Premium features including complimentary travel insurance, more reward points and 24/7 concierge services set platinum credit cards apart from other options. Find out more about choosing the right platinum credit card here.
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 suit your needs. Keep your financial goals and behaviours in 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 most competitive 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 Offer
The HSBC Platinum Credit Card comes with an introductory balance transfer offer, rewards points and the annual fee is refunded each year if you spend $6,000 on eligible purchases.
- Enjoy a promotional balance transfer rate of 0% for the first 15 months on application (reverts to the variable cash advance rate).
- $0 annual fee. Save $149 each year if you apply by 31 December 2016, are approved and reach a yearly spend $6,000 on eligible purchases.
- Platinum cardholder benefits include Visa Platinum Concierge Service and a wide range of Complimentary Insurances.
- Earn 1 Reward Point per $1 spent on eligible purchases.
- Up to 55 days interest-free on purchase when you pay the full closing balance (including any balance transfer amount) by the statement due date.
Platinum Credit Card Comparison
Rates last updated September 23rd, 2016.
- HSBC Platinum Credit Card
$0 annual fee + 0% for 15 months on balance transfers offer extended until 31 December 2016
September 1st, 2016
- HSBC Platinum Qantas Credit Card
Bonus points offer has been changed from 40,000 to 60,000 and extended until 31 December 2016.
September 1st, 2016
- American Express Platinum Edge Credit Card
Standard 10,000 bonus points offer has replaced the 30,000 bonus points exclusive offer.
September 1st, 2016
Why you should choose a Platinum Credit Card
The prestige and features of a platinum credit card can give you extra value if you spend regularly, travel frequently or use your credit card for additional perks. Platinum credit card features and benefits are a cut above those offered by classic (basic) or gold credit cards and often include:
- Complimentary international travel insurance
- Complimentary interstate flight inconvenience insurance
- Transit accident insurance
- Hire car insurance
- Extended warranty cover
- Purchase protection insurance
- Best price guarantees
- Complimentary airport lounge access
- Higher points per $1 for reward programs
- Higher points caps for reward programs
- Higher credit limits
While some standard and gold credit cards also offer extras such as complimentary insurance, it’s important to note that platinum credit card complimentary insurance usually offers greater coverage with lower excesses and is more likely to cover companions or family members.
There are also several platinum credit cards that offer no foreign transaction fee, such as the Bankwest Zero Platinum. This platinum perk can save you huge amount of money if you use your credit card for travel or a lot of online purchases with international retailers.Back to top
How to compare Platinum Credit Cards
Platinum credit cards are available through almost every issuer on the market, which makes it important to compare credit cards to find the right option for your lifestyle. A good place to start is by looking at the features that are similar across all credit cards (e.g. interest rates), and the features that are different (e.g. promotional interest rates, specific complimentary extras).
To help you compare platinum credit cards, here’s a breakdown of the key similarities and differences within this premium credit card category.
Features typically provided with a Platinum credit card
- Lower purchase rates. This interest rate is applied to new transactions made on the card and the lower it is, the less money you will have to pay if you ever carry a balance.
- Cash advance rate. Transactions such as ATM withdrawals are known as “cash advances”, and generally this is the highest interest rate on a card. The cash advance rate could also be applied at the end of the introductory period on a platinum balance transfer credit card. Make sure to check the fine print and remember that even the smallest difference in the percentage charged could save you money.
- Interest-free days on purchases. If you pay your balance in full every month, you will have access to a set number of interest free days for each statement cycle. This feature gives you more flexibility to pay off your balance on your own terms without getting charged interest in the process.
- Higher annual fees and waivers. Platinum credit card annual fees start from $87 to $350 or higher. There are also some platinum cards with no annual fee, and others that halve or waive the annual fee for the first year. So, making sure you know the ongoing annual fee rate before you choose a card can save you a lot of money in years to come.
- Credit limits. Minimum credit limits for platinum credit cards start around $5,000 or $6,000 and maximum limits could be $50,000 or more, giving you flexibility to choose a credit limit that suits your spending habits.
- Additional cardholders. This feature is great if you want to share your credit account with a partner or boost your reward points. Some platinum credit cards charge extra for supplementary cards, while others offer them free. If you think you will want to add a cardholder to your account then check the cost before applying to save money.
Differences between Platinum card offers
Features such as promotional interest rates, rewards programs, travel benefits and complimentary extras vary significantly depending on the platinum credit card you are looking at, so it’s important to consider them separately based on your goals and needs. See the following benefits to find out what you are after in a Platinum credit card offer.
Promotional interest rate offers
- 0% purchase offers. A 0% purchase offer is great if you have planned purchases, such as a holiday, coming up. Ensure you know how many months you will have before the ongoing interest rate is applied and try to pay off the balance in that time so you can save money through this deal.
- Balance transfer offers. If you need to consolidate a high interest debt, you could move your current credit card debt to a platinum credit card with a balance transfer offer and pay low or 0% interest during the introductory period. You shouldn’t use your card for spending while you’re repaying a debt, so this is something you’ll need to consider when comparing cards.
- Bonus points offers. Platinum reward credit cards may give new cardholders the opportunity to earn hundreds or thousands of bonus points when they activate their card and spend a certain amount of money in the first few months. Check out different offers and the requirements to get these points before you choose and apply for your card to take advantage of this offer.
- Frequent flyer or rewards points. Some reward credit cards are directly linked to frequent flyer programs, such as Qantas Frequent Flyer or Virgin’s Velocity Rewards, and others let you transfer reward points into a wide range of frequent flyer programs or redeem them for cash, gift cards and more. Choose a card that offers the right kind of rewards for your goals will help you get the most value out of it.
