Let us make no mistake: when applied properly, the right combination of credit cards can help travelers see the world at an incredible discount. From the benefits of intelligent shopping to the perks that come from simply holding a credit card, frugal travelers can get more for their money when applying the right card at the right time.
However, as the points and miles game continues to change, so do the best benefits among all of our favorite credit cards. While holding the right credit card at the right time can unlock doors and benefits many dream of, some of those have slowly been going away. With the threat of devaluation always one executive pen stroke away, does it even make sense to hold on to these three elite-level credit cards?
As with everything in life, the reasons to add or remove a card can change based on lifestyle and preferred spending amount every month. Here is a closer look at three top-tier credit cards, as well as whether or not it makes sense to hold them now or in the future.
Citi Prestige card
For a very long time, the Citi Prestige card was considered one of the high-end cards only held by the most elite travelers. For the $450 annual fee, travelers received much of that back in one calendar year through the $250 airline credit and Global Entry waivers.
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Citi Prestige® Card
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$450 first year
$450 after first year |
40,000 Points After $4,000 in purchases made with your card in the first 3 months the account is open. Read Review » |
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Citi Prestige® Card |
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As time has passed, the Citi Prestige card has also dropped from the premier perch it once had. By this time next year, cardholders will lose many of the benefits they once enjoyed, including access to American Airlines Admirals Club lounges. However, the $250 airline credit will remain for now, as well as the 40,000 ThankYou Points sign-up bonus.
Hold or Pass: Considering that each set of benefits resets at the beginning of the year, it makes sense to hold onto the Citi Prestige card today. For the $450 annual fee, travelers can immediately actualize $500 worth of credit – if not more from the additional benefits. Furthermore, as benefits go away, more are often introduced in their wake. For today, there is plenty of value in the Citi Prestige card. When new benefits are announced, travelers can make better decisions about this card.
The Platinum Card from American Express
Arguably the grandfather of all top-end luxury cards available to the average consumer, the Platinum Card from American Express has set the standard for decades. At the customary $450 annual fee, Platinum Card holders get a $200 airline credit aboard one airline, complimentary status with both Hilton HHonors and Starwood Preferred Guest, as well as access to luxurious properties through the Fine Hotels and Resorts program.
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The Platinum Card® from American Express
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$450 first year
$450 after first year |
40,000 points After you spend $3,000 on purchases on your new Card in your first 3 months Read Review » |
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The Platinum Card® from American Express |
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Although the oldest of the luxury cards, many frugal travelers have argued the card is starting to feel aged as well. American Express Membership Rewards do not have as many transfer partners as they once had, making the ultimate value of points questionable. In addition, the card requires travelers to pay off their entire balance every month as a charge card.
Hold or Pass: Because of the many different uses for Membership Rewards points and the statuses that come with holding this card, I can understand how to actualize $450 in rewards every year. However, I also understand where travelers may not want to pay the high fee for items they may never use – which is why travelers who still want to earn Membership Rewards points should consider the Premier Rewards Gold Card from American Express – offering many similar benefits at a lower annual fee.
Ritz-Carlton Rewards card
Perhaps the most underrated of all high-end lifestyle cards, the Ritz-Carlton Rewards credit card offers plenty of benefits at a lower fee than both of the cards above. This card comes with the most generous travel credit, with $300 dedicated to luggage fees, upgrade costs, lounge membership, or Global Entry. This is not a one-time credit – it is offered every year. In addition, travelers who book two or more nights at a Ritz-Carlton property get a $100 hotel credit to use on dining, spa treatments, or other activities booked through the hotel.
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The Ritz-Carlton Rewards® Credit Card
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$0 intro first year
$395 annual fee |
A complimentary night stay at any tier 1-4 Ritz-Carlton hotel After you spend $2,000 on purchases in the first 3 months from account opening. Read Review » |
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The information for the The Ritz-Carlton Rewards® Credit Card has been collected independently by FTG. The card details on this page have not been reviewed or provided by the card issuer.
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The Ritz-Carlton Rewards® Credit Card |
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The information for the The Ritz-Carlton Rewards® Credit Card has been collected independently by FTG. The card details on this page have not been reviewed or provided by the card issuer.
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While the card does offer a lot on the surface, there are some negatives as well. First, the sign-up bonus offers travelers two complimentary nights at a Tier 1-4 Ritz-Carlton Hotel after a $4,000 spend, which is lower than its cousin card, the Marriott Rewards Credit Card. Afterward, the card only earns one point per dollar on most everyday spending.
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Marriott Rewards® Premier Credit Card
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$85 annual fee
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80,000 Points After spending $3,000 in your first 3 months Read Review » |
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The information for the Marriott Rewards® Premier Credit Card has been collected independently by FTG. The card details on this page have not been reviewed or provided by the card issuer.
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Marriott Rewards® Premier Credit Card |
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The information for the Marriott Rewards® Premier Credit Card has been collected independently by FTG. The card details on this page have not been reviewed or provided by the card issuer.
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Hold or Pass: Travelers who are looking for a pure return-on-investment may want to give the Ritz-Carlton Rewards card a second look, as it can offer plenty of opportunities. Although the sign-up bonus is not great, the $300 airline credit and ten percent annual points bonus on points earned could make this card a must-have for the discerning traveler.
Although travelers now have more choices than ever when it comes to high-end cards, each offers a different level of value. By understanding all the benefits available, travelers can maximize their value for the high annual fee.
Which high-end credit cards do you wield on a daily basis? Let me know your thoughts in the comments below!
[Image via Getty]