Want more features, benefits, luxury and service from your credit cards? You can’t get much classier than a gold credit card or platinum credit cards.
Platinum Credit Card
With the David Jones American Express Platinum Card, you will earn 4 Reward Points per dollar spent at David Jones.
- Earn 3 Reward Points per dollar spent at major supermarkets, petrol stations and 1 Reward Point everywhere else
- Enjoy exclusive instore benefits including Complimentary Priority Delivery and Alterations
- Purchase Protection Insurance and Buyers Advantage Extended Warranty
Platinum and Black Credit Card Comparison:
Gold Credit Card Comparison:
Black Card Comparison:
Gold Credit Cards
- Compare Gold Credit Cards
- How do Gold Credit Cards Work?
- How to Compare gold credit cards?
- How to use a Gold Credit Card?
Platinum Credit Cards
- Compare Platinum Credit Cards
- How do Platinum Credit Cards Work?
- How to Compare Platinum Credit Cards
- How to use a Platinum Credit Card
Black Credit Cards
How do gold credit cards work
A gold credit card provides many benefits to its owners. Eligibility requirements for a gold card are higher than the requirements for some other cards. There is an income requirement as well as a credit rating that is basically free of any negative marks. If you meet these stipulations a gold credit card could be an excellent choice for you. Once you have the card it is important that you take advantage of the many benefits that these cards offer to their customers.
As a gold credit card owner you are entitled to some of the rewards typical of other credit cards. The reward system that many credit card companies use is points based. These points are then redeemed for gift cards, travel, or shopping. They can also be used towards airline miles or petrol purchases. The best way to take advantage of rewards is to use your card for as many purchases as possible. This way you maximise the number of points you earn through your spending. The one thing that any credit card owner need to be careful about is not overspending which is easy to do when you use plastic for all of your expenses. Be sure to stay within a budget that allows you to pay off your entire balance each month. If you incur excessive interest charges the value of the rewards will quickly diminish.
Specialised protections for gold credit card owners
Another reward that you can look forward to as a gold credit card owner is additional safeguards on your purchases. One of these protections is a warranty extension programme. These usually provide one more year of coverage on appliances for your home after that of the manufacturers warranty. Some cards offer a benefit that protects your purchases without any added cost. If your card offers free purchase protection your items will be protected from theft, loss, or accidental breakage for a set period of time. Typically the period lasts for three months after you have made a purchase.
In this unfortunate age of identity theft almost everyone is concerned about protecting their name and their financial status. If you have a gold credit card you are protected from these dangers by your credit card company. If your card or your credit information is breached the company will relieve you of the fraudulent charges. This added security ensures that even if you are the victim of credit card fraud you have your creditors in your corner and will not be saddled with debt that you did not incur.
Credit limits and interest rate rewards
The higher credit limit on a gold credit card provides added security. In an emergency situation you have the flexibility of a high credit limit. Additionally, more reward points can be gained.
If you have other cards that are charging higher interest rates you can take advantage of low or zero percent balance transfers. One of the reasons why many people have fallen into debt is that they wind up paying so much in interest. Once you have earned the status of a gold credit card you can transfer that balance to your new card and chip away at the debt instead of just paying the interest. One thing to make sure of if you choose this route is to pay off any balance transfers before your rate changes.
Travel with a gold credit card
If you use your gold credit card to book your travel expenses you may be entitled to a range of complimentary insurances. While you are on holiday you hope that everything goes swimmingly, but if it does not, your gold credit card can protect you. Most cards will offer their members a special number they can call if they are in need of legal or medical aid while travelling overseas – it’s best to check the term and conditions of your card.
Compare gold credit cards
If you are in the position to compare gold credit cards then you have distinguished yourself as having a nearly flawless credit file. Additionally, these cards require a minimum income with most being around $50,000 per annum. If you meet these requirements and you do not yet have a gold credit card then you are probably not getting the rewards and protections that you deserve.
Since your income is a little higher you are also eligible for a higher spending limit than those offered when you compare gold credit cards to regular credit cards. This increased spending limit is given because you have proven that you can be responsible with your available credit. When you compare gold credit cards you should take into consideration what credit limit is offered. If you think that one is not as high as you would like simply ask for an increase. With your income and credit history it is likely that your request will be handled satisfactorily. Credit card companies want to maintain the business of people like you, perfect customers who spend a lot and have the means to repay their debts. If you have a negative credit history then you will likely not qualify for a gold credit card. However, once you see the rewards you could earn it will give you the impetus to improve your credit rating so that one day you will be eligible for a gold credit card.
