(MONEY Magazine) – IF YOU COVET A GOLD VISA OR MASTERCard for its high credit limit and lavish perks, think again. Introduced in the '80s, gold cards used to gleam brightly indeed: They typically offered a credit limit of $25,000 or so, vs. about $5,000 for standard cards, plus enhancements such as free collision-damage insurance on rental cars, $250,000 or so in travel accident insurance, and extended warranties of up to five years on goods you charged. In return, you paid annual fees of about $50, vs. about $20 for a regular credit card.

But over the past year, dozens of standard cards have become as good as gold--or better. They have extended their credit limits to as high as $50,000 and often added at least some premium-style bennies. Meanwhile, Visa and MasterCard have scaled back their gold cards' perks so that the issuers can lower fees slightly. "Gold cards are no longer the premium product that they once were," says Lisa Itzkowitz, marketing director for Behavioral Analysis, a market research company in Tarrytown, N.Y.

As a rule, though, fees on gold cards are still higher than those on standard ones. Opting for one of the best souped-up regular cards, such as the four listed in the table below, can save you up to $30 in annual fees and up to five percentage points in interest over many gold cards. For instance, AFBA Industrial Bank, which gives you a $25,000 credit line and a competitive 11.7% interest rate, charges no annual fee. Bank of Boston's gold card, by contrast, charges $28 a year and a higher 12.5% rate for a lesser credit line of $15,000.

Our advice: Ignore a card's color. If you're after extended credit, just grab the card with the best rate and lowest fee for the credit you need. As for perks, think twice before paying an annual fee or above-average interest rate in exchange for these. Studies by RAM Research, a credit-card research firm in Frederick, Md., show that fewer than 15% of gold cardholders ever use the benefits.

For snob appeal, you'll have to shoot for the superpremium American Express platinum card. Nowadays, gold-card issuers are pursuing almost any customer with good credit and a household income of $35,000 or more--not exactly a princely sum. But you can get the platinum card only if you're invited by AmEx, which demands impeccable credit and a hefty annual income (AmEx won't say how much). You can't carry a balance. Still, the card comes with an unlimited credit line and loads of services, including a rep available 24 hours a day who will arrange anything from flower delivery to doctor visits for you. Is it worth it? You be the judge: The fee is $300 a year.

--K.H.