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Elite credit cards offer benefits above and beyond standard rewards cards or travel cards, including travel credits, airport lounge access and big welcome offers.
However, these perks come at a cost — often in the form of annual fees in excess of $400.
Before signing up for an elite credit card, make sure the potential benefits make sense for your travel habits and spending patterns.
Elite credit cards tend to have a “fancy” look and feel, thanks to being made of metal, and offer more than their share of benefits. The most exclusive credit cards come with perks like airport lounge access, annual travel credits and elite status with rental car and hotel brands. Some also have generous bonus offers worth $1,000 or more, with the chance to earn tons of points or miles for each dollar you spend.
However, there’s a catch. Elite credit cards charge pricey annual fees, which can be hard to justify if you rarely take advantage of the cardholder benefits. When it comes to credit cards, sometimes less is more. Before choosing one, consider how much you travel, how many of the perks you’ll use and if the annual fee is worth it.
Reasons to pick up an elite credit card
Exclusive travel perks
For the most part, elite rewards credit cards are geared toward consumers who travel (or plan to travel). This is based on the exclusive perks elite cards tend to offer, including hotel status and benefits, airport lounge access, credits for checked baggage and in-flight meals, travel insurance, rental car insurance, concierge service and more.
Big welcome offers
Keep first-year rewards in mind, since that’s usually the best opportunity to bring in a healthy number of points and miles. Elite credit cards really pile ’em up, with even standard bonuses being worth hundreds — if not $1,000 or more.
Access to special events
Special event access is a serious perk for most elite cards.
For example, Capital One Venture X cardholders get access to exclusive reservations at award-winning restaurants and tickets to culinary experiences through Capital One Dining. Capital One Entertainment offers access to events across music, sports and dining with exclusive access to presales, tickets and more.Â
And with the Chase Sapphire Reserve®, you get the exclusive Reserved by Sapphire dining program, which can help you secure reservations at some of the top fine-dining restaurants in the U.S.
American Express owns Resy, a restaurant booking service, and it’s no surprise that Amex cardholders get preferred access.
Handsome hardware
You’ll usually get the satisfying sound of metal when you plunk your card down on a table.
The Mastercard Black Card promises the heftiest card weight among all metal credit cards. According to the card’s advertising materials, it weighs 22 grams, compared to just 18 grams with the Amex Platinum and 13 grams with the Chase Sapphire Reserve.
Downsides of elite credit cards
Significant annual fees
The biggest disadvantage of elite credit cards is the cost required to carry them. Most elite credit cards charge annual fees of $450 per year or more, with several popular options collecting annual fees over $500.
It’s all about ROI, though. If you use the benefits, you can usually get well over the cost of the annual fee, so scour the benefits list with an eye for value.
Fine print on perks
Also note that, in some cases, elite credit card perks can be difficult to use. For example, the $200 airline fee credit that comes with the Amex Platinum is only good for one airline you select ahead of time and only for “incidental” travel expenses, like checked luggage and in-flight meals. Further, the $200 in Uber credits this card offers are doled out monthly, and unused credits from one month do not roll over to the next.
In general, keep an eye out for this “coupon book” set up and make a plan to get your money’s worth. Also note that you’ll often need to book travel through the card issuer’s portal to earn bonus points.
Higher APRs and fewer intro rates
Finally, elite credit cards tend to charge high APRs and rarely, if ever, offer introductory rates for purchases or balance transfers. This makes them a poor option if you need to carry a balance from time to time.
It’s best to only dive into elite cards with a plan to pay them off each billing cycle.
Which cards are elite credit cards?
Get a $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travelâ„ immediately after the first $300 is spent on travel purchases annually.
Get 50% more value when you redeem your points for travel through Chase Travelâ„ . For example, 60,000 points are worth $900 toward travel.
Earn a 1:1 point transfer to leading airline and hotel loyalty programs
Access 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select
Up to $120 application fee credit every four years for Global Entry, NEXUS or TSA PreCheck®
Count on Trip Cancellation/Interruption Insurance, Auto Rental Coverage, Lost Luggage Insurance and more.
The Chase Sapphire Reserve has a $550 annual fee, no foreign transaction fees and a sizable welcome offer.
It also comes with one of the most comprehensive travel insurance lists out of any elite cards: Auto rental coverage; roadside assistance; trip cancellation/interruption insurance; emergency evacuation and transportation coverage; trip delay reimbursement; baggage delay insurance; lost luggage reimbursement; travel accident insurance; travel and emergency assistance; and emergency medical and dental.
The 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.
The card also comes with generous points per dollar spent in top categories:
Earn 10x total points on hotels and car rentals when you purchase travel through Chase Travelâ„ .
Earn 5x total points on flights through Chase Travelâ„ .
Earn 3x points on other travel and dining.
Earn 1 point per $1 spent on all other purchases.
Access 1,700+ Priority Pass airport lounges worldwide, along with exclusive Capital One airport lounges at Dallas/Fort Worth International, Denver International and Washington Dulles International.
Get a $300 annual travel credit.
Get up to $120 fee credit for Global Entry or TSA PreCheck membership
Enjoy Visa Infinite Concierge access and Hertz President’s Circle status.
Get 10,000 bonus miles every year, starting on your first cardholder anniversary.
The Capital One Venture X Rewards Credit Card is another metal credit card that offers travel perks. It has a $395 annual fee, no foreign transaction fees and a welcome offer: Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel.
Cardholders earn:
10 Miles per dollar on hotels and rental cars booked through Capital One Travel
5 Miles per dollar on flights and vacation rentals booked through Capital One Travel
2 Miles per dollar on every purchase, every day
Use your miles to book travel directly or for point transfers to Capital One’s 16 airlines and two hotel partners.
