If you get a statement credit for Global Entry on lower-annual-fee cards, why spring for a premium card? 

It’s not the plunk factor. With so many mobile and contactless payment options, flashing the physical card is becoming less common. 

Outside of the credit for a Global Entry application, there are two major reasons why you’d go premium:

Airport lounge access is one of the most coveted travel perks, and holding a premium card is a way to get in. 

The high annual fee you pay for a premium card is your ticket to airport lounge access, but, of course, no single card unlocks all lounges. That means you want to evaluate the network of lounges a card gets you access to, and which lounges are available at the airports you visit. 

You’ll also want to pay attention to any visit restrictions, such as annual limits on how many times you can visit lounges. Also, double-check if lounge access is limited to certain fare classes. Some lounges won’t let you in with a basic economy ticket.

If you’re looking for a premium card to get lounge access, answers to these questions all help you determine the bang for your buck.

Aside from airport lounges, that high annual fee also pays for a bunch of statement credits. 

If you’re a Millennial like me, you might remember selling those big coupon books for fundraisers. Well, the statement credits on these premium cards are basically coupon books repackaged in a slim metal card. 

Some of the statement credits are for travel-related purchases, such as a hotel stay credit or an application fee credit for Global Entry.

Some credits are more geared towards lifestyle, like credits for streaming services, rideshares, dining at particular restaurant networks, or even merchandise from a specific brand. 

Depending on how efficient you are, the value you get back in statement credits from the card’s perks could even exceed the annual fee you pay.  

The thing is, the devil is in the details. Some of these credits are annual, some semi-annual, some quarterly, and some monthly. Tracking each can get time-consuming or annoying, so even if you can get value from them, you have to decide if it’s worth the effort.

There are a bunch of premium cards on the market right now, but there are two big contenders.

Both have annual fees within $100 of each other, both are offering big bonuses for new cardholders, and both offer statement credit for a Global Entry application fee.  

Both come with a bunch of statement credits, but the credits differ significantly. The lounges each give you access to, and they also vary.

In a post on our blog, I walk through the pros and cons of each card and break down where each one excels. 

There’s no one clear winner, but if you’re like me and debating whether either is right for you, knowing how each could add value can help you decide.

With expert:

Kurt Adams

Kurt Adams is the Points and Miles Expert for the Going travel app. As a personal finance expert with a deep understanding of credit card rewards and frequent flier programs, Kurt helps consumers navigate the intersection of money and travel. A graduate of Princeton, he lives in New York.

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