""The higher the fee, the more benefits you tend to have. It's a dangerous proposition: you'd better start using those benefits, or it's going to be really hard to justify the fee.""
""When that annual fee posts for every single one of them, I actually sit down and do the math to identify, 'Is this worth me keeping open based on the value that I get?'""
""A credit only counts as savings if it replaces money you were already going to spend.""
Annual fees for premium credit cards have significantly increased, with Chase and American Express raising fees by 45% and 29%, respectively. Issuers claim that higher fees lead to more benefits, but these benefits often come with complex redemption processes. Cardholders must actively utilize these perks to justify the costs. Experts emphasize that the value of credits is only realized if they replace spending that would have occurred anyway, making it essential for users to evaluate the true worth of their cards annually.
Read at Fortune
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