Get a $200 airline fee credit each year with a select airline
Get up to $200 in Uber credits ($15 per month, plus an extra $20 in December. Terms Apply)
Enjoy Priority Pass Select airport lounge membership, entry into Centurion lounges and access to Delta Sky Clubs (when you fly with Delta).
Get up to $120 for Global Entry or TSA PreCheck every four years and an annual credit of $189 for Clear membership.
Enjoy American Express Platinum concierge access, which can help you arrange transportation, book restaurant reservations, get tickets to events and more.
Reach automatic Gold Elite and Gold status with the Marriott Bonvoy and Hilton Honors programs, respectively.
The Amex Platinum Card is a favorite among those looking for a wealth of travel-related perks and consumer credits. With this card, you can:
Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
This elite credit card does have a $695 annual fee (See Rates & Fees), but you get a wealth of benefits that can help offset the fee.
Amex hasn’t confirmed many details about the card, but 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 in select cities
Exclusive 24/7 concierge services
Commonly known as “the Black Card,” the Centurion Card is extended only to current American Express customers and high-profile outsiders. It starts with an invite-only application for customers who spend at least $450,000 a year on their cards.
You’ll pay a $10,000 initiation fee, along with a $5,000 annual fee. The truth is, you’re not getting this card to rack up points, since you only earn 1X points per $1 spent on the card. You’re getting this card for access to the ultimate tier of luxury perks.
Cardholders also earn points in the popular American Express Membership Rewards program, which you can redeem for travel through Amex, transfer to Amex’s airline and hotel partners, merchandise and more.
Get up to $200 in statement credits toward flight-related purchases including airline tickets, baggage fees, upgrades and more with no need to activate or designate an airline. The full credit amount is available at the start of the calendar year.
Get up to a $120 application fee credit for the cost of TSA PreCheck or Global Entry.
Enjoy automatic enrollment in Priority Pass™ Select with access to 1,500+ airport lounges worldwide with no guest or lounge limits. Includes credits at select airport restaurants for cardholder and one guest.
Enjoy 24/7 Luxury Card Concierge® access and make requests directly with a real agent by phone, email, SMS and chat in the app. Requests do not require a purchase, incur no charge for making them, and do not involve department transfers.
Take advantage of exclusive Luxury Card Travel® benefits with an average value of $500 per stay (e.g., resort credits, room upgrades, free wifi, breakfast for two and more) at over 3,000 properties.
Receive protection benefits like trip cancellation and interruption, auto rental car collision waiver, travel accident and baggage delay.
Get cell phone protection for eligible claims of up to $1,000 each year.
Enjoy additional World Elite Mastercard® benefits.
Set and plated in 24-karat gold, the Mastercard Gold Card is a travel-focused card that consumers can apply for, although membership requirements are not public. It has an annual fee of $995 ($295 for each Authorized User added to the account) and cardholders earn 1X per dollar spent. That’s not much, but the card also has a flat-rate redemption value of 2 percent for cash back or 2 percent value for airfare redemption with no airline or seat restrictions and no blackout dates.
Enjoy 24/7 Luxury Card Concierge® access and make requests directly with a real agent by phone, email, SMS and chat in the app. Requests do not require a purchase, incur no charge for making them, and do not involve department transfers.
Get an annual airline credit of up to $100 toward qualifying airline purchases.
Get up to a $120 application fee credit for the cost of TSA PreCheck or Global Entry.
Enjoy global airport lounge access with Priority Pass Select membership
The Mastercard Black Card is the junior version of the Gold card that still offers solid perks. Made from a patented black-PVD-coated metal, the card has a $495 ($195 for each Authorized User added to the account) annual fee. Cardholders earn the same 1X points as the Mastercard Gold Card and also benefit from a 2 percent value boost for airfare redemptions. For cash back redemptions, cardholders get a value of 1.5 percent.
How to pick an elite credit card
If you’re thinking of getting an elite credit card, compare the top travel cards on the market. These tips can help you narrow down your options.
Determine which elite perks you could use the most
As you compare exclusive credit cards with lots of benefits, ask yourself which travel perks you actually need. If you often travel, airline credits and airport lounge access could be worth pursuing. If you want access to a travel concierge service or travel insurance benefits, compare the coverage.
Decide on the type of rewards you want to earn
Most elite credit cards let you earn flexible travel points you can use in more than one way. Take a close look at Amex Membership Rewards, Capital One Miles and Chase Ultimate Rewards to see how you can redeem your points and to which airline and hotel partners you can transfer.
Also, be sure to compare the value of those rewards to determine whether potential redemptions will make sense for you.
Look for benefits that align with existing travel plans
Maybe you already have an extended stay with a specific hotel brand or trips that require a rental car. In that case, look for rewards credit cards with related perks like automatic hotel or rental car elite status.
For example, if you get elite status with a certain hotel chain, but they’re rarely in your travel plans, that’s probably not a match for your travel style.
Compare welcome bonuses among the top cards
Look at elite cards and compare the welcome bonus offers. Even if you have to pay a high annual fee, the first-year bonus can more than make up for it — especially if you can meet the minimum spending requirement through regular, organic spending.
The bottom line
Do the math — are elite credit cards worth it? For example, is it worth paying $995 annually for the Mastercard Gold Card when you only earn 1X per $1 spent and there are more competitive elite cards on the market? Both the Amex Platinum and the Chase Sapphire Reserve come with far better travel perks at a lower price.
If the numbers don’t work, consider cards like the American Express® Gold Card, Capital One Venture Rewards Credit Card or Chase Sapphire Preferred® Card. They all come with travel perks that may better suit your lifestyle at a much lower cost.
