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Best Premium Credit Cards of December 2022 (Updated Monthly)

Best Premium Credit Cards of December 2022 (Updated Monthly)

The Platinum Card® from American Express is our top pick for best premium card, thanks to its bounty of luxury benefits, including complimentary access to the best credit card lounge network.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more. Citi is an advertising partner.

Top premium cards of 2022

The Platinum Card® from American Express

Chase Sapphire Reserve®

American Express® Gold Card

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Whether you're looking to bolster your status with a super elite card or you're simply in the market for exclusive luxury benefits, a premium credit card can help make your travel experience more comfortable.

While each of the cards on our list have lots to offer those looking for luxury benefits, The Platinum Card® from American Express is our overall pick for the best premium card of 2022. Though it comes with a hefty annual fee, the enormous welcome offer, travel perks and flexible redemption options that this card offers are unmatched — as are its multitude of luxury card benefits for cardholders.

When choosing credit cards with annual fees upwards of $450, it's important to make sure the benefits outweigh the costs. The cards on this list are intended for individuals with excellent credit scores, who travel frequently and are looking to reap the benefits of luxury rewards. Those seeking simply to maximize rewards but have little interest in luxury should take a look at our top rewards credit cards, instead.

Compare the best premium credit cards of 2022

Every premium credit card has something to offer — whether it's airline lounge access, free hotel nights, priority boarding or anything else. Here, we'll show you how each of our card picks compares against the other in the most simple terms possible by using only their annual fees and welcome offers.

Welcome Offer
Credit Needed
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Annual Fee
The Platinum Card® from American Express
The Platinum Card<sup>®</sup> from American Express
Earn 80,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership.660 - 850$695 See Rates & Fees.
Apply Now
See Rates & Fees. Terms Apply. On American Express' Secure Website
Chase Sapphire Reserve®
Chase Sapphire Reserve<sup>®</sup>
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Ultimate Rewards®720 - 850$550
Apply Now
On Chase's Secure Website
Hilton Honors Aspire Card from American Express
Hilton Honors Aspire Card from American Express
Earn 150,000 Hilton Honors Bonus Points after you spend $4,000 in purchases on the Card within your first 3 months of Card Membership.660 - 850$450
Not available on ValuePenguin
The Business Platinum Card® from American Express
The Business Platinum Card<sup>®</sup> from American Express
Earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases with your Card within the first 3 months of Card Membership. 660 - 850$695
Not available on ValuePenguin
American Express® Gold Card
American Express<sup>®</sup> Gold Card
60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months of Card Membership.660 - 850$250 See Rates & Fees.
Apply Now
See Rates & Fees. Terms Apply. On American Express' Secure Website
Welcome Offer
Earn 80,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership.
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Ultimate Rewards®
Credit Score Needed
?
660 - 850
720 - 850
Annual Fee
$550
Apply Now
See Rates & Fees. Terms Apply. On American Express' Secure Website
Apply Now
On Chase's Secure Website

Best premium card overall

The Platinum Card® from American Express

See Rates & Fees. Terms Apply. On American Express' Secure Website

Earn 80,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership.

$695

See Pay Over Time APR

660 - 850

  • Earn 80,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum Card®, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
  • Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
  • Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings, which requires a minimum two-night stay, through American Express Travel when you pay with your Platinum Card®.
  • $240 Digital Entertainment Credit: Get up to $20 back each month on eligible purchases made with your Platinum Card® on one or more of the following: Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times. Enrollment required.
  • $155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. Cost includes $12.95 plus applicable local sales tax. Plus Ups are excluded.
  • American Express has expanded The Centurion® Network to include 40+ Centurion Lounge and Studio locations worldwide. There are even more places your Platinum Card® can get you complimentary entry and exclusive perks.
  • $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline.
  • $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only.
  • Get up to $300 back per calendar year on the Equinox+ digital fitness app, or eligible Equinox club memberships when you pay with your Platinum Card. Enrollment required. Learn more.
  • Breeze through security with CLEAR® lanes available at 100+ airports, stadiums, and entertainment venues and get up to $189 back per calendar year on your membership when you use your Card. Learn more.
  • $695 annual fee.
  • Terms Apply.

