Updated on: 28 Jun 2017

Nowadays, the actual “feeling” of money, in terms of paper currency, started to be lost. The challenge to money's future came with the rise of online transactions and replacement with plastic cards. In case of credit cards, their use offers a great way to improve the financial life of people and make it easier.

There are so many credit card options from which to choose and often is a real challenge to decide which credit card is better. When choosing a credit card, consumers can select from a wide variety of products, offered by banks. Customers may choose between standard credit cards or premium credit cards that offer rewards and features, or low-rate cards if the interest rate is a key consideration influencing the card choice. However, if you achieved already a personal “financial maturity”, one of the best options is the premium credit card like Fintro Mastercard Gold, Argenta MasterCard Gold, Beobank Premium Flying Blue World MasterCard or ING Mastercard Gold just to name a few of them. It offers high credit limits and often has additional features like product warranties, travel insurance or free access to emergency services. Some premium credit cards even offer cash back earnings.

For business people with buying power, premium credit cards are a perfect way to take advantage of luxury benefits. However, using of premium credit cards requires a really well-planned process.

In Belgium most of the banks have at least one premium credit card on offer for their customers.

How much do the premium credit cards cost?

The cheapest one costs 5 euros per year, as an annual premium card fee, while the average cost in Belgium for a premium credit card is around 50 euros per year. This means it is important to use the benefits these types of credit cards have to offer. The annual interest is around 22% per year, this is why using this type of card is advised only in case you can repay the bill monthly.

What are the benefits of premium credit cards?

Usually, premium credit cards are compared with your personal organizer. Being available 24/24 it typically offers services like travel booking, flights reservation, airport transfers, luxury dinners, leisure activities, personal shopping services, gifts, VIP travel rewards, etc. There are many benefits but you must know how exactly to make this card to work for you.

In Belgium, you typically get an initial limit on your premium credit card around 5000 euros. This is a very quick and cheap way to get access to a relatively large amount of cash reserve for short periods of time. Most of the premium credit cards come with extensive insurances that cover travel, medical care or purchases, but only if you used them when booking your trips or buying your goods or services. Some of them come with even more complex insurances that apply also to your family, this is why when you are calculation the cost of the credit card you also need to consider what you would normally pay for the rest of the services that come with the card itself.

Are you ready to use a premium credit card?

As mentioned, the premium cards are more expensive than regular credit cards. It is strongly advised to check their fees and benefits before you apply. Also, before applying for the premium card, make sure you will use its benefits and perks, otherwise, it might not be worth it to apply for.

Make a smart market search for a premium card. The cards are awarded based on concrete criteria that customers must fulfill; and not everyone will qualify for them. That is why you have to use some specialized tools that allow you to make a soft search before proceeding with an official application.

You also have to make sure you pay off your balance in full each month or you'll end up being charged interest.

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