- Reward points earnings rate. Platinum reward credit cards usually offer a greater number of points per $1 spent when compared to standard or gold options,but it’s also important to know that the type of credit card you get also plays a part. In general, American Express credit cards earn the highest amount of points per dollar. Some reward credit cards come with both an American Express and a Visa or MasterCard to offer more payment acceptance and flexibility.
- Uncapped / capped rewards points earnings. Some reward credit cards limit the number of points you can earn per month. You can figure out whether or not this cap will affect you by looking at your average monthly spending and the points you would earn to see how close you get to the cap.
Travel benefits & Insurance
- Platinum credit card complimentary insurances. The range of complimentary insurance options offered with a platinum credit card will vary, as will the particular policy details. So if you are interested in a particular type of insurance, check the fine print to make sure the card you choose will work for you.
- Foreign transaction fees.
- Overseas ATM Withdrawal Fee. Charged when you use your credit card to withdraw money from an ATM, this fee can be up to $5 per withdrawal.
- Foreign Currency Conversion Fee. This charge could add between 1-3% to all transactions made on your credit card that aren’t in Australian dollars (i.e. when overseas or shopping with an international retailer online).
- Overseas Cash Advance Fee. Withdrawing cash with your credit card when you are overseas could cost an extra $1 to $10 or 1%-4% of the total (whichever is higher), depending on the card.
More Platinum card benefits
- Concierge service. 24/7 concierge services are a popular feature of platinum credit cards and can help you with travel bookings, restaurant reservations, tickets to events and more. Check out articles and forums online to find out which concierge services are the best for each card.
- Global support. If you lose your card or something else goes wrong overseas, a global support service will help you sort things out quickly. Make sure to have your provider’s contact details saved in your phone so that you’re prepared in the case of an emergency.
- Lounge passes. Some platinum credit cards offer you the added luxury of airport lounge access when you travel. Check individual cards for specific details on who can use these passes and how many people will be allowed to go with you each time you fly.
- Entertainment experiences.
- MasterCard. A MasterCard credit card offers a variety of dining, travel, retail and entertainment experiences and offers through MasterCard Privileges and Priceless Cities.
- Visa Entertainment. If you get a Visa credit card, you can get exclusive access to presale tickets, movie offers and competitions when you sign up for Visa Entertainment online.
- American Express invites. This complimentary program partners with Ticketmaster to give you a range of ticket offers for cinema, theatre, stadium events and dining experiences when you have an American Express credit card.
Things to consider before applying for a platinum credit card
Choosing the right platinum credit card often comes down to your individual circumstances, so it’s important to consider the following three factors when you start your search:
- How much you are spending per month. Ideally, you should get more value from the card than what you pay for it if it has an annual fee. This value could come through using complimentary extras such as insurance or through earning reward points and often the more you spend, the more potential value you will get from the card. For example, if you had a platinum credit card with a $200 annual fee and spent enough to earn reward points that would give you the equivalent to at least $200 in gift cards or airfares, then the card will be worth it.
- Are you using all the available benefits/ does it suit your lifestyle? Platinum credit cards come loaded with benefits, but their value is only relevant if you actually use them. Complimentary travel insurance, for instance, will only save you money if you use it when travelling, so if you don’t travel much it might not be a relevant or value-adding feature.
- Is the credit limit suitable for your current finances? A credit limit that is too low increases the risk of maxing out the card and having over limit charges applied, while a high credit limit can increase the risk of credit card debt. Look at the minimum and maximum credit limits to see whether or not a card will realistically suit your circumstances.
What conditions do I need to meet to apply for a platinum credit card?
Check these requirements to make sure you are eligible for a platinum credit card:
- Age. You must be at least 18 years of age to apply for any credit card.
- Credit history. Platinum credit cards are designed for people with good or excellent credit history.
- Income. You must have a regular source of income. Platinum credit cards also have higher minimum income requirements, starting from $30,000 but usually closer to $50,000 or more.
- Employment. Full time employment is preferred, but if you are self-employed, retired or on a pension and can provide proof of regular income then you may also be eligible to apply.
How to apply for a platinum credit card
Get your platinum credit card by following these six simple steps.
- Find a platinum credit card that best suits your needs and click on the ‘Go to site’ button. This will send you to the bank’s secure application page.
- Read over the eligibility criteria and application terms then select ‘Apply’.
- Fill out the application with as much detail as possible.
- Provide your supporting documentation when it is requested (see below).
- Submit your application. You should be notified of the initial outcome within a few minutes via the webpage or your email.
- If you receive conditional approval, follow the steps outlined by the bank to complete the application process.
Required documents when applying
The supporting documents you may need to supply during the application process include:
- A copy of your driver’s licence or another official document with your address (i.e. a utility bill)
- A copy of your passport or Medicare card
- Proof of employment/income, such as: two payslips less than 60 days old, a letter of employment or your most recent tax statement from the ATO
- Contact details for your employer or accountant
The credit card issuer or bank needs these details before the application can be fully processed and you can usually attach them to the application, submit them via a secured web-form or post them to the bank depending on the issuer’s preferences.
How long will it take to receive the credit card?
Once the application is approved and your supporting documentation is provided, it usually takes 5-10 business days to get your new platinum credit card. Some credit card issuers take longer than others, though, so it’s a good idea to check with the bank to get a better idea of when you will get your card.
From higher credit limits and more reward points to complimentary insurance, concierge services and travel perks, platinum credit cards have both premium features and status that lift them up above other options. So if you want your credit card to do more for you than just the basics, check out the wide range of platinum credit cards and use your knowledge of them to find an option that is great for you.Back to top
Frequently asked questions about platinum credit cards
Here are some of the most frequently asked questions about platinum credit cards from our users. If you still have a question please leave a comment in the box below.