Premium credit cards can net you hundreds of dollars in value but have high annual fees — should you open one?

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There's a lot of credit card advice available online, and the number of credit card options can feel overwhelming. One type of credit card that comes up often is luxury and premium credit cards. 

Premium credit cards can come with elite perks like airport lounge access, automatic elite status, extra-large welcome bonuses and insurance protections for things like trip delays, extended warranty and more. 

The perks come with a high price tag, however. Many automatically assume the annual fee for a luxury credit card isn't worth it, while others happily pay the fee each year.

Below, CNBC Select compares some of the most popular premium credit cards on the market to highlight what benefits you can expect as a cardholder and help you decide whether a luxury credit card deserves a spot in your wallet.

Here's a quick overview of the top premium credit cards that promise luxury perks and can help you maximize your earnings. There are additional, co-branded luxury credit cards available, but we didn't consider those for this comparison as many of their perks are limited to their respective brands.

• American Express Platinum Card®: You may be eligible for as high as 175,000 Membership Rewards® points after you spend $12,000 in eligible purchases on your new Card in your first 6 months of Card Membership
• Chase Sapphire Reserve® (see rates and fees): Earn 150,000 bonus points after you spend $6,000 on purchases in the first 3 months from account opening.
• Capital One Venture X Rewards Credit Card: Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel
• U.S. Bank Altitude Reserve Visa Infinite® Card: Earn 50,000 bonus points after spending $4,500 in the first 90 days of account opening
• Bank of America® Premium Rewards® Elite Credit Card: Earn 50,000 online bonus points after you make at least $3,000 in purchases in the first 90 days from account opening

At first glance, the cards' airport lounge benefits appear similar. Each card touts a Priority Pass membership, which you can use to visit more than 1,300 airport lounges around the world. The differences among the cards lie in the number of lounge visits you receive, how many guests you can bring and whether you can visit other facilities like affiliated airport restaurants and spas. 

The U.S. Bank Altitude Reserve is the most restrictive in that it limits your Priority Pass lounge visits to just four per year. You have an allowance for one guest on each visit, and you'll pay per-visit costs afterward. Meanwhile, the other four cards on our list provide unlimited Priority Pass lounge visits.

With the Bank of America Premium Rewards Elite, you can receive up to three additional Priority Pass memberships, which you can gift to others. Each member can bring up to two complimentary guests into participating lounges, as well.

The American Express Platinum Card® permits up to two complimentary guests at each Priority Pass lounge (Requires enrollment for Priority Pass™ Select). You can add additional authorized users to your card annually for $195 (see rates and fees), and these cardholders also get a Priority Pass membership with the same rules on visits and guests. Eligible Amex Platinum cardholders also receive complimentary access to Centurion Lounges, Escape Lounges, Plaza Premium Lounges, *Delta Sky Clubs (when flying Delta that day) and more through the Global Lounge Collection. However, you can't bring complimentary guests unless you spend at least $75,000 on your card within a calendar year. (With the Amex Platinum card, enrollment is required to gain access to the global lounge collection®. Access is limited to eligible Card Members)

*With Delta Sky Club Access, Card Members will receive 10 Visits to the Delta Sky Club to be used from February 1 until January 31 of the next calendar year and can unlock Unlimited Delta Sky Club Access by spending $75,000 in eligible purchases on their Card in a calendar year

The Chase Sapphire Reserve also allows up to two complimentary guests on Priority Pass visits. You can add authorized users to your card for $195 each, and they also receive a Priority Pass Select membership. The Sapphire Reserve's Priority Pass membership stands out for being the only one on this list that grants access to non-lounge airport experiences, such as affiliated restaurants, spas and sleep pods. Plus, Sapphire Reserve cardholders receive unlimited access to Chase Sapphire Lounges and the Sapphire Terrace.

With the Capital One Venture X, you can bring unlimited complimentary guests (subject to lounge capacity) in Priority Pass™ lounges. Plus, you can add up to four free authorized users, and they get a Priority Pass membership of their own with the same benefits. Venture X cardholders also receive unlimited visits to Capital One and Plaza Premium lounges with up to two complimentary guests on these visits.

