Gold Credit Cards
Compare Gold Credit Cards
Gold Credit Cards focus on delivering premium benefits and first class service. Gold Credit Cards are typically packed with more features and benefits than basic cards, and offer that subtle hint of prestige.
The eligibility criteria for Gold Credit Cards are more stringent than those for Standard cards, which typically include higher income requirements and a flawless credit history, so be sure to check these prior to making any applications.
Gold Credit Cards Guide
Gold credit cards are the original prestige credit card, which for many years where available only to the select few, and often by invitation only. The good news is Gold Cards have lost none of their cache, but have become a little easier to attain and now have a greater array of benefits included.
What are the Benefits of being a Gold Credit cardholder?
High Credit Limits - This is one of the original features of the very first Gold Cards that continues to be offered today, and be highly valued by the cardholders. The high credit limits enable cardholders to use their cards for high priced one of purchases, or a series of smaller ones up to the level of the approved credit limit.
Once you have held your Gold Card for a few months and repaid it on time you also have the ability to request that your credit limit be increased further. Each request will be dealt with on an individual basis, but as a Gold cardholder you have this flexibility to make this request across the life of the card.
Purchase Protection Insurance - To compliment the ability to purchase high priced items with your Gold Card, afforded by the higher credit limits, card providers generally provide complimentary purchase protection insurance on goods purchased using your Gold Card. This insurance is designed to cover your purchase against accidental damage, loss or being stolen, usually for a period of up to 90 days post the date of your purchase. The terms and conditions of these policies vary so check the terms and conditions of the cards you are interested in carefully.
Travel Insurance - This popular benefit provided by most Gold Cards is one of the easiest to put a real monetary value on as the cost of purchasing travel insurance is easily attained, and very often the saving on travel insurance for a single trip covers the annual card fee. To activate the complimentary insurance offered by your Gold card you’ll need to purchase your flights, accommodation and any car hire using your Gold card.
Most Gold Cards travel insurance policies include cover for both domestic and international flights, the costs if your luggage if lost or delayed, and many will cover the costs if your flight is delayed or canceled. Some gold cards insurance covers emergency assistance such as legal or medical help while you are overseas. The terms and conditions of these policies vary so check the terms and conditions of the cards you are interested in carefully.
Fraud Protection Guarantee - For peace of mind Gold Cards generally include complimentary protection against fraudulent use of your card. Increasing Gold Card providers are offering specific protection against on line fraud where if you see something unusual on your statement, simply let your card provider know as soon as possible, and you won’t be held responsible for any unauthorised charges.
Gold Credit Cards - What to compare and consider when making your selection
Am I eligible? - Gold Credit Cards have always, and still continue to ask that applicants have annual salary in the high ranges. The range has certainly relaxed in recent years with some Gold Cards now available to annual income earners of $30,000 p.a.
Purchase Rate - The rate of interest you will be charged on any balance you carry on the card, incurred from purchases made on the card, beyond the monthly payment due date. If you believe you will not pay off the balance on your card in full each month you should be looking for the lowest purchase rate, and potentially look beyond Gold Cards to the Low Interest Rate cards.
Annual Card Fee - Given the array of benefits provided with Gold cards the annual fees tend to be at the mid, to higher end of the scale. It is important to make a judgement on whether the value you will derive from these benefits will exceed the $ value of the annual card fee.
Balance Transfer Offers - Gold Cards do occasionally include Balance Transfer offers, though be mindful that this is not their core offer, Gold is about prestige benefits not saving on interest charges, so the Balance Transfer Offers available on Gold Cards are generally not the most competitive and tend to be for short periods.
Rewards Program - About 50% of Gold Cards offer Rewards Programs where the cardholder will earn points for each dollar of eligible spend, charged to the card. The inclusion of a rewards program has a tendency to increase the cards annual fee so you’ll need to be sure the value of any rewards earns surpasses this fee increase.
Reward Credit Cards with Reward Point Transfer Flexibility - Using Reward Points to book a seat on a flight is not the choice of many, these reward credit cards provide the flexibility to use your reward points for a wide range of services, merchandise and indulgences. Read more
Compare Platinum Credit Cards - With high credit limits, complimentary travel and purchase insurances these cards are packed full of a range of prestige benefits, but with annual income eligibility criteria as low as $30,000 they are becoming increasingly accessible. Read more
Gold Credit Cards - Frequently Asked Questions
Gold cards offer a deep range of benefits to supplement its primary benefit as a source of credit to make purchases. They also tend to include a higher credit limit than a standard credit card and because of this a gold credit card will usually require a customer income at the higher end of the range to be eligible.
Typical benefits included with a Gold card include:
• Higher than average credit limit
• Rewards points
• Purchase protection and
• Extended warranties on goods you buy with the card. This can mean you have up to 12 months more cover than the manufacturer’s warranty provides
To use the compliementary travel insurance offered by your credit card, in almost all cases you will need to book your tickets and/or accommodation (or a significant portion) using your gold credit card that offers the complimentary insurance. It is worth also checking that the travel insurance offered by your gold card features all the cover you are likely to need for your travel.
Annual Income levels stipulated by Card Providers for Gold cards have recently been relaxed with the lowest level now being $30,000 p.a. but more commonly it is $40,000 p.a