Compare gold credit card benefits
As you would expect when you compare gold credit cards to other cards you get the baseline rewards programme. For most cards this is a system of points, sometimes matched dollar to dollar that you can use for a variety of other purchases. The points can also be used for airline miles or redeemed for gift cards, petrol purchases, or shopping at various stores. Sometimes you can even use them towards groceries. The credit card companies make points valuable so that you will use your card more often. However, it is rather easy to overspend when you do all of your purchases with plastic. Set up a budget and make sure that you only spend as much as you are able to repay at the end of the month.
In case you do happen to overspend on a particular month there is a little built in security in the form of a lower interest rate. Your good credit file allows the credit card company to know that you are not a risk and therefore offer you a low interest rate. If you should be unable to pay your full balance at the end of the month you will not be burdened with an excessive interest rate. It is a valuable asset that many people do not consider when they compare gold credit cards.
Gold credit cards and security
Another benefit that you may want to consider when you compare gold credit cards is the type of safety they provide for their members. Security is a huge issue for everyone. Unless you make all of your purchases in cash you are at risk for identity theft. For those who have a gold credit card this risk is reduced because the company provides protection to their members from fraudulent charges. If you are a victim of credit card fraud you should only have to phone your credit company and they will review the charges and you will not be responsible for anything that they deem fraud.
When you make purchases with your gold credit card, there is built in security there too. Be very aware of these benefits as you compare gold credit cards because they have a high value. Often the credit company will protect your purchases from accidental damage, theft, or even loss. Again, there is a lot of security in knowing that the items, especially those expensive purchases, are protected. There are also added warranty protections for specific purchases, namely household appliances. Most manufacturers offer a one year warranty on their products. Gold credit card add an additional year to this protection.
Protecting yourself on holiday when you compare gold credit cards
Everyone loves to travel. As such, when you compare gold credit cards you will want to carefully examine the travel benefits that come with a particular card. In order for you to be eligible for this valuable reward you must book your travel and your holiday with your card. If you do this the credit card company protects you if you have an emergency accident while you are on holiday. One of the other valuable services is legal and medical aid that is just a phone call away while you travel overseas. Sometimes it is comforting, should you wind up in this unfortunate circumstance, just to talk to someone who can guide you through the steps of your emergency.
How to use a gold credit card
Most everyone wants to own gold credit cards because they give you a bit of prestige. But, if you are a smart spender you realise that there is far more than prestige that comes with being the owner of gold credit cards. Far too many people do not take the time to investigate the benefits of their credit cards and therefore fail to take advantage of them. Not taking advantage of the rewards you have earned is like throwing money out the window. This is where there is a bit of a learning curve when it comes to you and your gold card.
Gold credit cards and your spending
- The first thing you have to do as an owner of gold credit cards is understand your own spending habits. Once you know how you use your credit you can examine the different rewards to see which ones hold the most value for you.
- Are you a big spender? By this we mean do you use your card for just about everything, petrol, groceries, everyday expenses? If you do then you should look for gold credit cards that reward that spending.
- Will you pay your full balance each month? If you do not think that this is possible for you, then you might not want credit cards that only reward spending. You should look at cards that offer benefits regardless of the purchases you make.
Gold credit cards and rewards
- Most gold credit cards offer a rewards system. Points are given in correlation with the amount you have spent. These points then translate into airline miles, gift cards, or discounts on travel or shopping. Obviously, the more you spend the more points you will earn. If you do this make sure that you actually use the rewards points. There is no sense in filling the coffers of credit card companies any further by letting your valuable points go to waste.
- One of the things that gold credit cards offer their members is the combination of high spending limits and low interest rates. Again, if you have large purchases to make take advantage of your gold credit card. You might be teased by offers from different shops for their credit card or lending service. Before you make any final decisions compare the interest with that of your credit card, even for expensive things like furniture or appliances. With a high limit you can surely afford to put them on your card and your interest rate might be lower than that offered by a shop’s lending program.
- If you enjoy travel or are planning a special holiday look into the travel rewards offered by gold credit cards. You will probably find that all you have to do is book your trip expenses with your card and you are automatically enrolled for insurance. In addition you usually have a number that you can call should you run into an emergent medical or legal issue. This way you can get help from home in your time of need.
- If you make any sort of purchase with gold credit cards you might be surprised to know that many of those purchases are protected through your credit cards insurance program. These programs protect your purchases from theft or accidental damage or even loss. If you are choosing between cards look into the type of insurance they offer and pick the one that gives you the most protection for your purchases.
