Premium credit cards appear elegant – they have a gold shimmer, some are made of stainless platinum, others are painted black. But Stiftung Warentest cannot be blinded.
Banks or travel blogs price premium credit cards as all-round, worry-free packages. But is that true? Financial test of the Stiftung Warentest hat 28 of the exclusive cards examined. Up to 268 euros annual fee cost premium credit cards. And yet it is disappointment large. The reasons: High annual basic price and sometimes hefty fees for paying and withdrawing money. Conclusion of the Stiftung Warentest: The premium cards are not worth the money. The included travel protection doesn’t help either. If you want to read all the test results, you can download the report download (Price: 4.90 euros).
Premium credit cards are too expensive and offer too little
Die American Express (Amex): Gold Card You only get platinum if you have a monthly Minimum income of 2,401 euros net have. Below this minimum income you need to apply for one Amex Platinum Card Don’t even ask because rejection is inevitable. Premium credit cards are often a status symbol that… Stiftung Warentest considers it unnecessary and expensive.
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The reasons for that high costs are according to the financial test team high basic price per year (In the worst case scenario this is 140 euros and on average 70 euros) and in some cases hefty fees for paying and withdrawing money. Even when considering the travel protection purchased with the premium cards, the bottom line isn’t much better. More on that later.
Gold Card from American Express is the most expensive
The most expensive card in the test offers American Express (Amex): Gold Card. She tasted 268 euros per year for the sample family. For solo travelers it is a little cheaper at 221 euros. The reasons for this are obvious: it is the Basic price of 140 euros and the High fees for paying and withdrawing money which are taken into account.
American Express requires 4% of the amount of money withdrawnat least five euros per withdrawal abroad. Another 2% is added if the currency is a other than the euro is. And who? Amex Gold Card for paying in a non-euro country Hotel, shop or restaurant uses, must 2% fee each time pay. Not all providers of premium cards are as aggressive as Amex, notes the Stiftung Warentest stated in their report.
That’s how they are Mastercard-Gold der Advanzia Bank and the TF Bank card for the model customer significantly cheaper. Families pay 21 Euro and Single 15 Euro. For both cards is no base price to pay and you get by without any costs for paying and withdrawing money. Both banks charge almost 25% interest for unbalanced card transactions. For cash withdrawals, interest accrues immediately, from the same day. For eight additional cards, the annual costs for both sample customers were less than 100 euros. Below are the cards from Barclays Gold Visadie Goldcard der Hanseatic Bank and the Bestcard Extra from Santander.
The model customers for price comparison
How does that come about? Stiftung Warentest to the Cost assessment? In order to realistically reflect the costs, she sent two model customers in the fieldwho have a premium credit card in the second year (in the first year the providers offer discounts that are no longer available in the second year). two trips abroad to use. The trips are booked with a credit card so that the international travel health insurance takes effect.
Tested as ‘very good’: Click here for the free ‘BestGiro’ checking account from Santander Bank
The first model customer is a single: She travels for two weeks to a country where the euro applies (travel price: 1,200 euros) and ten days to a non-euro country (travel price: 1,000 euros). In Euroland, she withdraws 200 euros from the bank four times and shops for 200 euros in stores. In a non-euro country, she withdraws 250 euros three times and buys things in stores for 200 euros. She makes 4,200 euros in sales via the Internet, of which 2,200 euros go to travel bookings. The Annual sales is 6,150 euros.
The second model customer is a family: She travels for two weeks to a country where the euro applies (travel price: 4,000 euros) and ten days to a non-euro country (travel price: 3,000 euros). In the Euro country, the family withdraws 300 euros from the bank four times and buys 400 euros in stores. In a non-euro country, she withdraws 400 euros three times and buys things in stores for 400 euros. The family makes 9,000 euros in sales via the Internet, 7,000 euros of which go to travel bookings. The Annual sales is 12,200 euros.
Travel health insurance is only moderate
Two insurances are important when traveling: One Travel cancellation insurance (usually including trip interruption insurance) and the International travel health insurance. The reason for health insurance is obvious: Normal statutory health insurance is often not enough to cover the costs abroad. The integrated travel insurance in the premium credit cards “turned out to be largely incomplete, confusing and full of pitfalls in the test,” according to Birgit Brümmel’s devastating verdict.
On the one with the Premium credit card booked health insurance travelers can don’t leave. “For 25 out of 28 cards tested, we found only low or very low insurance benefits,” the foundation concluded in its conclusion. There are numerous Exclusions: Pre-existing conditions, Upper limits for dental treatmentsn and Restrictions on medical repatriation (This service is completely missing from the expensive Amex Gold Card). Besides, there is Age limits: Protection ends at Bank Norwegian when you turn 65.
According to the foundation, only two providers offer one “acceptable travel health insurance”: die Mastercard Gold from Hypovereinsbank and the Special Gold Card from BW Bank. Better ones Foreign health insurancethe foundation points out, are already for less than 10 euros (single) or 20 euros (families) sold separately. Financial expert Brümmel advises choosing two products instead of a premium credit card with insurance: “We recommend a standard instead of a premium credit card combined with good international travel health insurance.”
Trip cancellation or termination is moderately covered
Die Trip cancellation and interruption insurance is mainly at expensive trips sensible. It replaces that the Great Nocturne, if you or the family do not start or cancel the trip (for example due to illness). However, with 22 premium cards, exactly these services were disappointing.
Insured people often have to have one when canceling their trip Deductible von 10% to 20% of the cancellation costs pay. At the Bank Norwegian are just 2,000 Euro per Person insured. At the Advanzia and TF Bank is it with 3.000 Euro not much more either. That’s not enough to cancel an expensive long-distance trip.
At the Master-Card Gold der Deutsche Bank missing Complete travel cancellation and interruption insurance Visa Card Gold from Berliner Sparkasse comes without demolition insurance. Separate trip cancellation protection or trip interruption insurance probably makes more sense.
Be aware of the pitfalls
Anyone who, despite the negative vote, Stiftung Warentest If you use premium credit cards, you should know the pitfalls. Who is the contact person in the event of damage? It is by no means the case that all services always come from a single source and are handled at one address. Therefore, it is better to clarify this point beforehand.
Are family members also insured? Often they only do so when they travel with the cardholder. Sometimes there is a family ticket for an additional charge. Additional account: The foundation has approved a total of 28 premium credit cards. These include 11 cards that are only available if you also have or open a checking account with the issuing bank. It needs to be clarified what additional costs this will entail. 17 offers do not require a direct account connection.
Do not agree on partial payments: With some credit cards, partial payment is common and even expressly provided for. This means that sales transactions have to be paid off gradually, with high loan interest being charged on the remaining amounts. Credit card owners should always repay immediately and set their credit card account to 100% immediately. If this is not possible, you should settle outstanding amounts promptly via bank transfer.
Click here for the Novom Bank extra credit card
