Gold cards are for elite credit card users. With more features and benefits than basic cards, gold cards provide cache and prestige. With so many options available, taking the time to compare will assure that you find the best gold card for your needs.
Not everyone can become a gold card member. The requirements are higher and more stringent than will standard cards. But, the rewards are also much greater. In order to qualify, you must meet certain income requirements and you must also have a flawless credit history. If you are in the position of comparing gold credit cards, you are in a coveted position, indeed.
How do gold credit cards work?
Gold credit cards work just like regular credit cards but they offer special features that you can only find on premium cards. You will often be able to get travel features, purchase security and more purchasing power when you choose a gold card.
Gold Credit Card Offer
Bankwest Breeze Gold MasterCard offers complimentary travel insurance with this card, as well as an introductory offer on balances transferred.
- $89 p.a. annual fee
- 11.99% p.a. on purchases
- 0% p.a. for 12 months on balance transfers
- Cash Advance Rate of 21.99% p.a.
- 55 days interest free
Gold Credit Card Comparison:
Things to consider about gold credit cards
When you’re comparing different gold credit cards you may start getting confused. They all have different benefits and options so it is important to know what to look for. Here are the most important things you can look for when choosing your gold card.
- How old do you have to be to get a card? Most cards will only accept people that are 18 years of age or older.
- What is the minimum income required for the gold credit card? Every gold card will have a different requirement, and it is important that you look at this first before applying. You will not be accepted for the card unless you meet the minimum requirements for income.
- What is the annual fee? Many cards charge an annual fee just for having the card. Even if you don’t use it you are required to pay this fee.
- What is the card’s credit limit? You can usually get more purchasing power from a gold card because they tend to offer higher credit limits.
- Does it have a balance transfer introductory rate? Some gold credit cards offer a promotion for balance transfers and if you are interested in doing a transfer you should look for a card with this feature.
- Does it have a rewards program? If you are the type of person that can pay off the balance fully every month then you should consider looking for a gold card that has a rewards program.
- What is the standard rate of interest? This is the rate you will have to pay for your purchases. This rate is not applied to all transactions and you should check out all of the different rates on any cards you are interested in.
- What kind of gold benefits are on the card? These are some of the extra features you’ll find on some of the gold cards you compare; travel assistance for emergencies, travel insurance that covers accidents, guarantees for fraud, an extended warranty offered on purchases, protection on purchases and a higher than average credit limits
When you are looking at gold credit cards keep these points in mind. It is worth the time spent comparing the cards so that you can walk away with the card you really want.
How to compare gold credit cards
Before you apply for gold credit cards, find out everything you can about them. There are many different gold cards you can choose from, and it can get very confusing at times. If you are looking for prestigious benefits and services, gold credit cards are the way to go. There may be many additional benefits on top of the perks and rewards you might find on a regular part. You will also get more spending power with a gold credit card. There are a lot of gold credit cards being offered by different card companies so you will need to compare different cards and any deals being offered to find the right one.
Benefits of gold credit cards
One of the most important benefits you can expect from a gold card is a higher credit limit which gives you more purchase power. Cardholder services will help keep your money safe with up-to-the-minute security.
- Purchase power. If you want the power to purchase large ticket items or if you have several smaller purchases to make, you should compare the maximum amount of credit offered by each company on their gold cards. One point you should keep in mind when looking at the maximum amount, however, is you may not qualify for that amount
- Travel perks. If you love to travel then gold credit cards are simply a must have. Most of these cards offer extra travel perks that are invaluable. These can include insurance for travel accidents, lost luggage and flight cancellations. It is nice to know that if something happens while you are traveling, your gold card insurance can help you with legal or medical emergencies while overseas.
- Protection from fraud. One of the most secure methods available for paying for services or goods is your credit card. Gold credit cards often come with extra protection against fraud and help keep your card safe and prevent unauthorized use of it. If you choose the right gold card you will be assured that all of your online shopping will be both convenient and safe. When you are shopping for gold credit cards, try to find one that has a fraud guarantee for online shopping. This means that you will not be held liable if someone gets a hold of your card and uses it fraudulently on the Internet. Some gold cards also offer password protection for shopping on the Internet. This is an extra feature you should look for on your next gold card.
