Gold Vs Platinum Credit Cards: Which is better?

Information verified correct on August 27th, 2016
checking laptop for credit card options

Platinum and gold credit cards both offer premium benefits, but how can you determine which one is right for you?

American Express brought the idea of “credit card status” to the masses when they released their gold charge card in 1966. Today, there are low rate and no annual fee cards for low income earners and infrequent credit card users, gold and platinum credit cards for the affluent, and even black credit cards for high-rollers.

When it comes to platinum and gold options, both offer a range of benefits for cardholders. In general, platinum credit cards cost more than gold cards and have a wider range of value-adding features. But that doesn’t always mean platinum products are the better option, so it’s important to compare both platinum and gold cards to find a product that suits your needs.
American Express, Bankwest and Commonwealth Bank are the only major institutions in Australia that issue gold credit cards. Other issuers, including Suncorp Bank, BankVic and Heritage Bank also offer gold credit card products. Platinum credit cards are available from most major banking institutions.


plat-vs-goldWhich is better: Gold or Platinum?

These types of credit cards provide different features at different prices. Think about the features you need and the price you’re willing to pay for a gold or platinum credit card. Everyone is different, for some extra features like extended insurance are not worth the extra price of the account. Here, we put gold and platinum credit cards side-by-side so you can see which is better for you.

