One of the main differences between premium credit cards and standard credit cards, are the ‘perks’ that premium card holders are entitled to.
Perks can range from free or discounted travel insurance and vehicle breakdown cover, to complimentary food and drink in exclusive airport lounges around the world. Premium credit card holders may also have concierge services made available to them, through which (for example) hotel and restaurant bookings can be made, or gifts sourced and delivered for a birthday or an anniversary.
Other perks offered by premium credit cards include reward schemes that apply discounts to travel-related expenses and a higher-than-average credit limit.
Interest rates on premium credit cards are approximately the same as standard credit card rates, but unlike standard credit cards, the premium card holder may be required to pay an annual fee.
Although membership of some premium cards is by invitation only, in almost all instances the qualification criteria can be demanding. The applicant may for example be required to earn a higher than average level of income, possess an excellent credit rating and/or be the holder of a premium current account.
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