Gold Vs Platinum Credit Cards – Which Is Better?

Rates and Fees verified correct on May 29th, 2015
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

HSBC Platinum Credit Card - Platinum Offer

Platinum Credit Card Offer

The HSBC Platinum Credit Card is a rewards credit card with the ability to earn 1.00 point per dollar on your spend. You'll get $0 p.a. annual fee for the life of the credit card.

  • 0% p.a. balance transfer for 8 months on application from non-HSBC credit cards (reverting to the cash advance rate of 21.99% p.a. and subject to change)
  • $0 p.a. annual fee for the life of the credit card
  • Up to 55 days interest free on purchases3 when you pay the full balance (including any balance transfers, promotional purchases and the 0% p.a. balance transfer offer above)
  • An ongoing variable purchase interest rate of 19.99% p.a.

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    This page was last modified on 21 April 2015 at 9:14.

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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.



    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.


    Credit Cards Comparison

    Rates last updated May 29th, 2015
    Interest rate (p.a.) Balance transfer rate (p.a.) Annual fee Cash advance rate (p.a.)
    St.George Vertigo Visa
    St.George Vertigo Visa
    A low annual fee and low interest rate offer on balance transfers. 0% p.a. for 3 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. 21.49% p.a. Go to site More info
    NAB Low Rate Credit Card
    NAB Low Rate Credit Card
    Low ongoing interest rate on purchases and balance transfers. 0% p.a. for 12 months (reverts to 13.99% p.a.) 4.99% p.a. for 6 months $59 p.a. 21.74% p.a. Go to site More info
    St.George Vertigo Platinum
    St.George Vertigo Platinum
    A platinum card with a low interest rate on balance transfers and purchases with a low annual fee. 0% p.a. for 3 months (reverts to 12.74% p.a.) 0% p.a. for 20 months $99 p.a. 21.49% 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
    Virgin No Annual Fee Credit Card
    Virgin No Annual Fee Credit Card
    Take advantage of the 0% p.a. for 14 months balance transfer offer 18.99% p.a. 0% p.a. for 14 months $0 p.a. 20.99% 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.

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