- Along those same lines is added warranty protection. When you use your card to purchase household appliances you are often entitled to an extra year of warranty on top of that offered by the manufacturer.
- Protecting against fraud is one of the biggest concerns credit card holders have. As a gold credit card member you are usually entitled to protection against fraudulent charges. Once you report or your credit card company notices an unusual transaction you will not be responsible for those charges.
Gold credit cards are not available to everyone. Those who expect to receive on must have a minimum income in the neighborhood of $50,000 per year and a near impeccable credit file. These combined qualities tell the credit card company that you are a safe bet. They can give you a high credit limit because you are not prone to overspending and a low interest rate because they are confident that you have not only the means but the fortitude to repay your debts. Once you have the card take advantage of the rewards that you earned by having good credit.
How do platinum credit cards work?
For many people platinum credit cards could be a symbol of success. In addition to this distinction platinum credit cards offer a variety of benefits and rewards that are not available to owners of less valuable cards. The saying ‘you get what you pay for’ applies when it comes to these cards. If you have done the hard work necessary to earn a high income and maintain an excellent credit score you get rewarded for that through the use of these cards.
In particular owners of platinum credit cards are rewarded with a low interest rate and a high credit limit. Together these two things allow you more freedom in spending. Freedom you earned because your credit card company trusts that you have the means to repay your debt by virtue of your revenue and because you have repaid debts in the past. Platinum credit cards are not available to everyone, but even if you think you might not qualify you should do a bit of research on them so that you have a goal to work towards and an understanding of what maintenance of your credit file can do for you.
Rewards for using platinum credit cards
First, the high spending limit allows you to buy costly items on your card. This gives you convenience and security. Whether you are spending for an emergency or for pleasure there are very few circumstances where you would be unable to purchase something with your platinum credit card. In addition, you can rest easy in the comfort of knowing that your interest rate is not so high that those expenses will wind up costing two or even three times their original price if you do not pay them off immediately.
There are other rewards available to holders of platinum credit cards. A valuable and usually free one is complimentary insurance for your purchases. Some of this coverage is compulsory against accidental damage or theft for a set period of time, usually 90 days. Some cards offer something called refund protection which will cover the item if the store you purchased from will not. One of the great advantages of platinum credit cards is a cost match guarantee. These guarantees will actually refund you the difference in the cost of an item if you are able to find it at a lower price elsewhere. This saves you the hassle of making a return to get something at a lesser price.
Travelling with your card
Platinum credit cards reward you with travel advantages when you are on overseas holiday. Some of the advantages include travel insurance but they could vary greatly from card to card.Some include accident coverage and inconvenience coverage for things like delayed flights or lost baggage. To receive these rewards you usually have to use your platinum credit card to pay for your travels. Another benefit that most people hope they never need is legal or medical aid while on holiday. This is typically available with a simple phone call for assistance.
Like other types of cards platinum credit cards usually also have programs that benefit you while you spend. These can come in the form of airline miles, cash back or points good for travel, gift cards, and shopping. Most also have zero percent or very low interest rates for balance transfers. This is a great benefit if you have other cards with high interest rates that you would like to pay off inexpensively now that you own a platinum credit card.
If you can own platinum credit cards you have distinguished yourself among the masses. You still get all the regular benefits like being able to use your card anywhere Visa, MasterCard, or American Express is accepted but you do so with added benefits and security. These cards usually require a minimum income and of course a tarnish free credit file. If you think you can qualify and do not have one yet then you are quite simply, wasting your time using another card.
How to compare platinum credit cards
Not everyone is able to qualify for a platinum credit card. Also, among credit cards there are lots of different benefits available so if you can qualify you will want to do some good research to find the card that best suits you.
One of the very first things you should look at when you compare platinum credit cards to other kinds of plastic is whether or not you can get one. We live in a world where almost everyone is eligible for some type of credit card. The platinum cards are fairly exclusive with most requiring a minimum age, minimum income, and near perfect credit. The age requirement is anywhere from 18 to 25. If you are unable to qualify due to income the gold card line is the next option. If you are one of the people that has a troubled credit history there are cards made especially for your needs. You will not get the best interest rate or high credit limit but you will be able to rebuild it so that in the future you might be able to own one.
Compare platinum credit cards by benefits
Like other credit cards platinum cards have some rewards that are based on spending. Some match your spending dollar for dollar while others reward more for higher spending or spending on specific items.