Premium credit card perks can vary from statement credits for certain types of spending to reimbursements for expedited airport security programs, automatic elite status and access to exclusive hotel booking programs that provide elite-like benefits. 

The Capital One Venture X has the lowest annual fee of these cards: $395. It provides several benefits to offset that cost, including 10,000 bonus miles on your account anniversary each year and up to $300 in Capital One Travel credits annually. You can receive reimbursement for your Global Entry or TSA PreCheck application fee, can enroll for elite status with Hertz* and can access the Premier Collection. These hotel bookings provide additional perks like free breakfast every day and a $100 on-property credit to spend during your stay.

With the U.S. Bank Altitude Reserve, you'll pay an annual fee of $400 but can offset this with up to $325 in spending credits annually. These cover purchases in the travel, restaurant, fast food and bar categories. Additionally, you can receive reimbursement for your TSA PreCheck or Global Entry application fee and will have access to the Visa Infinite Luxury Hotel Collection. And if you regularly rent with Audi on demand (formerly Silvercar), you'll receive a discount of up to 30% on rentals of two days or more.

The Chase Sapphire Reserve has a $795 annual fee, and most of that is offset by an easy-to-use $300 annual travel credit that applies broadly. You'll also receive monthly spending credits with DoorDash and perks and bonus earnings with Lyft and reimbursement for your application fee to Global Entry or TSA PreCheck.

The Bank of America Premium Rewards Elite also charges $550 annually and provides reimbursement for your Global Entry or TSA PreCheck application fee. It also provides two annual spending credits totaling up to $450. You can receive up to $300 to offset airline incidental fees, such as checked bag fees and in-flight purchases, and can receive up to $150 annually to cover lifestyle perks like streaming, food delivery or gym expenses. You'll also enjoy two unique perks: a 20% discount on international flights when paying with points and the ability to earn up to 75% more rewards on each purchase through the Bank of America Preferred Rewards program. You'll also have access to the Visa Infinite Luxury Hotel Collection and elite status with multiple rental car programs.

The American Express Platinum Card® offers the most comprehensive list of perks. However, it also has the highest annual fee: $895 (see rates and fees). The card offers various annual credits. These include up to $600 Hotel Credits. you'll get up to $300 in statement credits semi-annually on prepaid Fine Hotels + Resorts® or The Hotel Collection* bookings through American Express Travel® using the Platinum Card. (Subject to auto-renewal. Hotel Collection requires a minimum two-night stay), up to $200 in Uber Cash plus $120 Uber One Credit, up to $200 to cover airline incidental fees, up to $209 CLEAR+ Credit (subject to auto-renewal) when you use your Card. Receive reimbursement for your monthly Walmart+ membership fee (subject to auto-renewal. Up to $12.95 plus applicable taxes on one membership fee), and receive either a statement credit every 4 years after you apply for Global Entry ($120) or a statement credit after you apply for a five-year membership for TSA PreCheck^® (up to $85 through a TSA PreCheck official enrollment provider) and pay the application fee with your Platinum Card. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.

You'll also enjoy complimentary Gold status with Marriott Bonvoy and Hilton Honors (enrollment required), plus complimentary elite status with multiple car rental programs. Plus, Amex Platinum cardmembers have access to two hotel programs: Fine Hotels + Resorts and The Hotel Collection. Note that enrollment is required for some benefits.

Premium credit cards provide a range of built-in purchase and travel insurance protections, but the types of coverage and terms vary across cards. 

In general, you should know that your trips and purchases are only covered by the protections below if you've paid with the card. Simply having the card in your wallet doesn't activate the protections; making the purchase with that card is what matters.

Here's an overview of the available protections and which cards include them:

*Eligibility and benefit levels vary by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details.

*Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

"Eligibility and benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

**For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply

Deciding whether premium credit cards are worth it isn't based only on the perks they provide. These cards also should help you earn rewards whenever you use them.

With the U.S. Bank Altitude Reserve, you'll earn 5X on prepaid hotels and car rentals booked in the Altitude Rewards Center, 3X on travel purchases and mobile wallet purchases and 1X on other purchases. Few other cards provide bonus earnings for paying with a mobile wallet, so this can be valuable if you regularly pay with Apple Pay or Google Wallet. Points are worth a flat 1.5 cents apiece toward travel or 1 cent apiece toward cashback and merchandise.

