By AnnaMaria Andriotis 

Banks are pitching credit cards with annual fees more aggressively this year. Before you sign up, consider whether it makes sense to pay up to $500 a year for the perks that come with premium plastic.

The stiff price tags on high-end cards might be worth it if you are a frequent traveler or spend significant sums on dining or entertainment. High-fee cards typically come with spending-based rewards such as help securing tickets to popular concerts and sporting events.

But cardholders should be sure that they won't ramp up their purchases just to justify paying the annual fee--particularly if spending more would increase the odds that they wouldn't pay the credit-card bill in full each month. In that case, interest charges would likely overwhelm the value of any benefits in a hurry.

Besides, cardholders can sometimes earn as many rewards points with a free card as with a fee-based card from the same issuer, though they generally won't enjoy access to the same range of services.

Revenue-hungry lenders have ramped up their pitches for fee-based credit cards this year. In the third quarter, 23% of the reward-card solicitations mailed to consumers were for cards that charge an annual fee, up from 20% in the second quarter and 17% a year prior, according to Mintel Comperemedia, a Chicago-based firm that tracks credit-card mail offers.

Most credit cards that give cardholders rewards charge no annual fee, but about 20% do, according to CardHub.com, a credit-card comparison site. The average fee is $84.18.

Expensive rewards cards cost far more. The Visa Black card, issued by Barclaycard, a unit of Barclays, charges $495 a year. The American Express Platinum card and Citigroup's Citi Prestige card each charge $450. Several lenders offer cards in partnership with airlines, such as the Delta Reserve American Express card and the Citi AAdvantage Executive World Elite MasterCard, which also charge $450 a year. All are generally available to creditworthy borrowers.

Lenders are in some cases trying to make the rewards more enticing. Last month, Citigroup expanded the Prestige card's perks so that, for example, cardholders can earn three points per dollar spent on airfare and hotels--a category of spending that previously earned one point per dollar on the card.

Cardholders who book a three-night stay at any hotel through Citigroup's concierge service also can get a fourth night free, a bonus they can tap an unlimited number of times. Previously, that benefit was available only at certain hotels and could only be used twice a year.

Some cards, such as Prestige and Black, have given cardholders access to more airport lounges this year.

To determine whether the fees are worthwhile, consumers should consider their typical expenses. Most of these cards make more financial sense for frequent travelers, who will likely recoup the fees the fastest.

For example, several of the most expensive cards offer credits, which are effectively refunds, on fees such as for checking baggage on a flight.

Platinum cardholders can claim up to $200 a year in such credits, which represents 44% of the annual fee. With the Prestige card, cardholders can even claim the credit on the cost of airfare, up to a $250 annual limit, which represents 56% of the annual fee. The credits are posted to cardholder accounts.

Consumers should find out whether they can get a discount on the annual fee if they have an existing relationship with an issuer.

Consumers also should study how they can earn points on a card. Several issuers offer a sign-up bonus for spending a certain amount in a short time. Cardholders who spend $3,000 on the Platinum card in the first three months earn 40,000 points. With the Black card, they earn 25,000 points for spending $1,500 in the same time period, and with the Prestige card they earn 30,000 points for $2,000.

Those points are worth $500 in travel expenses with the Black card, according to Brian Kelly, founder of ThePointsGuy.com, which tracks rewards-card programs. They can be worth up to about $720 or more with the Platinum card and up to $480 or more with the Prestige card, he says.

Beyond the initial bonus, take a look at how many points you will earn per dollar spent. The Black and Platinum cards each give one point per dollar, while the Prestige card gives two to three points per dollar spent on dining, entertainment, airfare and hotels, which could make the card a better deal for someone who spends heavily in those areas.

Also, not all points are created equal. Platinum card members can cover airfare at a penny a point on the card issuer's site. But the Prestige card offers 1.33 to 1.6 cents a point when redeeming points for airfare through Citigroup, and Black cardholders get two cents a point for airfare. Platinum and Prestige cards also give cardholders the option to transfer points directly to certain other airline loyalty programs, which could increase the points' value, Mr. Kelly says.

Consumers who don't travel much will in many cases be better off with rewards cards that don't charge an annual fee. Cardholders who use the American Express EveryDay card, for example, earn one point per dollar spent plus a 20% bonus if they use it 20 times a month, with no annual fee. So spending $1,000 a month in 20 different purchases on the EveryDay card will earn a cardholder 1,200 points. Spending the same amount on the Platinum card would earn 1,000 points.

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