Higher-end cards typically offer features like cash back, airline miles, and lower interest rates. How do you know you’re ready for platinum?
- Great credit alone won’t cut it. A premium card requires a credit score in the mid-700s. Buuuut that’s not enough. Card companies want you to have a stable job with higher-than-average income—and they want to see that you have a history of charging a lot (and paying on time), says credit expert Erica Sandberg.
- Make sure the fee is worth it. A lot of premium cards come with annual fees ranging from $15 to $300. “Weigh the fee against the services you’re apt to use before you apply,” says Sandberg. Fly often? A card that gives you access to cushy airport lounges might be worth it. Do the math.
- Get one you’ll actually use. Start by checking out Credit Card Guide’s free CardMatch tool, or search cards according to your credit score range on CreditCards.com. Says Sandberg: “It’s not worth it to get a card that’s irrelevant to your life.”
Out of the Box