Compare platinum credit card deals
Platinum credit cards are credit cards with premium benefits and high spending limits. Traditionally aimed at only high-income customers, these cards can now be used by people on annual incomes starting from as low as $30,000. It is worth thinking carefully about whether a platinum credit card will best suit your needs. Keep your financial goals and behaviours top of mind.
Australian platinum credit cards are a higher prestige credit card that offers extra features and benefits as compared with classic (basic) and gold ranges. When you review a platinum credit card, you’ll notice a higher maximum credit limit than less prestigious cards. Some platinum credit cards list a maximum credit limit of $100,000, while some cards allow even higher than that. As well as this, platinum credit cards have high minimum credit limits — which can be a constraint for credit card users who wish to place lower limits on their cards.
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. Find the latest platinum credit card offers below:
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 Credit Card Comparison:
Table of Contents: Platinum Credit Cards Guide
- What is a platinum credit card?
- What are the types of platinum credit cards?
- How do platinum credit cards work? Important considerations when comparing platinum credit cards
- Pros of platinum credit cards
- Cons of platinum credit cards
- The difference between classic credit cards and platinum credit cards
- How to compare platinum credit cards and choose the right one
- The biggest mistakes you can avoid
- FAQs answered about platinum credit cards
What is a platinum credit card?
Platinum credit cards are prestigious credit cards that suit high income earners seeking premium credit cards. Typically platinum credit cards offer better benefits than classic or gold levels of credit cards, in return for what are often higher annual fees.
What are the types of platinum credit cards?
Low rate platinum credit cards are a type of card that has a low interest rate on purchases. Aside from the low rate, you generally don’t get the full suite of benefits you’d expect with a rewards credit card. Although these cards can come with some benefits such as complimentary overseas travel insurance.
Rewards credit cards are a type of credit card that have some of the best benefits of any rewards credit card. Few cards are as feature-packed and platinum rewards credit cards are widely thought to be the cards that most reward customers for credit card spending.
Platinum credit cards can offer a range of exclusive offers including:
- Low interest balance transfers
Where credit card customers can have their credit card debt transferred over with a low rate balance transfer on to a new card .
- Low purchase rate offers
A special offer to new customers that has a low introductory rate of interest on purchases.
- Bonus rewards points
Many rewards cards have bonus points for signing up. Often these will be awarded after the minimum initial purchases are made on the card.
- Waived or reduced first year annual fee
Although not exclusive to platinum credit cards, waived or reduced annual fees for the first year is a very common and more likely feature of platinum credit cards.
- Low interest balance transfers
How do platinum credit cards work? Important considerations when comparing platinum credit cards
Platinum credit cards follow the same functionality, billing structure and acceptance as classic and gold credit cards. The only real difference to a consumer is that the benefits (and annual fees) tend to be higher.
If you are in the market for a rewards card, it is a good idea to look at what is called the ‘net rewards value
Pros of platinum credit cards
Cardholders of rewards platinum credit cards get big rewards that come in the form of airline miles, shopping vouchers and cash to name just a few. Look through your offers to find those rewards that are the most valuable to your personally. Do want flight rewards, shopping vouchers, merchandise or a combination of all three? Some cards are exclusive to only one of these rewards, so choose carefully.
Complimentary travel insurance
Free travel insurance is an amazing benefit for platinum cardholders — saving travellers hundreds of dollars per trip. Mainly, travel insurance is for overseas travel, but some cards have moved to also cover domestic travel.
Conditions to qualify for complimentary travel insurance can vary from card to card. So it is worth investigating how to be eligible for complimentary travel insurance before you make any of you flight or car hire purchases. Although, a common condition is to pay for your return flight with your credit card. Invariably, all sellers of airline tickets accept credit card payments, so qualification for complimentary travel insurance shouldn’t be a large effort if this feature is offered on your card.
Credit card security is a concern for every credit card owner. As a platinum credit card holder you will get security and protections on your account as standard. Most platinum credit cards provide 24-hour account monitoring. In the event of any credit card fraud, cardholders will usually be compensated in full under their card scheme and receive assistance in rebuilding their credit profile.
