The Difference between Standard, Gold, and Platinum Credit Cards

Information verified correct on September 23rd, 2016

With all the different types of credit cards on the market you may have been asking what the difference is between a standard, gold and platinum credit card.

Gold and platinum credit cards offer additional benefits and features that are not available to the regular cardholder. These cards aim to improve the users lifestyle and provide rewards when the card is used. Some of the benefits found on gold cards include extra fraud protection, purchase protection, discounts and extended warranties.

To find out what is the difference between a standard and a gold/platinum credit card take a look at the extra features you will find on the premium card.

  • Higher credit limits available
  • Better interest rates
  • Complimentary travel insurance
  • Concierge services
  • Additional premium benefits
  • Purchase protection
  • Extended warranties
  • More rewards points

Credit Limit

Higher credit limits generally mean more rigid approval conditions. You will find that as you go up in tiers, each of these credit cards requires you to have a higher level of annual income, with gold and platinum cards usually demanding a spotless credit history.

Rewards

You will find that you get more benefits the higher you go. Therefore, with a platinum card you are offered six months of complimentary insurance, with a gold card you get three months, and no insurance with the standard card. Higher tier cards also offer extended warranty on purchases and many other benefits that you won’t find on a standard credit card.

However, all these privileges come at a price, and the more you get, the more you pay. Generally, standard card holders are those with a moderate income, while platinum card holders tend to be high-spenders with a high income and a great credit report. Gold card holders generally fall in the middle.

However, just because you can qualify for a gold card or a platinum card, that doesn’t automatically make it a good choice. If you use your card rarely and the benefits and rewards won’t be of use to you, there is little reason to pay a higher annual fee when you can easily get the standard card instead. Choosing the right credit cards is quite subjective and savvy card users know that they shouldn’t apply for a certain card just because they can.

Platinum credit card benefits

Generally speaking, a platinum credit card will give you a higher credit limit than a classic card. This will all depend on your earnings and expenses, but the potential is there to get a higher limit. A platinum card provides all the standard features that you can find on a regular card and also comes with prestigious features that are only available to platinum cardholders.

Interest rates are also generally lower with platinum cards. This is due to the fact that to be eligible for a platinum card you must have an excellent credit rating to begin with. You are not a high risk and can be given a lower rate because of it. You will be able to spend more with a higher limit as well, which makes it easier for the vendor to be generous with their rates.

You can also expect to find extra fraud protection, purchase protection, extended warranties and other various distinctive benefits that can be found only on platinum credit cards.

A lot of people have heard about platinum credit cards and have always wanted to know what is the difference between a standard and a platinum credit card. Some Australians are not even aware that they would qualify for such a card simply because they did not take the time to find out more about them.

You will need to have a good income and a good credit rating to get approved for one of these cards. You may also have to be over 21 to be approved.

If you have been one of the many that has been wondering what is the difference between a standard and a platinum credit card, now is your chance to go forward and apply for one if you feel you would qualify. This is a card that a lot of Australians strive to get in their lifetime.

Sponsorship - HSBC Platinum Credit Card - Plat, Gold & Black - PE-17029

Platinum Credit Card Offer

The HSBC Platinum Credit Card comes with an promotional balance transfer offer, rewards points and the annual fee is refunded each year if you spend $6,000 on eligible purchases.

  • Enjoy 0% p.a. for the first 15 months on application for balance transfers (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.
  • Earn 1 Reward Point per $1 spent on eligible purchases.
  • Platinum cardholder benefits include Visa Platinum Concierge Service and a wide range of Complimentary Insurances.
  • 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

    View latest updates

    Jonathan Choi Jonathan
    Rewards Points per $ spent (AMEX) Rewards Points per $ spent (VISA/MC) Bonus Points Annual fee
    HSBC Platinum Credit Card
    Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
    0 1 $149 p.a. Go to site More info
    Virgin Australia Velocity Flyer Card - Balance Transfer Offer
    Earn bonus Velocity Points in the first 3 months plus enjoy a low 0% p.a. for 18 months on balance transfers. Plus receive a free Virgin Australia $129 Gift Voucher each year. Available from mid-2016.
    0 0.66 $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
    St.George Vertigo Platinum
    A platinum card with a balance transfer offer of 0% p.a. for 20 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
    0 0 $99 p.a. Go to site More info
    Citi Qantas Signature Credit Card
    Earn up to 70,000 bonus Qantas Points, complimentary access to over 850 airport lounges worldwide and 0% p.a. for 6 months on balance transfers.
    0 1 70,000 bonus points $99 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
    ANZ Platinum Credit Card - Exclusive Offer
    Receive $200 back when you spend $500 in the first 3 months. Also enjoy a $0 annual fee for the first year.
    0 0 $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
    HSBC Platinum Qantas Credit Card
    Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
    0 1 60,000 bonus points $199 p.a. Go to site More info
    ANZ Platinum Credit Card
    Enjoy platinum card benefits with $0 annual fee in the first year and complimentary overseas travel and medical insurance.
    0 0 $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
    Citi Rewards Credit Card - Platinum Card
    Consolidate your debt with a balance transfer offer of 0% p.a. for 24 months and a host of platinum privileges to enjoy including 1.25 Reward Points per $1 spent and complimentary insurance.
    0 1.25 $199 p.a. annual fee for the first year ($249 p.a. thereafter) Go to site More info
    American Express Platinum Edge Credit Card
    Receive 10,000 Membership Rewards Bonus Points when you meet the minimum spend requirement. Enjoy 0% p.a. for 12 months on balance transfers and receive a complimentary Virgin Australia domestic economy return flight every year.
    1 0 10,000 bonus points $195 p.a. Go to site More info
    American Express Velocity Platinum Card
    Enjoy up to 50,000 bonus Velocity Points when you meet the minimum required spend and earn up to 3 rewards points per dollar spent. Also receive a complimentary return flight every year.
    1 0 50,000 bonus points $349 p.a. Go to site More info

    Gold Credit Card Comparison

    Rates last updated September 23rd, 2016.

    American Express Gold Business Card

    10,000 bonus Membership Rewards points offer has been extended.

    February 4th, 2016

    View latest updates

    Jonathan Choi Jonathan
    Rewards Points per $ spent (AMEX) Rewards Points per $ spent (VISA/MC) Bonus Points Annual fee
    American Express Gold Business Card
    Enjoy 24-hour worldwide service plus a great range of tailored expense management solutions designed to help maintain control of your corporate expenses.
    1 0 10,000 bonus points $169 p.a. Go to site More info
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    4 Responses to The Difference between Standard, Gold, and Platinum Credit Cards

    1. Default Gravatar
      haimen | February 9, 2014

      Do I have to pay fees for a platinum card?

      • Staff
        Marc | February 10, 2014

        Hi halmen,
        thanks for the question.

        In most cases a platinum card will come with an annual fee and a higher interest rate compared to regular cards, although this isn’t always the case. To compare platinum cards please view our page here.

        I hope this helps,
        Marc.

    2. Default Gravatar
      dulce | April 9, 2013

      What are some of the other benefits that a credit card can give you that isn’t monetary

    Credit Cards Comparison

    Rates last updated September 23rd, 2016
    Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
    Virgin Australia Velocity Flyer Card - Balance Transfer Offer
    Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
    20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
    ME Bank frank Credit Card
    Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
    11.99% p.a. $0 p.a. Go to site More info
    St.George Vertigo Visa
    Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
    1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
    HSBC Platinum Credit Card
    Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
    19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info

    * 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 and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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