Premium travel cards are drifting out of reach for the average consumer. I say let them go
By Ana Staples, Bankrate.com
Here’s something credit card experts know but you might not: it’s getting much tougher for the average person to find a great travel credit card that unlocks luxury experiences without the price tag.
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Major credit card issuers have steadily made premium credit cards more exclusive in recent years. Before, they might have tried to woo you with the promise of the kind of vacations you couldn’t otherwise afford. Now, they seem to be more interested in cardholders who can.
Take The Platinum Card from American Express, for example. It just announced a new annual fee of $895 — an increase from $695. The card expanded existing statement credit benefits and added new ones, to a potential added value of over $1,400. Redeeming them, however, requires quite a bit of spending and mental work (and sometimes, purchases you wouldn’t have made otherwise). Yet that barely soothes the sting of facing an annual fee bill barely shy of $900. For many Americans, that’s simply a no-go.