Whether you’re looking for no frills or platinum features, compare the difference between standard, gold and platinum credit cards to find the right card for you.
Standard, gold and platinum credit cards are designed with different types of users in mind. Standard credit cards (including low rate and low fee) cater to people who have trouble paying off their balance at the end of the month. Platinum credit cards with an annual fee are suited to people with a high annual spend. Gold credit cards come somewhere in between.
Each of these types of cards come with different features, costs and benefits, so it’s important to understand how they compare against one another. If you’re weighing up whether to go with a standard, gold or platinum card, use this guide to compare which type of credit card is best suited to your finances so you don’t get stuck with too much or too little bang for your buck.
How do I know which one is for me? – Comparing standard, gold and platinum credit cards.
Think about how much you spend to discover which type of credit card is right for your budget.
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- How much do they cost? Standard cards are an entry-level option and, when compared to gold and platinum, standard cards typically have lower costs. Annual fees for standard credit cards can range from around $25 to $150 and standard variable interest rates for standard cards could be as low as 10% p.a. or as high as 22% p.a. but are usually comparatively lower than more premium options.
- What are the features? Common features include interest-free days on purchases and no liability fraud guarantees. Standard credit cards have the lowest minimum credit limit and lowest minimum income requirement.
- What are the downsides? Little more than a way to make payments, standard credits are light on value-adding features such as rewards. For the few standard cards that do offer rewards, you can expect a lower number of points per $1 than more premium cards.
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Gold credit cards
- How much do they cost? Gold credit cards are mid-way between standard and platinum credit cards with an annual fee to match, ranging from around $80 to $200. Interest rates can range from 12% p.a. to 22% p.a., with lower rates and perks such as rewards usually driving up the cost of the annual fee.
- What are the features? More competitive promotional balance transfer or purchase offers alongside gold extras such as insurance and rewards.
- What are the downsides? As gold credit cards make up a small portion of the market, there is little competition to drive deals from credit card providers.
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Platinum credit cards
- How much do they cost? The annual fee can be as high as $500 a year for platinum credit cards (or even $1,200 in the case of the American Express Platinum). They also usually have high rates of interest for purchases and cash advances.
- What are the features? Platinum cards offer one of the highest rewards earn rates, comprehensive insurances for travel and purchases, airport lounge passes and a concierge service.
- What are the downsides? High annual fees and the cost of high interest charges can sting if you don’t pay your balance off by the statement due date, or if you don’t earn enough rewards to justify these costs.
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Other types of credit cards
As well as considering standard, gold and platinum cards, you may want to look at these options:
- Black credit cards. A step up for platinum products, black credit cards provide elite features and benefits, with price points to match.
- No annual fee credit cards. While standard, gold, platinum and black credit cards usually have very different annual fees, there are some cards that waive this cost (including platinum options). If you want to avoid paying ongoing fees for your credit card, you may want to focus your comparison on these options.
- Low rate cards. While standard credit cards typically provide lower rates than their more premium counterparts, you can also find low rate credit cards that come with gold or platinum benefits. For example, St.George offers the standard St.George Vertigo Visa and the St.George Vertigo Platinum, while Bankwest has standard, gold and platinum options for its low rate Breeze credit card.
- 0% interest credit cards. A wide range of standard, gold, platinum and black credit cards may offer a promotional 0% interest on balance transfers or 0% interest on purchases during the introductory period. Some cards may even offer both. If you’re looking to save money on credit costs in the short term, it could be worth considering this option.
Standard, gold and platinum credit cards have different price points and a range of different features. It’s even common to have a combination of cards to use for different purposes – a rewards credit card for everyday purchases and to pay off in full at the end of the month and a low rate credit card for big purchases. Get in touch using the form below if you have a question about the difference between standard, gold or platinum credit cards or need help with your comparison.Back to top