Earns transferable points

  • Annual fee: $695
  • Point earning: 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel on up to $500,000 on these purchases per calendar year and 5X Membership Rewards® points on prepaid hotels booked with American Express Travel. Terms apply.
  • Redemptions: Flexible redemption options: gift cards, travel, Uber rides, transfer points to airline and hotel partners through Membership Rewards program
  • Travel credits: Up to $100 for Global Entry or TSA PreCheck; up to $200 in Uber Cash (up to $15/month, plus an additional $20 in December) for U.S. Uber rides and U.S. Uber Eats purchases annually when you add the card to the Uber app; up to $200 hotel credit
  • Lounge access: American Express Global Lounge Collection, Amex Centurion Lounge access, Priority Pass™ Select membership (enrollment required), Delta Sky Club access
  • Travel insurance: Trip cancellation/interruption insurance, trip delay insurance, baggage insurance, car rental insurance
  • Other benefits: Gold status with Hilton and Marriott (enrollment required); Platinum concierge service; Fine Hotels & Resorts® perks
  • Please visit americanexpress.com/benefitsguide for more details.

For rates and fees of The Platinum Card® from American Express, please click here.

The Platinum Card® from American Express is the best overall premium card because of its massive welcome offer, up to 5x points earning power, attractive benefits, and over $1,500 in annual credits. You'll earn 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel on up to $500,000 on these purchases per calendar year and 5X Membership Rewards® points on prepaid hotels booked with American Express Travel. Terms apply. And cardholders receive generous benefits and annual credits, like airport lounge access, hotel and airline credits (enrollment required) and Marriott Gold and Hilton Gold elite status (enrollment required).

The Platinum Card® from American Express comes with all the trappings of a premium card. The card grants members access to Amex Centurion Lounges and highly regarded concierge services — plus, when booking hotels through Fine Hotels and Resorts, you receive exclusive benefits like late checkouts, spa credits, room upgrades and complimentary Wi-Fi. Though other cards may offer more rewards across a wider variety of categories, few of them combine flexible redemption options with as many luxury perks as The Platinum Card® from American Express.


Best premium credit card for travel

Chase Sapphire Reserve®

On Chase's Secure Website

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Ultimate Rewards®

$550

20.74% - 27.74% Variable

720 - 850

  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Ultimate Rewards®
  • $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 Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases
  • Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards®. For example, 60,000 points are worth $900 toward travel
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority PassTM Select and up to $100 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck®
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more

Earns transferable points

  • Annual fee: $550
  • Point earning: 5x points on flights and 10x points on hotels and car rentals through Chase Ultimate Rewards®
  • Redemptions: Transfer Chase Ultimate Rewards® points to a partner airline or hotel loyalty program, shop with points on Amazon.com, shop through the Chase portal, redeem rewards for travel, experiences, gift cards or cash back
  • Travel credits: $300 credit that applies to most travel purchases
  • Lounge access: Priority Pass™ Select membership
  • Travel insurance: Trip cancellation/interruption (up to $10,000 per person, up to $20,000 per trip), trip delay (up to $500 per ticket for delays of six-plus hours), baggage insurance (up to $3,000 per passenger), baggage delay (up to $100 a days for five days for delays of six or more hours), car rental insurance (primary)

The Chase Sapphire Reserve® is our choice as the best travel credit card with its high earning power and flexibility of its rewards. It earns 5x points on flights and 10x points on hotels and car rentals through Chase Ultimate Rewards® and 3x on travel booked anywhere else, which is the highest earning rate for travel of any premium travel card. The card also has an annual $300 travel credit that applies to most travel purchases, and its points are worth 50% more when booking travel, which no other card can match.

The Chase Sapphire Reserve® is part of the Chase Ultimate Rewards® (UR) program, which reigns supreme over all other current offers on the market. Ultimate Rewards' travel partners offer cardholders the option to transfer their Ultimate Rewards points at a 1:1 ratio. In addition, you get a 50% bonus when redeeming points through the UR portal for airfare, hotels, car rentals and cruises. That boosts this card’s rewards rate to anywhere between 1.5% and 4.5% — depending on how you spend and redeem.


