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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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