Gold Vs Platinum Credit Cards – Which Is Better?

Information verified correct on May 1st, 2016

Extra features in credit cards are good only if you make use of them, so find out if gold or a platinum credit cards work better for you.

A number of leading credit card providers in Australia give their customers the ability to choose between gold and platinum credit cards, and applying for these cards, in all likelihood, would come with different eligibility requirements. Some of the features on offer could well be the same, but know that getting a platinum card comes with its share of unique benefits that you might not find in its gold card counterpart.

Which card is best for you boils down to personal preferences, and don’t forget that you could end up paying a slightly higher annual fee if you choose to go the platinum way.

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What are the features of gold and platinum credit cards?

Benefits of gold credit cards

A gold credit card is a definite step-up from a basic no-frills credit card, and some of the common features you can find across most gold cards include the following:

Travel insurance cover

If you pay for travel tickets using a gold card, you can often take advantage of international travel insurance that you can make use of in different circumstances like loss of baggage, medical emergencies, and flight delays.

Purchase covers

When you make purchases using a typical gold credit card, you can expect to make use of purchase security cover and extended warranty.

Rewards

Many gold credit cards come linked to rewards programs, and when you use such a card you can look forward to earning rewards as per your spending.

Learn more about gold credit cards

Benefits of platinum credit cards

Platinum cards tend to offer a little extra when compared to gold cards, and if you’re considering getting one, here’s what you can expect:

Insurance covers

A platinum credit card offers complimentary insurance covers that a gold card does, and could also offer additional covers like interstate flight inconvenience insurance and transit accident insurance.

Concierge service

Platinum credit cards normally provide cardholders access to a round-the-clock global concierge service that offers assistance in realms like travel, dining, entertainment, and business.

Rewards

You can expect your platinum card to come linked to a rewards program, and a platinum card normally offers a better earn rate than a gold card, meaning you can earn rewards faster.

Learn more about platinum credit cards 

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What are the pros and cons of gold and platinum credit cards?

Pros

  • Higher credit limit. If you want more spending power and don’t want to remain restricted owing to a basic credit card’s nominal credit limit, applying for a gold card or a platinum card can get you your desired credit limit.
  • Interest rate offers. You can find a number of gold and platinum credit cards that come with promotional interest rate offers, and while most such offers apply on balance transfers, you can find cards with introductory purchase rate offers as well.
  • Extras. Complimentary insurance covers is something you can expect either of these options, and you can also look forward to earning rewards and a making use of a range of travel benefits.                                                            

Cons

  • Fees. While you can find certain gold and platinum cards that don’t charge any annual fees, expect to pay an ongoing annual fee in most cases. Some cards charge a discounted fee or no fee for the first year only.
  • Interest rate. The interest you pay on purchases when you use such cards would be higher when compared to a typical low rate card. This is primarily to make up for the features offered.
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What should I consider when comparing my options?

When it comes to comparing your gold and platinum card options, the following aspects require your consideration:

  • Annual fee. The ongoing annual fee you have to pay depends on the card you choose, and while you can find a card that does not charge any annual fee, the annual fee of certain such cards can cross the $200 mark.
  • Rewards program. Find out what you can get when it comes to redeeming your reward points at the very onset. Know that certain rewards programs limit your options to choosing rewards from select merchandise, and some others give you considerably more freedom, even allowing you to transfer your points to a frequent flyer program. The earn rate, or how many points you earn per dollar spent, also requires your attention.
  • Spending habits. Certain such credit cards suit particular spending habits. For example, if you’re a heavy spender or a frequent flyer, getting a rewards or frequent flyer platinum card makes sense.
  • Interest rate. If you struggle to pay your account’s closing balance in full each month, you’ll need to pay close attention to the interest rate. Even small interest rate differences can have a significant impact on how much you end up paying as interest in the long run.
  • International transaction fees. If you plan to use your card overseas or through international websites, find out how much you’ll have to pay in the form of international transaction fees, because this can vary from one card to the next.
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Platinum and Gold Credit Card Comparison