The American Express Platinum Card® earns American Express Membership Rewards® points, which are worth between 0.5 cents and 2 cents apiece. You'll earn 5X on airfare purchased from American Express Travel® or directly from airlines (up to $500,000 of these purchases annually, then 1X). You'll also earn 5X points on prepaid hotels booked with American Express Travel® including Fine Hotels + Resorts® and The Hotel Collection bookings and 1X on other purchases.

Chase Sapphire Reserve cardholders earn Chase Ultimate Rewards® points. These points are potentially worth more when taking advantage of Chase's hotel and airline partners. You'll also earn 4X on flights and hotels booked direct, 5x on Lyft rides plus a new $10 monthly in app Lyft credit (through September 2027), and dining 1X on all other purchases.

Capital One Venture X cardholders earn Capital One miles as follows: 10X on hotels and car rentals through Capital One Travel, 5X on flights via Capital One Travel and 2X on other purchases. Miles are worth one cent a piece toward travel or potentially more when you take advantage of Capital One's hotel or airline transfer partners. 

Bank of America Premium Rewards Elite cardholders earn 2X on travel and dining and 1.5X on other purchases. These earning rates can be boosted by up to 75% for Preferred Rewards members, however. Depending on your investments and bank account balances with Bank of America or Merrill, you could improve your earning rates to 3.5X on travel and dining and 2.625X on everyday purchases. These points have a fixed value of 1 cent each no matter how you redeem them.

After understanding all of the benefits and rewards structures, you'll notice that there are many similarities across these cards. However, they have some differences, and that may be where you decide which one is right for you — if any.

To decide whether a card is worth its annual fee, first look at the benefits it offers and how much value they add to your life. Will the benefits save you money through spending credits on purchases you already make? Or will you use the benefits simply because they're available — but wouldn't use them otherwise?

If you regularly dine at airports while waiting for flights, access to free food in a lounge can provide considerable savings. Conversely, you may not find value in perks from rideshare apps or food delivery programs if you don't use them regularly.

How do the cards' earning categories align with your spending habits? If you will use a card's bonus categories, the return on spending can justify a card's annual fee. However, if the majority of your spending will fall outside these bonus categories, you may fare better with a good credit card for everyday spending. Those cards tend to have much lower annual fees, as well.

• American Express Platinum Card®: Best for those who want luxury travel perks, regularly purchase flights and can make use of at least half of the card's spending credits each year to offset the annual fee.
• Chase Sapphire Reserve: Best for earning on dining, travel and other various bonus categories and best for accessing non-lounge airport experiences parts of the Priority Pass network.
• Capital One Venture X: Best for extending perks to authorized users, enjoying some elite perks at a reduced annual fee and earning well on everyday spending.
• U.S. Bank Altitude Reserve Visa Infinite Card: Best for those who regularly dine at restaurants, pay with mobile wallets and rent cars.
• Bank of America Premium Rewards Elite Credit Card: Best if you have accounts with Bank of America or are willing to shift your banking relationship in order to be rewarded every time you swipe your card. 

Whether you've considered a premium credit card in the past or this is the first time you heard about them, hopefully, this analysis has given you an understanding of the value they can provide in your situation. As long as you can maximize a card's various benefits and spending credits, you'll be able to offset its annual fee and then some. Otherwise, you may have difficulty justifying its hefty price tag.

Keep in mind that premium cards generally require very good to excellent credit. If your credit score is lower, take steps to boost your credit before applying. For instance, you may be able to improve your credit score through *Experian Boost™, which allows you to get credit for on-time phone, utility and streaming service payments.

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For rates and fees of the American Express Platinum Card®, please click here.

*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.

*Upon enrollment, accessible through the Capital One website or mobile app, eligible cardholders will remain at that status level through the duration of the offer. Please note, enrolling through the normal Hertz Gold Plus Rewards enrollment process (e.g. at Hertz.com) will not automatically detect a cardholder as being eligible for the program and cardholders will not be automatically upgraded to the applicable status tier. Additional terms apply

Information about the U.S. Bank Altitude® Reserve Visa Infinite® Card has been collected independently by CNBC Select and has not been reviewed or provided by the issuer prior to publication.