Should You Apply for an Exclusive Credit Card?

November 10, 2019

You have excellent credit, you use a credit card often, and you’re looking for ways to make the most of your spending. In this case, it won’t be long before you come face-to-face with a few exclusive credit card offers.

While the word “exclusive” means something different to everyone, when it comes to the credit card industry these offers are only for individuals with a high credit score and a reputation for being financially responsible.

Exclusive credit card offers are intriguing, but that doesn’t necessarily mean it’s right for you. Here are some questions you should answer before applying:

1. What are you really getting?

Don’t apply for a credit card just because it’s exclusive. And don’t apply for a credit card just because you’re confident you’ll receive an approval. 

You need to know what you’re getting before you complete an application, as this is the only way to have a clear understanding of whether it’s right for you.

For example, an exclusive credit card may not offer better travel rewards than what you’re getting now, which may make a change the wrong decision.

2. What’s the annual fee?

The most exclusive credit cards typically have an annual fee, with some of them reaching as high as $500. 

It’s okay to pay this annual fee, as long as you know what to expect and are comfortable with the features and service you’re getting in return.

If you’re switching from a credit card with no annual fee to one with a $500 annual fee, it’s a change you have to get used to. 

3. What’s so exclusive about it?

The word exclusive shouldn’t be thrown around lightly. If you’re applying for this type of credit card, you should truly get something that other cards don’t offer.

Maybe you get more bang for your bucks for the points you earn. Or maybe you receive top-notch customer service, available 24 hours a day and seven days a week. How about a metallic card that has some serious weight behind it?

You know what’s most important to you, so search for a credit card that ticks most or all the boxes. 

Final Thoughts

It’s not easy to achieve excellent credit score status, so there’s nothing wrong with wanting to reward yourself with an exclusive credit card.

However, don’t do anything until you answer the questions above and consider how your decision will impact your finances now and in the future.

Once you learn more about the top credit card offers for someone in your financial position, you can make an informed and confident decision. And when you do that, you’ll never have any concerns about using your credit card.

Do you carry an exclusive credit card? Why did you apply for it? Are you happy with your decision?

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