Platinum Credit Cards
Compare Platinum Credit Card Deals
High earners have long experienced the benefits of platinum credit cards. Not all of these cards are created equal, so if you meet the requirements for one you should carefully consider your choices. Find a card that offers the best in rates, rewards, and security because you have earned it.
Platinum credit cards are some of the most prestigious cards to carry in your wallet. These cards signal to everyone that you have significant spending power based on your income and your credit history. The credit card companies realise that customers like you have the pick of the litter when it comes to choosing credit cards so they are willing to offer above average rewards and rates to get your business. As you peruse these offers there are several things you should consider before you decide which platinum card is best for you.
Platinum Credit Card
The ANZ Platinum Credit Card offers all the Platinum perks you would expect in a platinum credit card including a great balance transfer offer and a low annual fee.
- $0 p.a. annual fee for the first year ($87 p.a. thereafter) annual fee
- 19.39% p.a. on purchases
- 0% p.a. for 9 months on balance transfers
- Cash Advance Rate of 20.99% p.a.
- 55 days interest free
- Minimum Income Requirement of $50,000 p.a.
Platinum Credit Card Comparison:
Important Considerations When Comparing Platinum Credit Cards
Eligibility Requirements – Platinum credit cards have fairly strict qualification standards. To be eligible for one you will need to have a perfect credit file, an income of at least $50,000 as well as meeting a minimum age requirement that is usually between 18 and 25. Those who can not meet these minimum standards should look into other options like a gold or classic credit card.
Rewards - Platinum cardholders get big rewards that come in the form of airline miles, travel or shopping points, cash, or charitable donations to name just a few. Look through your offers to find those rewards that are the most valuable to your personally. If you travel often, then find a card that offers great travel deals. If shopping is your thing then see if you can find a card that gives you points to use at your favorite shops.
Security – Credit card security is a concern for every credit card owner. As a platinum credit card holder you will get added security and protections on your account. You should not underestimate how valuable these features really are so do some research on the protections that you are offered. Some credit card companies provide 24 hour account monitoring and assistance in rebuilding your credit profile should you be the victim of fraud.
High Credit Limit - If you have met the requirements for a platinum card you can look forward to a high credit limit. This gives you spending power to buy big ticket items or other large purchases with just the swipe of your card. Make sure that you are getting the kind of credit that you have earned.
Low Interest Rates – As a platinum cardholder you are not a credit risk to your card provider. As such, you should be rewarded with a low interest rate. Shop around for the best deals on interest just be sure to read everything carefully as some cards offer low rates as introductory deals that jump up significantly after a short period of time.
Platinum credit cards can open many doors for you. They give you spending power, rewards, and security that is a step above average credit cards. In exchange all you have to do is maintain an excellent credit file and high income. If you think you fit the bill and do not yet have a platinum card start looking at your options today.
How Do Platinum Credit Cards Work?
Platinum credit cards offer prestigious benefits to people that have a higher than average income and an excellent credit record. If you are considering a platinum credit card, find out all about them in this article.
If you are looking for a card that will give you a higher credit limit and more purchasing power then you should be turning to platinum credit cards. They also give the cardholder additional benefits to make sure that all your purchases are safe, secure and protected.
The Benefits Of A Platinum Credit Card:
The main benefit of owning a platinum credit card is that you are eligible for a much higher credit limit, and most platinum credit cards do not even specify an upper limit. Apart from that, the benefits are similar to those of owning a Gold credit card, where certain features come as standard.
A Platinum credit card will include purchase protection insurance. This covers you against any purchased goods being lost, damaged or stolen, and can extend for up to three months from the date the purchase was made. Many shops only allow you to return goods within either seven or fourteen days.
Another advantage of a Platinum credit card can be the inclusion of an extended warranty above and beyond that provided by the manufacturer. If you enjoy the peace of mind of extended warranties, then this will save you having to fork out for one yourself.
Provided you use your Platinum credit card to pay for foreign travel, that journey will be covered by complimentary travel insurance. You will also be covered up to a certain level for medical expenses whilst abroad, for the loss or theft of your possessions, and for any travel delays that cause you to be out of pocket, for example because you miss a flight.
