Elite or prestigious credit cards have become more common over the years as black, white and even titatium credit cards have risen in popularity. These elite credit cards also break all the rules. While traditional advice about credit cards warns against credit cards with annual fees these cards can actually make cardholders feel proud of their annual fee as they can often top thousands of dollars. So what are elite credit cards all about and are they worth it?

To begin with, prestigious credit cards are targeted at individuals both with excellent credit ratings and high spending habits. Not all card issuers offer these credit cards, although the most popular are available from Citi and American Express. All elite credit cards share a number of things in common. First, they have a high annual fee that costs at least a few hundred dollars. Secondly, they offer services and benefits that aren’t given to cardholders of normal credit cards. Last, they’re only available to a select group of customers, often by invitation only. The annual fee on these credit cards is put in place to cover the range of benefits the credit card offers. As an example, the American Express Centurion card–one of the most popular elite credit cards–is made from pure titanium and costs a one-time fee of $5,000 to join and $2,500 annually.

The benefits of elite credit cards are one of the main reasons they draw so many people. Most programs include a range of perks, including the following:

• Exclusive concierge service that includes event planning, shopping assistance and reservation assistant.
• Travel benefits such as airport club access, resort or hotel upgrades, late check-outs and more.
• Exclusive tickets to events.
• Extended warranties on purchases.
• Upgraded rewards programs that can be redeemed for upgraded airplane seating and luxury items.
• Reservations at popular restaurants.

So is it worth it to pay so much for these perks and services? To answer this question you’ll first need to decide if an inexpensive credit card can meet your needs and if you desire simply the prestige that goes along with carrying one of these credit cards. If you do decide to try for an elite credit card make sure you carefully analyze all available options, comparing cost and perks.

Qualifying for these elite credit cards can be difficult and having excellent credit by no means guarantees you’ll be accepted. These cards are very exclusive and many are by invitation only. Still, if you decide to apply make sure you meet the standards. Your credit should be absolutely perfect and you definitely need a history of large spending. High income is also considered so a salary that reaches six figures comfortably may also be required. If all this doesn’t apply to you you’re probably wasting your time by applying.

There are seven main elite cards and they’re all different, offering their own perks. Here’s a quick guide to the most popular.

1. American Express – Delta Sky Miles
The annual fee for this card is $150 and it comes with perks like an annual complimentary companion travel ticket and one mile earned for every dollar spent.

2. American Express – Platinum
This charge card comes with an annual fee of $450. Perks include two complimentary tickets each year, concierge services and earning 1 point per dollar spent.

3. American Express – Centurion
This card comes with an annual fee of $2,500 plus a one-time fee of $5,000. There’s no spending limit and the card has a range of benefits, including great concierge service, access to airport clubs and exclusive events.

4. Bank of America – Accolades
This card, with its annual fee of $295, gives access to exclusive events and has a range of travel benefits and upgrades.

5. Citi – Citi Chairman American Express Card
This card has an annual fee of $500 and comes with personal concierge services and travel benefits.

6. Barclays – Visa Black
This is one of the most well known elite cards and has an annual fee of $495. It’s made with carbon and features dining and travel benefits along with concierge service.

7. US Bank – Stratus Rewards
This card, also known as the white card, has an annual fee of $1,500 and earns rewards on every purchase. It also has great travel benefits and concierge service.

Basically, deciding whether an elite credit card is right for you comes down to your credit rating and spending habits. If you don’t charge large amounts of money, don’t travel frequently and don’t enjoy exclusive events you probably don’t need an elite credit card. Instead, look for an inexpensive credit card that can meet your needs easily.

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