Best premium credit card for luxury hotel stays

Hilton Honors Aspire Card from American Express

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Earn 150,000 Hilton Honors Bonus Points after you spend $4,000 in purchases on the Card within your first 3 months of Card Membership.

$450

18.74% to 27.74% variable

660 - 850

  • 14X Hilton Honors Bonus Points at hotels and resorts in the Hilton portfolio worldwide
  • 7X Hilton Honors Bonus Points on flights booked directly with airlines or amextravel.com, car rentals booked directly from select car rental companies and at U.S. restaurants
  • 3X Hilton Honors Bonus Points on other purchases
  • Complimentary Hilton Honors Diamond status
  • One Weekend Night Reward at a hotel or resort in the Hilton portfolio with your new Card and each year of Card Membership
  • A second Weekend Night Reward at a hotel or resort in the Hilton portfolio after spending $60,000 in purchases on the Card in a calendar year
  • Unlimited Priority Pass™Lounge passes to ease the airport experience, enrollment required
  • $250 Airline incidental fee statement credit
  • $250 Hilton resort statement credit
  • $100 on-property credit at Waldorf Astoria Hotels & Resorts and Conrad Hotels & Resorts when booking the exclusive Aspire Card package
  • Access to 24/7 American Express concierge
  • No foreign transaction fees
  • Terms apply

  • Annual fee: $450
  • Point earning: Earn 14X per $1 of eligible purchases on your card directly with a participating Hilton hotel or resort, 7X for eligible purchases: on flights booked directly with airlines or amextravel.com; on car rentals booked directly from select car rental companies; & at U.S. restaurants, and 3X for other purchases on your card, 7X points on directly booked flights, directly book car rentals and U.S. restaurant purchases
  • Redemptions: Book stays at Hilton hotels or luxury properties and resorts, experiences, on-property rewards, car rental partners, transfer to airlines, merchandise, pooling, donations (no cash back option)
  • Travel credits: Up to $250 Hilton resort credit, up to $100 Hilton on-property credit, weekend Night Reward, up to $250 airline fee credit
  • Lounge access: Priority Pass™ Select membership (enrollment required)
  • Travel insurance: Trip cancellation/interruption, trip delay insurance, baggage insurance, car rental insurance
  • Additional benefits: Hilton Diamond status (enrollment required); Aspire concierge services; American Express® Experiences

The Hilton Honors Aspire Card from American Express has so much to offer, from its extravagant welcome offer to its large allotment of bonus points on everyday spending. It's our choice for the best for luxury hotel stays because it includes top-tier Hilton Honors Diamond status (enrollment required), an annual free night that can be used at almost any Hilton property, and the ability to earn 14x points on Hilton stays.

With 14X points earned when you book at Hilton hotels and resorts, there's no question this card is great for optimizing your luxury hotel stays. You can redeem your points to book stays at Hilton hotels, luxury properties and resorts or for exclusive Hilton Honors experiences. It's important to note, however, that with this card you're mainly limited to Hilton purchases, as the value of the other redemption options tends to be poor. The other redemption options include on-property rewards, travel and transportation, shopping and dining, pooling and transferring points, exchanging points and donating points.


Best premium card for business

The Business Platinum Card® from American Express

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Not available on ValuePenguin

Earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases with your Card within the first 3 months of Card Membership.

$695

17.99% - 25.99% Variable

660 - 850

  • Welcome Offer: Earn 120,000 Membership Rewards® points after you spend $15,000 on eligible purchases with your Card within the first 3 months of Card Membership.
  • Get 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com, and 1X points for each dollar you spend on eligible purchases.
  • Earn 1.5X points (that’s an extra half point per dollar) on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year.
  • Unlock over $1,000 in annual statement credits on a curation of business purchases, including select purchases made with Dell Technologies, Indeed, Adobe, and U.S. wireless service providers.
  • $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year for checked baggage fees, lounge day passes, and more at one selected airline.
  • $189 CLEAR® Credit: Use your Card and get up to $189 back per year on your CLEAR® membership. CLEAR® is available at more than 50 U.S. airports and stadiums.
  • The American Express Global Lounge Collection® can provide an escape at the airport. With more than 1,400 airport lounges across 140 countries and counting, you have more lounge location options than any other credit card on the market as of 9/2021.
  • $695 Annual Fee.
  • Terms Apply.

