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Premium Credit Cards : Are They Worth It?

Posted by on Friday, March 10th, 2023 in Blogs
Credit Cards - Get Good Credit

Every once in a while, you will get an offer in the mail that seems hard to pass up: a premium credit card. These cards often offer extraordinary benefits and promises that may entice you into signing up with the creditor; however, these benefits may precede any fine print that may make the card not worth it. These credit cards will often have fancy adjectives attached to them: gold, premium, platinum, etc. Beware of the benefits of these cards as marketers and creditors will use any language to get you to sign up for that card.

Credit Cards - Get Good Credit

One major thing these credit card companies may not mention about these “premium” lines of credit is the fact they will most likely have an annual fee of some kind. When you receive an offer for one of these cards, make sure there’s no annual fee attached to them as there are plenty of creditors out there who offer credit cards with no annual fees (but have fewer “benefits”). These annual fees can range from $70 to $500 depending on the creditor and the premium benefits the card offers.

Every credit card out there touts some kind of benefit or perk for using that card, but a lot of times these cards may only benefit you if you use the card in a certain way or with particular retailers and outlets. For example, a lot of “travel” cards will only benefit the person who extensively travels. If you’re not traveling; then, what’s the point of getting a travel card? No point in paying an annual fee for such a card; on the other hand, if you travel a lot–especially with a certain airline–then the perks might benefit you in the long run. Just keep in mind the benefits the card offers and if those benefits help you in any way.

Another touted perk that a lot of creditors offer with their credit cards is that they will improve your credit score. This is somewhat true–in the long run. However, opening a new credit card will temporarily hurt your credit score in the short term. The credit bureaus, Experian, Equifax, and Transunion, will always read new credit cards as short-term negative.

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The credit card will eventually improve your credit score, but only if it’s a high limit, the debt-to-limit ratio is under 30%, there are no late payments, and it has been opened and used for at least several months, sometimes even years. So if you’re looking to give yourself a quick credit boost, steer away from credit cards as they only give an improvement to your credit score after several months of opening the card. Many people fall into the trap of opening several credit cards before trying to get a loan or mortgage, not realizing that the credit card may temporarily lower their credit score. If you plan far ahead, then getting a credit card will help you improve your credit history.

One last thing to note when it comes to any credit card is the Annual Percentage Rate (APR) of the card itself. Even though you may pay an annual fee, it may still have a high APR, which will add interest to your card. Sure, some cards may have no APR for a set time (between 6 and 18 months usually), but after that time, the interest will start to stack and apply.

If you’re having trouble obtaining a good credit card due to your credit history; then, we can help you build better credit. Call us at (877) 212-2450 for a free consultation. We are industry experts that will help you repair your credit and give you advice on how to further build your credit history.

If you have any questions, feel free to give us a call at 877-212-2450!

We also invite you to click on the following link to Interest: Rental Scams: What to Spot and What to Do

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