Platinum Credit Cards
Compare Platinum Credit Cards
Platinum Credit Cards generally come packed full of premium benefits, offer very high credit limits, complimentary insurances and purchase warranties, and a popular recent addition is 24/7 service from a personnel concierge, to help organize the lives of their busy card holders.
Traditionally Platinum credit cards have been targeted at high-income earners, though this eligibility criteria has flexed recently, with a number of Platinum credit cards now accepting applications from salary levels starting at $30,000 p.a.
Platinum Rewards credit cards are now offered by all of the major card providers and tend to offer very generous rewards programs, with earn rates significantly higher than those offered by standard and Gold Credit Cards. Earn rates of 2 points per dollar spent on eligible purchases and no expiration are frequently offered by credit card providers.
Platinum Credit Cards
What sets Platinum Credit Cards apart?
A Platinum credit card seeks to provide a service which is synch with high spending, high-income earners requirements. The benefits demanded by this privilege few include high credit limits (some as high as $100,000), complimentary comprehensive travel insurance, personal concierge services and on Reward Cards, exceptional reward point earn rates.
The eligibility requirements for Platinum Credit cards starts with the applicants annual salary level, the entry point has relaxed in recent years to around $30,000, though many of the Platinum cards still insist on income levels well above this. To gain acceptance you will need a perfect credit report, and in return you will receive a high credit limit, which can often be raised following an initial period and a formal request to the card provider.
Is a Platinum credit card the best choice for me?
The color of your credit card and the image that accompanies that color, however shiny, should not be a determinant on the credit card you select. Credit Card selection is about identifying the card that best meets your personal financial situation and spend profile, and absolutely not about the cards color.
If you have the required annual income level, travel frequently, often need help booking travel and associated services then the Platinum Card maybe one worth consideration. When accessing the relevance of a Platinum Card be mindful that they tend to have purchase rates at the higher end of the range and so carrying any balance on these cards will be expensive and should be avoided.
From a rewards perspective a number of Platinum cards are aligned to Rewards Programs and tend to offer reward point earn rates at the top end of the scale, with 2 points per $1 earned on eligible purchases not uncommon, furthermore the prevalence of uncapped points earning is greater amongst platinum cards than the standard and gold cards.
Platinum sounds expensive, what are the annual fees for Platinum Cards?
Yes, Platinum does come at cost with annual fees for Platinum cards tending to be 100’s of dollars and some even $1000 +.
Platinum credit cards - what are the benefits on offer?
Exceptional Reward Programs - Platinum credit card providers generally offer reward point earn rates which are well above the levels on offer for standard and Gold card holders, as a benchmark the average earn rate offered by Platinum cards hovers around the 2 points per dollar spent on eligible purchases, which is approaching double the earn rates offered by Gold and Standard cards. With the ability to accrue reward points quickly, with such attractive earn rates, many platinum cards have no point caps in place so platinum card holders get rewarded for all their eligible spend.
Many Platinum cards offer generous introductory reward bonuses of significant number of reward points, these are increasingly linked to making initial purchases but are significant in size with bonuses of 50,000 points not uncommon.
Product Warranties - For additional piece of mind many Platinum cards now offer cardholders the opportunity of extended warranty on Australian merchandise purchased using their card. With the increase in online shopping many cards are also extending this cover to cover overseas on line purchases.
Complimentary Insurances - Many standard and Gold credit cards now include some form of complimentary insurances, as you would expect the insurances pre-packed into many Platinum Cards go beyond the basic levels with extensive cover for travel and purchase protection against loss, theft or damage, when your card is used to purchase goods
Concierge Service - Credit card providers appreciate that their Platinum cardholders tend to lead vey busy lives and are used to having assistance to organize many aspects of their personnel and business lives. This understanding has lead to the provision of 24/7 concierge services that are available to many platinum cardholders to assist with whatever is going to make the cardholders life easier, be it simply booking a restaurant, organizing a travel itinerary or providing a replacement card.
Platinum Credit Cards - Frequently Asked Questions
The benefits will vary by platinum credit card but generally a Platinum card holder would expect the following benefits pre-packed into their card:
- Complimentary Travel Insurance
- A generous reward program with high point earn rates
- A 24/7 concierge service
- Extended warranty on merchandise bought using the card
- Commission free traveller cheques
- Purchase protection on products purchsed using the card
Generally Platinum Credit cards do have superior rewrads programs in that they offer significantly higher reward point earn rates than other card types and any points earned tend to be uncapped and either never expire, or expire well into the future, giving the cardholder plenty of time to use the hard earned points.
When Platinum cards where first released annual salary eligibility requirements started at $100,000, in recent years this criteria has relaaxed and you can now find Platinum cards with minimum salary requirements of just $30,000 p.a. pre tax.