Earns transferable points

  • Annual fee: $695
  • Point earning: 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com. Get 50% more Membership Rewards® points. That's an extra half point per dollar, on each eligible purchase of $5,000 or more.
  • Redemptions: Flights and prepaid hotels through AmexTravel.com, Amazon.com, gift cards, transfer to loyalty programs, get 35% of your points back (up to 500,000 points per calendar year) with a designated airline through AmexTravel.com (enrollment required)
  • Travel credits: Up to $100 for Global Entry/TSA PreCheck, up to $100 hotel credit
  • Lounge access: American Express Global Lounge Collection, Amex Centurion Lounge access, Priority Pass™ Select membership (enrollment required), Delta Sky Club access
  • Travel insurance: Trip cancellation/interruption, trip delay insurance, baggage insurance, car rental insurance
  • Additional benefits: 1.5X points on purchases of $5,000 or more, Gold status with Hilton and Marriott (enrollment required), Business Platinum Card® Concierge, Fine Hotels & Resorts® program, Global Dining collection, American Express Experiences, American Express preferred seating
  • Please visit americanexpress.com/benefitsguide for more details.

Our pick for the best premium card for business is The Business Platinum Card® from American Express because it's the ideal premium card for businesses with big expenses. You'll earn 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com. Get 50% more Membership Rewards® points. That's an extra half point per dollar, on each eligible purchase of $5,000 or more. The card also comes with over $1,000 in business value with credits for Dell, Indeed, Adobe, and more (enrollment required).

American Express’ Membership Rewards® program is very flexible. You can use your points for flights booked on AmexTravel.com, purchases on Amazon.com, prepaid hotels booked through AmexTravel.com, gift cards from select retailers and more. Like the other Amex cards on this list, you can also transfer points to a variety of airline and hotel partners.


Best premium card for dining out

American Express® Gold Card

See Rates & Fees. Terms Apply. On American Express' Secure Website

60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months of Card Membership.

$250

19.74%-26.74% Variable

660 - 850

  • Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months of Card Membership.
  • Earn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S., and earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X).
  • Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
  • $120 Uber Cash on Gold: Add your Gold Card to your Uber account and each month automatically get $10 in Uber Cash for Uber Eats orders or Uber rides in the U.S., totaling up to $120 per year.
  • $120 Dining Credit: Satisfy your cravings and earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, Milk Bar and select Shake Shack locations. Enrollment required.
  • Choose the color that suits your style. Gold or Rose Gold.
  • No Foreign Transaction Fees.
  • Annual Fee is $250.
  • Terms Apply.

Earns transferable points

  • Annual fee: $250
  • Point earning: Earn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S., and earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X), and 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com. Terms apply.
  • Redemptions: Flexible redemption options: gift cards, travel, Uber rides, transfer points to airline and hotel partners through Membership Rewards program
  • Travel credit: up to $100 hotel credit, up to $120 in Uber Cash annually ($10 per month) on U.S. UberEats and U.S. Uber rides when you add the card to your app, up to $120 in dining credits at qualifying restaurants ($10 monthly, enrollment required)
  • Lounge access: N/A
  • Travel insurance: Trip delay insurance, baggage insurance, car rental insurance
  • Additional benefits: American Express® Preferred Seating
  • Please visit americanexpress.com/benefitsguide for more details.

The American Express® Gold Card takes the cake for best premium cards when it comes to dining out, ordering takeout and shopping at U.S. supermarkets because of its high earning power and appealing benefits. You'll Earn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S., and earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X), and 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com. Terms apply. Plus, you get up to $120 in dining credits each year ($10 monthly) and up to another $120 in Uber Cash ($10 monthly, enrollment required) for U.S. Uber rides and eats.

