Are you looking for a card that rewards you for your spending and offers exclusive benefits? Platinum, gold and black credit cards can take you to another league. Find out more and compare cards here.
Platinum, gold and black credit cards are premium options that open the door to a range of exclusive benefits. These cards are a step up from standard offers, with features such as higher credit limits, more reward points and a huge range of complimentary extras.
Along with these perks and prestige, platinum, gold and black credit cards often have higher annual fees and interest rates than standard options. Here, we look at both the benefits and potential costs of these three premium credit card choices so that you can find a card that’s right for you.
Platinum, Gold and Black Credit Card Offer
The American Express Explorer™ Credit Card offers new card members top-tier benefits, combining rewards points benefits, frequent flyer perks and premium features to improve your lifestyle.
- 100,000 Membership Rewards Bonus Points when you apply online, are approved and spend $1,500 within the first 2 months of Card Membership.
- Enjoy $400 Travel Credit and two complimentary airline lounge passes every year.
- Earn up to 2 Membership Rewards points per $1 spent on eligible purchases.
- Transfer your points to your choice of 8 Airline Rewards Partner Programs including Virgin Australia, Etihad Airways, Emirates and Air New Zealand.
- Smartphone Screen Insurance for up to $500 for screen repairs to your smartphone with 10% excess per claim. Up to 2 claims per 12-month period.
Compare Platinum, Gold and Black credit cards
What’s the difference between platinum, gold and black credit cards?
While platinum, gold and black credit cards are all premium options, each represents a different level of status and service. Gold credit cards are a step up from standard cards, platinum credit cards are above gold, and black credit cards sit at the top of the pack.
This means that the specific features and benefits vary based on whether a card is a gold, platinum or black option. To help put this in perspective, we’ve outlined the common features and benefits for each type of credit card.
Gold Credit Cards
Gold credit cards are the “entry level” option for premium credit cards and are designed to suit people who are interested in getting more features and benefits, but who don’t want to pay much more than they would for a standard card. Some of the most popular features of gold credit cards include:
- Complimentary travel insurance
- Complimentary purchase protection insurance
- More reward points per $1 than standard cards
- Higher reward point caps than standard cards
- Annual fees ranging from $89 to $169
- Minimum credit limits starting from $4,000
Gold credit cards have slightly higher income and credit history requirements than standard cards – but not as high as those of platinum or black cards. For example, the Suncorp Clear Options Gold credit card has a minimum income requirement of $30,000, while some standard cards have credit limits as low as $15,000. You also need to have good credit history to apply for a gold credit card.
Platinum credit cards
Platinum Credit Cards
Rates last updated October 21st, 2016.
- Citi Rewards Platinum Card - Cashback Offer
$250 cashback offer has been extended until 17 February 2017.
October 10th, 2016
- ANZ Low Rate Platinum Credit Card
A new offer of $250 Back and 0% p.a. for the first 6 months on purchases.
October 12th, 2016
- CUA Platinum Credit Card
New offer of 25,000 bonus rewards points which is valid until 30 November 2016
October 21st, 2016
- Complimentary international travel insurance with broader coverage
- Complimentary purchase protection insurance
- Complimentary domestic interstate flight inconvenience insurance
- Complimentary car hire insurance
- More reward points per $1 than gold cards
- Higher reward point caps
- Personal concierge services
- Minimum credit limits from $10,000
- Annual fees ranging from $87 to $1,200
Some platinum credit cards may also provide other spending benefits for customers. For example, platinum Bankwest credit cards offer no international transaction fees for purchases made overseas or online with an international retailer.
The minimum income requirements for platinum credit cards also tend to be higher in comparison to gold cards. While some platinum options have minimum income requirements as low as $25,000, such as the Coles Platinum No Annual Fee Platinum MasterCard, most are around $50,000. You also have to have excellent credit history to get a platinum credit card, making them even more exclusive.
Black credit cards
Black Credit Cards
Rates last updated October 21st, 2016.
- ANZ Rewards Black Credit Card
Removed annual fee waiver and minimum spend requirements on bonus points offer.
June 15th, 2016
- ANZ Frequent Flyer Black
Removed annual fee waiver and minimum spend requirement for bonus points offer.
June 15th, 2016
- American Express Explorer Credit Card
10,000 Membership Rewards Bonus Points + 0% on balance transfers for 12 mos. Offer ends 30 Nov 2016
August 26th, 2016
Black credit cards are considered the ultimate in premium credit cards, with the highest and broadest range of benefits. In addition to the complimentary extras that you can find on gold or platinum cards, a black credit card may provide:
- The highest amount of points per $1 for reward programs
- Complimentary airport transfers
- Flight upgrades
- Dedicated travel booking services
- A personal concierge service
- A personal shopper
- Invitations to exclusive events or promotions
- Higher credit limits (sometimes up to $100,000)
- Annual fees ranging from $349 to $700
Black credit cards are designed for high earners who pay with plastic on a daily basis. As such, the minimum income requirements for these cards are usually between $75,000 and $150,000. You also need flawless credit history to get a black credit card.
