Premium credit cards

Premium perks for top-tier credit

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Take advantage of a great credit score

High earners with strong credit can earn big rewards with premium cards

Weigh up the wins and costs

Work out whether a fee-charging card is worth it for the rewards on offer

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What are premium credit cards?

Premium cards are similar to standard credit cards, but typically come with an annual fee. In return for this you’ll receive perks and benefits such as points when you spend and airline lounge visits.

You might’ve heard premium credit cards called black or purple credit cards, and they’re usually reserved for big spenders with high incomes. Some cards, such as Visa Infinite, may only be available to you if you’re invited by the lender.

What’s included with your premium credit card will depend on the one you choose. Common perks include:

High credit limits
Generous rewards schemes
A range of discounts and offers for retailers and brands
Cashback
Access to exclusive experiences and events
Travel insurance for you and your family
Breakdown cover
Home emergency cover
Access to exclusive airport lounges worldwide
24/7 concierge or personal assistance service.

How do premium credit cards work?

Premium credit cards work much in the same way as standard credit cards – but with added perks along the way.

Spend with your card

You can use your premium credit card for everyday purchases, bigger buys or travel, just like any other credit card.

Given credit limits tend to be high with these cards, make sure you keep track of your spending to stay in control.

Earn rewards and use your perks

As you spend, you’ll usually earn something back on eligible purchases – whether that’s points, cashback or travel rewards like air miles.

On top of that, many premium cards include the extras we mentioned earlier, such as airport lounge access, insurance or concierge services.

Repay your balance each month

You’ll get a monthly statement showing what you’ve spent and what you owe. It's best to clear your balance in full each month if you can, or the interest costs could soon outweigh the value of the card's benefits.

Quick tip

The amount you can earn on your spending sometimes depends on where you shop. Higher rates often apply at certain stores, or to things like travel or dining.

Some cards also set caps or limits, meaning you’ll only earn boosted rewards up to a certain amount or for a limited time.

What are the pros and cons of premium credit cards?

Benefits

Travel benefits – think lounge access, worldwide travel insurance, and concierge services for booking travel and accommodation. You might get complimentary hotel room upgrades, later checkouts and air miles as you spend to use towards free or discounted flights.
Lifestyle benefits – earn points for shopping at certain retailers, enjoy cashback on your spending, unlock offers with certain retailers, and get access to exclusive events.
Round-the-clock assistance – some lenders offer 24/7 help if, for example, you need an emergency replacement card replacement or cash advance.

Disadvantages

Hefty annual fees – those perks don’t come free and some cards carry seriously big fees. For example, Amex’s Platinum card charges £650 per year at time of publishing.
High interest rates – interest charges are often higher than those for standard credit cards. If you aren’t confident you’ll be able to clear the full balance each month, a premium card might not be the best choice for you.
Tough eligibility criteria – these cards are usually only available to people with excellent credit scores and high incomes, meaning they’re not accessible to many.

Bear in mind...

If your premium credit card includes travel insurance, make sure it offers the level of cover you need.

For example, pre-existing medical conditions are often excluded. If you’re not fully covered, you may need to take out a separate travel insurance policy.

How do premium credit cards compare to standard credit cards?

Premium credit cards offer exclusive rewards you might not get with a standard card, but there are other differences to consider:

Fees

Premium cards tend to come with an annual fee, whereas most standard cards are fee-free

Introductory offers

Some standard cards offer 0% interest introductory offers, whereas you’re unlikely to find this with a premium card

Paying off your balance

Some premium cards are actually charge cards. That means that you have to pay off the full balance each month

Eligibility

The minimum age for standard credit cards is typically 18; some premium cards need you to be at least 21

How do you qualify for a premium card?

To qualify for a premium card, you’ll need:

An excellent credit rating
To be over 18 (sometimes 21)
To be earning a high salary – although exactly how much this is will vary among providers.

Keep in mind that some premium cards are invitation-only. Even if you qualify, you won’t benefit from a premium card unless you can afford to spend on it regularly. If you can’t, a cashback card or use abroad card might be a better option.

Quick tip

You can check your credit report for free with any UK credit reference agency (CRA). The big three are Equifax, Experian and TransUnion.

You can find out how you may be able to boost your score, plus pick up and correct any potential errors that could affect credit applications.

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Is a premium credit card right for me?

