Travel card benefits are 'getting harder to maximize,' analyst says. What to know before you apply

Oleksandra Yagello | Moment | Getty ImagesAs some travel credit cards boost annual fees and amend benefits, experts say it's time to reassess which cards — if any — merit a spot in your wallet."Annual fees are not inherently bad; you just need to make sure that you're getting value from [the card]," said Ted Rossman, an industry analyst at Bankrate. "It's getting harder to maximize, though."In June, the Chase Sapphire Reserve card raised the annual fee to $795

Earlier this summer, Capital One announced that, starting in February, customers using its Venture X Rewards and Venture X cards — each of which have $395 annual fees — will no longer be able to bring guests to the lounges free of charge.That s news from American Express that travelers who have an American Express Platinum card — which costs $695 a year — must spend $75,000 in eligible purchases before they can bring up to two guests to an airport lounge

Previously, there was no minimum spend and cardholders could bring up to two guests for free, according to NerdWallet.Here's how to decide if a travel credit card is worth the investment.One habit will 'easily diminish' travel card valueA travel rewards card isn't ly to be a good value if you're carrying a balance from month to month, experts say."Any interest that you owe will easily diminish the value of any of these benefits," said Sally French, a travel expert at NerdWallet

It may also be harder to pay down debt

While the average annual percentage rate for credit cards is 20.13%, the typical rate on premium travel cards can be closer to 25% to 30%, according to Rossman. "Generally speaking, rewards cards charge higher rates," he said.Decide: Broad travel card, or brand specific?You'll come across two kinds of travel credit cards

Co-branded credit cards are usually tied to specific airlines, hotels or even cruise chains, and vide benefits that are more valuable at that brand, French said.If you frequently use a specific airline or tend to stay with a certain hotel chain, a co-branded credit card may be worth it, experts say.An airline credit card, for instance, might have benefits free checked bags, priority boarding, premium tiers and sometimes discounts or points for spending at that airline."It's only free check [checked?] bags on that airline," said French. "Your Southwest credit card won't get you anything on United."Some airlines belong to partnership networks such as Star Alliance, Oneworld or SkyTeam

If you're looking at a brand-specific card, see if the company has partnerships that allow you to transfer points or miles to allied brands.On the other hand, general travel credit cards are "really good for people who don't want to be married to a specific brand," as you can earn and use rewards more broadly, French said.Some travel credit cards do not charge annual fees; for those that do, the cost can range from $95 to upwards of $500 a year, per NerdWallet

Keep in mind that travel credit cards with little to no fees may not offer the same level of benefits and rewards as paid cards.Both kinds of travel cards tend to have a set of similar perks, including credits for TSA PreCheck and other pre-screening memberships, and big sign-on bonuses when you spend a certain amount of money on the card within a short period of opening it

As a frequent traveler, such benefits can help make the card fee worth the cost, experts say.To assess the benefits of the card, look at a detailed list of the perks on the issuer's website, said French

A card might charge an annual fee, but say it includes one free checked bag for you and a certain amount of guests

With just that perk, the card could pay for itself within a trip or two for a family.How to know what card is best for youWhile some of the perks and rewards can seem enticing, it's important to consider your travel habits and lifestyle, said Rossman

Also consider what your credit habits are , experts say

For those who do not travel often, a travel credit card without an annual fee is bably going to be the best option, said French."You don't want to be paying an annual fee on a credit card that has benefits that you might not use," she said. watch now6:1606:16How I've earned over a million credit card points to travel the worldMillennial MoneyIf you travel frequently in a given year and typically with a specific airline, a co-branded credit card can make sense, French said

If you currently hold a card with a high annual fee, but realize you're not getting the most use out of it, you may be able to downgrade to a less expensive or free card offered by the issuer, Rossman said

Doing so will be better for your credit rather than closing out the card altogether, he said.