Key takeaways

  • Some luxury credit cards from the past were available only by invitation — and still are — yet many of today’s most exclusive cards are open to anyone.
  • Factors that set luxury credit cards apart are their high annual fees and generous benefits, like annual travel credits, elite status and airport lounge memberships.
  • Some of the top luxury credit cards available today include the Luxury Card™ Mastercard® Gold Card™, the Chase Sapphire Reserve® and the Capital One Venture X Rewards Credit Card.

Luxury credit cards can provide incredible value, but you do have to meet relatively strict requirements to get approved. Exclusive credit cards with perks like airport lounge access, automatic elite status and generous statement credit offers tend to require very good or excellent credit and a high income. The high annual fees the best luxury credit cards charge also weed out applicants who don’t want to (or can’t) shell out anywhere from $395 to $995 in annual fees each year.

In reality though, many top luxury credit cards are worth much more than their annual fees due to their included benefits and the rewards you can earn. If you’re in the market for a luxury card but you’re not sure which one to apply for, you may be surprised to find there are plenty of exclusive credit cards that are well within your reach.

What exactly is a luxury credit card?

The definition of a luxury credit card seems to expand with the state of the industry. More and more crop up every year, though generally speaking, a luxury card is any that could be seen as a symbol of prestige.

That said, the state of the luxury card industry has changed over the years. Where many of the best and most exclusive credit cards once required an invitation to apply, that’s no longer the case in 2024. These days, anyone has a shot at one of the best premium cards on the market today if they meet the income and credit requirements.

The most impressive luxury credit cards

While the top luxury credit cards have changed over the years, nearly every major issuer carries an exclusive card for top-tier customers. Here’s a sampling of what some of these impressive cards offer:

Luxury Card™ Mastercard® Gold Card™

  • Set and plated in 24-karat gold, the Luxury Card™ Mastercard® Gold Card™ is a travel-focused card that accepts applications from the general public (though the requirements for membership are still kept under wraps). Every account holder receives airport lounge access, a 24/7 concierge service and luxury gifts throughout the year.

    • Annual fee: $995
    • Standout perk: $200 annual airline credit

Luxury Card™ Mastercard® Black Card™

  • The Luxury Card™ Mastercard® Black Card™ is a step down from its Gold card counterpart, but it still offers plenty of perks. Cardholders benefit from 2% value for airfare redemptions, 24/7 concierge services, a fee credit for Global Entry or TSA PreCheck membership, global airport lounge access and more.

    • Annual fee: $495
    • Standout perk: $100 annual airline credit

Chase Sapphire Reserve®

  • The Chase Sapphire Reserve® has higher requirements to qualify than other Chase credit cards, yet those who get approved can enjoy a range of luxury perks. The card comes with a $300 annual travel credit that can apply to any travel purchase, access to airport lounges worldwide through the Priority Pass program, a fee credit for Global Entry or TSA PreCheck membership and the most robust selection of travel insurance benefits of any travel credit card on the market today.

    Chase Ultimate Rewards points earned with this card can be used to book travel through Chase or transferred to 14 different airline and hotel partners.

    • Annual fee: $550
    • Standout perk: 50% more value for points when redeemed for travel

Capital One Venture X Rewards Credit Card

  • The Capital One Venture X Rewards Credit Card is an impressive-looking metal credit card that offers superior benefits and up to 10X miles on eligible purchases. The card also offers access to Priority Pass airport lounges worldwide, plus exclusive Capital One airport lounges in select cities. Cardholders qualify for perks like a $300 annual travel credit, a fee credit for Global Entry or TSA PreCheck membership and Hertz President’s Circle status.

    Individuals who opt for this luxury card also earn flexible Capital One miles, which can be used to book travel directly or for point transfers to airline and hotel programs that partner with the brand.

    • Annual fee: $395
    • Standout perk: 10,000 anniversary bonus miles

The Platinum Card® from American Express

  • The Platinum Card® from American Express is a favorite among frequent flyers and those looking for a wealth of consumer credits. The Amex Platinum gives you 5X Membership Rewards points on up to $500,000 per calendar year spent on directly booked airfare, flights and prepaid hotels through American Express Travel.

    In addition to travel credits for perks like Clear Plus, Global Entry and TSA PreCheck, cardholders can also get a variety of shopping and entertainment credits. It also has access to an extensive lounge network and will give you complementary elite status with its hotel and car rental partners.

    • Annual fee: $695
    • Standout perk: $200 annual airline credit and $200 annual hotel credit

Centurion® Card from American Express

  • Commonly referred to as “the Black card,” the Centurion® Card from American Express* is extended only to current American Express customers and high profile outsiders. It starts with an invite-only application for customers who are spending tens of thousands of dollars per month on their cards.

    While many details about the card have not actually been confirmed by Amex, the card reportedly comes with lucrative benefits like the broadest airport lounge membership available today, elite status with programs like Delta SkyMiles and Hilton Honors, VIP airport arrival at select cities and exclusive 24/7 concierge services.

    Cardholders also earn points in the popular American Express Membership Rewards program, which can be used for travel through Amex, transfers to Amex airline and hotel partners, merchandise and more. In addition to the $5,000 annual fee for this card, there’s also a $10,000 initiation fee.

    • Annual fee: $5,000
    • Standout perk: Saks Fifth Avenue credit of up to $1,000 annually ($250 per quarter)

Should you apply for a luxury card?

While luxury credit cards come with steep annual fees, they can offer immense value if you use all of their benefits. The key to knowing if they’re a good deal or not is spending some time to tally up all the perks and what they’re worth.

Take the Chase Sapphire Reserve® with its $550 annual fee, for example. That’s a fairly steep price to pay for a year of membership, yet cardholders get a $300 annual travel credit that applies to any travel purchases charged to the card each year. The included Priority Pass Select membership also has a retail value of $469, and members get a $100 fee credit toward a Global Entry, NEXUS or TSA PreCheck membership.

On top of that, the Chase Sapphire Reserve® starts you off with 60,000 points after you spend $4,000 on purchases within three months of account opening. When you add up the value of the sign-up bonus, the $300 annual travel credit, Priority Pass membership and airport security membership, first-year benefits are easily worth $1,469 or more depending on how you redeem your points.

Then again, luxury credit cards only make sense if you can use their statement credits and travel benefits. If you rarely travel and don’t charge a lot to your card each month, you may be better off with a credit card that doesn’t charge an annual fee.

The bottom line

Luxury credit cards are considered luxurious for a reason — they provide a wealth of benefits and perks that can’t be achieved with other cards. Plus, they come with a level of prestige that can make you feel good when you swipe.

But at the end of the day, a credit card is still just a credit card — a financial tool designed to make your life easier, not harder. If you can’t spend enough on your card to justify the hefty annual fee it comes with, or if you’re not in a position to take advantage of those lucrative perks, you’ll likely be better off looking at some of the less luxurious (yet still beneficial) rewards credit cards currently on the market.

If you do have the income and the lifestyle to get the most out of a luxury credit card, however, then you’ll have plenty of options to choose from. Just don’t forget to keep an eye out for those specialty invitations as you start shopping around.

*Information about the Centurion® Card from American Express has been collected independently by Bankrate. Card details have not been reviewed or approved by the issuer.