As some popular travel credit cards boost annual fees and amend benefits, experts say it’s time to reassess which cards — if any — merit a spot in your wallet.
“Annual fees are not inherently bad; you just need to make sure that you’re getting value from [the card],” said Ted Rossman, an industry analyst at Bankrate. “It’s getting harder to maximize, though.”
In June, the Chase Sapphire Reserve card raised the annual fee to $795. That’s a 45% jump from $550, its previous annual cost.
Other credit cards have been changing terms to access perks like airport lounges. Earlier this summer, Capital One announced that, starting in February, customers using its Venture X Rewards and Venture X Business cards — each of which have $395 annual fees — will no longer be able to bring guests to the lounges free of charge.
That follows news from American Express that travelers who have an American Express Platinum card — which costs $695 a year — must spend $75,000 in eligible purchases before they can bring up to two guests to an airport lounge. Previously, there was no minimum spend and cardholders could bring up to two guests for free, according to NerdWallet.
Here’s how to decide if a travel credit card is worth the investment.
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