- Security on purchases. Many gold cards offer purchase protection insurance to their cardholders . If anything happens to the item you bought using your gold card, you will be covered for accidental damage, loss or theft. This means that all of your purchases are secure, and you can have that added peace of mind every time you use your card to purchase merchandise.
Gold credit card features
When you are looking for the right gold card to match your own financial situation there are a variety of different things you should be looking for. Here are some of the common features you will find on most gold cards that distinguish them from other standard cards.
- Extra security on your purchases. When you make an application for gold credit cards you will be offered a higher credit limit than you would expect to get on a standard credit card. This gives you the purchase power to buy large ticket items, and you will also get extra protection for these purchases on many gold cards.
- This purchase protection is also referred to as purchase protection insurance. It is like giving you an insurance policy on the purchases you make with your gold credit card. This protection insurance usually covers against accidental damage, loss and draft within the first few months of the purchase. It is important to remember that the terms and conditions can be very different from one gold card to another, and any one of them may have exclusions and restrictions on what the policy covers. If you read through the terms and conditions on your credit card application you will know exactly where it applies and where it does not.
- Travel protection. Many seasoned travelers rely on the insurance protection they can get from their gold credit cards. If you are a frequent traveler then you are absolutely going to love what a gold card can offer. Most gold cards come with travel extras such as complimentary travel insurance for both domestic and international flights. Many will often cover the costs if your luggage is lost or delayed, and many will cover the costs if your flight is delayed or canceled. Of course, you will have to book your flight using your gold credit card to take advantage of these extra insurance perks. You may find that your gold card also covers emergency assistance such as legal or medical help while you are abroad. Many Australians would not consider paying for a flight or holiday any other way than with their gold card. If an emergency happens, they want to know that help is on the way.
- Protection against fraud. You may have been worried about getting a gold card because of the increase in fraud, but you can rest much easier if you get one of these cards. Gold credit cards usually provide extra security protection against fraud. You may be offered protection against Internet fraud which means you will not be liable if anybody gets a hold of your card details and spends with it. You must tell the credit card company as soon as you suspect there may be a problem with your card and you must have had no previous knowledge about the fraud in order to be fully covered.
- Higher purchase power. With a higher credit limit, you will be able to make bigger and better purchases with your new gold credit card. That is one of the reasons why all of the insurance and protection is so vital on a gold card. You have the power to make large purchases or many small ones that add up.
If you aren’t offered the maximum credit limit as soon as you apply, you don’t have to worry. Just keep on making your payments on time in order to prove to the credit card company that you are not a risk and that you are reliable with credit. It won’t take long until you can ask for an increase on your credit limit, and if they are able to see an excellent history on the card they will be inclined to give it to you.
Fees and rates
When you are doing a comparison between gold credit cards you’ll have to check out the interest rates each one is charging and all the different charges and fees that apply to each card. You will see some gold credit cards that offer a 0% promotional rate for balance transfers. If you are interested in this type of gold card you must find out what the standard interest rate is on the card because once the promotional time period has expired the introductory rate will revert to the standard rate. If this is very high, and you have not been able to pay back your debt within the time limit, you may end up in a serious financial situation.
Tips for comparing and choosing a Gold Credit Card
Gold credit cards are typically reserved for those with good credit ratings and for people who are looking for a higher limit and extended cardholder benefits than other cards offer. A person who applies for a gold card must meet the minimum requirements for annual income and age. However, if you are eligible for a gold card, which one should you choose?
- When choosing gold credit cards, you’ll want to pay special attention to the interest rate, or the typical APR for purchases. Does the card offer any extended gold cardholder benefits? What about higher credit limits, purchase protection, extended warranties, fraud protection, travel accident insurance, or any other benefits commonly associated with this type of card? These are all things you’ll want to look for when comparing cards, as you should only choose the card that offers the most benefits while at the same time offering the lowest possible rates.
- You’ll want to see if the gold credit cards offer any kind of rewards programs. These are commonly referred to as cash back rewards. This is where you get money back for every qualifying purchase you make. It’s always nice to get money back from purchases just for using the card, after all. In addition to rewards programs, what about balance transfers? Can you transfer your other card balances onto this one and, if so, how much will you be charged?
- Make sure that you check out the terms and conditions and fees and charges that apply to gold credit cards when you’re making a comparison.