For rates and fees of American Express® Gold Card, please click here.

You've got plenty of options when it comes to redeeming your rewards with The American Express® Gold Card. While you can choose to pay with points at checkout, redeem for gift cards, cover your card charges, book or upgrade travel or shop through the Membership Rewards portal, you may find that you'll get the most value out of your points by transferring them to one of the American Express hotel or airline loyalty programs.

Premium credit card comparison: Chase Sapphire Reserve® vs. Marriott Bonvoy Brilliant® American Express® Card

Chase Sapphire Reserve<sup>®</sup>
Chase Sapphire Reserve®
Marriott Bonvoy Brilliant<sup>®</sup> American Express<sup>®</sup> Card
Marriott Bonvoy Brilliant® American Express® Card
Annual fee$550$650 (See rates and fees)
Lounge membershipPriority Pass lounge accessPriority Pass lounge access
Welcome offerEarn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Ultimate Rewards®.Earn 150,000 Marriott Bonvoy® bonus points after you use your new Card to make $5,000 in purchases on the Card within the first 3 months.
Point earning
  • 5x points on flights and 10x points on hotels and car rentals through Chase Ultimate Rewards®
  • Earn 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program. 3 points at Worldwide Restaurants and on flights booked directly with airlines. 2 points on all other eligible purchases.
Redemptions
  • Transfer points to hotel and airline partners at a 1:1 ratio or redeem through Chase travel for a 50% bonus
  • Redeem for cash back at a rate of 1 cent per point
  • Redeem for award nights at 7,000 participating Marriott Bonvoy hotels
  • Most other redemptions have poor value
Travel credits
  • $300 travel credit
  • Up to $100 for Global Entry/TSA PreCheck/NEXUS
  • Each Card renewal year, get up to $300 in statement credits per calendar year (up to $25 per month) for eligible purchases at restaurants worldwide.
  • 15 Elite Night Credits
  • Free Night Award
  • $100 Marriott Bonvoy Property Credit
Travel insurance
  • Trip cancellation/interruption (up to $10,000 per person, up to $20,000 per trip)
  • Trip delay (up to $500 per ticket for delays of 6-plus hours)
  • Baggage insurance (up to $3,000 per passenger)
  • Baggage delay (up to $100 a days for five days for delays of 6-plus hours)
  • Car rental insurance (primary)
  • Trip cancellation/interruption (up to $10,000 per person, up to $20,000 per 12 month period)
  • Trip delay (up to $500 per trip, twice per 12 month period)
  • Baggage insurance (up to $2,000 per person, up to $10,000 per trip for checked bags)
  • Car rental insurance (secondary)
Additional benefits
  • n/a
Apply Now
On Chase's Secure Website
Apply Now
See Rates & Fees. Terms Apply. On American Express' Secure Website

What is the best premium card 2022?

See Rates & Fees. Terms Apply. On American Express' Secure Website

Though the best luxury card for you will ultimately depend on what you're specifically looking for, in our opinion, the most well-rounded and best premium card of 2022 is The Platinum Card® from American Express. This card is oozing with rewards and premium benefits, including things like access to Amex Centurion Lounges, exclusive benefits when booking hotels through Fine Hotels and Resorts, the Platinum Travel Service and more. If the large annual fee seems daunting, just know that the benefits of this card certainly outweigh the cost.

Some of the highlights of The Platinum Card® from American Express include:

  • 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel on up to $500,000 on these purchases per calendar year and 5X Membership Rewards® points on prepaid hotels booked with American Express Travel. Terms apply. 1x points for each dollar of eligible purchases
  • Up to $100 credit for Global Entry or TSA PreCheck
  • International airport lounge access
  • Get up to $200 in Uber Cash (up to $15/month, with an additional $20 in December) for U.S. Uber rides and U.S. Uber Eats purchases annually, when you add the card to the Uber app
  • Hilton Honors and Marriott Bonvoy™ Gold status (enrollment required)
  • Terms apply.

