It is a common misconception that a premium credit card can only be obtained if you are a millionaire. Banks’ high net worth customers (= high wealth customers) are usually offered a premium credit card that other customers can’t get. The requirement for such a card can be investments up to a million euros.
However, as early as € 20,000 in annual revenue, you can get a premium credit card from several different card providers. We compared the benefits of premium credit cards available to all customers with those of premium credit cards for private banking customers. Do you need to invest one million euros to enjoy the huge benefits, or is your normal annual income of $ 20,000 sufficient?
Premium credit card terms and credit limits
Let’s start by comparing what conditions a card applicant must meet in order to qualify for a premium credit card. In the next section, we will compare the additional benefits of the cards, which will reveal the differences between the cards.
Cards marked with an asterisk are cards intended for private banking customers, with no star rating available to all eligible customers.
There is great variation in the credit limits of the cards
Multi-card credit limits are customer-specific, but maximum credit limits for pre-defined credit cards range from $ 10,000 to $ 50,000. In addition, some cards have a minimum credit line, which cannot be used for credit. Comparison premium cards have a minimum credit limit of between $ 1,000 and $ 2,000, if any.
As it turned out, there are quite different criteria for issuing premium credit cards. But what about the benefits of cards, does a card with a million euros investment require better benefits than a card with a yearly income of $ 20,000?
- Priority Pass: Free access to airport lounges.
- Concierge: A personalized service that you can ask to book a table at a restaurant or buy concert tickets
- Hole in one insurance: The player who makes the hole-in-one offers drinks to other club members. Hole in one insurance covers the cost of serving drinks up to a certain amount.
- Stop Service Lockout Service: Blocking a credit card and, for example, a mobile subscription with a single call.
- Additional Diners Club Premium Services: Accident Insurance, ExtraCare Accident Insurance, Doublecare Life Insurance, Child Insurance, Cancer Insurance, and Premium Insurance.
- Handelsbanken Fund Bonus: Each € 2,500 used = 5 € worth of Handelsbanken Asset Management 50 Fund.
- Travel Cash Insurance: If credit card money is withdrawn within 24 hours of withdrawal, the money will be refunded.
In the case of premium credit cards, the terms of the card and the benefits offered by the card do not appear to be closely related. For example, the Danske Bank World Elite MasterCard, which requires a $ 1 million investment, does not have much in the way of advantages, for example, with the American Express Platinum card, which already has an annual income of $ 20,000. Also the most expensive card in the comparison, Diners Club Premium, compares favorably with its more expensive competitors in the front.
Differences in the amount and terms of credit card
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Of course, there may be differences in the amount and terms of credit card additional benefits in favor of more expensive cards, but it was not possible to compare them because the details of the benefits of private banking cards are generally not publicly available. Nonetheless, it is safe to say that you do not need to be a millionaire in order to get a high-quality, high-value credit card, but to earn extraordinary credit cards with just the same income.
People are not even considering buying a premium card, because often the existence of premium cards and their many benefits are not even known: Not all premium cards require millions in assets or income. In addition, while the price of a premium credit card may seem quite high, the added benefits such as insurance and lounge cards are not worth the price. “