Whether a premium card is right for you comes down to your income and spending habits.

If you’re a high earner and spend sensibly, a premium credit card can be packed with handy perks.
If you don’t use the card wisely, or don’t make the most of those benefits, it could be both risky and expensive.

Think about how much benefit you’ll get from the perks on offer. You may find that some, like travel insurance, are cheaper elsewhere – or you may already have them.

What should I think about before applying for a premium credit card?

Before you apply for a premium credit card:

Check your eligibility

Check eligibility requirements

Check the terms and conditions to make sure you fit the criteria.

Eligibility can be a lot stricter than for standard credit cards, and often depends on your salary, age and credit history.

Weigh up the fees vs benefits

Think about whether you can afford the annual fees, and if the benefits you’re getting justify the cost.

Think about whether the perks fit

Even if they’re worth a lot of money, ask yourself whether the rewards match up with your lifestyle – will you actually use them?

Check if there are better options for you

Find out whether there are alternative credit cards that offer the perks you’re after – such as rewards, cashback, or fee-free spending abroad – without high annual fees.

You can check whether you’re likely to be accepted for a premium credit card using our eligibility checker. It’s a soft credit search, so won’t impact your credit score.

Compare the Market Limited acts as a credit broker, not a lender. To apply you must be a UK resident and meet the minimum age criteria set by the card provider. Credit is subject to status and eligibility.

Check your eligibility

What alternatives are there to premium credit cards?

Below are a few alternatives to premium credit cards:

Rewards cards

Rewards cards can offer a whole heap of goodies, from cashback and shopping vouchers to air miles and discounts on family days out.

0% credit cards

0% credit cards offer an interest-free period on balance transfers or purchases, so you can spread your repayments without paying interest.

Travel credit cards

The best travel credit cards offer fee-free transactions and excellent exchange rates when used abroad.
Use our comprehensive guide to help you decide which credit card is best for you.

What our expert says...

“Premium credit cards lure you in with their rewards, and they can be valuable if you make good use of the perks and clear your balance in full each month to avoid interest.

“A quick test is to divide the annual fee by the reward rate. For example, a £150 annual fee on a card paying 1% cashback means you’d need to spend £15,000 a year just to cover it, before counting any perks you’d actually use.

“If you wouldn’t use the rewards or couldn’t pay in full each month, it could be worth thinking twice about whether the card is right for you, as you might end up out of pocket after fees and interest.”

Charlie Evans, Personal finance expert

Credit cards explained

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FAQs

How much do premium cards cost?

Premium cards come with some great perks – but at a cost.

Most charge an annual fee, which can range from £85 to a hefty £650 depending on the card and its benefits. So, to really get your money’s worth, you’ll need to make full use of the perks on offer.

Another thing to keep in mind is the APR (annual percentage rate), which is the total cost of borrowing money over a year. With premium credit cards, the APR tends to be very high, but that’s partly because it factors in the annual fees.

Are premium credit cards worth the fees?

Whether a premium card is worth the fee depends on your circumstances.

If you travel a lot and love VIP perks such as lounge access and concierge services, then a premium card could be worth thinking about. The rewards and benefits can sometimes be worth a lot more than the annual fee if you’re taking full advantage of them
On the flip side, if you’re looking to save money and can’t always pay off the balance each month, a premium credit card could cost you a fortune. You might find a better way to spend that annual fee elsewhere, especially if you don’t use all the perks.

Can I get a premium credit card with bad credit?

You’ll probably struggle to get a premium credit card if you have bad credit. Premium credit cards are aimed at high earners with a stellar credit history.

If you’ve got a poor credit history and are struggling to get a standard credit card, you could look into credit builder credit cards. Although they have higher interest rates and lower credit limits, eligibility is less strict.

With these cards, bear in mind that you'll need to:

Clear your balance in full each month or the added interest will get very expensive
Be patient if you’re looking to use the card to improve your credit score.

Our eligibility checker uses a soft search to see how likely you are to be accepted, without harming your credit score.

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Reviewed 28 Jul 2026 byCharlie EvansPersonal finance expert

Charlie is a senior commercial leader with almost a decade's experience across the UK’s leading personal-finance and comparison platforms. Before joining Compare the Market as Head of Commercial in 2024, he held senior commercial roles at TotallyMoney and MoneySuperMarket Group.