What are the hardest credit cards to get?

Whether a card is invite only like the Centurion® Card from American Express, or if you need to have exceptionally good credit to get it, like the Chase Sapphire Reserve®, there are some cards out there that can be extremely hard to get — particularly those in the premium credit card category.

Here are a few of the hardest cards to get:

  • The Centurion® Card from American Express: This elusive card, also known simply as "The Black Card," can only be attained by invitation and requires an annual fee of $2,500.
  • Chase Sapphire Reserve®: You need an "720 - 850" credit score in order to be approved for this card, which can be a challenge for the average consumer.
  • The Business Platinum Card® from American Express: The high annual fee required for this card can be hard for small businesses to justify. Card approval also calls for a high credit score and requires business owners to pay off their bill in full every month for charges not included in a Pay Over Time balance.
  • J.P. Morgan Reserve Card: This elite card is also only attained by invitation, and in order to be eligible you must have excellent credit and at least $10 million in assets under management by J.P. Morgan Private Bank.

The Centurion® Card from American Express: Is it as good as the rest?

The elusive "Black Card," the Centurion® Card from American Express, is often heralded as the king of premium credit cards. You can't apply for it, since card membership is by invitation only. The Centurion® Card from American Express comes with a $2,500 annual fee and a one-time $10,000 origination charge. The issuer is rather secretive about the card and its features — what little is known about it has come through secondhand reports.

There are no welcome offers with The Centurion® Card from American Express. Instead, the card focuses on offering users maximum luxury treatment. You’re automatically enrolled in high-tier elite status across multiple hotel and airline brands, including Delta, Hilton and IHG. It also comes with excellent lounge access, like all other premium credit cards.

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Is The Centurion® Card from American Express worth it?

Whether or not The Centurion® Card from American Express is worth it will depend on what you value in a credit card and what you hope to get out of it. This Amex black card is, first and foremost, a status symbol. If the status of a super-elite black card is attractive to you, then yes, this could be a great option.

However, other cards allow you to obtain elite status and lounge access for a much lower annual fee.

How to choose the best premium credit card

If you're wondering how to choose the best premium card, you'll need to consider whether or not the benefits outweigh the costs. You'll want to focus on the following criteria:

The first thing to make note of when selecting a premium credit card is the required annual fee. Some of the premium cards out there have annual fees upwards of $550. If this is something you're comfortable with and able to pay annually, then you should continue forward with the card by analyzing its other benefits.

Many premium credit cards offer access to the most exclusive airport lounges around the world. As far as the cards on this list, The Platinum Card® from American Express offers by far the best and most far-reaching options for lounges — it'll grant you access to the American Express Global Lounge Collection, Amex Centurion Lounge access, Priority Pass™ Select membership (enrollment required) and Delta Sky Club access. If you're a frequent traveler and this benefit holds a lot of value for you, you'll want to make sure you choose a card that grants lounge access.

Elite status has two parts. First, having a premium card in itself is a status symbol due to its exclusivity. This is especially true if that card is invitation only or has social mystique surrounding it, like the Centurion® Card from American Express. Second, oftentimes premium cards can grant you elite status to hotel loyalty programs, like the automatic Hilton Honors Gold Status enrollment when you get The Platinum Card® from American Express.

For those who plan to use their premium credit card on an everyday basis, it pays to maximize the rewards potential of your card. Compare the rewards offers of a few of your top premium card contenders to decide which one will provide you with the most long-term value.

This is another important factor when choosing a luxury credit card. If the card welcome offer or sign-up bonus is just too good to pass up, that may be a significant factor to consider when making your selection.

Consider whether or not the premium card you're after offers any travel credits, as these can end up covering a large part of the annual fee. However, it's important to note that some travel credits are easier to redeem than others. For example, Chase's travel credits apply to nearly any travel purchase, where American Express travel credits come with a multitude of restrictions, making them harder to use.

Finally, one of the best parts of owning a premium credit card is the exclusive benefits that come with being a cardholder. These things can range from priority boarding on flights and free hotel nights to annual statement credits and more. Take a look at the additional benefits your top cards offer in order to make the best decision for your lifestyle and spending habits.

