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Best Platinum Credit Cards

Compare platinum credit cards and enjoy premium features such as higher credit limits, complimentary insurance and more rewards.

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Platinum credit cards give you more benefits and perks than standard cards, making them a popular option for frequent travellers, big spenders and high income earners. Use this guide to learn more about what features you can expect and compare the latest platinum credit card offers to find the right one for you.

Citi Credit Card Offer

Citi Rewards Card - Balance Transfer Offer

0% p.a. for 30 months on balance transfers
$0 first year annual fee

Offer ends 30 November 2020

Eligibility criteria, terms and conditions, fees and charges apply

Citi Credit Card Offer

Take advantage of a long-term balance transfer offer, a waived annual fee for the first year and premium perks with this offer.

  • $0 first year annual fee ($199 p.a. thereafter)
  • 0% p.a. on balance transfers for 30 months (with a one-time 1.5% BT fee), reverts to 22.24% p.a.
  • 21.49% p.a. purchase interest rate | 22.24% p.a. cash advance rate
  • Complimentary overseas travel and purchase insurance covers
  • Minimum credit limit of $6,000
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Compare platinum credit cards

Data indicated here is updated regularly
Name Product Bonus points Rewards program Rewards points per $ spent Purchase rate Annual fee
Citi Rewards Card - Balance Transfer Offer
N/A
Citi Rewards Program
1
21.49% p.a.
$0 annual fee for the first year ($199 p.a. thereafter)
Save with 0% interest on balance transfers for the first 30 months (with a 1.5% BT fee) and a $0 annual fee for the first year.
ANZ Platinum Credit Card
N/A
0% for 17 months, reverts to 20.24% p.a.
$0 annual fee for the first year ($87 p.a. thereafter)
Receive a 0% purchase rate offer for 17 months and a $0 first-year annual fee. Plus, complimentary overseas travel and medical insurance.
HSBC Platinum Credit Card - Balance Transfer Offer
N/A
HSBC Rewards Plus
1
19.99% p.a.
$129
Enjoy a 22-month balance transfer offer, travel insurance and an annual fee refund when you spend an eligible $6k/year.
Qantas American Express Premium Card
100,000
Qantas Frequent Flyer
1
20.74% p.a.
$249
Enjoy 100,000 bonus Qantas Points, 50 bonus Status Credits and 2 complimentary Qantas Club lounge invitations per year.
Citi Rewards Card - $500 Voucher Offer
N/A
Citi Rewards Program
1
21.49% p.a.
$99 annual fee for the first year ($199 p.a. thereafter)
Get a $500 e-voucher to spend at Myer, JB Hi-Fi or Coles when you spend $3,000 in the first 90 days. Plus, earn points with the Citi Rewards Program.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
30,000
Velocity Frequent Flyer
0.66
20.74% p.a.
$64 annual fee for the first year ($129 p.a. thereafter)
Get 0% p.a. for 22 months on balance transfers and a reduced first-year annual fee. Plus, earn up to 30,000 bonus Velocity Points.
Citi Clear Card
N/A
0.9% for 15 months, reverts to 14.99% p.a.
$99
Save with 0.9% p.a. for 15 months on purchases and balance transfers. Plus, complimentary purchase insurance cover.
Bankwest Zero Platinum Mastercard
N/A
17.99% p.a.
$0
Offers a $0 annual fee, 0% foreign transaction fees, complimentary international travel insurance and a balance transfer offer.
Qantas Premier Platinum
100,000
Qantas Frequent Flyer
1
19.99% p.a.
$199 annual fee for the first year ($299 p.a. thereafter)
Get 100,000 bonus Qantas Points, 75 bonus Status Credits and a 0% p.a. balance transfer rate for 18 months (with a one-time 1% BT fee).
St.George Amplify Platinum - Qantas
70,000
Qantas Frequent Flyer
0.5
19.74% p.a.
$99
Earn 70,000 bonus Qantas Points, plus enjoy 0% p.a. on balance transfers for 15 months and complimentary insurance covers.
Bankwest Breeze Platinum Mastercard
N/A
0% for 15 months, reverts to 10.99% p.a.
$69
Get 0% interest on purchases for 15 months, complimentary travel insurance and no foreign transaction fees.
St.George Vertigo Platinum
N/A
0% for 15 months, reverts to 12.99% p.a.
$49 annual fee for the first year ($99 p.a. thereafter)
Features an introductory 0% p.a. purchase rate, $49 first year annual fee and complimentary travel insurance covers.
Suncorp Clear Options Platinum Credit Card