High credit limits
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 require.
Free frequent flyer memberships
Qantas’ Frequent Flyer program costs a joining fee for new members. This fee was $82.50 at the time of writing. Some platinum credit cards give cardholder’s free memberships to this program.
Earn points faster
Platinum credit cards offer the highest possible earn rates for reward points — with up to three rewards points per dollar spent. This allows customers to earn reward points faster than ever before.
Big spenders have long complained that many credit cards have capped reward points (a maximum amount of points that can be earned). And some cards have tiered earn rates, so that reward point earnings reduce per dollar spend once certain point levels are reached. However, select platinum credit cards offer uncapped points — which serves a huge need from many credit card customers.
Like free flights without having to earn any points? Some platinum frequent flyer credit cards offer complimentary flights every year — which saves any mucking around with reward points.
Waived foreign currency conversion fees
Industry insiders know that credit card customers get slapped with massive additional fees and charges while using their credit card overseas. The main offender is the foreign currency conversion fee which is charged on the value of transactions overseas, commonly at a rate of 3-4%. A few platinum credit cards waive these fees — which is a boon for the savvy frequent traveller.
There are a range of extras which can be accessed by holders of a platinum credit card. Some cards offer complimentary passes to airport business lounges each year, while others offer free movie tickets from time to time for new customers.
Purchase protection insurance
A Platinum credit card will often 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.
Cons of platinum credit cards
High annual fees
Platinum credit cards have high annual fees. It is worth thinking carefully if the value you will likely receive from your platinum card will outweigh this fee.
Hard to compare rewards
Rewards programs are notoriously confusing, perhaps intentionally so. It would take a team of mathematicians to compare the rewards value of platinum credit cards on the market.
Fees to join the rewards programs
Be prepared to be slugged with a membership fee by the reward program or the airline frequent flyer points program. These two fees can add up to a hundred dollars a year or so. Although, some platinum cards cover these costs through their annual fees.
Platinum credit card owners can enjoy the benefits of a Concierge service, as provided by Visa, MasterCard and American Express. 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, as well as some exclusive offers on low interest rate balance transfers or low interest rates on purchases for an introductory time period. Occasionally, platinum customers are offered bonus rewards points as an existing customer.
As a platinum cardholder you can expect superior features and benefits in additional services for travel including card replacement worldwide and emergency assistance overseas.
If a 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.
How to compare platinum credit cards and choose the right one
So how do you work out how each credit card compares to another? All you really need is a little knowledge of the basics of credit cards beforehand in order to do a proper comparison.
If so, it is probably of the most financial benefit to choose a suitable credit card with the lowest interest rate.
Do you want to be rewarded for your spending?
A quick measure to ensure you are coming out on top with a rewards card is to times the annual fee by 1,000. Take a rewards credit card with a $100 annual fee. You’d have to spend roughly $10,000 in purchases on the card to break even (100 x 1,000). This is a very important method to choose a rewards credit card, especially if you spend in the low tens of thousands per year on your credit card.
Please note that this calculation is only a guide. Some cards will have less while some will have more than a 1% rewards value.
On top of choosing a rewards card with an annual fee low enough to give you a net gain, you will want to choose a card that gives you the rewards that you most desire. Many customers want points that either directly earn points towards frequent flyer programs or that can be converted into such programs. Not all rewards cards are able to do this, so it is worth looking closely at each credit card review on CreditCardFinder.com.au.
The difference between classic credit cards and platinum credit cards
Platinum credit cards offer all of the features you can find in a standard classic credit card and then some. MasterCard and Visa all issue platinum cards and they are accepted worldwide by any company or retailer that accepts credit cards. American Express is similar except that it isn’t as widely accepted. 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.
Significant differences with platinum credit cards include: higher minimum and maximum credit limits and a higher minimum income requirement; higher reward point earn rates; better complimentary extras, such as travel insurance; and great special promotion offers.
The biggest mistakes you can avoid on platinum credit cards
- Failing to make the minimum repayment
- Withdrawing cash using a cash advance
- Not checking your statements
If you fail to make the minimum repayment on your credit card, you’ll be in default. This is clearly not a good situation,as you’ll be hit with fees and have the run-on effect of difficulty to access credit in the future.