Premium credit card FAQs

Many people only get their first premium credit card once they’re financially stable and in a position to comfortably pay the card's high annual fee and consistently pay their monthly bill in full. We recommend doing thorough research before choosing a premium credit card to ensure you'll be able to meet all card requirements and that the card benefits are relevant to your lifestyle.

Whether or not a premium card is worth it will depend on what you're looking for out of it. If you're looking for a social status boost, to gain entry into some of the most exclusive airport lounges in the world or enjoy high-earning rewards, then, yes, a premium card will be worth it for you. However, if you're unable or unwilling to pay the high annual fee required by many of these cards, then no, a premium card won't be worth it.

There are many "premium" cards out there, all of which offer distinct benefits and require different criteria from their cardholders. Some of the absolute most premium cards include the Chase Sapphire Reserve®, The Platinum Card® from American Express, the Hilton Honors Aspire Card from American Express, the Citi Prestige® Credit Card, The Business Platinum Card® from American Express, The American Express® Gold Card and the Centurion® Card from American Express.

Millionaires are likely to use some of the most prestigious cards out there — because they can. These types of cards include those that are super exclusive and often invitation only — like the Centurion® Card from American Express and the J.P. Morgan Reserve Card.

The best credit card for shopping will be a card that offers plenty of rewards points per dollar on purchases made at retailers. One example of a card like this is the Citi® Double Cash Card – 18 month BT offer, which doesn't charge an annual fee and offers cashback on every purchase.

Based on the criteria outlined in this article, we believe the The Platinum Card® from American Express is the best luxury credit card for the everyday spender. That's because it comes with a generous welcome offer, wonderful travel perks and flexible redemption options, along with plenty of other premium benefits.

Billionaires are likely to use the most exclusive credit cards on the market that can withstand extravagant spending and can contribute to their elite status. Some of these types of cards include the Centurion® Card from American Express and the J.P. Morgan Reserve Card.

Celebrities are likely to use premium credit cards that are made to support significant amounts of spending. They may also prefer to use credit cards that are exclusive and invite only, including the Centurion® Card from American Express and the J.P. Morgan Reserve Card.

The Citi® Double Cash Card – 18 month BT offer is one of the best credit cards for luxury shopping, because you earn 2% cashback on every purchase with no limit on your earnings. As an added benefit, the card comes without an annual fee.

A premium credit card is a card that charges a typically large annual fee, but also comes with a host of exclusive cardholder benefits. These types of cards can be considered status symbols, and some of them are so exclusive that they can’t be applied for — they’re invitation only.

Many of the premium cards on this list can be considered to be the most prestigious credit cards out there. Some of the cards competing in the battle of the best include the Chase Sapphire Reserve® card, The Platinum Card® from American Express and the Centurion® Card from American Express.

Some of the most expensive credit cards in the world include the Centurion® Card from American Express and the J.P. Morgan Reserve Card. These are some of the most luxurious credit cards out there due to the premium benefits they include and how much it costs to own them.

Recap of the best premium credit cards of 2022

Methodology

To make choosing the right card easier, we've looked at credit cards reviewed on ValuePenguin as well as cards on major issuer sites to compile a list of the best rewards credit cards available right now. Our recommendations are based on the additional value you can earn with the cards — including the rewards value, cost of ownership and value of benefits such as travel and purchase protections, lounge membership and airline companion passes. Our choices are not influenced by our advertisers. Learn more on how we calculate rewards.

For rates and fees of The Platinum Card® from American Express, please click here.

For rates and fees of American Express® Gold Card, please click here.

For rates and fees of Marriott Bonvoy Brilliant® American Express® Card, please click here.

The information related to Hilton Honors Aspire Card from American Express, The Business Platinum Card® from American Express, Centurion® Card from American Express and J.P. Morgan Reserve Card has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The products that appear on this site may be from companies from which ValuePenguin receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). ValuePenguin does not include all financial institutions or all products offered available in the marketplace.

How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).