About Premium Credit Cards
Premium credit cards are prestigious cards offered to high-end customers. Premium cards require you to earn a minimum income or the card can be linked to a premium current account. Some of these cards are only available by invite if the credit card company thinks you are eligible for it. But this doesn’t mean that the average person can’t apply for one. There are a bunch of premium cards available for the ordinary individual. If you have a high credit score and you are earning the minimum income required, you should be able to avail one of these cards.
These cards come with an annual fee and other charges and require a minimum amount of annual expenditure on one hand but also offer attractive benefits on the other hand. A premium card could be described as a fancy card that offers preferential treatment for the premier customer.
Benefits of a Premium Credit Card
Premium credit cards are a status symbol that offer many incentives and perks. The benefits vary from card to card. Listed below are some of the benefits you could avail on premium credit cards.
- Credit limits – Credit limits allowed on these cards are usually quite high. The credit limit and the cash withdrawal limit issued will depend on your income and credit score. Premium cards also allow a substantial percentage of your available credit limit as cash advance.
- Reward points – Customers can earn reward points on their purchases for groceries, movie tickets, dining, flights and other purchases. These points accumulate over time and can be redeemed for a variety of things like products, gift certificates and shopping. It can also be redeemed as cash back and will be deducted from your outstanding balance.
- Discounts – Premium Credit Card holders are offered a range of discounts on purchases at stores, restaurants, entertainment and online transactions. These discounts depend on your bank and offers vary from time to time.
- Specialized benefits – Depending on the speciality of your card, you will be eligible for different benefits. A rewards card will give you more opportunities to earn reward points. Premier miles cards provide benefits like earning miles on your purchases, free travel insurance, and access to airport lounges. Premium travel cards provide concierge services, assistance in finding and booking hotels and transport. Some cards even offer golf perks.
- Other benefits – These benefits are offered by certain banks on certain cards.
- Balance transfer option.
- EMI option allowing you to pay for purchases in instalments.
- Emergency cash advances.
- Insurance against accidental damage or theft and fraud.
- Gift certificates and freebies.
- Offers for women at spas and on beauty treatments.
- Rebates or waiver on fuel surcharges.