Premium reward cards offer enticing free offers but come with high annual fees, up to $900, making them suitable only for a select group of frequent travelers.
These cards, marketed by major credit card issuers, are designed for individuals who travel extensively and spend significant amounts on travel each year. While the perks may seem attractive, the hefty fees often outweigh the benefits for most consumers.
Channel 11 consumer advisor Clark Howard advises consumers to be honest with themselves and their wallets when considering these premium cards.
Howard points out the paradox of the current credit card market, where many Americans struggle to pay their bills, yet are drawn to these high-fee cards. He emphasizes that only a tiny percentage of people who are lured into these offers actually benefit from them.
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