Are $400+ Annual Fee Credit Cards Worth It? Here's What You Actually Get
KEY POINTS
- The Amex Platinum Card includes lounge access, more than $1,400 in annual credits, and luxury travel perks.
- Chase Sapphire Reserve offers points on travel spending, a $300 travel credit, and airport lounge access.
- Amex Delta SkyMiles Reserve is best for loyal Delta flyers aiming for status boosts and upgrades.
Nearly $700 for a credit card? Who would pay that?!
I did at one point. Back when I was traveling constantly for work, I picked up The Platinum Card® from American Express and used it a ton. I was hitting airport lounges before flights, getting room upgrades at hotels, and driving higher-end rental cars like a VIP. The fee was steep, but worth every penny.
Everyone's lifestyle is different. Whether a $400-plus annual fee credit card is "worth it" totally depends on how many benefits you actually use. If it sits in your wallet untouched, it's a waste of money. But if you cash in on the perks and credits (and land a killer welcome offer) luxury cards can have a great return on investment.
Here are three of the most popular premium cards and how you can justify the price.
Spoiler alert: each card below has a welcome offer that exceeds the cost of the annual fee if you qualify.
The Platinum Card® from American Express: Luxury travel on autopilot
On American Express' Secure Website.
Terms apply
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= Best
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= Fair = PoorOn American Express' Secure Website.
Terms apply
Good/Excellent (670-850)
Intro APR
Purchases: N/A
Balance Transfers: N/A
APR
See Pay Over Time APR
Rewards Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel. Earn 1X Membership Rewards® Points on other purchases. Terms and limitations apply.
1X-5X Membership Rewards® Points
Annual Fee
$695
Welcome Offer Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
80,000 Membership Rewards® Points
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This luxury travel card has some of the most prestigious perks you'll find — access to over 1,400 airport lounges, elite status with Hilton and Marriott Bonvoy (enrollment required), and spending credits worth over $1,500 in value every year. Just be ready for the hefty annual fee, which can be offset in the first year with a welcome bonus worth $800 in points. Terms apply.
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- Big welcome offer
- Substantial spending credits
- Airport lounge access
- Hotel benefits
- Flexible travel points
- Annual fee
- Limited bonus categories
- Spending credits can be complicated to manage
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- Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership.
- Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel® up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel®.
- $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel using your Platinum Card®. The Hotel Collection requires a minimum two-night stay.
- $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card® on one or more of the following: Disney+, a Disney+ bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
- With American Express Global Lounge Collection® eligible Card Members can enjoy access to over 1,400 airport lounges globally, including The Centurion® Lounge, Unlimited Delta Sky Club® Access when flying an eligible Delta flight, Escape Lounges, Lufthansa Lounges when flying Lufthansa Group, Plaza Premium, Priority Pass™ Select Lounges, & Additional Global Lounge Collection Partner Lounges subject to visit limitations. Lounges may have their own rules, like additional access rules and guest fees, and for Priority Pass Select, you need to enroll and there are unlimited airport lounge visits for Card Members. With Delta Sky Club Access, Card Members will receive 10 Visits to the Delta Sky Club to be used from February 1 until January 31 of the next calendar year and can unlock Unlimited Delta Sky Club Access by spending $75,000 in eligible purchases on their Card in a calendar year. To find a lounge, visit the membership section in the American Express® App or visit http://www.americanexpress.com/findalounge#/loungefinder.
- A Walmart+ membership can get you free shipping with no order minimum on eligible items shipped by Walmart. Use your Platinum Card® to pay for a monthly Walmart+ membership (subject to auto-renewal) and receive one statement credit for up to $12.95 (plus applicable taxes. Plus Ups not eligible) each month. Free Shipping excludes most Marketplace items, freight & certain location surcharges. Paramount+ Essential plan only, separate registration required.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees, such as checked bags and in-flight refreshments, are charged by the airline to your Platinum Card® Account. American Express relies on airlines to submit the correct information on airline transactions to identify incidental fee purchases. If you do not see a credit for a qualifying incidental purchase on your eligible Card after 8 weeks, simply call the number on the back of your Card. Qualifying airlines are subject to change. See terms & conditions for more details.
- $200 Uber Cash: Platinum Card® Members can ride or dine in style with $15 in Uber Cash each month, plus a bonus $20 in December after adding their Card to their Uber account. Use your Uber Cash on rides and orders in the U.S. when you select an Amex Card for your transaction.
- $199 CLEAR® Plus Credit: CLEAR® Plus helps get you to your gate faster by using unique facial attributes to verify you are you at 50+ airports nationwide. Use the dedicated CLEAR Lane to confirm your identity without taking out your passport or ID – this can mean shorter lines, less waiting. Receive up to $199 in statement credits per calendar year after you pay for your CLEAR Plus Membership (subject to auto-renewal) with the Platinum Card®.