More important to check on when you compare platinum credit cards is the other programs you are eligible for just for owning the card. Security is a huge issue for everyone. Whether you shop online or in person it seems that the thieves have devised ways to snatch your card or card information. Fraudulent charges and identity theft are far too common these days, but platinum credit card owners get some extra protection in this area. Depending on the card you may receive extra account tracking for suspect purchases. You will be eligible for fraud protection services that refund any charges that are deemed fraud. Some cards take things a step further and will help you rebuild if you are unfortunate enough to actually have your identity stolen.
Platinum credit cards for the traveller in you
Since these cards are only available to persons in a specific income bracket they also offer a reward that is of usually of great value to those people. It comes in the form of travel programmes. The programmes are different among different cards, again compare platinum credit cards to see which one suits your lifestyle the best. Travel insurance is a common offering which protects you in case you experience difficulties while travelling overseas. Some go as far as insurance for inconveniences like delayed flights or lost luggage. Further you can travel with confidence if your platinum card is one of the many that is there 24 hours a day to offer assistance in case of a medical or legal emergency. This is one of the benefits most people hope that they never have to use but it is nice to know that it is available, just in case.
How to use a platinum credit card
Once you own a platinum credit card it is up to you to take advantage of the rewards your card offers. This can be as simple as using it regularly but there are also credit card rewards that you might not know about and therefore might not be using. If you have qualified for a platinum card you have managed to do a few things right. For one you must have an excellent credit card rating to have qualified for this card. Also, there are income minimums that must be met, usually at least $50,000 per annum.
Platinum credit card rewards and security to explore
There are common rewards among almost all credit cards. These rewards relate to your spending in that the more you spend, the greater the rewards you receive. All cards have different programmes for their rewards, the best of the best will match your rewards dollar to point. These points in turn can be used for lots of different things. Some cards give you cash back, some translate to airline miles or savings on common purchases like petrol and groceries. Others still can be used for shopping, services, or even gift cards. In order to take absolute full advantage of this reward you should use your card as much as possible. Of course, the system of using your platinum credit card for all of your costs only works if you in turn pay off the card each month. If not then the interest might outweigh the value of the reward. If your spouse or responsible child can have an additional card you can increase your rewards that way also.
Hand in hand with using your card for everyday purchases is the benefit of an increased spending limit and low interest rate offered on a platinum credit card. Since these cards have higher spending limits you can easily do your day to day spending on them. You can also be confident that in an emergency your card is there to fall back on should you need to make a large purchase. More comforting is the fact that a low interest rate gives you additional cushion in case you do not pay the full balance on a particular month.
A platinum credit card offers excellence in secure spending with your plastic. If you choose the right card they could protect you and help you through this process. First as a platinum member the credit card provider will keep watch over your account for any spending that seems out of the ordinary. They will even go so far as to freeze your card if they see a potential issue until they can contact you to verify charges. Most cards provide forgiveness for charges that are fraudulent. If you are an unfortunate victim of identity theft, some credit card companies will help you rebuild your credit file. The value of services like this is truly immeasurable.
Travelling with a platinum credit card
Insurance for overseas travel is a big value. All you have to do is use the card for your booking expenses and you are offered all kinds of insurance – but it is highly advised to read the terms and conditions first to ensure you’re covered. Not only do you get insurance on the actual expenses but lots of other insurance too. Some cards have inconvenience insurance which repays you if your luggage is lost or your flight is delayed. That, is travelling in style. As much as no one wants to use it, another valuable reward is emergency or legal aid while on overseas holiday. All you have to do is make a phone call and your credit card company will be there to help you. Just knowing that it is available will help you to breathe easier.
Black Credit Cards
Sitting at the top of the ladder of "exclusive" and lucrative credit cards, are the Black range. Black Credit Cards generally have a much higher credit limit, and much stricter criteria to join.
What is a Black Credit Card?
A Black credit card is essentially the new platinum. They come with a wide rank of perks and exclusivity that may make people stop and stare at your credit card. You’ll get access to such benefits as
- Travel Insurance
- Higher rewards points earning
- Discounts and offers at high end retailers
Of course this all comes at a cost – generally in a higher annual fee. Although there is only a small selection of Black credit cards in the market today, it is always important to compare your options.
Where can I find more information on Black Credit Cards?
As the range of Black Credit Cards grows in Australia, it is important to keep yourself up to date on the offers in the market. We’ve compiled a comprehensive guide to black cards that will get you up to speed and help you compare.
