Are Premium Reward Credit Cards Worth The Annual Fee?

Nowadays, all card issuers offer a wide range of credit cards across different categories, including travel, rewards, cashback, fuel, shopping, and many more. From premium to entry-level credit cards, one can find every type of credit card one wants. There are high annual fee premium credit cards as well as low-annual fee basic cards available in the Indian market. Most people get attracted to the perks and benefits of premium credit cards and they get ready to pay a high annual fee to avail of these benefits. But the question that arises is ‘Are these premium reward credit cards even worth it?’ If you are also having any such questions in your mind, we are here to help you out with the same. keep reading for more information:

What are Premium Credit Cards?

Premium Credit Cards, as the name suggests, are credit cards that have a high annual fee and offer premium benefits across different categories, including rewards, travel, lifestyle, and many more. People who want to have a luxurious lifestyle often look for premium credit cards so that they can get exciting privileges like complimentary lounge access, free golf games, free hotel/flight members, and other premium benefits. However, these cards also have strict eligibility criteria and hence, only people with a high net worth & an excellent credit score can get approved for these cards. The detailed benefits and features of premium credit cards are given below:

Advantages of Premium Credit Cards

Some of the most significant advantages associated with Premium credit cards are listed below. If all the benefits excite you, getting a premium credit card would be a good option for you:

• Welcome Benefits: Premium credit cards generally welcome their customers with exclusive welcome benefits, such as free membership to different premium platforms, bonus Reward Points, exclusive gift vouchers, and a lot more.
• High Reward Rates: Premium Credit Cards generally have high reward/cashback rates as compared to the other basic cards. Therefore, you can save more as you spend more. Moreover, these rewards have a high redemption value and you can use your earned reward points against various exciting options.
• Travel Benefits: Premium cards, especially premium travel credit cards, offer great travel benefits, including complimentary membership to flight/hotel programs, such as taj Epicure membership, Club Vistara membership, and many more. Moreover, you can get very good discounts on flight/hotel bookings with additional privileges.
• Free Lounge Access: You also get complimentary airport lounge access to domestic as well as international airport lounges with most of the premium credit cards. Moreover, you can also get free lounge membership, such as a priority Pass membership which allows you to access over 1,000 lounges globally.
• Dining & Movie Related benefits: Generally, Premium Credit cards also offer great movie and dining offers, such as Buy 1 Get One Free offer on movie tickets, exciting discounts on dining, and a lot more.
• Annual Fee Waiver: Premium Cards do come with a high annual fee, but most of these cards provide you with an amazing opportunity to get this fee waived by achieving the required milestone spend.

Are Premium Cards Worth It?

After going through all the advantages of Premium credit cards, you might have got the answer to this question. Premium Credit Cards are totally worth it for those who can get the maximum benefit out of these cards. These cards do have a high annual fee, but all the premium benefits offered with these cards can also not be ignored. You can save a lot on shopping, travel, dining, entertainment, and many more spends that you make using premium credit cards. If you are having a premium card, you should make sure that you are making most of your transactions using this card. This will not only help you earn more and more rewards, but you will also be able to get the spend-based waiver of the annual fee. Just get a credit card as per your requirements and use it wisely to maximize its benefits.

Bottom Line

Premium Credit Cards can be really advantageous for those who want to live a luxurious lifestyle and are ready to pay a high annual fee for the same. If you are eligible for premium cards and if all the above-mentioned benefits excite you, you should definitely get one such card. These cards are not just expensive, but also let you save much more than the annual fee you pay. So, the premium credit cards are totally worth it for the eligible individuals who can get the most out of these cards. If you still have any doubts related to this, you can freely ask us in the comment section below!