Luxury credit cards cater to high-net-worth individuals, offering exclusive perks and premium services. These cards often provide benefits like airport lounge access, elite status in hotel and airline loyalty programs, concierge services, and travel insurance.
They may also feature elevated rewards on travel, dining, and luxury purchases. Annual fees are common, reflecting the card's premium status. However, the approval process is stringent, requiring a strong credit history.
Here are The Smart Investor's best luxury credit cards for December 2024:
Chase Sapphire Reserve®
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This is Chase’s attempt to compete with Amex Platinum and to some extent, it succeeds.
While it may not have all the perks and benefits, there is elevated points earning, making it a good compromise for those who want some luxury perks but also want to rack up serious rewards.
The tiered reward structure is weighted towards purchases made via the Ultimate Rewards travel portal, but Lyft purchases and dining are also generously rewarded.
As with the Amex Platinum, you can get lounge access via Priority Pass and there is annual travel credit you can apply to any travel purchase. Chase also offers the Chase Sapphire Preferred which is a great travel card but lacks many of the travel benefits of the Reserve card.
- APR: 21.99% – 28.99% variable APR
- Annual fee: $550
- Balance Transfer Fee: $5 or 5%
- Foreign Transaction Fee: $0
- Rewards Plan: 5X total points on air travel and 10X total points on hotels, car rentals and dining when you purchase through Chase Ultimate Rewards®, immediately after earning your $300 annual travel credit. Also, earn 3x points on dining at restaurants and travel (after meeting the $300 travel credit), then 1x points per dollar spent on all other purchases.
- Sign Up bonus: 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
- 0% APR Introductory Rate period: N/A
- annual travel credit of $300. For reimbursement of travel-related charges made to your card, you will receive a statement credit of up to $300.
- If your carrier's journey is delayed for more than six hours, you may get up to $500 per ticket in travel reimbursement for lost luggage, up to a total of $3,000 per passenger.
- Access to Chase Unlimited Rewards, where certain categories increase the value of your points. For instance, 50,000 points are worth $750 if you use them for vacation.
- VIP airport lounge access to more than 1,000 lounges spread over more than 500 cities worldwide.
- Once every four years, the Chase Sapphire Reserve card will pay for your TSA Precheck or Global Entry application fee. Typically, this expense ranges from $85 to $100.
- 50% more when you make a reservation through Ultimate Chase Rewards. All travel-related expenses, such as lodging, transportation, and cruises, are covered.
- Exclusive offers like free room upgrades, early check-in, and late check-out at a selection of hand-picked top hotels and resorts around the world.
- No restrictions on when to use the points. Anytime during the year is a good time to redeem them. Neither an expiration date nor usage restrictions exist.
- Insurance for travel interruption or cancellation:
If you use your card to make your reservation, you will be compensated up to $20,000 per trip and $10,000 per person in the event that your trip must be shortened or canceled due to an eligible event.
- What purchases don't earn cash back with the Sapphire Reserve? All purchases will earn you cashback with this card.
- Should You Move to a Sapphire Reserve card? If you travel a lot then this is a great option for you. It's recommended to understand your spending habits and compare the Reserve card with other premium travel cards such as the Amex platinum card.
- Why did Chase deny me? What to Do Next? You might not have met one of its requirements. You will usually find out where you fell short. You might be able to rectify the issue or you might have to look elsewhere.
- How hard is it to get Sapphire Reserve card? It is harder to get this card than some of the other Chase credit cards. However, if you have a credit score of at least 720 then you will be in with a good chance of getting approval.
The Platinum Card® from American Express
The Platinum Card® from American Express
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Current Offer
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0% Intro
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This card is widely regarded as the top choice for luxury credit cards and is considered a flagship premium option. It features a tiered rewards system that offers the most value for Amex Travel purchases, but it also comes with an extensive list of premium perks. One of the standout benefits is access to airport lounges (terms apply).
In addition to the American Express Centurion Lounges, there is also Priority Pass, which provides access to select Virgin Clubhouses, Lufthansa Lounges, Plaza Premium Lounges and Delta SkyClubs when you’re flying these airlines.
There is also statement credit to cover airline incidentals, hotel credit, Saks Fifth Avenue credit, and Global Entry/TSA PreCheck fee reimbursement.
The list of potential statement credit options adds up to far more than the annual fee, before you even consider the cost of lounge membership.
- Up to $200 hotel credit per year when you book select prepaid hotels using your Platinum card via American Express Travel. Enrollment Required.
- Up to $240 or $20 per month in Digital Entertainment Credit when you pay for one or more The New York Times, Peacock, SiriusXM or Audible products with your card. Enrollment Required.