Rates last updated May 1st, 2016
Bonus Points Points per $ spent Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
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.
VISA/MC: 1 AMEX: 0 19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
ANZ Frequent Flyer Black
Earn up to 75,000 bonus Qantas Points when you spend $2,500 within the first three months and 1.5 points per $1 spent. Get complimentary airport lounge access, 24/7 concierge with $0 annual fee in the first year.
75,000 bonus points VISA/MC: 0.75 AMEX: 1.5 19.99% p.a. $0 p.a. annual fee for the first year ($425 p.a. thereafter) Go to site More info
HSBC Platinum Qantas Credit Card
Receive 40,000 bonus Qantas Points on eligible spend within 3 months. A balance transfer offer of 0% p.a. for 6 months with access to premium benefits and complimentary insurance.
40,000 bonus points VISA/MC: 1 AMEX: 0 19.99% p.a. 0% p.a. for 6 months $199 p.a. Go to site More info
American Express Platinum Edge Credit Card
Receive 5,000 Membership Rewards Bonus Points. Also receive a complimentary Virgin Blue domestic economy return flight every year and complimentary insurances.
5,000 bonus points VISA/MC: 0 AMEX: 1 20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. annual fee for the first year ($195 p.a. thereafter) Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Earn 10,000 bonus Velocity Points in the first 3 months plus enjoy a low 0% p.a. for 14 months on balance transfers. Plus receive a free Virgin Australia $129 Gift Voucher each year. Available from mid-2016.
10,000 bonus points VISA/MC: 0.66 AMEX: 0 20.74% p.a. 0% p.a. for 14 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 20 months and an introductory purchase offer of 0.99% p.a. for 4 months with a low annual fee.
VISA/MC: 0 AMEX: 0 0.99% p.a. for 4 months (reverts to 12.74% p.a.) 0% p.a. for 20 months $99 p.a. Go to site More info
American Express Velocity Platinum Card
Receive 50,000 bonus Velocity Rewards points, get complimentary travel insurance and a free domestic return flight every year.
50,000 bonus points VISA/MC: 0 AMEX: 1 20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $349 p.a. Go to site More info
ANZ Frequent Flyer Platinum
Earn 50,000 Qantas Points when you spend $2,500 within the first three months and earn up to 1.5 Qantas Points per $1 spent. Enjoy complimentary insurances and no annual fee offer in the first year.
50,000 bonus points VISA/MC: 0.5 AMEX: 1.5 19.99% p.a. $0 p.a. annual fee for the first year ($295 p.a. thereafter) Go to site More info
NAB Premium Card
Enjoy a low rate offer on balance transfers and purchases. Platinum advantages including travel insurance, higher credit limits and VIP Lost card cover.
VISA/MC: 0 AMEX: 0 0% p.a. for 15 months (reverts to 19.74% p.a.) 0% p.a. for 15 months $90 p.a. Go to site More info
Bankwest Zero Platinum MasterCard
This card comes with a 2.99% p.a. for 9 months on balance transfer offer, $0 foreign transaction fee, plus a $0 annual fee and complimentary travel insurance.
VISA/MC: 0 AMEX: 0 17.99% p.a. 2.99% p.a. for 9 months $0 p.a. Go to site More info
Rates last updated May 1st, 2016
Bonus Points Points per $ spent Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Commonwealth Bank Low Fee Gold Credit Card
Gold card privileges such as complimentary international travel insurance with interest-free days and $0 annual fee for the first year.
VISA/MC: 0 AMEX: 0 19.74% p.a. 5.99% p.a. for 5 months $0 p.a. annual fee for the first year ($89 p.a. thereafter) Go to site More info
Bankwest Zero Gold MasterCard
This credit features a $0 annual fee for life, a low interest rate balance transfer offer and complimentary travel insurance.
VISA/MC: 0 AMEX: 0 17.99% p.a. 2.99% p.a. for 9 months $0 p.a. Go to site More info
Commonwealth Bank Low Rate Gold Credit Card
Take advantage of the $250 cash back offer and apply by 30 June 2016. A low rate card that comes with up to 55 days interest-free on purchases combined with complimentary international travel insurance.
VISA/MC: 0 AMEX: 0 13.49% p.a. 5.99% p.a. for 5 months $89 p.a. Go to site More info
Bankwest More Gold MasterCard
15,000 bonus points and international travel insurance.
15,000 bonus points VISA/MC: 1.5 AMEX: 0 19.99% p.a. 2.99% p.a. for 9 months $120 p.a. Go to site More info
Bankwest Qantas Gold MasterCard
4,000 bonus Qantas Points offer, 0.5 Qantas points on everyday purchases and international travel insurance.
4,000 bonus points VISA/MC: 0.5 AMEX: 0 20.49% p.a. 2.99% p.a. for 9 months $150 p.a. Go to site More info
Commonwealth Bank Gold Awards Credit Card
Earn up to 2 Awards points for every $1 spent, up to 55 days interest free on purchases and complimentary international travel insurance.
VISA/MC: 1 AMEX: 2 20.24% p.a. 5.99% p.a. for 5 months $119 p.a. Go to site More info
Bankwest Breeze Gold MasterCard
Receive premium card benefits with 5% cash back* (up to $300) on eligible purchases for the first 3 months plus a complimentary travel insurance.
VISA/MC: 0 AMEX: 0 12.99% p.a. 2.99% p.a. for 9 months $89 p.a. Go to site More info
American Express Gold Business Card
Enjoy 24-hour worldwide service plus a great range of tailored expense management solutions designed to help maintain control of your corporate expenses.
10,000 bonus points VISA/MC: 0 AMEX: 1 $169 p.a. Go to site More info