Rates last updated August 27th, 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
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Earn bonus Velocity Points in the first 3 months plus enjoy a low 0% p.a. for 18 months on balance transfers. Plus receive a free Virgin Australia $129 Gift Voucher each year. Available from mid-2016.
VISA/MC: 0.66 AMEX: 0 20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
Citi Qantas Signature Credit Card
Earn up to 70,000 bonus Qantas Points, complimentary access to over 850 airport lounges worldwide and 0% p.a. for 6 months on balance transfers.
70,000 bonus points VISA/MC: 1 AMEX: 0 20.99% p.a. 0% p.a. for 6 months $99 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
ANZ Platinum Credit Card
Receive $200 back when you spend $500 in the first 3 months. Also enjoy a $0 annual fee for the first year.
VISA/MC: 0 AMEX: 0 19.74% p.a. $0 p.a. annual fee for the first year ($87 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 - Exclusive Offer
Receive 30,000 Membership Rewards Bonus Points when you meet the minimum spend requirement. Enjoy 0% p.a. for 12 months on balance transfers and a complimentary Virgin Blue domestic economy return flight every year.
30,000 bonus points VISA/MC: 0 AMEX: 1 20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $195 p.a. 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 1% p.a. for 12 months with an annual fee waiver for the first year.
VISA/MC: 0 AMEX: 0 1% p.a. for 12 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
Enjoy up to 50,000 bonus Velocity Points when you meet the minimum required spend and earn up to 3 rewards points per dollar spent. Also receive a complimentary 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 after your first eligible purchase is made within 3 months of card approval. Enjoy complimentary insurances and earn up to 1.5 Qantas Points per $1 spent.
50,000 bonus points VISA/MC: 0.5 AMEX: 1.5 19.99% p.a. $295 p.a. Go to site More info
Bank of Melbourne Vertigo Platinum
A platinum card with a low balance transfer offer of 0% p.a. interest for 20 months and 1% p.a. for 12 months on purchases combined with complimentary insurance covers.
VISA/MC: 0 AMEX: 0 1% p.a. for 12 months (reverts to 12.74% p.a.) 0% p.a. for 20 months $99 p.a. Go to site More info
ANZ Rewards Travel Adventures card
Pay no overseas transaction fee on purchases and receive complimentary domestic return flight and lounge passes each year you hold the card when you spend $500 on eligible purchases within the first three months.
VISA/MC: 1 AMEX: 2 20.24% p.a. $225 p.a. Go to site More info
ANZ Frequent Flyer Black
Earn up to 75,000 bonus Qantas Points after you make your first eligible purchase within 3 months of card approval plus earn 1.5 points per $1 spent. Easier payments with Apple Pay.
75,000 bonus points VISA/MC: 0.75 AMEX: 1.5 19.99% p.a. $425 p.a. 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 with a one off 2% balance transfer fee $90 p.a. Go to site More info
Bankwest Zero Platinum MasterCard
This card comes with a low 2.99% p.a. for 9 months on balance transfers, $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
Citi Rewards Credit Card - Platinum Card
Consolidate your debt with a balance transfer offer of 0% p.a. for 24 months and a host of platinum privileges to enjoy including 1.25 Reward Points per $1 spent and complimentary insurance.
VISA/MC: 1.25 AMEX: 0 20.99% p.a. 0% p.a. for 24 months with 1.5% balance transfer fee $199 p.a. annual fee for the first year ($249 p.a. thereafter) Go to site More info
Coles Platinum No Annual Fee MasterCard
Enjoy a $50 *Kmart Gift Card, low balance transfer offer, no annual fee ever with 24/7 platinum concierge service.
VISA/MC: 0.5 AMEX: 0 19.99% p.a. 0% p.a. for 6 months $0 p.a. Go to site More info
American Express Platinum Card
Receive 80,000 Membership Rewards Bonus Points when you meet the minimum spend requirement and earn up to 3 points per dollar spent. Gain access to travel insurance, $300 Platinum Travel Credit every year and access to 800 VIP airport lounges.
80,000 bonus points VISA/MC: 0 AMEX: 1 $1,200 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - 0% Interest Offer
An interest-free offer on purchases and balance transfers. Earn Velocity Points on everyday spend.
VISA/MC: 0.66 AMEX: 0 0% p.a. for 12 months (reverts to 20.74% p.a.) 0% p.a. for 6 months $129 p.a. Go to site More info
Citi Rewards Platinum Card - Cashback Offer
Earn $250 cashback on eligible spend, plus enjoy 0% p.a. balance transfer offer for 12 months, discounted annual fees for the life of the card and a complimentary travel insurance.
VISA/MC: 1.25 AMEX: 0 20.99% p.a. 0% p.a. for 12 months $99 p.a. annual fee for the first year ($199 p.a. thereafter) Go to site More info
ANZ Rewards Platinum
Enjoy accelerated points earning and great Platinum features with ANZ Rewards Platinum. You'll also receive 50,000 Reward Points after your first eligible purchase is made within 3 months of card approval.
50,000 bonus points VISA/MC: 1 AMEX: 2 18.79% p.a. $95 p.a. Go to site More info
Rates last updated August 27th, 2016
Bonus Points Points per $ spent Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Bankwest Zero Gold MasterCard
Gold credit card offering a $0 annual fee, 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
Bankwest More Gold MasterCard
15,000 bonus Reward 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
Bankwest Breeze Gold MasterCard
A gold credit card offering low ongoing purchase rate of 8.99% p.a. combined with complimentary travel insurance covers and $0 annual fee for the first year. Limited time only.
VISA/MC: 0 AMEX: 0 8.99% p.a. 2.99% p.a. for 9 months $0 p.a. annual fee for the first year ($89 p.a. thereafter) 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

What’s the difference between gold and platinum?

Gold and Platinum cards are generally both more expensive, yet more rewarding than your standard card. So what’s the difference? We’ve analysed the features, fees and benefits offered by Bankwest, American Express and Commonwealth Bank to see how they compare across the market and to help you determine which type of card is right for you.

Bankwest Zero Gold and Platinum MasterCards

The Bankwest Zero range of credit cards are no annual fee products. The main differences between the gold and platinum Zero credit cards are the complimentary insurance cover lengths, limits and fee waivers.

Bankwest Zero Gold MasterCardBankwest Zero Platinum MasterCard
Annual fee$0$0
Complimentary insurance cover lengthUp to 3 monthsUp to 6 months
Medical and hospital cover:UnlimitedUnlimited
Loss and damage to property:Up to $15,000Up to $30,000
International transaction fee2.95%Waived

Commonwealth Bank Gold and Platinum Awards Credit Cards

Commonwealth Bank is another major banking institution that provides both gold and platinum awards credit cards.

