The Business Platinum Card® from American Express OPEN

Annual Fee. Some credit cards charge a fee each year for being a cardmember. The annual fee is often, though not always, waived the first year of membership. It is usually charged each year on the anniversary of the date you got the card. Credit cards that offer high-value rewards and benefits often carry annual fees.

Late Payment Fee. If payments are not made on time, all credit card companies will charge a late payment fee. This fee is often around $35, though it varies from card to card. It may be a flat fee or it might also be a percentage of the total balance. Check the terms and conditions to find out what your credit card's late fee is. Always make the minimum payment on time. If a payment is made for less than the minimum due, the account will be considered past due and a late charge will be assessed.

Activation Fee. The activation fee is a one-time charge that some cards carry. It is separate from an annual or monthly fee, which is charged every year or every month. Many credit cards do not charge an activation fee, so look for one without this charge. Prepaid cards and cards for people with limited credit are more likely to carry activation fees.

Extended Warranty on Purchases. If your credit card offers an extended warranty on purchases then the service contract will be extended for a certain amount of time. This may be offered by the retailer, the manufacturer, or your credit card.

Car Rental Insurance Coverage. There are several types of car rental insurance, covering collision, damage, theft, or medical expenses. Most credit card car rental insurance covers loss or damage but not medical expenses and is secondary to any other insurance policy carried, as well as carrying other terms and conditions that limit liability.

Travel Accident Insurance. A form of insurance coverage offered by some credit card companies when the whole or part of a travel arrangement is paid for with the card. In the event of death resulting from an accident in the course of travel, or the loss of eyesight or a limb, the credit card company will pay the cardholder, or his or her estate, a pre-stipulated sum.

Airport Lounge Access. For frequent travelers, the airport VIP lounge offers a respite from a busy travel schedule. Available at most major airports, there may be different lounges for everyone from families to business travelers. They often provide complimentary beverages and refreshments as well as WiFi access, magazines and newspapers to provide you with everything you need to enjoy a little downtime before boarding call.