100,000
Suncorp Bank Rewards Program
1.25
20.74% p.a.
$129
Earn 100,000 bonus points when you spend $3,000 in the first 90 days. Plus, complimentary insurance covers included.
HSBC Platinum Qantas Credit Card
20,000
Qantas Frequent Flyer
1
19.99% p.a.
$99
Receive 20,000 bonus Qantas Points and a long-term balance transfer offer. Plus, complimentary travel insurance.
American Express Qantas Business Rewards Card
120,000
Qantas Business Rewards
1.25
N/A
$450
ABN holders w/ $75,000 revenue. Get 120,000 bonus points, 3x points on eligible Qantas flights & 2 lounge passes per year.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
N/A
Velocity Frequent Flyer
0.66
0% for 14 months, reverts to 20.74% p.a.
$64 annual fee for the first year ($129 p.a. thereafter)
Enjoy 0% p.a. interest on purchases for 14 months, a reduced first-year annual fee and Velocity Points per $1 spent.
Bank of Melbourne Amplify Platinum - Qantas
70,000
Qantas Frequent Flyer
0.5
19.74% p.a.
$99
Receive 70,000 bonus Qantas Points when you spend $1,500 each month for the first 3 months and earn up to 0.5 Qantas Points per $1 spent.
Westpac Altitude Platinum Qantas
60,000
Qantas Frequent Flyer
0.5
20.49% p.a.
$99 annual fee for the first year ($200 p.a. thereafter)
Get 60,000 bonus Qantas Points when you spend $3,000 within 90 days. Plus, a first-year annual fee discount and a long-term balance transfer offer.
American Express Platinum Edge Credit Card
N/A
Membership Rewards Ascent
1
20.74% p.a.
$195
Get $150 back when you spend at least $1,500 within the first 3 months. Plus, receive $200 Travel Credit each year.
American Express Explorer Credit Card
50,000
Membership Rewards
2
20.74% p.a.
$395
Get 50,000 bonus points when you spend $3,000 in the first 3 months, a yearly $400 Travel Credit and 2 entries per year to the Amex Lounge.
St.George Amplify Platinum
N/A
Amplify Rewards
1
0% for 7 months, reverts to 19.74% p.a.
$0 annual fee for the first year ($99 p.a. thereafter)
Save with 0% p.a. interest rates on purchases and balance transfers. Plus a $0 first-year annual fee.
BankSA Amplify Platinum - Qantas
70,000
Qantas Frequent Flyer
0.5
19.74% p.a.
$99
Receive 70,000 bonus Qantas Points when you spend $1,500 each month for the first 3 months. Plus a 0% balance transfer offer.
American Express Velocity Platinum Card
50,000
Velocity Frequent Flyer
1.25
20.74% p.a.
$375
Get 50,000 bonus Velocity Points when you spend $3,000 for the first 3 months. Plus, 100 Status Credits and luxury travel perks.
American Express Platinum Card
80,000
Membership Rewards Ascent Premium
2.25
N/A
$1,450
Receive 80,000 bonus Membership Rewards Points, a $450 annual Platinum Travel Credit, dedicated personal service and luxury travel perks.
BankSA Amplify Platinum
N/A
Amplify Rewards
1
0% for 7 months, reverts to 19.74% p.a.
$0 annual fee for the first year ($99 p.a. thereafter)
Save with a 0% p.a. for up to 22 months on balance transfers and up to 7 months on purchases. Plus a $0 first-year annual fee.
David Jones American Express Platinum Card
30,000
Membership Rewards
1
20.74% p.a.
$295
DJ's shoppers and Qantas travellers earn 30,000 bonus Membership Rewards Points or 15,000 Qantas Points on eligible spend.
American Express Velocity Business Card
N/A
Velocity Frequent Flyer
1
N/A
$249
ABN holders w/ $75,000 revenue. A business charge card offering Velocity Points per $1 spent and up to 51 days interest-free on purchases.
St.George Rainbow Vertigo Platinum
N/A
0% for 15 months, reverts to 12.99% p.a.
$49 annual fee for the first year ($99 p.a. thereafter)
All the platinum features of the Vertigo Platinum Visa with a rainbow design in support of the LGBT community.
Citi Rewards Card - flybuys Offer
75,000
flybuys,Citi Rewards Program
1
21.49% p.a.
$49 annual fee for the first year ($149 p.a. thereafter)
Receive 75,000 bonus flybuys points and a $100 Kmart eGift Card when you meet the spend requirement. Plus, a reduced first-year annual fee.
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*The credit card offers on this page are chosen from a range of credit cards available to us and are not representative of all the products available in the market. The use of the terms "best" and "top" are not product ratings and are subject to our disclaimer. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.

