Check out MoneySupermarket's selection of the most prestigious premium credit cards currently available. These cards come with an annual fee but feature the best benefits and rewards programs available.
What is a premium credit card?
A premium credit card is a modern-day status symbol. If you are going to flash the plastic, it’s nice if the plastic is gold or platinum. Or how about a purple card from Coutts, bankers to the Queen?
Some premium cards are so fancy, they aren’t even plastic. The American Express Centurion, for example, is made from titanium.
But premium credit cards aren’t just about the prestige; they are also about the perks. Most cards offer a range of rewards to customers including travel insurance or even a concierge service.
Of course, these exclusive cards aren’t available to everybody. You might have to earn a minimum income to qualify, or the card could be linked to a private or premium current account. Some of the most high-end cards are by invitation only – ordinary mortals need not apply. You can also forget about a premium credit card if you have a poor credit rating.
And don’t expect to get a premium card for free. Most charge an annual fee, which might be £100 or more. So it’s important not to get carried away. Just because you qualify for a premium card, doesn’t mean it’s the right choice.
What are the benefits of a premium credit card?
The big attraction of a premium credit card is the perks. Different cards offer different rewards, but they often include breakdown cover, comprehensive travel insurance and entry to airport lounges. Some premium cards also run a concierge service, which gives you access to a personal assistant who can help with hotel and restaurant bookings, or even arrange a delivery of flowers or a gift should you forget a birthday or anniversary.
A number of premium credit cards also offer a points system, rather like a reward scheme, that allows you to earn money off various services, such as flights.
The other advantage of a premium card is the high credit limit. You can usually borrow a much larger amount than you could with a standard card.
You can compare premium credit cards quickly and easily with MoneySupermarket’s free, independent service. Check it out today and find the prestige card to suit your wallet or purse.
Are there any disadvantages to premium credit cards?
The interest rates on premium credit cards tend to be roughly on a par with the rates on standard credit cards. However, premium cards rarely offer 0% deals, so they can work out to be expensive. Then there’s the annual fee. If you don’t make full use of the perks, the fee can make a premium card a pricey option.
You might also fail to qualify for the card you want if it sets a high minimum annual income, or if it is offered by invitation only.
Are there any alternatives?
There are a number of reward cards that offer cashback or loyalty points – and you don’t usually have to pay an annual fee, or meet strict eligibility criteria
If you want freebies, it might be worth considering a premier or packaged current account. Unlike standard current accounts, packaged accounts charge a fee, but they include a number of benefits such as breakdown cover and travel insurance.
Your personalised chance of approval
We’ve taken the details you gave, and used them to show you personalised scores to tell you the chance that your application for each card would be successful.
Why is this important?
Every time you apply for a credit card, a mark is left on your credit score. That means it’s better to get it right first time. Your scores help you understand which cards you have the strongest chance of getting.
The higher the score, the stronger chance you have of getting the card. If you see a very low score, you’ve probably better off choosing a different card.
- Consider a different card
- Not eligible
- Your chances are good
- You've been pre approved
If you see a high score, you can be fairly confident. The scores aren’t a guarantee, as acceptance of your application is at the sole discretion of the card issuer, but they should help guide your choice.
In some cases, we will not be able to display a score for a product because we do not have enough information about the card issuer’s acceptance criteria or we have not been able to match your details at the credit bureau.
We work closely with our partners to improve our eligibility scores for all products that are of interest to you.