- Receive either a $120 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
- Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. That's up to $50 in statement credits semi-annually. Enrollment required.
- Use Global Dining Access by Resy to access premium dining experiences. Receive Priority Notify and unlock insider access to some of the world's most sought-after restaurants with Global Dining Access by Resy. Download the Resy iOS app or log into Resy.com and add your Platinum Card® to your Resy profile to take advantage of your special benefits and discover restaurants near you.
- $695 annual fee.¤
- Apply with confidence. Know if you're approved for a Card with no impact to your credit score. If you're approved and you choose to accept this Card, your credit score may be impacted.
- Terms Apply.
This is the Rolls-Royce of premium travel cards. While the annual fee is high ($695, see rates and fees), the perks can easily offset the cost if you use them.
Top perks and credits:
- $200 hotel credit when booking through Fine Hotels + Resorts
- $200 airline fee credit for baggage fees and in-flight purchases
- $240 digital entertainment credit: includes Peacock, Disney+, ESPN+ and more
- $200 in Uber Cash: $15 per month, $35 in December
- $199 CLEAR® Plus credit
- Up to $120 statement credit for TSA PreCheck® or Global Entry
- $100 Saks credit: $50 between Jan. - June, and $50 between July - Dec.
- Walmart+ credit up to $12.95 each month: Get up to a $12.95 statement credit back each month after you pay for a monthly Walmart+ membership
- Lounge access galore: Centurion Lounges, Priority Pass, Delta Sky Clubs (when flying Delta)
- Terms apply; enrollment may be required
If you max out the credits alone, you can unlock over $1,400 in value annually. Add in the premium travel protections, car rental status upgrades, and luxury hotel perks, and it's easy to see why frequent travelers love this card.
Oh yeah -- the welcome offer is valuable, too: Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Terms apply.
Ready to travel like a VIP? Apply for The Platinum Card® from American Express today and get to know what premium travel feels like.
Chase Sapphire Reserve®: Travel rewards with flexibility
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= Fair = PoorGood/Excellent (670-850)
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
20.24% - 28.74% Variable
Rewards Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases.
5x points on flights and 10x points on hotels and car rentals through Chase Travel℠.
Annual Fee
$550
Welcome Offer Earn 60,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
60,000 bonus points
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All the perks we've come to expect from a top travel card, including a $300 annual travel credit, airport lounge access, and big bonuses on travel and dining. Points are transferable to airline and hotel partners or worth 50% more if you book through Chase Travel. The annual fee is hefty, but if you can use all its features, this card could be well worth the cost.
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- Travel credits
- Airport lounge access
- Travel and dining rewards
- Welcome offer
- Flexible travel points
- Annual fee
- Limited-time benefits
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- Earn 60,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.
- $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
- Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases
- Get 50% more value when you redeem your points for travel through Chase Travel℠. For example, 60,000 points are worth $900 toward travel.
- 1:1 point transfer to leading airline and hotel loyalty programs
- Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $120 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck®
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Coverage, Lost Luggage Insurance and more.
- Member FDIC
With its $550 annual fee, the Chase Sapphire Reserve® (see rates and fees) is a bit more flexible for using travel credits. And it's really good for earning points when booking travel.
Top perks:
- $300 annual travel credit (automatically applied to hotels, flights, taxis, etc.)
- Priority Pass lounge access (over 1,300 lounges worldwide)
- 10x total points on hotels and car rentals through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually
- 5x total points on flights air travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually
- 3x points on other travel and dining
- 1.5x points value boost when redeeming points through Chase Travel℠
- Strong travel insurance including trip delay, cancellation, and primary rental car coverage
Probably my favorite thing about Chase points is that they're super flexible. You can transfer them to travel partners like Hyatt or United, or use them to book flights, hotels, or experiences directly through Chase Travel.
Here's the welcome offer right now: Earn 60,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. This can be worth up to $900 in Chase Travel℠ value.
Level up your next adventure. Apply for the Chase Sapphire Reserve® today and start booking those unforgettable trips.
Delta SkyMiles® Reserve American Express Card: Elite status shortcut
On American Express' Secure Website.
Terms apply
= Best
= Excellent
= Good
= Fair = Poor
= Best
= Excellent
= Good
= Fair = PoorOn American Express' Secure Website.
Terms apply
Good/Excellent (670-850)
Intro APR
Purchases: N/A
Balance Transfers: N/A
APR
20.24%-29.24% Variable
Rewards Earn 3X Miles on Delta purchases. Earn 1X Mile on all other eligible purchases.
