Are Premium Credit Cards Really Worth It? My Honest Experience with 18+ Cards

Credit Cards Yes Bank
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As someone who enjoys exploring the world of credit cards from rewards programs to travel perks, lounge access, cashback offers, and brand reputation I’ve had the opportunity to use a wide variety of cards over the years. Through hands-on experience, I’ve come to realize that what’s marketed as premium or elite doesn’t always equate to value, especially if the benefits don’t align with your actual lifestyle.

My Current Credit Card Portfolio
Here is the list of the cards I hold currently:

  1.  HDFC Infinia (Metal)

  2.  Axis Burgundy Private Debit Card

  3.  Axis Bank Magnus (Horizon Edition)

  4.  Axis Flipkart Credit Card

  5.  HDFC Millennia

  6.  Kotak PVR

  7.  IDFC First Wealth

  8.  Amex Membership Rewards (MRCC)

  9.  RBL SuperCard
  10. Standard Chartered Ultimate
  11. Bank of Baroda EasyCard
  12. PNB RuPay Select
  13. IndusInd Nexxt
  14. ICICI Coral
  15. Yes Prosperity
  16. Tata Neu Infinity
  17. AU Bank Zenith
  18. HDFC Pixel Play

The Reality Behind Premium Cards
Many of these cards, especially those labelled as elite, come with hefty annual fees and an impressive list of features on paper access to luxury lounges, concierge services, travel upgrades, and more. However, in practice, I’ve found that some of these perks go underutilised. For instance:

HDFC Infinia and Axis Burgundy Private are great instruments for regular flyers, but if you’re not flying frequently or optimising reward portals, much of their value goes unused.

Magnus Horizon Edition and lifestyle cards provide wonderful benefits, but tend to be paired with fine print or milestone rewards that need repeated high spending.

When Simple Cards Outperform the Fancy Ones
Interestingly, a few no-fee or beginner cards have worked out to be way more beneficial for my everyday needs. Cards such as the Axis Flipkart, HDFC Millennia, or even the Kotak PVR provide simple benefits with tangible real-world applicability, particularly for someone prioritising utility over status.

This caused me to reflect on the value proposition behind premium credit cards. Are we indeed getting our money’s worth, or are we simply paying for the looks and the brand at times?
In the end, choosing the right credit card is highly personal. What works for one person might not work for another. It’s not always about going for the flashiest option, it’s about finding what brings actual value to your financial lifestyle.

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Which credit card is good for salary of Rs.1,00,000, who spends mainly on online sopping, food delivery etc?

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How can I decide if a premium credit card’s annual fee is worth it for my spending habits?

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Here’s what I’ve learned after trying several premium cards and getting totally burned a few times:

Look at Your Real Spending Habits: Take a brutally honest look at where your money actually goes travel, restaurants, shopping, or rent payments. Premium cards like HDFC Infinia (₹12,500 annual fee) or Axis Magnus (₹12,500) are absolutely incredible if you’re dropping serious money on travel or luxury purchases, giving you air miles and lounge access. If you’re spending ₹10-15 lakh yearly, especially on flights or hotels, the rewards easily pay for that fee and then some. But if you’re spending way less or mostly buying groceries and everyday crap, something like HDFC Millennia (₹3,000 fee) will probably give you way better bang for your buck.

Actually Do the Reward Math: Seriously, sit your ass down and calculate what those rewards are actually worth in real money. Like Standard Chartered Ultimate (₹5,000 fee) gives 2% rewards on rent through gift vouchers. If you’re paying ₹50,000 rent every month, you’re earning ₹12,000 in rewards yearly, which totally covers the fee and puts money back in your pocket. Use those bank reward calculators on sites like sbicard or hdfcbank to see if the points or miles really make up for what you’re shelling out.

Be Honest About Using Lifestyle Perks: Premium cards come with fancy stuff like airport lounge access, concierge services, or hotel discounts. If you’re traveling constantly (like 4-6 trips per year), cards like Amex Platinum (₹60,000 fee) or SBI Shaurya Select (₹1,500 fee) with lounge access can save you ₹1,000-2,000 per visit. But if you barely travel or absolutely hate airports, those perks are basically worthless and you’re just paying for stuff you’ll never touch.

Hunt for Fee Waivers: Most premium cards will actually waive that annual fee if you spend enough. HDFC Infinia waives it if you hit ₹10 lakh annually, Axis Magnus waives it at ₹25 lakh. Go dig through your last year’s credit card statements and see if you can realistically hit those spending targets without forcing yourself to buy random stuff you don’t actually need.

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Watch for Sneaky Extra Costs: Don’t just focus on the annual fee some cards nail you with extra charges for rent payments (like HDFC’s 1% fee after the first transaction) or foreign transactions (2-3.5%). If these match your spending habits, subtract them from whatever rewards you’re getting. Plus, high fees can really screw with your monthly budget if you’re not paying off your balance completely.

Compare with Normal Cards: Basic cards like IDFC FIRST SWYP (₹499 fee) or SBI SimplySAVE (₹499 fee) give decent rewards on everyday spending without those massive fees. If your spending is pretty normal (₹2-5 lakh yearly), these might actually give you similar or even better net benefits without that huge fee eating into your savings.

Do a Reality Check: Actually track your spending for 2-3 months using an app like Walnut or just go through your bank statements with a fine tooth comb. Then honestly compare what the card’s rewards, perks, and fee waivers are worth against how you actually spend money. Check out bank websites like sbicard or axisbank, or call customer service (SBI: 1800 180 1290, HDFC: 1800 202 6161) to get straight answers about what rewards are actually worth. If the fee makes you anxious, start with a cheaper card and upgrade later when your spending increases.

https://www.yesbank.in/personal-banking/yes-individual/cards/credit-cards/credit-card-comparison