Neopets Premium is an extended version of the site, for which members pay $7.99 (US) a month, or $69.95 (US) a year. Different packages may be purchased which include Premium, such as With Premium membership, external ads are removed and certain benefits are added, like extra Neopoints (2,500 NP for signing up and 1,000 NP for each additional month), a neomail.com e-mail address, twice the amount of random events in the form of items and Neopoints, a special message board avatar that is rarer for non-paying users, premium-only boards, a weekly "Space Faerie" scratch card, and access to beta versions of games. Also, Premium users have access to a Super Shop Wizard that searches the entire site for the cheapest items in user-run shops, though they can only use it a certain number of times per hour. Premium users can perform unlimited 'price-only' searches, which shows the average price of the first 10 results, which is good for pricing items.

To begin Premium service, a player must first be invited by another Premium user, or sign up when new testers are being accepted. There is a free 15-day trial. There are prizes for referring people to Premium if they remain after the trial expires: an avatar, "sidebar", a charm which can randomly double a player's Neopoint reward from games, and many bonus item packs. Some prizes are revoked if the referrer stops using Premium service. These incentives make it easy for a player who seeks Premium to receive an invitation.