Commonwealth Bank Gold Awards Credit CardCommonwealth Bank Platinum Awards Credit Card
Rewards ProgramCommonwealth Bank AwardsCommonwealth Bank Awards
Earn rateAmerican Express:  2 Commonwealth Bank Awards Points
MasterCard: 1 Commonwealth Bank Awards Point
American Express:  2.5 Commonwealth Bank Awards Points
MasterCard: 1 Commonwealth Bank Awards Point
Intro bonus pointsN/A Commonwealth Bank Awards Points
Points cap125,000 points every year250,000 points every year.
Annual fee$119 p.a.$249
Complimentary insurance benefits
Accidental deathUp to $25,000 cardholderUp to $50,000 per cardholder
Lost and damaged personal itemsSubject to individual limits up to $10,000 per personSubject to individual limits up to  $5,000 per item
Clothing, shoes, jewellery and toiletriesUp to $3,000 per itemUp to $5,000 per item
Personal electrical equipment such as binocularsUp to $3,000 per itemUp to $5,000 per item
Laptops and laptop equipmentUp to $3,000 per itemUp to $5,000 per item
Purchase security insuranceUp to $125,000 every 12 monthsUp to $200,000 every 12 months
Extended warranty insuranceUp to $10,000 every 12 monthsUp to $20,000 every 12 months
Interstate flight inconvenience insuranceN/ACover for flight and luggage delay.Cover for loss and damage to personal items.Cover for funeral expenses from accidental death.Cover for cancellation of your domestic travel plans.
Transit accident insuranceN/ABenefit for loss of life (Up to $1,000,000) or injury (Up to $500,000).
Guaranteed pricing scheme insuranceN/ARefund difference in price up to $500.

The Commonwealth Bank Gold and Platinum Awards credit cards have the same purchase rate, cash advance rate and balance transfer rate. These cards also have the same number of interest free days on purchases, up to 55 days. For an extra $130, the Commonwealth Bank Platinum Awards provides a higher earn rate, annual points cap and more sign-up bonus points than the Gold Awards credit card. The Platinum Awards credit card also provides a greater range of insurance options and offers higher benefits for them.

Compare Commonwealth Bank credit cards

American Express Gold and Platinum Business Credit Cards

Unlike the Commonwealth Bank and Bankwest, as well as platinum credit cards for personal use, American Express also offers gold and platinum credit cards for businesses.

American Express Gold Business Credit CardAmerican Express Platinum Business Credit Card
Rewards ProgramAscentAscent Premium
Earn rate
  • 1 Membership Rewards Point per dollar spent (everyday purchases)
  • 0.5 Membership Rewards Points per dollar spent (utilities and government bodies)
  • 1 Membership Rewards Points per dollar spent (everyday purchases)
  • 0.5 Membership Rewards Point per dollar spent (utilities)
  • 0.5 Membership Rewards Points per dollar spent (government bodies)
Intro bonus points10,000100,000
Points capUncapped375,000
Annual fee$169$1,500
Complimentary travel insurance
  • Transport accident cover:
  • Card account balance waiver:
  • Business trip completion waiver:
  • Travel Inconvenience cover:
  • Medical emergency expenses cover:
  • Resumption of journey:
  • Baggage, documents and money cover:
  • Travel cancellation cover:
  • Personal liability cover:
  • Loss of income:
  • Hijack and kidnapping:
      • Up to $300,000
      • Up to $20,000
      • Up to $20,000
      • Up to $500
      • Up to $2,500,000
      • N/A
      • Up to $10,000
      • Up to $10,000
      • Up to $1,000,000
      • N/A
      • N/A
    • Up to $400,000
    • Up to $25,000
    • Up to $25,000
    • Up to $500
    • Unlimited
    • Up to $5,000
    • Up to $30,000
    • Up to $30,000
    • Up to $3,000,000
    • $3,000 (every month)
    • $2,000 (every 24 hours)
Monthly business expenses insuranceN/A$3,000 every month (up to 6 months)
Purchase protection insuranceN/AUp to $30,000
Refund protection insuranceN/AUp to $5,000
Buyer’s advantage coverN/AUp to 1 year extended warranty
Rental vehicle excess coverN/AUp to $125,000
Priority Pass MembershipN/AYes

Both the Amex gold and platinum business credit cards offer the same amount interest free days (up to 51 days) and both products allow up to 99 additional cardholders.The difference between the annual fees for these cards, however, is significant: $169 for the Gold Business card and $1,500 for the Platinum.

