Should You Get a Premium Travel Card in 2024?

Many consumers would never consider applying for a credit card with an annual fee of $300 or more. And to be fair, this makes sense when you consider some of the excellent no annual fee credit cards in the market, as well as a variety of travel cards that are feature-packed and have much lower fees.

Premium travel credit cards might seem expensive, but you might be surprised at the value they can deliver for the right customer. If you're a frequent traveler, here are two examples of premium travel cards, and why they could be worth a closer look in 2024.

1. Capital One Venture X Rewards Credit Card

The Capital One Venture X Rewards Credit Card (see rates and fees) is a relatively new product compared with the other card discussed here, and with a $395 annual fee, it's the cheapest of the three.

In addition to a strong rewards earning rate -- especially on Capital One Travel purchases -- the Capital One Venture X Rewards Credit Card has some valuable benefits, including a $300 annual credit for Capital One Travel purchases that almost justifies the fee all by itself. Cardholders get a 10,000-mile bonus every account anniversary (worth $100), a credit of up to $100 to cover a Global Entry or TSA PreCheck membership, and airport lounge access through the Priority Pass and Plaza Premium Group networks, as well as Capital One's own high-end lounges.

Apply now for the Capital One Venture X Rewards Credit Card.

One other interesting feature is that the Capital One Venture X Rewards Credit Card is one of the only premium travel cards that doesn't charge an additional annual fee for authorized users. You can add up to four on your account, all of whom get their own lounge access. The card charges a $395 annual fee and a 19.99% - 29.99% (Variable) APR.

2. Delta SkyMiles® Reserve American Express Card

Premium travel cards come in two main varieties -- those that are high-end products of the credit card issuer (like the Capital One Venture X Rewards Credit Card), and those that are cobranded with a specific airline. Cards in the latter category, like the Delta SkyMiles® Reserve American Express Card, tend to offer valuable benefits if you're loyal to a specific airline.

Specifically, the Delta SkyMiles® Reserve American Express Card has a $650 annual fee (see rates and fees), but it could be well worth the cost for frequent Delta flyers. It provides access to Delta Sky Club lounges, as well as a couple of other networks (including the ultra-high-end American Express Centurion lounges). It has the same credit for a Global Entry or PreCheck membership as the Capital One card discussed earlier.

Apply now for the Delta SkyMiles® Reserve American Express Card.

As far as Delta-specific benefits go, that's where this card truly shines. It has an annual companion certificate (essentially a buy-one-get-one coupon) for a domestic First Class, Delta Comfort+, or Main Cabin ticket, and this can justify the annual fee all by itself. It offers free checked bags on Delta flights for as many as nine travelers on the same reservation. And starting in 2024, this card can generate status-earning Medallion Qualification Dollars (MQDs) for card spending.

Is a premium travel card right for you?

As you can see, both of these examples have perks and benefits that can easily justify the cost of membership if you use them. But that's only likely to apply to frequent travelers. If you travel more than a few times per year, you might want to check out these and some of the other premium travel cards on the market, as you might be surprised at how much value you get in return for paying the annual fee.