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Premium credit cards work in a similar way to standard credit cards - you have a line of credit that you can use to make purchases and make monthly payments on your credit card. Interest rates do not usually differ much, but since premium credit cards are designed for people with excellent credit, you can expect rather low APRs. Where the two types of cards differ is perks and benefits, and premium cards may have higher credit limits.

Here are the benefits you can expect on a high-end credit card: worldwide travel insurance, access to airport lounges worldwide, rewards, concierge or personal assistance services, rental car insurance, or other benefits. Since premium credit cards are loaded with perks, they usually come with high annual fees. The annual fee between $400 and $550 is pretty normal for such cards.