8 Reasons to Invest in Your First Premium Credit Card

Credit card ownership is now at an all-time high in the Philippines, reflecting both the country’s digital transformation and a shifting attitude toward personal borrowing. Not too long ago, credit cards were considered the preserve of the wealthy—an expensive way to guarantee convenience when shopping, traveling, or dining out. This is no longer always the case, with card providers now targeting a widening Philippine middle class with accessible entry-level credit cards.

The emergence of new types of credit cards like a black credit card is partly a way for lenders to take advantage of growing incomes and the country’s strengthening credit markets. However, the higher end of the credit card market has also changed, resulting in today’s wave of premium credit cards.

For a long time, it’s been assumed that premium credit cards are ultra-exclusive and not a good fit for most people. Indeed, most cards in the market seem carefully designed for cardholders with a long, positive credit history and a stable income. Typically, they also come with higher annual fees or incentives that are designed to reward certain ways of spending. 

But in recent years, a card such as the Maya Black Credit Card has made these premium perks more accessible to a bigger base, and your investment in such a card may help you unlock a world of benefits that regular credit cards can’t match. If you’re a frequent traveler or a savvy shopper, for example, a premium credit card can be life-changing, stretching your peso and allowing you to access a lifestyle that would otherwise be impossible to have. 

Here are a few reasons you might want to move on from your first credit card to something that gives you a bit more: 

1) More Rewards

First, premium credit cards typically offer more valuable reward point conversions than entry-level cards. If you pick a card that aligns with how you naturally spend, these rewards mean that you’ll be able to score some valuable perks when you shop, making the premium credit card a wiser choice than regular cash.

2) An Upgrade to Your Everyday Lifestyle

Next, premium cards often come with small but welcome privileges, ranging from generous cashback for dining experiences to exclusive discounts at certain stores. Some premium credit cards also function as membership cards at certain establishments, speeding up checkouts and taking your experience up a notch.

3) Travel Benefits

If you fly frequently, premium cards can make the whole experience so much smoother. Many premium cards offer free access to airport lounges at selected international terminals, which is a godsend when you’re embarking on long trips with unpredictable layovers. Cards backed by VISA or other major card technology providers may even offer cash advances or loans, giving you access to physical cash in local currencies at millions of ATMs all over the world.

5) Advanced Security Features and Purchase Protection

Premium credit cards often come with top-of-the-line security systems. Outside of industry-standard EMV chips and near field communications (NFC) features, a number of cards also enable SMS or email alerts for every transaction, tipping off cardholders to unauthorized usage. Your card program may also offer purchase protection suited for online shopping, guaranteeing a better experience if online orders aren’t to one’s satisfaction.

6) Invitations to Exclusive Events and Sales

Some premium cardholders may be invited to VIP events, with advance access to new deals and promos. Privileges that come with the card may include perks like first dibs on limited-time promos and invitations to exclusive product launches. While not the best reason to go premium, these perks are nice touches that make being a cardholder a bit more enjoyable.

7) Prestige and Added Financial Credibility

A premium card carries a certain prestige, making you feel good even as you use it to score big savings. Using it to pay for groceries and dining experiences can be a subtle signal that you’re financially responsible and can be trusted in both personal and professional situations.

8) The Opportunity to Build a Good Credit Score with Ease

Lastly, using a premium credit card in ways that align with your typical spending is one of the fastest ways to build a healthy credit score. So long as you pay all your purchases within your billing cycles and keep your credit utilization low, you will eventually unlock lower interest rates, bigger loan approvals, and access to a wider range of high-quality financial products. If you’re thinking of buying a car or your dream home, having a premium credit card may be a critical early step for getting the financing you need.

Premium Perks, Practical Gains

When selected and used responsibly, premium credit cards will make your life simpler and more rewarding. Far from being a frivolity, the right card can be a practical tool that makes everything from grocery shopping to overseas travels a lot more pleasant and a little more affordable to boot. 

Are you ready to upgrade your card? Be sure to compare the best premium credit cards available against your current spending habits. This way, you’ll be able to choose a card that works to help you build your lifestyle and dreams, rather than a needless drain on your wallet.