- Up to $155 in Walmart+ credit. When you use your card to pay for your monthly Walmart+ membership, you’ll get the full cost back every month, subject to auto-renewal. Enrollment Required.
- Up to $200 in Airline fee credit per year when you charge incidental travel fees from selected airlines on your card. Enrollment Required.
- Up to $300 back every year for eligible Equinox memberships when you enroll and pay using your card.
- Up to $189 back per year when you use your card to pay for a CLEAR® Plus membership. Enrollment Required.
- Travel: You can use your reward points to book travel purchases through Amex Travel, much like you do with Chase Ultimate Rewards or the Capital One Travel Portal.
- Gift Cards: The Amex Membership Rewards portal offers a variety of gift card choices from a wide range of dining, retail, and travel establishments.
- Statement Credit: You can apply your reward points to a charge you've made on your card as a statement credit.
Transferring Points to Partner Programs: To maximize the flexibility of your points, you can also transfer them to partner programs like miles. - Shopping: A number of online merchants accept Amex Membership Rewards as payment.
- Donations to Charities: Amex lets you use the JustGiving website to redeem points. Choose your favorite cause and donate at the rate of 0.7 cents for each point.
- Products: You can also spend your points to buy products.
- How to maximize rewards on Amex Platinum Card? There is a points-based system. You can redeem the points for a variety of rewards that are showcased on the Amex membership club. These include statement credit, gift cards, paying for certain services etc.
- Top reasons NOT to get the Amex Platinum Card? If you do not travel a lot or you do not spend a lot of money when traveling. If you are looking for a card that covers a wide range of purchases at premium cashback rates. If you're looking for everyday spending rewards, the Amex gold card has an advantage over the Platinum card.
- Is there a limit to rewards? There is a cap on getting the premium rate of cashback on certain types of purchases.
- Can I get car rental insurance with Amex Platinum? Yes, you will get it automatically once you decline the car insurance from the rental company and you pay the full rental charge using this card.
- Does Amex Platinum ask for proof of income? You need to have an income of at least $50,000 usually and might need to provide proof of income.
- Does card rewards points expire? They do not have an expiration date.
- Can I get pre-approved? Yes, you can get pre-approval for this card.
Capital One Venture X Rewards
Reward details
Current Offer
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Annual Fee
0% Intro
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The Capital One Venture X Rewards Credit Card has a lower annual fee compared to many other luxury credit cards. However, you can still earn superb rewards, particularly on hotels, rental cars, and flights.
The rewards rate is one of the highest on market with 10 miles per dollar on hotels and rental cars when booking via Capital One Travel, 5 miles per dollar on flights and 2 miles per dollar on all eligible purchases. The sign up bonus includes 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening.
You’ll also receive a miles bonus on your card anniversary, lounge access via Priority Pass, and complimentary Hertz President’s Circle Status. The perks package is rounded out with several insurance coverages, and you can add up to four authorized users to the account with no additional annual fee.
- Rewards Plan: 10 miles per dollar on hotels and rental cars when booking via Capital One Travel, 5 miles per dollar on flights and 2 miles per dollar on all eligible purchases
- APR: 19.99% – 29.74% (Variable)
- Annual fee: $395
- Balance Transfer Fee: 3% for promotional APR offers, none for balances transferred at regular APR
- Foreign Transaction Fee: $0
- Sign Up bonus: 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening
- 0% APR Introductory Rate: N/A
- Statement Credit For Travel
- Better Rewards Rate, Sign-Up Bonus
- Capital One Travel Portal
- No Foreign Transaction Fee
- $395 Annual Fee
- No Upgrading or Elite Status
- Smaller Network
What are the income requirements?
Neither issuer specifies a minimum income, but you will need excellent credit for the Venture X. Your income will be a factor for consideration, but it will not be the sole factor. If proof of income is required to support your application, the card issuers will contact you with a list of acceptable documents.
Can you get pre approval?
Capital One requires that you complete a full application for the Venture X, which will involve a hard credit pull.
What is the initial credit limit?
You can expect an initial credit limit of $5,000 to $30,000 with the Capital One Venture X.
How much is 10,000 miles worth?
The average value of Capital One miles is one cent per mile. This means that 10,000 miles would be worth $100. However, it may be possible to get a higher redemption rate with partner programs.
How’s the card customer service availability?
Capital One has a customer service line that is available 24/7, so you can access help at any time of the day or night
How long does it take for approval?
Capital One aims to give an approval decision within a few minutes, unless additional information is required to support your application. In this case, it can take a further 7 to 10 days. After approval, you should receive your card within 10 days.