What is a platinum credit card?

A platinum credit card comes with a higher credit limit as well as premium perks including complimentary insurance and concierge services. It's a tier above gold cards and below black cards. Platinum cards often come with rewards programs and you can usually expect to earn more points per $1. These cards also often have higher income requirements, more expensive annual fees and less competitive interest rates for purchases. That's because these cards are best suited to cardholders who pay their balance in full each month and can take advantage of the rewards or extra features enough to justify the annual fee.

What are the pros and cons of a platinum credit card?

Weigh up the advantages and disadvantages of platinum credit cards and consider your own circumstances to help decide if this type of card is the right option for you.

Pros

  • Higher credit limits. Platinum cards are suited to big spenders who need more spending power when they pay with plastic. While not all platinum credit cards list the minimum credit limit available, it's usually upwards of $5,000.
  • More rewards. If you get a platinum reward or frequent flyer credit card, you could enjoy more points per $1 spent and higher points caps. Platinum credit cards may also give you more introductory bonus points compared to other cards.
  • Complimentary travel insurance. Many platinum credit cards offer complimentary travel insurance which you can use when you go overseas or fly interstate. The cover varies between cards and between insurance providers, so make sure you look at the full credit card insurance details if this is an extra you want to use.
  • Complimentary purchase insurance. A platinum credit card could offer you cover against theft, loss or damage of new items for up to 90 days or extended warranties for eligible purchases. Some even offer a guaranteed pricing scheme that refunds you the difference if you buy something then see it cheaper elsewhere.
  • Airport lounge access. Whether it's membership to programs such as Véloce and Priority Pass, or complimentary single-use passes to Virgin, Qantas and American Express lounges, a platinum credit card could help you enjoy the luxuries of an airport lounge before you fly.
  • Concierge services. Most platinum credit cards give you access to a 24/7 concierge service you can use to help you with anything from booking dinner at a popular restaurant to getting tickets to a theatre show or buying gifts for loved ones.
  • Travel credits. If travel is on the cards, you could choose a platinum option that also offers a flight voucher or travel credit to help pay for it. For example, the ANZ Rewards Travel Adventures offers a complimentary return domestic flight with Virgin Australia each year you spend $500 or more in the first 3 months and the American Express Platinum Edge offers a $200 travel credit every year that you can redeem against any single eligible travel booking of a $200 or more (where applicable) made through Amex Travel.

Cons

  • Expensive annual fees. Platinum credit card annual fees are usually worth several hundred dollars each year. For some, this is a small price to pay for the bonuses they receive. For others, the benefits may not outweigh the costs.
  • Higher interest rates. Many platinum cards have interest rates at the higher end of the scale. If you find that you regularly carry a credit card balance, you may be better off looking for a low rate card or even a balance transfer credit card instead.
  • Difficult eligibility requirements. Platinum credit cards typically require a good to excellent credit score and higher minimum income than basic credit cards.
  • Lower perks than black credit cards. Although platinum credit cards offer a number of benefits, you may find that they don't boast as many extra features as black credit cards.

