(MONEY Magazine) – While the average bank gold card costs $39 a year (and American Express charges $75 for its version), the seven institutions listed at right all offer free gold cards. Before you apply, however, make sure gold really matters to you. ''Most Americans don't need gold cards, though an issuer's 16-page solicitation will make you feel like you do,'' says Robert A. McKinley, a Frederick, Md. publisher of credit-card industry newsletters. The so-called premium cards come with a range of special services, including free car-rental insurance, travel discounts and insurance on purchases. But in a recent survey of bank-card holders for the American Banker, almost two- thirds of the respondents said they have never used any of their card's special features. What many people want is simply the gold card's high credit limits, typically about $25,000, compared with a regular bank card's $5,000. But if your credit record is good, you can usually get your line doubled to $10,000 by simply asking your bank. So who really needs a premium card? Frequent travelers who can take advantage of discounts of up to 10% on air fares, car rentals and hotels, that's who. Not all banks and savings and loans that issue gold cards offer such discounts, however. Two on our list that do: NCNB Texas and Oak Brook Bank in Illinois.

CHART: NOT AVAILABLE CREDIT: NO CREDIT CAPTION: THE BEST GOLD CARDS IN THE U.S.