Getting a gold or platinum credit card is more than status symbol, but it would only work in your favour if you make use of the extra features it comes with, or you’ll end up paying an annual fee that goes waste. As a result, take into account just what you require, and make sure you compare your options well before deciding.

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Frequently asked questions

Do gold and platinum cards offer interest-free days?

Yes, you can expect your gold or platinum credit card to come with interest-free days on purchases. You’ll have to pay you account’s balance in full every month to access these days, and the maximum number of days on offer varies from card to card.

Can I use such credit cards for cash advances?

You can, in all likelihood, but remember that the cash advance rate is typically higher than the purchase rate, and you might have to pay a cash advance fee. Also, interest-free days don’t apply to cash advances.

What eligibility criteria would I have to meet to apply?

Minimum income requirements can vary from one card to the next, and you can expect platinum cards to have higher minimum income requirements when compared to gold cards. You should be over 18 years of age and a permanent Australian resident.

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4 Responses to Gold Vs Platinum Credit Cards – Which Is Better?

  1. Default Gravatar
    senjo | November 23, 2014

    Which is better gold or platinum ?

    • Staff
      Elizabeth | November 24, 2014

      Hi Senjo,

      Thanks for your question.

      As you can see from the page above there are benefits to both gold and platinum cards. Unfortunately, there’s no one easy answer to your question as it really depends on your own financial situation and credit card needs. You may want to review the benefits discussed on this page and see the ones that better appeal to you.

      I hope this has helped.

      Thanks,

      Elizabeth

  2. Default Gravatar
    morldk | February 4, 2014

    Yes I have one platinum card with w something. My credit is exemplary but my income
    e varies. Question; do banks require a current payslip or .will they
    accept my credit rating. my gripe is for being charged20% plus for new purchases. Are you able to offer options?
    Regards David
    PS. Written from cheap tab

    • Staff
      Shirley | February 4, 2014

      Hi Morldk,

      Thanks for your comment.

      Banks generally require your last 3 payslips and they will look at your credit history.

      You may want to have a look at our featured low interest rate credit cards.

      Cheers,
      Shirley

Credit Cards Comparison

Rates last updated May 1st, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 20 months and an introductory purchase offer of 0.99% p.a. for 4 months with a low annual fee.
0.99% p.a. for 4 months (reverts to 12.74% p.a.) 0% p.a. for 20 months $99 p.a. Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card.
14.99% p.a. 0% p.a. for 12 months $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
ANZ Frequent Flyer Black
Earn up to 75,000 bonus Qantas Points when you spend $2,500 within the first three months and 1.5 points per $1 spent. Get complimentary airport lounge access, 24/7 concierge with $0 annual fee in the first year.
19.99% p.a. $0 p.a. annual fee for the first year ($425 p.a. thereafter) Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au 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.

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