How to use a gold credit card
Gold credit cards are becoming increasingly popular since they offer so many features and benefits to the cardholder. Find out why you should consider gold credit cards when you are shopping around for a new card.
You can get a lot of benefits from gold credit cards including better rewards offers, special deals, fraud protection, purchase security and more spending power. You’ll also find special perks on different cards depending on the card issuer.
When you get a gold credit card for the first time you may not understand how to use it properly. You will need to become familiar with all of the benefits on the card so that you can use them when needed. If your card has purchase protection as one of its features then it is a good thing to know that if your item becomes damaged, lost or stolen shortly after purchase.
When you first receive your card there will be literature that explains everything you need to know about your new gold credit card. You need to take some time to sit down and read it through so that you can take advantage of all the benefits given.
Gold credit cards usually come with a higher than average credit limit, so you are going to have to make sure that you do your shopping according to your budget. Gold credit cards are one step above a regular card, and one step beneath a platinum card. If you use your gold credit card wisely, you will be in a better position to apply for a platinum one.
There is something quite exciting about owning gold credit cards, and you should be proud to be the owner of one. When you use it, keep the suggestions listed above in mind so that you can get all the benefits you deserve out of your card.
The Major Differences
Gold cards differ greatly on one major feature and that is reward benefits. Each rewards programme works differently but most go by a points system. The points can be applied towards purchases or other programme benefits such as airline miles.
Another feature that will differ is the credit limit. Because most eligible gold card applicants have higher than average incomes, they will have the added benefit of utilising a higher than average credit limit. This limit is calculated by the credit card company depending on a number of variables. And, if you are dissatisfied with the limit you have been given, you can try a different gold credit card or simply as the one in question about increasing your limit.
- Additional benefits. One is that if you happen to spend over your limit one month, you have the added luxury of a lowered interest rate. Because of your stellar credit file, you are afforded such benefits as this. The credit card company knows that you are not a credit risk and can offer you this feature.
- Gold card users are often big travellers. Because of this, many gold cards offer travel benefits. When comparing cards, you will want to make sure that the travel perks such as insurance, mileage, etc. are exactly what you are looking for. In the unlikely event of an accident while abroad, these features can provide tremendous peace of mind while travelling. Everyone wants to feel protected when they are away from home. Each card offers slightly different option so it is important to make sure you compare and contrast each offer carefully.
Gold credit cards are a tremendous benefit to its users. With rewards and features that far surpass regular cards, discerning users can feel secure that they have something special in their wallets.
Eligibility for a gold credit card
As with any kind of credit card, the application and approval requirements are set by the individual lender, however there are some pretty standard requirements for obtain a gold card. We will examine and discuss some of those here.
- Minimum age, 18 – Even if you met every other requirement, almost all lenders restrict gold cards for their clients that are over 18 years of age.
- Each lender should inform you of the minimum income required to obtain a gold card. If it is not on the application, ask. In a somewhat related requirement, a solid employment history and outlook is beneficial as well.
- Obviously, a great credit history is going to be a requirement for a gold account. The preferred nature of these cards means lenders are going to be very selective in whom they approve for an account.
If you have a bad credit history you are not going to be approved for a gold credit card. These cards are elite and only available to applicants that have a great credit history. If you have a tarnished credit rating then you should apply for a regular card and see if you can get approved for one of those first. Once you have built your credit rating back up, you will then be able to apply for a gold card. If you are less than 18 years of age you will usually not get approved for one of these cards. You will also have to be earning the minimum required income to have your application accepted.
When you fill out an application for a gold credit card you can check and see how much income you need to be earning for your application to be considered.
A good idea is to list out what kind of features you would like to have on your new gold credit card and then start comparing cards between them. Gold credit cards offer a prestige and elegance that you won’t find on a regular credit card, and if you feel that you may meet the eligibility requirements then you should start comparing the different gold cards. You may find some special perks on one or two of them that are too good to resist. Gold credit cards will give you everything you can find in a regular card, but you will have access to more features such as travel services, fraud protection and purchase security. Find out why you should go gold in this article.
There are many differing gold credit cards to choose from, but you want to take the time to make sure you get the right one. Different gold cards each have different features and benefits and you need to make sure that they match your lifestyle.