The American Express Platinum Business credit card also has a higher earn rate for rewards and provides a comprehensive insurance package and higher level of cover.Meanwhile, the Gold Business Credit Card offers uncapped points earning.

Compare Business credit cards


What are the features of gold and platinum credit cards?

  • Annual fee. Platinum credit cards provide more value-adding features than gold credit cards and have a higher annual fee.
  • Travel insurance. Both gold and platinum credit cards include complimentary international travel insurance. There may be differences in the length of cover and benefit limits. For example, Bankwest platinum account holders are eligible for insurance for overseas trips up to six months compared to three months for gold cardholders. Platinum cardholders may also be eligible for additional travel insurances such as transit accident insurance and flight inconvenience insurance.
  • Purchase insurance. Complimentary purchase protection insurance is a benefit that protects items you buy using your credit card against loss, theft and damage. It is a standard feature for of both gold and platinum credit cards. Extended warranty insurance doubles the manufacturer’s warranty up to a year, and is also a feature of gold and platinum credit cards. The same applies to best price guarantee insurance, which refunds you the difference in price if you find the same item for cheaper elsewhere. The availability of these features varies between issuers and cards, but all of them can be included for gold and platinum accounts.
  • Credit limits. Platinum credit cards have a higher minimum and maximum credit limit than gold credit cards. The minimum income application requirement is based on the minimum credit limit and is also higher for platinum cards.
  • Rewards. If the account is linked to a rewards program, the platinum credit card will have a higher earn rate, higher points cap and get more signup bonus points than the gold card option.
  • Concierge service. A platinum concierge can help with everything from recommendations to reservations. This is not a feature of gold credit cards.
  • Platinum benefits. Visa and MasterCard provide cardholder benefits to premium account holders. For example Visa Signature cardholders are eligible for upgrades and VIP treatment at some of the world’s most luxurious hotels. Visa Platinum, Signature and Infinite credit cards are eligible for platinum perks. MasterCard make cardholder benefits available to standard and platinum account holders.

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.

Frequently asked questions

Which is better, platinum or gold credit cards?

There are benefits to both gold and platinum credit cards, which vary depending on your personal situation. We provide the pros and cons of platinum and gold credit card on this page. If you need help with your comparison, ask us a question using the contact form at the bottom of this page. Note that we can help with questions about products, but we can’t give personal advice.

How does the interest free days feature work?

Gold and platinum credit cards offer a money saving feature called interest free days. You can get up to a certain number of interest free days on credit card purchases when you pay your account in full by the statement due date each month. This lets you make interest free purchases between statement periods.

How are the eligibility requirements different for gold and platinum credit cards?

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 also must be over 18 years of age and meet Australian residency or citizenship requirements to apply for a credit card.

Why can’t I apply specifically for a gold or platinum credit card?

Some financial institutions, such as Bankwest, have a tiered credit card structure that assigned classic, gold or platinum status based on your individual circumstances. For example, if you want a no annual fee credit card, you would apply for the Bankwest Zero account. Based on your income and the financial information you provided when you applied for the account, Bankwest will assign you a credit limit. If you have a high credit limit, you automatically get the platinum product.


Back to top

Was this content helpful to you? No  Yes

Related Posts

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

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 the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

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 August 27th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
9.99% p.a. $0 p.a. Go to site More info
Citi Qantas Signature Credit Card
Earn up to 70,000 bonus Qantas Points on eligible spend, plus enjoy a 0% p.a. for 6 months offer on balance transfers.
20.99% p.a. 0% p.a. for 6 months $99 p.a. annual fee for the first year ($395 p.a. thereafter) 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. Also enjoy a 0% p.a. balance transfer rate for 12 months.
14.99% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 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