Platinum credit card owners should also enjoy the benefits of a Concierge service, as provided by either Visa or MasterCard. This service allows the customer to find pretty much anything they want at any time they want it. Platinum credit cards also benefit from the same interest-free days as standard cards, and the same offers on balance transfers. Equally, they will boast some attractive reward schemes.
As a platinum cardholder you can expect superior features and benefits. You may have access to purchase security, more purchasing power and better protection against identity theft and fraud. You will also have more services to choose from when you travel overseas.
Some of the most common platinum services offered include:
- Higher credit limits that give more purchase power.
- Automatic insurance to cover your purchases, warranties on refused refunds, price match guarantees and extended warranties on appliances for the household.
- Extra fraud protection including online fraud guarantees, identity theft protection and monitoring services for active fraud.
- Additional services for travel including card replacement worldwide, emergency assistance overseas and a variety of travel insurances.
There is a good chance you will end up buying some high-end products with your credit card since you will be given a higher credit limit. It is nice to know that when you make these purchases. Some cards will give you free insurance on the items you purchase with your credit card. You may be covered for up to three months for any loss, theft and accidental damage to the product you purchased.
If the retailer refuses to give you a refund on an item, you will be covered by some platinum credit cards. You may also be offered a price match guarantee, which means that you will be given the difference if you can find an item at a better price somewhere else. You will get superior fraud protection with a platinum card and you’ll probably be offered a fraud guarantee for using your card to make purchases on the Internet. You can shop safely and securely using such a card knowing that on top of active fraud monitoring you also have this fraud guarantee.
Platinum credit cards give people the chance to really use the card the way it was intended. There are less restrictions with this kind of card than a regular card because your credit limit is higher and you have the option to make more purchases. If you think you qualify for a platinum card, then go ahead and apply for one. The benefits you receive will be priceless.
The Difference Between Standard Credit Cards And Platinum Credit Cards
Platinum credit cards offer all of the features you can find in a standard credit card and then some. American Express, MasterCard and Visa all issue platinum cards and they are accepted worldwide by any company or retailer that accepts credit cards. You will have the same terms and conditions to follow as you would with a regular card, such as paying the minimum amount required by the due date.
Because you have proven that you are reliable with a good credit history and a good income you will usually be awarded with a lower interest rate on these cards and the interest rate will differ from card to card.
How To Compare Platinum Credit Cards
If you are planning on getting platinum credit cards you should first learn how to compare them. You need to know exactly what you are looking for before you start the task of doing a side-by-side comparison. This article will show you what you need to know to get the job done right.
You might think that it would be easy to just sit down and start comparing platinum credit cards, but if you don’t know what to look for in a card or don’t know what all the features mean you will be quite lost. You may end up choosing a card that you don’t really want simply because the process is too confusing. All you really need is a little knowledge before hand in order to do a proper comparison.
How To Choose The Right Platinum Credit Cards
The higher the credit limit the card offers the more purchasing power you will have. While you may not qualify for the highest limit available, if you use your card properly and always pay off your balance in time you will be able to ask for an increase on your limit. If you go for a platinum card with a lower limit, you will be stuck at that limit unless you apply for another platinum credit card.
This can be a bit tricky to understand when you are comparing the cards since some companies will tell you what the maximum credit limit is and others will tell you only the minimum. You will have to work with this as best you can when you are doing your comparison.
These are some of the most important points you should look at when you’re trying to choose the right platinum credit card to fit your lifestyle.
- The benefits
Platinum credit cards are famous for the many benefits they offer. You can expect to get a higher credit limit when you apply for this type of card, purchase protection and refund protection. It is also very common to find extended warranties, travel accident insurance, fraud guarantees and emergency travel assistance on them as well.
It is important to note that not every platinum card comes with every one of these benefits, and that is why it is so important to do a full comparison between different cards before choosing a card you want to apply for. There will also be differences between coverage and various conditions for each of the above benefits, so once you have your selection narrowed down you should read through the fine print to find out all the details.
- Travel benefits
It is always a good idea to travel with your credit card instead of cash. If you are traveling and have some money stolen you will have nowhere to turn, whereas if the same thing happened to your credit card you would be given a replacement card.
Quite often another feature you will find on a platinum credit card is worldwide assistance to travelers. Your card issuer can be reached by telephone no matter where you are in the world. You can even call them if you have a legal or medical emergency while abroad.