What to consider before choosing a platinum, gold or black credit card
The benefits of a platinum, gold or black credit card are only worth it if they offer more value than the costs that come from any interest charges or annual fees. Asking the following questions before choosing which type of card to get will help you find options that work for you.
- How often do you use your credit card? Premium gold, platinum and black credit cards are designed for people who regularly use a credit card, and their annual fees and credit limits reflect that. Many of the complimentary extras available on these cards, such as travel insurance, also require you to pay with plastic to activate them. If you don’t use a credit card very often, you might want to consider a low rate or no annual fee option instead.
- How much do you spend on your credit card? If you’re considering a rewards option, you should make sure the value of the points you earn outweighs the cost of the annual fee. You can do this by estimating your average monthly or yearly spending on credit and working out how many points per $1 you will earn. For more information, check out our guide on calculating the value of rewards points.
- How much money do you earn? Gold, platinum and black credit cards typically have higher minimum income requirements than standard credit cards, so you will need to factor this in when considering different options.
- How many platinum, gold or black credit card features will you actually use? Complimentary extras can help offset the cost of a credit card, but only if you use them. When considering different gold, platinum or black credit cards, make sure you’re realistic about which benefits you will use so that you can find a card that provides value based on your spending habits and circumstances.
- Do you carry a credit card balance? Most gold, platinum and black credit cards have high standard interest rates. This means you could end up paying hundreds of dollars in interest every year when you carry a balance on one of these premium cards. If you don’t pay your account off in full each month, you may want to consider a premium credit card that has a low ongoing interest rate, such as the St.George Vertigo Platinum or Bankwest Breeze Platinum MasterCard.
- Do you have an excellent credit history and credit score? These credit cards all require good to excellent credit history. If you have black marks on your credit file, such as late payments or defaults, you may not be eligible to apply for a gold, platinum or black credit card.
Choosing a platinum, gold or black credit card
Natasha is interested in getting a premium credit card that earns Qantas points but doesn’t know whether to choose a platinum, gold or black option. To help her make a decision, Natasha decides to compare a credit card from each of these categories.
Natasha has chosen gold, platinum and black Qantas credit cards to compare
|Card||Standard purchase rate||Annual fee||Points per $1||Points cap||Other benefits|
|The Bankwest Qantas Gold MasterCard||20.49% p.a.||$150||0.5 point per $1 spent||66,667 per year||- International travel insurance- Purchase security cover- Purchase price guarantee|
|The ANZ Frequent Flyer Platinum||19.99% p.a.||$295 p.a.||Visa: 0.5 point per $1|
Amex: 1.5 points per $1
|Visa: 3,000 per month (36,000 per year)|
Amex: 9,000 per month (108,000 per year)
|- International travel insurance- Interstate flight inconvenience insurance- Rental excess cover- Purchase protection coverage- Price matching service- Extended warranty|
|The ANZ Frequent Flyer Black||19.99% p.a.||$425 p.a.||Visa: 0.75 point per $1|
Amex: 1.5 points per $1
|Uncapped||- International travel insurance- Interstate flight inconvenience insurance- Rental excess cover- Purchase protection coverage- Price matching service- Extended warranty- Two complimentary Qantas Club Lounge invitations|
With these details in mind, Natasha considers her own circumstances and spending habits:
- She regularly uses a credit card for everyday purchases.
- She spends around $5,000 per month on credit.
- Her salary is $85,000.
- She takes one overseas holiday per year.
- She aims to pay her balance in full each month.
- She has an excellent credit score.
Natasha decides she would like to have the option of earning up to 1.5 Qantas Points per $1 with an American Express card, but doesn’t want to pay more than $300 on an annual fee. Based on her current spending, Natasha won’t be affected by the points cap on the ANZ Frequent Flyer Platinum, so she chooses this card out of the three options above.
Premium credit cards unlock a whole world of potential value through features such as higher credit limits, greater rewards, complimentary insurance, travel perks and more. So now you know the differences between gold, platinum and black credit cards, you can choose the right category for your circumstances and start comparing cards to find a great option for you.
Frequently asked questions
Are there any specific requirements for these cards?
Generally, you’ll need a positive credit history. The majority of these cards also have a minimum annual earnings requirement of around $35,000 – $70,000.
I’m interested in a gold or platinum credit card. Which one offers higher credit limits and benefits?
Platinum credit cards have higher status than gold credit cards. This is reflected in the credit limits, annual fee, reward points earn rates and additional features such as complimentary travel insurance and 24/7 concierge services.
When will I know if I’m approved for a platinum, gold or black credit card?
When you apply for the credit card, most issuers will let you know if your application has been approved or rejected within a minute. If you receive a pending response, this means the bank needs to spend more time assessing your application. In this case, you can usually expect a response within a week.
My credit card now caps the amount of frequent flyer points I can earn per month. Are there gold, platinum or black options I can choose to avoid this?
While some gold and platinum credit cards do have point caps, they tend to be higher than the caps on standard credit cards. Most black credit cards, on the other hand, offer uncapped points. You can also find a list of cards that don’t cap rewards points on this page.