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00:00 – Intro
00:42 – Problem 1
2:33 – Problem 2
4:14 – Problem 3
8:58 – Problem 4
11:21 – Problem 5
13:03 – Problem 6
PROBLEM 1: Elite Credit Cards Have Overlapping or Competing Benefits
Have you noticed that travel credit cards like the Amex Platinum Card, Chase Sapphire Reserve, and Capital One Venture X all have $300+ worth of travel credits? How about partner benefits with companies like Lyft, Uber, or DoorDash? Airport Lounge Access via Priority Pass? The list goes on. Many benefits are either identical or similar, and the amount of benefit convergence weâre seeing nowadays is increasing.
PROBLEM 2: Elite Credit Cards Have Increasing Annual Fees
The American Express Platinum Card used to be $450 per year. Then the annual fee went up to $550. Today, it sits at $695. The Chase Sapphire Reserve is at $550 right now, formerly $450. The Capital One Venture X hasnât seen an increase to its annual fee yet, but it also has only been around since 11.09.2021. The Delta SkyMiles Reserve Card was recently updated and is now at $650 (previously $550). The Citi AAdvantage Executive Card went up to $595 after its refresh (previously $450). The United Club Infinite Card is still at $525 (up from $450), and I wouldnât be surprised to see it climb higher to match what American Airlines and Delta are doing. The Hilton Honors Aspire Card is sitting at $550 (previously $450), and finally, the Marriott Bonvoy Brilliant Card skyrocketed to $650 (a $200 increase from its prior $450 annual fee). Carrying multiples of these premium credit cards continues to become more expensive over time.
PROBLEM 3: Elite Credit Cards Are Becoming More Like Coupon Books
Weâre now seeing a lot of partner benefits that come in the form of statement credits to help you earn back some of the cost of your annual fee. However, these credits are often with specific merchants, so their use is limited â or nonexistent â for many people.
PROBLEM 4: Elite Credit Cards Have Limited Rewards Structures
You only need to look at the lower annual fee (and no annual fee) credit cards in order to see that many of them have better rewards multipliers to earn points on your regular spend. Some of them even earn valuable points (like Amex Membership Rewards points, Chase Ultimate Rewards points, and Capital One miles), but they usually lack on the benefits side (or donât offer access to transfer partners). Thatâs why rewards maximizers often have to get a variety of credit cards.
PROBLEM 5: Elite Credit Cards Have a Big Opportunity Cost
You might earn fewer points or less flexible points, or give up better prices or a variety of alternatives, due to having to use a portal in order to justify the annual fee so you can use the other benefits you care more about. You’ll probably find yourself sacrificing your rewards rate to use certain benefits.
PROBLEM 6: Elite Credit Cards Make You Forget How Much You Actually Travel
Things like elite status, upgrades, and other benefits have more value the more often youâre able to use them. While these premium travel credit cards sound amazing on paper, if you only travel 1 or 2 times per year, did you really extract enough value out of that $500+ annual fee to make sense of having the card? Getting into the Amex Centurion Lounge, Chase Sapphire Lounge, or Capital One Lounge can be awesome, but maybe not if only once a year.
Disclosure: The thoughts, opinions, and information presented are those of the creator. This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com, YourBestCreditCards.com, and others. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
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