1X-3X miles
Annual Fee
$650
Welcome Offer Earn 70,000 Bonus Miles after you spend $5,000 in eligible purchases on your new Card in your first 6 months of Card Membership.
70,000 Bonus Miles
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This card comes with huge perks if you are a loyal Delta customer. The annual fee pays for itself in a hurry if you are able to take advantage of all this card has to offer.
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- Welcome offer
- Airport lounge access
- Companion certificate
- Travel credits
- Free checked bag
- Annual fee
- Lounge access limitations
- Lackluster purchase rewards
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- Earn 70,000 Bonus Miles after you spend $5,000 in eligible purchases on your new Card in your first 6 months of Card Membership.
- Delta SkyMiles® Reserve American Express Card Members receive 15 Visits per Medallion® Year to the Delta Sky Club® when flying Delta and can unlock an unlimited number of Visits after spending $75,000 in purchases on your Card in a calendar year. Plus, you’ll receive four One-Time Guest Passes each Medallion Year so you can share the experience with family and friends when traveling Delta together.
- Enjoy complimentary access to The Centurion® Lounge when you book a Delta flight with your Reserve Card.
- Receive $2,500 Medallion® Qualification Dollars with MQD Headstart each Medallion Qualification Year and earn $1 MQD for each $10 in purchases on your Delta SkyMiles® Reserve American Express Card with MQD Boost to get closer to Status next Medallion Year.
- Enjoy a Companion Certificate on a First Class, Delta Comfort+®, or Main Cabin round-trip flight to select destinations each year after renewal of your Card. The Companion Certificate requires payment of government-imposed taxes and fees of between $22 and $250 (for itineraries with up to four flight segments). Baggage charges and other restrictions apply.
- $240 Resy Credit: When you use your Delta SkyMiles® Reserve American Express Card for eligible purchases with U.S. Resy restaurants, you can earn up to $20 each month in statement credits. Enrollment required.
- $120 Rideshare Credit: Earn up to $10 back in statement credits each month after you use your Delta SkyMiles® Reserve American Express Card to pay for U.S. rideshare purchases with select providers. Enrollment required.
- Delta SkyMiles® Reserve American Express Card Members get 15% off when using miles to book Award Travel on Delta flights through delta.com and the Fly Delta app. Discount not applicable to partner-operated flights or to taxes and fees.
- With your Delta SkyMiles® Reserve American Express Card, receive upgrade priority over other Medallion Members within the same Medallion tier and fare class grouping when you fly with Delta.
- Earn 3X Miles on Delta purchases and earn 1X Miles on all other eligible purchases.
- No Foreign Transaction Fees.
- $650 Annual Fee.
- Apply with confidence. Know if you're approved for a Card with no impact to your credit score. If you're approved and you choose to accept this Card, your credit score may be impacted.
- Terms Apply.
If you fly a lot, holding an airline rewards card can make a lot of sense. And for Delta fans, this particular card can help you climb the Medallion status ladder faster -- and enjoy nicer flights along the way.
Top perks:
- Complimentary Delta Sky Club® access when flying Delta (15 visits per year, or unlimited after spending $75,000 in a calendar year on the Amex Delta SkyMiles Reserve)
- Centurion Lounge access when you book a Delta flight with your Amex Delta SkyMiles Reserve
- MQD Headstart: Get a boost toward elite status each year
- Companion certificate each year after renewal (good for first class or main cabin)
- Priority boarding and first checked bag free
- 20% savings on in-flight purchases
- Terms apply; enrollment may be required
Plus, there's a great welcome offer right now: Earn 70,000 Bonus Miles after you spend $5,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Terms apply.
This card is all about loyalty. The welcome offer can give you a big head start on SkyMiles, but the real value comes in long-term use.
That said, casual travelers may find it harder to justify the $650 annual fee (see rates and fees) unless you're Delta-first for every trip.
Fast-track your Delta status and fly like a pro. Apply for the Delta SkyMiles® Reserve American Express Card today to earn miles and unlock elite travel perks.
So are $400-plus credit cards worth it?
Here's the short answer: Yes, the fees are worth it if you can tap into the perks, credits, and travel benefits. Otherwise, you're just paying for a fancy piece of metal.
The good news is that qualifying for the welcome offers can give you a boost and at least justify the first year of ownership. No harm in giving one a try!
Our Research Expert
Joel is a full-time writer at Motley Fool Money, known for his clear, approachable voice on topics like credit cards, savings hacks, and side hustles. He’s been writing about money since 2018 and previously managed editorial content for the How To Money podcast.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
For rates and fees for the Delta SkyMiles® Reserve American Express Card, click here
For rates and fees for the The Platinum Card® from American Express, click here