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.
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
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.
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.
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