Credit cards provide many benefits, especially if you’re responsible and build up a strong credit history. For those with excellent credit and high credit scores, there are a wide array of perks and extra benefits to consider. This ‘elite’ category of consumers will receive the lowest interest rates, best rewards and outstanding bonus opportunities. Often referred to as ‘elite credit cards’, these offers are reserved for only the most financially responsible individuals. Here are just some of the reasons you should strive for ‘elite’ card status:
Top 3 Elite Credit Card Perks
If you have excellent credit, with a credit score of 750 or above, you can expect all the best perks. Here are the top 3 benefits provided with a platinum / elite credit card:
- Lower Interest Rates – Creditors provide the lowest rates to consumers with the strongest credit histories. Over time, you’ll save a significant amount of money on interest with an elite credit card. The lowest rates start around 7% but will increase with incentives.
- Rewards and Bonus Incentives – With excellent credit you’ll qualify for the best rewards programs. Earn the most perks and get bonuses that start from the moment you’re approved. Sign-up bonuses are a generous way for issuers to lure the most desirable customers and elite cards will have the most lucrative opportunities. Get free cash back or reward points upon approval or after spending a specific amount within a specified time-frame.
- Best Introductory Deals – Although 0% APR offers are widely available, only those with the best credit scores will qualify for the most lucrative deals. 0% APR for 12 months is common, but some offers will provide a 0% APR for 18 months or more.
Examples of Elite Credit Cards:
Other Exclusive Benefits
Having an excellent credit history will provide you with access to exclusive benefits. Although some of these benefits are provided to all credit cardholders, you’ll receive extended protections and extra perks not provided with standard, non-elite credit cards.
- Price assurance – This coverage helps protect against price changes, especially on large ticket items like electronics, airfare or appliances. If a merchant declines a price adjustment, your credit card price protection policy kicks in. Many elite credit cards require merchants to adjust prices and offer partial refunds for up to 90 days after a transaction.
- Extended warranties and return protection plans – Shop with confidence! Most elite credit cards offer extended warranty benefits that increase the original warranty for up to 1 year.
- Discount web portals – All major credit card issuers offer shopping portals to find items at discount prices. MasterCardShop,Visa Shopping, Shop Discover and ShopAmex.com provide even bigger incentives to elite cardholders.
- Exclusive Events – Credit card companies sponsor events like sporting promotions, fashion shows and film festivals; their elite cardholders are offered VIP access.
Travel Benefits of Elite Credit Cards
- Repaid baggage fees – One of the perks provided by higher-end credit cards will cut the cost of air travel by covering the cost of one checked bag for the cardholder and a companion. This one benefit can save up to $100 just for using the card. Note: Carrying a branded airline credit card also eliminates many fees on American, United, Delta, US Airways and most other major carriers. Baggage insurance is included in some American Express card plans.
- Premium travel benefits – There are a variety of travel benefits provided for platinum or elite cardholders that may include airport lounge access, Zone 2 boarding and the elimination of foreign transaction fees when purchases are made with the card.
- Hotel/resort and entertainment benefits – Upgrades and amenities are available at resort and luxury hotels worldwide just for using some elite cards. Enjoy concerts and entertainment with advance ticket benefits and once-in-a-lifetime events.
- Platinum card concierge services – Specially trained concierge teams are available 24/7 to help assist cardholders in reserving hotel or resort dates, finding shopping centers, helping locate specific gifts, planning special events and more.
Keep in mind that many elite cards carry an annual fee, which is generally waived for the first year. This often applies to cards with extra rewards and bonus incentives, which can easily outweigh the cost of any fees. If you’d like to avoid annual fees, expect reduced reward opportunities.
Shop around and compare offers with the most attractive benefits. Elite cards are typically referred to as ‘Platinum,’ ‘Preferred’ or ‘Prestige’ cards and will require excellent credit for approval. American Express is known for their elite offers, but many issuers provide cards that fall into this category. Keep in mind, restrictions may apply and not every credit card provides all the perks listed above. Read the fine print and make sure you understand all the details before you apply.