- Rewards programs
A lot of platinum cards come with rewards programs these days which are offered on top of the regular benefits that come with the card. You may be given the opportunity to collect rewards points that you can use to redeem for valuable rewards. Once again, these rewards programs are individualized for each card so you’ll have to read the details when you make your application.
Many platinum credit cards have a rewards scheme attached to them so that you can start earning points to get valuable rewards. Some programs will give you cash for your points that is deposited back into your credit card account. Enough points saved will allow you to get enough cash back to cover the cost of your annual fee on the card. Some awards programs will give you frequent flyer miles or shopping discounts. The nice thing about this is you can usually expect to find a better program on a platinum card than you would on a standard card.
- Rate of interest
Some platinum cards come with a very high rate of interest while others are relatively reasonable. If you can find a platinum card that has a decent interest rate along with all the benefits you would like to see in a platinum card then this may be the right one for you.
If you have to carry a balance over from one month to the next from time to time it is important to find out what the purchase rate is on the card and look for the lowest. This should not be the deciding factor when you finally choose a platinum credit card because with all of the features and benefits on them it may become secondary. It is an important factor to keep in mind as you go through the list of cards you want to compare, however, because your ultimate goal is to find a platinum credit card with the features you want with the lowest interest rate.
- The annual fee
Most platinum credit cards charge an annual fee and quite often these fees are higher than what you can expect to find on a regular credit card. This is expected since you are given distinctive benefits that in most cases greatly outweigh the costs of the annual fee.
- Balance transfers
You can even find some platinum cards that offer great deals on balance transfers. This means that you will be charged a lower interest rate for transferring a balance over from one of your existing cards.
Every card will have a different set of requirements, and these are usually made evident on the application form. You will need to have good credit and a good income to get approval, and if you don’t have one of them then you should consider applying for a classic card or a gold card instead.
- Travel benefits
If you have to travel a lot on business or you take a lot of holidays platinum credit cards will give you extra services that you can use even when you’re abroad. If you ever have a legal or medical problem while you’re away you can call a special helpline to get worldwide assistance from your credit card issuer. You may even be able to get a cash advance in an emergency and a card replacement if you need it.
- Security on purchases
Almost every platinum card offers different purchase cover and you will be covered automatically against damage, loss and theft for an initial time period from the date of purchase. Some cards also offer extended warranties, which will give you an extra year on the manufacturer’s warranty at no extra cost.
You will be automatically covered against damage, theft and loss if you make a purchase using a platinum credit card in most cases. It is nice to have that kind of security behind you if you are purchasing a big item like a flat screen television. If you have chosen the right card, you will not have to buy an extended warranty from the manufacturer. If you make a few big purchases during the course of a year that can add up to a lot of money being saved.
Credit cards are very safe way to pay for purchases and most platinum credit cards have extra built-in security to make sure that you feel safe using the card. Platinum credit cards may offer you a fraud guarantee for Internet purchases. They also supply 24/7 monitoring of your card and let you know right away if they notice anything suspicious.
Not everyone will get approved for a platinum credit card, and unless you meet the strict requirements you should not even bother submitting an application. These cards are only given out to people with an excellent credit history and a stable high-paying job. There may be different age requirements for each card as well, so watch for that. You will also have to be a resident of Australia. Find out what the approval requirements are before filling out an application because it will not look good on your credit history if you get turned down.
Comparing platinum credit cards should be much easier for you now that you understand what to look for. It is important to apply for the credit card you really want so you can walk away with the right card that suits your lifestyle the best.
When you are comparing different platinum credit cards you will see that they all have a different maximum credit limit. These cards generally offer a higher limit because acceptance is given only to those with a good income and an excellent credit rating. The card issuer knows that this type of person can be given higher credit since they have proven that they are reliable and can manage their debts.
Knowing what’s available on platinum credit cards will allow you to do an effective comparison between cards. These are the main types of benefits you can expect to find on these prestigious cards and now that you know what to look for you will be better prepared to make an informed decision.
Platinum credit cards are all different and each one comes with benefits and features that are unique to that card. When you compare one platinum card to another, you need to look for the benefits that you would use to help you save money. You should also find the features you know you would enjoy.
Platinum credit cards are good for people that meet the minimum required income and have a good credit rating. If you don’t fall into both categories, a gold credit card might suit your needs better. If your credit rating isn’t up to par, you might have to settle for a classic credit card.
