Best Credit Cards for High Income Earners in January 2021

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Credit cards are seen as the most sought-after option for day-to-day transactions. Whether you are going grocery shopping or spending on travel and gas, a credit card is the best way to make a purchase on credit while earning some whopping rewards. Each credit card company offers unique and interesting deals. While some cards are available for absolutely free, others can cost you quite a hefty sum. If you want to enjoy the premium features of a credit card, then you must consider getting yourself a high-annual-fee credit card. 

Now, before we get to the list of the top premium cards, you must know that these cards are not for everyone. Not only do you need to be a high-spender, but you must have an excellent or at least a good credit score to qualify for this card. Besides, almost all premium cards come with a hefty annual fee, which could go up to $550. That being said, these cards are valuable to only those who spend thousands of dollars on shopping and traveling annually. 

The higher the annual fee of a card, the better rewards it offers. So, if you are a high net-worth person looking for a premium credit card, then keep reading. Below we have mentioned the top credit cards for 2021 for the high-income earners. We have reviewed the cards that charge a minimal annual fee and offer great perks.

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Best Credit Cards for High Income Earners in January 2021

The Platinum Card

The Platinum Card
The Platinum Card

Developed by American Express, the Platinum card is designed for high net worth individuals that shop frequently at US supermarkets, gas stations, online stores, and other places. This premium card is for frequent travelers. The Platinum Card costs you $550 annually, and it offers the best returns. From access to luxury lounges at the airport to free airline credits, the card is the best choice for high-income earners.

  • Welcome Bonus: The new members are welcomed with a staggering 75,000 bonus points after they spend $5,000 on eligible purchases within the first 6 months of becoming a member. You also receive 10 rewards points on all your eligible purchases at the US supermarkets and gas stations for the first half of the year (calculated from the day you opened the account). The bonus has a limit of $15,000.
  • Rewards: Get 5x points on booking your flight up to $500,000; 5x reward points on hotel reservations at Amextravel.com; and $100 free credit for shopping at the Saks Fifth Avenue.
  • APR: A variable-rate APR is applied to your spendings through this credit card. It varies from 15.99% to 22.99% depending on your credit score. A flat 29.24% APR will be charged to those who make late payments. The late payment penalty can be up to $40. 
  • Credit Score: Your credit score must be above 690 for this card.

Pros

  • Amazing welcome bonus
  • Exciting rewards on your travel booking and stays
  • Annual statement credits 
  • Free airport lounge access
  • No foreign transaction fee

Cons

  • High annual fee
  • No intro APR offer
  • High late payment fees

American Express Gold Card

American Express Gold Card
American Express Gold Card

If you have the habit of spending a lot on shopping, traveling, dining out, and entertainment, then American Express Gold Card is for you. Designed for high spenders, this card comes with no cap restrictions, making it a reliable and cost-effective option for you. Unlike other cards that offer high rewards but limit your spendings with cap restrictions, American Express Gold Card puts no such barrier. The card comes with a flat $250 annual fee. American Express Gold Card is for those who love to dine out or order food at home frequently. With a reasonable annual fee and no foreign transaction, it is the American’s favorite option for luxury spending. 

  • Welcome Bonus: Spend $6,000 within the first 6 months of getting the American Express Gold Card Membership and claim your sign-up bonus of 60,000 points.
  • Rewards: Get 4x reward points for dining out at any restaurant across the world; 4x rewards for spending at the US supermarkets up to $25,000 a year, and then 1x points; 3x points is for airline booking services either directly or through amextravel.com. Earn up to $120 free credits for dining at Cheesecake Factory, Boxed, and other eligible restaurants. For other eligible purchases, you get 1 point for every dollar.
  • APR: No intro APR offer available for the first year. The variable APR, ranging from 15.99% to 22.99% is charged every year. 29.24% APR is charged for late payments. 
  • Credit Score: Anyone with a good to excellent credit score is eligible for this credit card. Your credit score must be between 690 and 850. 

Pros

  • Exciting rewards
  • Great welcome bonus for new members
  • No foreign transaction fee
  • Up to $100 free airline credit and $120 credits on dining out at the eligible restaurants
  • Easy to offset the annual fee

Cons

  • Not a lot of stores and supermarkets accept American Express Gold Card
  • It doesn’t offer access to free lounges at the airport.

The Business Platinum Card 

The Business Platinum Card 
The Business Platinum Card

If you travel for work frequently, then know that no credit card could outperform The Business Platinum Card in terms of rewards and bonuses. From airline credits to the luxury airport lounges access for free, this card can give you a seamless travel experience. The only drawback is its high annual fee of $595. So far, it is the most expensive credit card on this list. But, with frequent traveling and regular shopping, the annual fees will be paid off in no time. 

