Gold Vs. Platinum Credit Cards – Which Is Better?

Posted February 4th, 2010 and last modified October 16th, 2014
Gold vs Platinum Credit Card A credit card on fire

Gold and Platinum cards are designed to reward you for doing well in life, so take advantage of the benefits that come with ownership.

Choosing between platinum and gold credit cards comes down to qualifications. If you meet the standards for the platinum card then it is the best choice, but if you only meet those for gold membership you are also doing pretty well.

Owning gold credit cards or platinum credit cards is a status symbol. They are premium cards, in the way that they spend, the rewards they carry, and in the qualifications to get one. If you are able to meet the criteria for one of these cards it means that you have reached a higher income threshold and have outstanding credit. Those attributes make you a very appealing client for credit card companies. They know that you will spend on your card and pay it off on time, a combination they want to nourish. Because of that, gold and platinum cardholders get a world of benefits that are not available to the average credit card customer.

Benefits of gold credit cards

  • Travel cover – When you use your gold credit card to book your travel expenses you will get insurance to cover medical costs, loss of baggage or personal effects, and even inconvenience cover to make up for delays.
  • Purchase protections - Purchases you buy with gold credit cards come with specialised insurance to cover loss or accidental damage to the items. This cover usually lasts for three months after you purchase the item.
  • Extended warranties – Many gold cards offer extended warranty coverage on big items like appliances. This covers the items for one year after the manufacturers warranty expires.

Learn more about gold credit cards

Benefits of platinum credit cards

  • Gold card perks – Since the platinum card is one step above the gold card it garners all of the benefits associated with gold ownership but with extended benefits. For example, your travel insurance may only cover up to a set dollar amount, that amount would likely double if you are a platinum credit card owner.
  • Concierge serviceConcierge service is offered 24 hours a day 7 days a week to those who own platinum credit cards. They will help you purchase items and make reservations because you are probably to busy for such mundane tasks.

The answer to the question of which is better, gold or platinum credit cards is relative. Obviously, the rewards for platinum owners are more then for gold owners. However, platinum ownership requires you to earn more, generally double what gold membership requires so not everyone will be able to qualify for it. With both cards, you get increased spending limits and low interest rates, but they will be better for platinum cardholders. Both cards could be a good choice if you are able to meet the qualification criteria.

Learn more about platinum credit cards

Bankwest Breeze Platinum MasterCard

Platinum Credit Card with Zero foreign transaction fees

The Bankwest Breeze Platinum offers a low ongoing interest rate on purchases, plus zero foreign transaction fees.

  • $99 p.a. annual fee
  • 12.24% p.a. on purchases
  • 0% p.a. for 13 months on balance transfers
  • Cash Advance Rate of 21.99% p.a.
  • Up to 55 days interest free

Was this content helpful to you? No  Yes

Ask a Question

Disclaimer: At finder.com.au 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 receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

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

  1. 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 October 23rd, 2014
Interest rate (p.a.) Balance transfer rate (p.a.) Annual fee Cash advance rate (p.a.)
ANZ Low Rate
ANZ Low Rate
A low rate on purchases, balance transfer and a low annual fee. 13.49% p.a. 0% p.a. for 16 months $58 p.a. 21.74% p.a. Go to site More info
Citi Simplicity Card
Citi Simplicity Card
$0 annual fee credit card with a long term balance transfer offer. 19.99% p.a. 0% p.a. for 12 months $0 p.a. 19.99% p.a. Go to site More info
HSBC Platinum Credit Card
HSBC Platinum Credit Card
Earn rewards points plus a balance transfer offer. Access to prestige services including a personal concierge service and VISA Platinum reward program. 19.99% p.a. 0% p.a. for 8 months $0 p.a. 21.99% p.a. Go to site More info
Westpac Low Rate Card
Westpac Low Rate Card
A low interest rate credit card with a low annual fee and balance transfer offer. 12.49% p.a. 0% p.a. for 14 months $45 p.a. 21.49% p.a. Go to site More info
HSBC Credit Card
HSBC Credit Card
No annual fee for the life of the credit card. Plus a low balance transfer offer. 17.99% p.a. 0% p.a. for 6 months $0 p.a. 21.99% p.a. 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.

Ask a question
feedback