If you do feel that you qualify for a platinum card then you should start comparing the features and benefits you can find on each card. There are
certain things you should look for on a platinum credit card and things you should watch out for.
A lot of people forget about all the features and benefits they have on their credit cards, and if you own platinum credit cards you may have forgotten about many of the prestigious benefits that come with them. Owning a platinum credit card gives you access to so many extras that you should really understand everything you can so you can make the best use of your card.
How To Use Platinum Credit Cards
Many platinum credit cards come with various types of insurance that you may have forgotten about. A lot of these cards offer complementary travel insurance as long as you use your card to book your flight. Many also offer purchase protection insurance and extended warranties. If you forget that you have these on your card you may end up purchasing them when you don’t really need to.
If you have a platinum card with a rewards program attached to it you should use the card for your everyday spending. This would include such things as buying petrol and groceries. You can really get a lot of points quickly when you start to make regular purchases with your card. The best thing about it is a platinum card usually has a much better rewards scheme to offer, so once you start collecting your points they will add up quickly and you can get larger rewards.
You can also use your platinum credit card for direct debit and to pay your household bills. Many service providers allow payments with credit cards these days and it is easy to switch over your details so that payments are made by this method only.
You can get extra rewards points by getting additional cards for your family members. You’ll be able to sit back and watch the point really pile up as they use their card for purchases they would have to make anyway.
As with any credit card, owning platinum credit cards is a responsibility that should not be taken lightly. You need to make sure that payments are made promptly and that the minimum required payment is sent every month at the least.
To get the most out of your card, you will pay more than the minimum and make sure that the full balance is paid every time you receive your card statement. If you carry a balance over from month to month you’ll have to pay interest charges and this completely defeats the purpose of getting rewards.
Platinum credit cards are loaded with extra features, and if you are looking for one of these cards you should compare the features before getting one. If you already have a platinum credit card, you should take a look at the terms and conditions on your contract again to remind yourself what you signed up for and what you may be missing out on.
Tips To Help You When Comparing Platinum Credit Cards
These are the things you should look for in platinum credit cards when you are making a comparison.
- Look at the interest rate for purchases. Try to find the platinum card with the lowest interest rate that includes all the benefits you would like to have in a card.
- Look for a rewards program if you’re the type of person that uses their card often and spends a lot of money on it. You should also be the kind of person that is able to pay off the balance every month because the interest rates on rewards cards are generally higher than cards that don’t have this feature.
- Look at the platinum benefits offered on the card such as extended warranties, travel accident insurance, fraud guarantees, purchase protection and a high credit limit. There may be others that have not been mentioned here that you may find quite appealing.
- Look for a balance transfer card if you want to transfer over an existing debt from another card. Compare the interest rates between the platinum credit cards and find out how long the introductory time period is on each.
You should also check the minimum income requirement for each card so that you don’t end up applying for platinum credit cards that have an income level you can’t meet. You need to also look at the minimum age requirement and find out how much the annual fee is.
Comparing platinum credit cards isn’t too difficult if you follow the suggestions above. Take your time doing it so that when you send in your application you are 100% certain that this would be the card you would want.
How Much Money Will I Need To Earn For A Platinum Credit Card?
Platinum credit cards afford the card holder greater prestige than a gold or classic credit card and therefore they are restricted to those earning higher salaries. These range from around $50,000 to $75,000 gross per annum.
To give you an idea, the Citi Clear Platinum, the Citi Platinum, and the Macquarie Bank Visa Platinum credit cards all have a minimum income stipulation of $50,000 per year; the American Express Platinum credit card specifies a minimum income of $65,000; and the HSBC Platinum Visa credit card requires a minimum $75,000.
Inevitably, the annual fees for a Platinum credit card are usually higher than average, and can be as much as $450, but are more normally in the region of $200. Equally, the interest rates are generally at the higher end, closer to 18% or 19%. However, it is possible to find a Platinum card at a $0 annual fee and at a rate of 17.99%, namely the Bankwest Zero Platinum MasterCard, or one with a $99 annual fee, but with an interest rate of just 11.99%, namely the Bankwest Breeze Platinum MasterCard. Neither of these cards are compromised on credit limit as both have no maximum upper level.
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