To avoid the possibility of this occurrence, set up a direct from your bank account to make the minimum repayment on your credit card.
When you withdraw cash on credit using a platinum credit card, you invite a fee and interest charge frenzy. Firstly, cash is charged at a higher interest rate — called the cash advance rate. Moreover, interest on cash advances starts building from the day of the transaction. This makes it almost impossible for users to avoid paying interest. On top of all this, cash advance fees apply. These are usually charged at 2-4% of the total value of the transaction. So, in effect, cash advances carry two layers of costs and should be avoided where possible.
Cardholders only have a limited time period where they can challenge fraudulent or incorrect credit card transactions and receive full compensation from Visa, MasterCard or American Express. To protect yourself from the nasty world of erroneous charges, be vigilant and check your statement every month.
Tips to choose the right platinum credit cards
Think to which airline alliance do you wish to fly with
Some awards schemes will limit where you can fly and with who. So make sure your frequent flyer points can be exchanged with an airline that flies to the destination/s you want. Many cards directly earn with a specific frequent flyer points program. The common ones linked to platinum credit cards are:
As with any decision to do with your finances, the right platinum card will depend on your personal needs. If you have developed good financial habits and pay your balance in full each month, then a high interest rate on a credit card won’t matter. However, a customer who carries a balance would do well to use a low interest rate platinum credit card.
Maximum credit limit
The higher the credit limit the card offers the more purchasing power you will have. Higher-end customers could be influenced by the upper credit limit allowed by a platinum credit cards in order to suit their high-spending needs.
Platinum credit cards are famous for enabling big spending. If you need to spend big sums on a credit card, a platinum card or higher is suitable.
Minimum credit limit
One thing to consider is to work out whether the high minimum credit limits on platinum credit cards are too high to reign in your discretionary spending if that is an issue for you. Platinum credit cards suit people who are good with money and may create a big debt problem for those who aren’t.
If your main criterion for choosing a credit card is to earn rewards points as fast as possible, look to the earn rates of different credit cards. Some cards will only allow half a point or a point per dollar spent. However, many platinum credit cards offer up to 3 points per dollar spent. So there is a huge variety in value you can earn from a platinum credit card.
Transferability to preferred airlines
Cardholders should keep in mind which airlines that want to redeem their points for. Many cards are specific to particular airline carriers, so it is important to think carefully before you commit to a card.
Capped or uncapped points
If you spend big sums on your credit card, you will be limited by how many rewards points you can earn if points are capped on your platinum credit card. It all depends on your spending behaviours.
The number of additional cardholders and how much it costs per each additional cardholder may influence your decision if you want your partner, family or your employees to use cards from the same account.
Are you eligible?
It is important to get an idea of whether you are eligible for a credit card before you apply for it. Getting rejected by a credit card provider is recorded as a mark against you on your credit record. Platinum credit cards have fairly strict qualification standards which varies from card to card. To be eligible for one you will need:
- a perfect — or near perfect — credit record;
- an annual income of at least $30,000, more often 50k upwards; and
- a minimum age of between 18 to 25.
Those who cannot meet these minimum standards should look into other options like a gold or classic credit card.
Frequently Asked Questions
Your Frequently Asked Questions answered.
What are platinum credit card interchange fees?
Interchange fees are the credit card surcharges which are passed onto the consumer from credit card payment giants Visa, MasterCard and American Express.
As of 2013, the RBA says the cost to consumers of Visa and MasterCard are effectively the same at 0.85% per transaction, while American Express is more expensive still at 1.81% per transaction.
Are there any low interest rate platinum credit cards?
Yes. Low interest rate platinum credit cards are extremely popular due to their combination of low interest rates and platinum benefits.
How do I cancel a platinum credit card?
If you’ve paid the card off in full, you can cancel platinum credit cards at any time, free of charge.
What level of credit card is above platinum?
While platinum is a very exclusive type of credit card, there is one class above, called ‘Black’ credit cards.