  • Welcome Bonus: If you are a new member, the company offers 75,000 rewards points after you spend $15,000 on eligible purchases within 3 months of buying the card. 
  • Rewards: claim your 5x points on booking flights at Amextravel.com; 50% extra reward points on buying a product or service worth $5,000. Get $200 statement credits every year for shopping from Dell. 
  • APR: You are supposed to pay a variable APR ranging from 14.24% to 22.24% on all your purchases. Unfortunately, the company does not offer the intro APR. There is also a staggering 29.24% fee on late APR payments.
  • Credit Score: You need a good to excellent credit score to get qualified for this card.

Pros

  • Impressive rewards and welcome bonus
  • Access to more than a thousand airport lounges
  • Free $200 credit annually
  • Ongoing rewards
  • The perfect option for frequent travelers

Cons

  • A high annual fee
  • No intro APR offer
  • Complex bonus terms

Citi Prestige Card

Citi Prestige Card
Citi Prestige Card

Another premium credit card for frequent travelers is Citi Prestige Card. Its exciting reward programs and some competitive sign-up bonuses make it one of the reliable options for high net-worth individuals. Rack up your points by booking flights and hotels online. The card costs you $495 annually and offers some exciting benefits. 

  • Welcome Bonus: Spend $4,000 within the first three months of getting the credit card membership and claim your welcome bonus of 50,000 points. The bonus points translate into $500 in your flight booking through the ThankYou Travel Center.
  • APR: The company doesn’t offer a special intro APR offer. You are charged a variable APR from 16.99% to 23.99% based on your credit score. The penalty APR is 29.99%. Make sure you clear the statement bills as soon as possible (by the due date). 
  • Rewards: Get 5x reward points on restaurants and flights; 3x points for hotels and cruise lines; and a flat 1% on other purchases. Earn $250 free travel credit annually. Get your reward points transferred to the travel loyalty programs. Access VIP lounges at the airports in more than a hundred countries. 
  • Redemption: Redeem your Citi prestige reward points for your travel booking via the ThankYou Travel Center. The points remain on your account for as long as you have an active credit account. Other redemption options include statement credits, bank deposits, and gift cards. You could also use these points for making a donation to charity.
  • Credit Score: You need an excellent credit score to qualify for this credit card.

Pros

  • A whopping 50,000 bonus points
  • Access to Citi Entertainment
  • VIP lounge access
  • $250 travel credit annually
  • No foreign transaction fee

Cons

  • $5 or 3% of your total amount transfer fee is charged for balance transfers 
  • The annual fee is incredibly high
  • No intro APR offer

Chase Sapphire Reserve

Chase Sapphire Reserve
Chase Sapphire Reserve

Chase Sapphire Reserve is the traveler’s favorite. It offers unique and easy redemption options. Consider redeeming your reward points through Chase Ultimate Rewards and your points will be worth 50% more than their original value. It offers exciting perks that make it an excellent card for all your travel expenses. The card comes with a staggering $550 annual fee, but its rewards and generous welcome bonus will offset the fee in no time. The $300 travel credit that every cardholder earns regardless of their spending can bring the annual fee down to $150 only. Besides, you can save 3% of your amount on foreign transactions with this card.

  • Rewards: Claim your $300 travel credit annually and then a flat 3x reward points will be credited to your credit account on booking flights across the world. Get 3x points on restaurants and a single point on every dollar you spend on the eligible purchases.
  • Welcome Bonus: Spend $4000 within three months of getting the Chase Sapphire Reserve Membership and claim your welcome bonus of 50,000 points. This translates into $750 on your flight booking and other travel expenses when it is redeemed via Chase Ultimate Rewards.
  • APR: There is no intro APR offer for Chase Sapphire Reserve members. You are going to start straight with the variable APR of 16.99% to 23.99% annually. 
  • Credit Score: Only high net-worth people with an excellent credit score are eligible for a Chase Sapphire Reserve card.

Pros

  • $300 travel credit every year
  • Access to more than 1000 VIP lounges at the airport of over 500 cities
  • A whopping welcome bonus
  • No transaction fee for paying outside the US
  • Many rewards and special offers that offset the annual fee

Cons

  • No intro APR offer
  • High annual fee
  • Balance transfer fee up to 5% or $5 of the total amount
  • Only for people with excellent credit scores

Conclusion

It is hard to find a credit card that returns most of your money on traveling, shopping, and other expenses at a reasonable price. The best cards come with either a high annual fee or they offer no interesting rewards, but the above-mentioned credit cards are for high-income earners. Most companies charge a high annual fee on this card but offer exciting rewards and cashback offers that offset the fee in a short amount of time. Pick any of the listed cards and get a cost-effective and exciting shopping, traveling, and dining experience.

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