The best luxury credit card is Chase Sapphire Reserve® because it has an initial bonus worth up to $750 in travel, gives a $300 annual travel credit, and provides a complimentary airport lounge membership. But luxury comes at a cost, and Chase Sapphire Reserve charges a $550 annual fee.
The most popular luxury card on the market is The Platinum Card® from American Express. It offers free membership to 7 major airport lounge networks, a $200 annual airline fee credit, and a $100 annual statement credit for Saks Fifth Avenue purchases. Plus, there’s a 75,000 points initial bonus for spending $5,000 in the first 6 months and 5 points per $1 spent on flights and hotels. The annual fee is $550.
But the most famous of all luxury cards is the Centurion® Card from American Express. Also known as the “Black Card,” it’s invite only, so not just anyone can apply. Not a ton is known about it other than that. Fortunately, there are plenty of other luxury credit cards to consider, too.
When you’re comparing luxury credit cards, the devil is in the details. There are plenty of cards with luxury prices but pedestrian perks. So, you need to make sure the rewards and benefits that you get far outweigh the cost.
People who want to get a luxury credit card without shelling out a lot of money should consider the Capital One Venture Rewards Credit Card card. It offers top-notch travel rewards and only costs $95 per year.
The most prestigious credit cards are the Amex Centurion Card, the J.P. Morgan Reserve Card, and the Citi Chairman Card because all 3 cards are invitation-only. In addition, all 3 cards require applicants to meet high income and/or spending standards for approval.
J.P. Morgan Reserve Credit Card (formerly Chase Palladium Card)
Citi Chairman Credit Card
If you’re looking for a prestigious credit card, but you don’t quite qualify for an invitation from any of these 3 ultra-exclusive credit cards, don’t worry. You might get a better - and less expensive - credit card experience with a normal rewards credit card. Or, a good travel credit card might fit your lifestyle. The best credit cards don’t usually require a million-dollar income or private banking clout, and they still deliver plenty of great perks.
Elite credit cards with no annual fee include Capital One VentureOne, Citi Double Cash and Amex EveryDay. These high-end cards require a minimum of good credit for approval and offer perks such as high everyday earning rates, big initial bonuses and 0% introductory APRs. VentureOne gives 1.25 miles per $1 on all purchases and a 20,000-point initial bonus. Citi Double Cash gives 2% cash back on all purchases, plus 0% intro rate on balance transfers for 18 months. And Amex EveryDay offers 0% for 15 months on purchases.… read full answer
Other elite credit cards with no annual fee include Bank of America Travel Rewards and Chase Ink Business Cash. They too offer benefits worthy of elite status. They also have strict credit requirements. You’ll need a 700+ credit score to even be considered for most of these cards.
Top 5 Elite Credit Cards with No Annual Fee:
Travel: Capital One VentureOne Rewards
Cash Back: Citi Double Cash
Balance Transfer: U.S. Bank Platinum
0% Purchases: Amex EveryDay
Business: Chase Ink Business Cash
Closer Look: Elite Travel Cards with No Annual Fee
Bank of America Travel Rewards is an elite credit card with no annual fee because it has a large bonus and high earning rates. You get 25,000 bonus points when you spend $1,000 in your first 90 days. That’s worth a $250 statement credit toward travel. You also earn 1.5 points per $1 on all purchases. And people with a Bank of America checking or savings account get an additional 10% per $1 spent on all purchases. Excellent credit is required.
Capital One VentureOne Rewards is an elite no annual fee credit card due to its ample rewards. It gives 20,000 bonus miles when you spend $500 in your first 3 months. That’s worth $200 toward travel. And you get 1.25 miles per $1 on all purchases. Good credit is required.
Elite Cash Back Cards with No Annual Fee
Chase Freedom Unlimited is an elite no annual fee card because of its bonus and 0% APR. You get a $200 cash bonus when you spend $500 in your first 3 months. And you earn 1.5 - 5% cash back on purchases. There’s a 0% APR for 15 months on purchases. Good credit is required.
Citi Double Cash is an elite $0 annual fee credit card because it gives one of the highest cash back rates on the market for all purchases: 2% when you pay your bill in full. And there’s an intro APR of 0% APR for 18 months on purchases and balance transfers (3% (min $5) transfer fee). Excellent credit is required.
Elite Business Card with No Annual Fee
Chase Ink Business Cash is an elite no fee card because it has a lot of bonus categories. You get 5% cash back, up to $25,000 spent per year, on purchases at office supply stores and internet, cable and phone services. There’s 2% cash back, up to $25,000 spent per year, on gas and dining and 1% on all other purchases. You get a $750 cash back bonus when you spend $7,500 in your first 3 months. There’s a 0% APR for 12 months on purchases. You get employee cards at no cost. Good credit is required.
Elite 0% APR Cards with No Annual Fee
U.S. Bank Visa Platinum is elite because of its very long 0% APR period. You get 0% on purchases and balance transfers for 20 months. Transfers must be requested in the first 60 days to get the 0% rate, and there’s a 3% transfer fee. You also get free cell phone protection. Excellent credit is required.
Amex EveryDay is elite because of its extra points on groceries. You get a 0% APR for 15 months on purchases. You get 2 points per $1 on your first $6,000 spent on groceries per year and 1 point per $1 on all other purchases. Using your card 20 times in a month gets you 20% more points. There’s also a 10,000-point bonus when you spend $1,000 in your first 3 months. Good credit is required.
At the end of the day, elite and no annual fee are not always synonymous when it comes to credit cards. Cards with annual fees tend to offer more rewards and benefits. Generally, the higher the annual fee, the more rewards you get. Some of the most elite credit cards with fees include Capital One Venture and Chase Sapphire Preferred® Card.
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