How to use gold and platinum credit cards to earn more rewards points faster
There are plenty of differences between standard credit cards and gold and platinum credit cards, but many people tend to think of these premium cards as being more expensive. The minimum income requirement is much less than most people think and the fees and charges are now comparable with standard cards. However, it’s the benefits of being able to accumulate rewards faster through the rewards program that can make these cards stand out from the crowd.
With a standard credit card, you’ll usually earn 1 point for every $1 you spend using your card. However, with gold credit cards you could earn 1.5 points per $1 and with platinum credit cards you could earn 2 points per $1 spent on your credit card. This means you’re able to earn more rewards points for spending the same amount of money on your card.
Bonus rewards points
Many of the premium credit cards accounts also offer the opportunity to earn plenty of bonus rewards points on top of your regular points. A good example of this is some credit card providers offering bonus rewards points when you activate your card or when you use it for a purchase the first time. Gold credit cards and platinum credit cards may also have affiliations with bonus partners. By purchasing through these partners you can earn additional rewards points, and if you use your card to pay for the purchase, you could be earning points twice on the same purchase. If you regularly use a credit card, then you could benefit from the increased opportunity to earn extra rewards points.
How you can accumulate rewards faster
You can accumulate rewards faster simply by choosing a gold or platinum card over a standard one, but to further increase your reward points you should take advantage of bonus points. These premium cards offer a greater choice of bonus points’ partners, therefore making it more likely for you to find stores that you normally frequent. Some cards even offer bonus points for card activation, first purchase, and other one-off events. Keep an eye out for these bonus point events, and move your regular shopping to one of the participating bonus partners. In no time you will accumulate rewards faster than you ever could have with your standard card.
Enhanced reward points earnings
Gold and platinum credit card providers may also offer bonus rewards points when you activate your credit card, or when you use the card first to pay for a purchase.
You’ll also find that premium credit cards will also usually offer the chance to earn further bonus points when you shop with their bonus partners, who offer additional reward points for shopping with them. If you use your credit card to pay for your purchase, you could potentially be earning points twice on the same purchase.
Other benefits of a gold or platinum card
While the opportunity to accumulate rewards faster is a great incentive, there are other reasons to consider these cards. Cardholders can benefits from extra levels of service that may include a personal concierge service of 24/7 booking service.You may also receive extra insurance benefits that could include complimentary travel insurance, purchase protection insurance and extended warranty on your purchases.
- Superior Service. Gold and Platinum cards entitle the cardholders to services which are unavailable to standard cardholders, such as round-the-clock telephone service to ‘personal concierge’ services.
- Extended Insurance. In addition to standard insurance you can get complimentary travel insurance, a warranty that extends the manufacturer’s provided warranty, extra purchase protection and fraud protection etc.
- Low Travel Money Commissions. Many gold and platinum cards allow you to buy traveller’s cheques and foreign currency at lower commissions.
- Deep Discounts. These premium cards often have very good discount offers on a wide range of stores and services.
Most people shy away from the thought of Gold and Platinum Cards, thinking of them as being too expensive or otherwise unsuitable for their needs. But if you are someone who’s got their finances under control and spend a fair amount on credit card purchases, you might find that the benefits of these cards outweigh their costs.
The most obvious benefits arise from a superior rewards program attached to the cards, as well as the ability to accumulate rewards faster on them. With increasing competition among the banks the annual fees of gold and platinum cards have decreased, as well as the yearly income figures required to obtain one. You might be surprised at some of the current offers out there, so don’t hesitate to ask your bank (or their competitor) about it.
Frequently Asked Questions
I’m interested in one of these cards but why are the annual fees are so high?
Just like a car, the more features and classy it is, the more expensive it will be to maintain. Some of the cost will also go into the brand name or ‘gold/platinum status’ of the card.
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 $50,000 – $70,000.
What’s going on with the frequent flyer program?
Direct earn’ credit cards are still available, but you no longer can transfer your reward points to the Frequent Flyer Program. As a general rule of thumb, Gold credit cards require $40-50k annual earnings to application approval, while Platinum credit cards sit at $60-$70k.
What sort of features come with a gold or platinum credit card?
Personal 24/7 concierge service, free travel insurance, contents insurance, discounted goods (entertainment, car hire etc), purchase security, cover and warranty, and commission free traveller cheques are some of the benefits possible out of a prestige card. Some credit cards will feature more features than others.
* 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. ‘Best and ‘Top’ are ratings which are subject to our consideration and is not rated against all Australian credit cards. We recommend you take this information into account when comparing credit cards.