5 must-have features for premium credit cards

4 min read

Do you have great credit, a 6-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 and media relations manager 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 The Ulzheimer Group and founder of CreditExpertWitness.com. “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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