Travel credit cards have long promised luxury perks—think airport lounge access, free checked bags, and status upgrades. But with annual fees rising fast, experts...

Travel credit cards have long promised luxury perks—think airport lounge access, free checked bags, and status upgrades. But with annual fees rising fast, experts say it’s time to crunch the numbers before swiping for a shiny new card. American Express recently announced that both the consumer and business versions of its Platinum card will now cost $895 a year, up from $695—a 29% jump. Chase followed suit earlier this summer, bumping the annual fee for its Sapphire Reserve from $550 to $795, a 45% increase. And Citi just entered the premium space with its new Strata Elite card at $595 per year. Even mid-tier cards are trimming perks. Capital One’s Venture X Rewards and Venture X Business...

Travel credit cards have long promised luxury perks—think airport lounge access, free checked bags, and status upgrades. But with annual fees rising fast, experts say it’s time to crunch the numbers before swiping for a shiny new card. American Express recently announced that both the consumer and business versions of its Platinum card will now cost $895 a year, up from $695—a 29% jump. Chase followed suit earlier this summer, bumping the annual fee for its Sapphire Reserve from $550 to $795, a 45% increase. And Citi just entered the premium space with its new Strata Elite card at $595 per year. Even mid-tier cards are trimming perks. Capital One’s Venture X Rewards and Venture X Business...