "there are a lot of pretenders" on the market, says John Ulzheimer, president of consumer education at CreditSesame. You'll have to do some research to figure out whether a card is actually worth the cost.

To help you separate the wheat from the chaff, here are five features to look for in a premium credit card.

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Editorial Disclaimer: The editorial content is not provided or commissioned by the credit card issuers. Opinions expressed here are author’s alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers.

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