What is a premium credit card?

What does a premium credit card cost, and how does it earn?

Each of the three cards pairs a high annual fee with accelerated earning on travel bought through the issuer, and on some cards on travel booked directly, plus a base rate on other purchases. [1] [2] [3]

The transfer option is what connects these cards to frequent flyer programmes: American Express says Membership Rewards points can be transferred to 20 airline and hotel travel partners, Chase says Ultimate Rewards points can be transferred to airline and hotel loyalty programmes, and Capital One says Venture X miles can be transferred to a choice of 15 or more travel loyalty programmes. [1] [2] [3]

What do the credits cover?

The Platinum Card® from American Express lists merchant-specific credits. The airline credit is up to $200 per calendar year, paid after incidental fees such as checked bags and in-flight refreshments are charged by one selected qualifying airline. [1] Uber Cash is $15 a month plus a $20 bonus in December, for rides and orders in the U.S., and the hotel credit is up to $300 semi-annually — up to $600 a year — on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel, with The Hotel Collection requiring a minimum two-night stay. [1] The same page lists a $400 Resy credit paid at up to $100 a quarter, a $300 Digital Entertainment credit at up to $25 a month, a $300 lululemon credit at up to $75 a quarter and a $155 Walmart+ credit; the Resy, Digital Entertainment and lululemon credits each require enrolment. [1]

Chase Sapphire Reserve® runs its $300 annual travel credit on the account anniversary year: the year begins at account opening and runs to the first statement date after the anniversary, followed by the 12 monthly billing cycles after that, and qualifying purchases do not earn points. [2] A separate credit of up to $500 a year, up to $250 per prepaid booking, applies to prepaid “Pay Now” stays of two nights or more booked through The Edit, and the terms state that it starts on 1 January 2026. [2] The $300 dining credit is split into $150 from January to June and $150 from July to December at restaurants in the Sapphire Reserve Exclusive Tables programme on OpenTable. [2]

On Capital One Venture X Rewards the lodging benefit is an experience credit applied at checkout by the hotel: up to $100 for Premier Collection bookings and up to $50 for Lifestyle Collection bookings made through Capital One Travel. [3]

How does airport lounge access work on a premium credit card?

American Express describes the Global Lounge Collection as more than 1,550 airport lounges as of January 2026, including Centurion Lounges, 10 Delta Sky Club visits when flying on an eligible Delta flight, and Priority Pass membership with enrolment required. [1] Chase lists Chase Sapphire Lounges by The Club and more than 1,300 Priority Pass airport lounges, with up to two guests. [2] Priority Pass Select membership is activated automatically for primary cardmembers and authorized users, entry covers a maximum of two accompanying guests, and each additional guest is charged $27 per visit. [2] Chase requires a valid physical card or a Priority Pass digital membership card at the lounge door and states that a credit card held in a digital wallet will not be accepted. [2] Capital One lists Capital One Lounge and Landing locations for Venture X primary cardholders plus more than 1,300 Priority Pass lounges, with Priority Pass access requiring enrolment and entry subject to space availability. [3]

What insurance and protections come with a premium card?

On The Platinum Card®, trip delay insurance applies when a round trip is paid for entirely with the card and a covered reason delays the trip by more than six hours, reimbursing up to $500 per trip with a maximum of two claims per card in 12 consecutive months. [1] Trip cancellation and interruption cover reimburses up to $10,000 per trip and up to $20,000 per card in 12 consecutive months. [1] Its car rental loss and damage insurance is secondary cover and is not available for vehicles rented in Australia, Italy or New Zealand. [1] Chase describes its auto rental coverage as primary, up to $75,000 for theft and collision damage, except that New York residents receive secondary cover inside the United States. [2] Chase trip cancellation and interruption cover runs to $10,000 per covered traveller and $20,000 per trip, with trip delay reimbursement of up to $500 per covered traveller. [2] Capital One lists cell phone protection of up to $800 when the phone bill is paid with the card. [3]

Limits and exceptions

• Enrolment and booking channels. Several American Express credits require enrolment, and the hotel credit applies only to prepaid bookings made through American Express Travel. [1] Chase’s The Edit credit applies only to prepaid stays of two nights or more booked through Chase Travel. [2]
• Reversals. Chase may reverse statement credits if an eligible purchase is returned, cancelled or modified, or if the account is closed within 90 days of receiving a credit, and the account must be open and not in default to receive credits. [2]
• Lounge limits. Entry can be refused when a lounge is at capacity, and guest allowances differ by card: Chase covers two guests and charges $27 for each additional guest per visit, while the American Express Delta Sky Club allowance is 10 visits and applies only when flying on an eligible Delta flight. [1] [2] [3]
• Rewards are not permanent. Chase points do not expire while the account is open, but are lost immediately if the account status changes or the account is closed for programme misuse or fraudulent activity; Capital One miles do not expire for the life of the account. [2] [3]
• Spending limits. The Platinum Card® has no preset spending limit, but American Express may assign a specific limit based on factors such as credit score, past-due payments or high balances on revolving accounts. [1]
• Issuer value figures are estimates. American Express cites $3,500+ in annual value and an average of $550 in Fine Hotels + Resorts® benefits based on 2025 bookings for two-night stays, while stating that actual value varies by property, availability and use; Chase cites $3,000+ in annual value. [1] [2]

Frequently asked questions

Do premium credit cards charge foreign transaction fees?

None of the three cards described here charges a foreign transaction fee. [1] [2] [3]

Do the rewards on a premium card expire?

Chase Ultimate Rewards points do not expire as long as the account remains open, and Capital One Venture X miles do not expire for the life of the account. [2] [3]

Can you bring guests into the lounge?

Chase allows up to two complimentary guests and charges $27 per additional guest per visit, while American Express limits Delta Sky Club visits to 10 when flying on an eligible Delta flight. [1] [2]

Do the credits offset the whole annual fee?

Only if they are used. Most credits are capped, expire at the end of a calendar or anniversary period, or apply only to particular merchants and booking channels, and American Express states that actual value varies. [1] [2]

Related pages

This entry sits in the frequent flyer glossary, alongside definitions for points transfer, award availability and status match. Browse the full glossary index to move from this term to the individual scheme and programme entries.

Sources

Sources checked on 18 October 2026. Only these three United States consumer card pages are covered; premium cards issued by other banks, and cards issued outside the United States, are not described here — see the glossary for other terms.

1. The Platinum Card® benefits, credits and annual fee, American Express, checked 18 October 2026
2. Chase Sapphire Reserve® credit card page and terms, Chase, checked 18 October 2026
3. Capital One Venture X Rewards card page, Capital One, checked 18 October 2026