Card Issuers Tighten Access to Premium Rewards

Premium credit cards have used airport lounges, travel services and merchant credits to win affluent customers, even as annual fees on some products approach four figures. Issuers are now trying to curb benefit costs and close workarounds used by rewards enthusiasts, turning once-simple perks into a patchwork of enrollment requirements, spending thresholds and short redemption windows that can make the cards harder to justify.

The Wall Street Journal reported on Aug. 31 that American Express and Capital One are tightening airport-lounge guest access. Under some policies, cardholders who do not spend at least $75,000 a year must pay $45 for an adult guest. DoorDash benefits now carry minimum-purchase requirements, while American Express has closed a workaround that let Platinum cardholders use their quarterly $75 Lululemon credit to buy gift cards.