Why I’m Considering Ditching All Of Our Premium Credit Cards

What do you think of when you hear the phrase premium credit card. Exclusivity? Luxury? Benefits? Perks? For a while, these cards offered all of these.

The grand daddy of the premium card is the American Express Centurion card. A card that’s so exclusive AMEX has to invite you and no one knows the requirements to get said invitation. What we do know is that the card has a $7,500 initiation fee and a $2,500 annual fee. Since I occasionally run a cash register for my day job, I’ve held a few of these cards over the years. It’s wasn’t nearly as exciting as I hoped.

Personally, I’m not at that level. However, I was able to get a base level of premium card from all the major banks. American Express Platinum, Chase Sapphire Reserve and Citi Prestige. So why have I reached the point where I’m considering not holding any of these cards?

Here’s the reason:

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How Many Guests Can You Bring Into A Lounge With Priority Pass Select? It’s Complicated.

Priority Pass is a program that provides access to airport lounges, business suites and credits you can use at airport restaurants. While you can buy a membership into the program, most people from the United States have a Priority Pass Select membership through having a credit card which provides it as a perk. That’s where things get interesting. While the access to the club may be limited due to capacity issues, the cardholder will get in by showing their Priority Pass card (or a digital card if available). If you want to bring in a guest, each card has rules that are worded slightly differently and those small differences may cost you an additional $32 for each extra guest in your party.

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Have You Used Your Credit Card Travel Credits? When Do They Reset?

January 1st is a day that most frequent travelers hate to see. It’s when all the airline miles flew and hotel nights stayed over the past year reset to zero and they have to start all over again to try to reach status for the next year. Since I don’t worry about status, the start of the new year means that my travel credits have reset and I have some money to spend. Or do I?

If you have a premium travel credit card (or five of them), hopefully, you’re aware of the travel credits offered by these cards. Travel credits, ranging anywhere from $100 to $325, help to offset the lofty annual fees these cards charge. The trick is that you have to use the credits or they expire. To make things more difficult, the charges that are eligible for reimbursement and the procedures to get the credits are different for every card. Another difference between these cards is if the credits go by your membership year or the calendar year.

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