By Ben Glickman

Premium credit cards get people to sign up with tantalizing offerings like access to exclusive restaurants and free or discounted flights for companions. Making sure you're reaping all the benefits can feel like a part-time job.

The stakes are rising for cardholders set on getting the most bang for their buck. JPMorgan Chase this summer raised the annual fee on its Sapphire Reserve card to $795, from $550; American Express raised the annual charge on its Platinum card to $895, from $695.

The Wall Street Journal asked card experts for their best tips on navigating the world of perks.

Beware of deadlines

Having a premium card today is almost like being handed a coupon book, given the array of retailer credits and rewards they're offering. And like paper coupons of the past, these benefits come with conditions -- and deadlines.

Some benefits may be spread across the year, and have use-it-or-lose-it policies. For example, Sapphire Reserve offers $300 a year in DoorDash credits. But that's divided into chunks of $25 a month -- $5 of which can be spent on restaurant orders, with the other $20 on groceries and other purchases.

One way to avoid rewards evaporating before you realize it: make a habit of checking the app or online wallet for your account. These usually let cardholders explore their perks and more easily see when they expire. There are also third-party apps, such as AwardWallet and MaxRewards, that let you track perks across various cards.

Look past the splash

Access to clubby lounges and events can feel glamorous, but some of the more overlooked perks are often also most useful.

Some cards offer extensions on existing warranties on purchases, for instance, or will reimburse certain transactions if stores won't accept a return. Even if you signed up for your card because of a particular benefit, check the rewards section of your account to see what else might come in handy.

Several premium cards offer trip cancellation insurance, covering up to $10,000 in reimbursement per trip, for nonrefundable expenses on purchases made with the respective card.

"Those cards have a lot of secondary benefits that are not front and center on the marketing," said Odysseas Papadimitriou, co-founder and CEO of personal finance site WalletHub.

Pick the right reward

Card issuers often give people options for redeeming their points, and you can get more from your card by picking the right one.

People can often get some of the best value for their points by booking travel or making purchases through card issuers' own portals, while converting points into cash often offers the worst conversion rate.

"I hate to say it, it does require a little bit of math to make sure that you are getting the best redemption value," said Nick Ewen, a senior editorial director at The Points Guy, a site focused on card rewards.

Beware ongoing costs

Before jumping on a perk, make sure you're not about to end up spending more than you otherwise might have.

Take Platinum's $300 a year credit for use at Equinox, the high-end gym. It might sound enticing, but doesn't come close to covering the full cost for membership, which can be several thousands of dollars a year.

If you wouldn't have paid for a service or benefit otherwise, be realistic about whether you'll change your behavior to do so.

"A lot of people get into this wishful thinking or hypotheticals" around taking advantage of specific perks, Papadimitriou said. "And they don't end up using any of these, so it's a complete waste."

Take stock

The best hack may be the most obvious.

Similar to a grocery or streaming subscription, you should periodically check whether your premium card is still worth it. Perks may change, as can your own spending habits and lifestyle, and a card that made sense last year might not make sense this year.

Many people rethink their cards after a fee hike. If you're on the cusp, try calling your issuer to see if they'll waive the increase for a year. Whether they accommodate the request may depend on how good a customer you are.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

November 17, 2025 13:20 ET (18:20 GMT)

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