Is Getting an Amex Worth It? Real Costs, Real Benefits
Is an Amex credit card worth the high annual fee? We break down real benefits, hidden costs, and who actually saves money - not just who spends more.
Premium Credit Cards: What They Really Offer and Who They’re For
When you hear premium credit cards, high-end credit cards designed for people with strong credit who want extra perks beyond basic rewards. Also known as luxury credit cards, they’re not just about status—they’re built to save you money if you use them right. These cards come with annual fees that can hit £500 or more, but they also pack in benefits most standard cards don’t even dream of: free airport lounge access, travel insurance that covers lost bags and flight delays, concierge services that book restaurants or events, and cashback rates that beat anything on a regular card.
What makes a premium credit card worth the cost? It’s not the logo on the card—it’s what you actually get back. For example, if you fly twice a year, free access to airport lounges alone can save you £100+ in food and drinks. If you book travel often, travel insurance that covers medical emergencies abroad can be worth thousands. And if you spend £20,000 a year on your card, a 2% cashback rate on all spending means £400 back—easily covering the fee. But here’s the catch: you have to spend enough to earn it. If you carry a balance, the interest will wipe out any rewards. These cards work best for people who pay off their balance every month and travel or shop regularly.
Related tools like credit score and annual fees are critical here. Most premium cards require a credit score above 750, and many look at your income too. You can’t just apply and hope—you need a clean history and steady earnings. And while some cards offer sign-up bonuses worth £500 or more, you usually need to spend £3,000–£5,000 in the first few months. That’s not a free gift—it’s a spending target. The real value comes when you match your spending habits to the card’s rewards structure. A card with airline miles is useless if you never fly. A card with hotel points won’t help if you book Airbnb.
Don’t get fooled by flashy marketing. Premium credit cards aren’t for everyone, but for the right person, they’re one of the smartest financial tools around. They reward discipline, not just spending. And if you’re someone who already travels, dines out, or shops online often, these cards can pay for themselves—and then some. Below, you’ll find real breakdowns of what these cards actually deliver, who they’re best for, and how to pick the one that fits your life—not your ego.
