Are you planning to apply for premium credit cards in America? If yes, I’d like to highlight the benefits of applying for premium credit cards in America. When you apply for a premium credit card, you are subjected to a pre-screening process that can help you qualify for better loan deals.
What are premium credit cards?
Premium credit cards are high-end, credit cards that offer superior rewards, benefits and services to their holders. These cards are targeted towards people with excellent credit scores; however, even those with bad or average scores can apply for them if they have the right income and financial history.
In addition to offering rewards and cash back to cardholders, premium credit cards also provide premium protection for purchases made with the card. This includes purchase protection, return protection, extended warranty protection, fraud liability coverage and more.
Who should apply for a premium credit card?
Premium credit cards can be an excellent way to build your credit, as long as you use them responsibly. If you’re wondering whether a premium card is right for you, consider the following:
You have good to excellent credit. Premium cards are designed for people with good to excellent credit and are likely to be denied if your score is below that range.
You want a rewards card that rewards travel, dining or other luxury purchases. While some premium cards offer cash back or other rewards, they’re usually better at rewarding specific types of spending than general rewards cards. For example, the Chase Sapphire Reserve Visa Signature® Card offers 3 points per $1 spent on travel reservations made through the Chase Ultimate Rewards program (up to $300 per year), which can be redeemed for free travel through the Chase travel portal or transferred to airline and hotel partners.
You want a card with perks such as airport lounge access or concierge service. Many premium cards offer these kinds of benefits — check out our list of best credit cards with lounge access for more details on what to expect from these types of perks.
What are the perks of owning a premium credit card?
While not every cardholder will benefit from the premium perks and benefits, there are some that can help you save money and gain rewards that are worth considering. Here are some of the perks of owning a premium credit card:
- You get the ability to earn valuable rewards points that you can redeem for products and services with your favorite brands.
- You also get exclusive access to special offers, discounts and deals from these brands.
- Some premium credit cards also offer you complimentary travel insurance, rental car insurance and purchase protection.
- And if you’re in need of emergency cash or a loan, some premium cards offer better rates than traditional bank loans.
How do I apply for a premium credit card?
If you want to apply for a premium credit card, the application process is similar to the application process for a standard card. Before applying here’s what you should know.
The two main types of premium credit cards are charge and travel cards. Charge cards don’t require you to pay your balance in full each month, but they do charge an annual fee. Travel rewards cards typically earn points or miles that you can redeem for flights, hotels and other travel expenses.
You’ll need to provide basic personal information, such as your name, address and Social Security number. You might also have to provide details about your income and employment, plus any bankruptcies or other financial problems that you’ve had in the past.
The application process may take longer if you’re applying for a premium card with an annual fee or if you have bad credit. You may have to wait up to 30 days or more before getting your card in the mail.
If you’re approved, it’s likely that you’ll receive your new card within 10 business days.
If there’s one thing you should remember from this article, it’s that there are many different options for you when it comes to credit cards. With everything from rewards and bonuses to the issuer, the amount of time you carry the card for, and even your credit history and score, you can find a card that suits your needs. So take some time to research your options and choose a card that’s going to provide the most benefits for you.
If a premium credit card is what works for you, go forth and enjoy its many perks. If not, there are still plenty of other good everyday credit cards out there.
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