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.
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 service – Concierge 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.
Platinum Credit Card
The Citibank Clear Platinum offers a long term balance transfer period and a low interest rate on purchases. Enjoy your own personal concierge service.
- $49 p.a. annual fee for the first year ($99 p.a. thereafter) annual fee
- 12.99% p.a. on purchases
- 0% p.a. for 12 months on balance transfers
- Cash Advance Rate of 21.74% p.a.
- 55 days interest free
- Minimum Income Requirement of $35,000 p.a.