Premium credit cards are changing – are they still worth it in 2025?

Premium credit cards are changing.

Some are gaining new benefits and others losing beloved perks. That means the card that used to provide you a ton of value might offer even more — or significantly less. Smart credit card users know it’s important to continually scrutinize what cards work best for you, and that issuers will always be looking out for the bottom line.

“In light of the economy and where we’ve been, [card issuers] are adjusting their offers to ensure their business is sound,” says Rod Griffin, senior director of public education and advocacy for Experian. “That affects their customers.”

Premium credit cards provide elevated perks and rewards, and they often come with hefty annual fees. If you have one of such cards or are planning to apply for one this year, it helps to learn what’s been happening in this space. After all, despite all the glamorous marketing, some of the benefits may be less useful than before, while annual fees have climbed. Here’s what you need to know about how premium cards changed last year — and what it means for you in 2025.

How premium credit cards changed in 2024

The credit card market is always in flux. What’s true today about a credit card might not be so in just a year.

Quite a few popular credit cards went through significant changes in 2024. Let’s look at some examples.

American Express Gold Card

The American Express® Gold Card, a premium travel card beloved by foodies, increased its annual fee from $250 to $325. The increase came with new statement credit benefits worth $184, such as up to $7 per month after using the Amex Gold at Dunkin’ (enrollment required) and $50 semi-annually for using the card at U.S. Resy restaurants on the Resy app or Resy.com after enrollment.

These changes sparked a great deal of conversations among credit card experts and enthusiasts. Some found the added value lacking. Others rejoiced in having a monthly excuse to hit Dunkin’. One thing, however, was clear: Amex continued embracing brandification of its benefits.

Delta cards

Changes to the Delta SkyMiles® Platinum American Express Card and the Delta SkyMiles® Reserve American Express Card also kicked in last year. With the adjustments to the SkyMiles Program, the cards revamped their earning structures and airport lounge benefits. The Delta SkyMiles Platinum lost access to Delta SkyClub lounges altogether, while the Delta SkyMiles Reserve stopped offering access to those with a basic economy ticket.

Naturally, the news was upsetting to many cardholders who had to reevaluate whether their Delta card was worth it anymore.

Capital One Savor cards

Not all annual-fee cards made it through the year. The old Capital One SavorOne took the name of its more premium sibling to become the Capital One Savor Rewards Credit Card. The premium sibling didn’t make it, shutting down for new applications. One could speculate cardholders weren’t keen on paying $95 in annual fees when they could earn almost as much cash back with a card without annual fees.

As you can see, a credit card you get might not remain the same a few years down the road. Moreover, as the premium card landscape evolves, it’s wise to evaluate whether the benefits you receive provide the value you hoped they would.

Do premium card benefits still deliver?

The way credit card benefits evolve is a topic credit experts like to talk about. Last year, my colleague Katie Kelton and I went to the Conference for Credit Cards & Consumer Credit Media and heard exactly such a conversation at one of the panels.

Our takeaways were:

• Many are displeased with their airport lounge access benefits. Despite certain cards shedding this perk or making it less accessible, many airport lounges are still overcrowded. Card users also complain about long wait times. With that, the question is: if the perk is hard to use, is it truly worth keeping a card?
• Some statement credit benefits are becoming hard to use. They’re often tied to specific brands and doled out in small monthly increments. If you skip a month, the unused credit won’t roll over. And if you don’t spend your money at those specific brands, you might find yourself doing so just to justify keeping the card — and incurring new expenses, as a result.
• Some valuable benefits don’t receive enough attention. Everyone wants to get into a pretty lounge, but how often do you hear people talk about car rental insurance? Or extended warranty? Meanwhile, such card benefits can save cardholders a lot of money. Sadly, card issuers don’t do enough to promote these perks or even explain how they work.

If you’re thinking about getting rid of your premium rewards credit card or applying for a new one, keep these points in mind. Not all shiny-looking benefits are what they’re cracked up to be. Some of the best perks hide in the small font. Both can change at any moment.

How to ensure a card is worth the fee

To determine whether a premium credit card deserves a spot in your wallet, there are a few questions you should ask yourself:

Why do I want this card?

The right answer is because it can deliver actual value through rewards and benefits — not perceived value. Avoid applying for a card just because it’s a status symbol for some.

“Gold, or platinum, or sapphire, diamond,” Grifiin says, referring to card names. “Don’t get too caught up in the precious metal or the gemstone… Never get a credit card because it’s a fashion statement or a bragging right.”

Have I shopped around?

Premium cards are reserved for those with good or excellent credit. And a high credit score allows you options when it comes to credit cards.

“With premium cards, it’s about exercising your financial power,” Griffin says. “You have the ability to shop around and to go elsewhere if that particular offer isn’t meeting your needs.”

That means don’t just look at a single card or even a single credit card issuer. Use your financial power — compare multiple options before you pick a new card.

Have I done the math?

When an annual fee is involved, you want to ensure numbers work in your favor. Is the combination of rewards and benefits enough to offset the fee and leave you with card earnings?

Make sure you consider no-annual fee options as well. Sometimes, rewards rates are lower, but the lack of a fee can result in your potential earnings exceeding what you could earn with a premium card.

The bottom line

As a cardholder, you want to be in the know about what’s happening with your premium cards, as well as the premium card space overall. This can help you decide when it’s time to cancel a card or apply for a new one.

Remember, as a credit card user, you have the power of choice. You might not be able to control what credit card issuers are doing with their products, but you can always go for the cards that work best for you. This will be enough to voice your sentiment, too. And if the sentiment is common, it might even lead to future changes in the card space.