Classic vs Prestige Credit Cards

Information verified correct on October 28th, 2016

What is the difference between a Classic and a Prestige Credit Card?

There is a huge choice of different credit cards available. All of these offers have different benefits that will suit some customers better than others. You have credit cards with low interest rates, others with no annual fee. Then there is the balance transfer for life card, and what about a rewards card?

The choice can often be very confusing for a beginner.

Some consumers may well get a credit card without really having much of a financial plan. They may not be looking for a balance transfer, or lower interest rates, and these free spirited customers are often charmed into getting prestige credit cards.

What are Prestige Credit Cards?

These cards work in much the same way as classic credit cards, except they come with special bonuses and incentives for members. You will normally recognise one of these cards, as they are generally offered in the form of a gold, silver, platinum, and sometimes even a black version of the card.

What’s on Offer?

Most of the time prestige credit cards come with benefits such as reward schemes, where members gain points each time they spend money on the credit card. These points can then be redeemed for various treats such as air travel, gift vouchers and holiday accommodation.

Another common feature of these cards is complimentary insurances, for example travel and health insurance, and purchase protection warranties. They also tend to promise better customer services, and sometimes a higher credit limit than available with classic credit cards.

American Express Platinum Card

Platinum Credit Card

The American Express Platinum provides a prestige service offering and privileges program including concierge service and preferential treatment services around the globe.

  • $1,200 p.a. annual fee
  • Up to 44 days interest free
  • Minimum Income Requirement of $100,000 p.a.

Is There a Catch?

Not as such. However that said what you will normally find with these “super” cards is that members will have a pay a larger annual fee. It is not uncommon to find the interest rates on these cards to be slightly higher than the standard cards.

When it comes down to it, when deciding whether to go for prestige credit cards vs classic credit cards, what you have to consider is how you will use the card.

If you are going to spend often but pay off your full balance each month, and do not mind a higher annual fee, then the rewards that come with a prestige card may be made worthwhile.

If however you can do without the champagne, gift vouchers, and just want a simple, cheap and easy to manage card, then you may well be better plumping for our plain old friend, the good old classic!

Was this content helpful to you? No  Yes

Related Posts

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the privacy policy, receive follow up emails related to and to create a user account where further replies to your questions will be sent.

Credit Cards Comparison

Rates last updated October 28th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

Ask a question