Are there platinum credit cards with no annual fee?

There is a small handful of no annual fee platinum credit cards available in Australia, including the American Express Essential, Bankwest Zero Platinum Mastercard and Citi Simplicity credit cards. You can also get platinum credit cards that offer a reduced or waived annual fee in the first year.

Should I apply for a platinum credit card?

This depends on factors including your budget and how you use your credit card. For example, if you regularly spend with a credit card and pay the balance in full by the due date on each statement, you're likely to benefit from platinum features such as a higher credit limit and higher reward earn rates. If you travel regularly and will make use of extras such as complimentary insurance, frequent flyer points and airport lounge access, these perks could help offset the cost of the card. As always, you should make sure to read the product disclosure statement of the card to fully understand the fees, interest rates, extra features and eligibility requirements of the card before you apply.

On the other hand, if you struggle to pay more than the minimum on your card each month or rarely pay with plastic, the higher annual fees and interest rates of a platinum card may not be worth it for you. Instead, you could compare cards with low interest rates or no annual fee to find an option that's affordable for you.

hand holding platinum card

How can I choose the best platinum credit card? 4 factors to consider

With so many different credit cards available, there is not a single "best" platinum card on the market. Instead, you can find a card that's right for you by asking the following questions.

1. Do you have any existing credit card debts?

If you're struggling to pay off your existing credit card debt and you only manage to pay slightly more than the minimum due, perhaps consider a platinum credit card with a balance transfer offer attached. You can use these cards to transfer outstanding balances from your old credit card account to a new card that offers 0% on balance transfers for a promotional period. This can help you cut down your interest costs while paying off your debt faster.

2. Do you travel frequently?

If you travel regularly and you use your credit card to pay for travel costs, you should consider some of the travel-related perks that often come with platinum cards. These extra features can include frequent flyer points, airline lounge passes, travel credits and complimentary international travel insurance.

3. Do you buy electronic goods or high-ticket items regularly on your credit card?

If you depend on your credit card to make large purchases, a platinum card with a high credit limit could come in handy. However, these cards do usually come with higher purchase rates so they're best suited to cardholders who can afford to pay their purchases off in full before the end of the statement period. Plus, you can usually take advantage of interest-free days on future purchases when you pay your balance in full.

4. Are you a business owner?

Upgrading to a platinum business credit card can be a smart move for some business owners. Most businesses tend to spend more than the average personal consumer, so having access to accelerated rewards earnings, complimentary business insurance policies and higher credit limits may be ideal. The most suitable card for you is the one that offers the perks and benefits that relate most to your income, your lifestyle and your financial habits. If you need a card for corporate expenses, you can also compare business credit cards for more options.

If you want to take advantage of the perks available a platinum credit card, make sure you also consider the costs of the card and any specific conditions you need to meet to enjoy these benefits. It's also important to compare a range of platinum credit cards before you apply so that you can find the one that will really work for you.

Pictures: Shutterstock

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Credit Cards Comparison

Data indicated here is updated regularly
Name Product Purchase rate Balance transfer rate Annual fee
Coles No Annual Fee Mastercard - Exclusive Offer
0% for 12 months, reverts to 19.99% p.a.
0% p.a. for 12 months
$0
Finder Exclusive. Ends 29 October 2020
Save on new and existing interest charges with 0% interest on both balance transfers and purchases for the first 12 months.
ANZ Low Rate
12.49% p.a.
0% p.a. for 25 months with 1.5% balance transfer fee
$0 annual fee for the first year ($58 p.a. thereafter)
Save with 0% p.a on balance transfers for 25 months (with a 1.5% BT fee) and $0 first year annual fee. Plus a 12.49% p.a. purchase interest rate.
Qantas American Express Premium Card
20.74% p.a.
$249
Enjoy 100,000 bonus Qantas Points, 50 bonus Status Credits and 2 complimentary Qantas Club lounge invitations per year.
Citi Rewards Card - $500 Voucher Offer
21.49% p.a.
0% p.a. for 12 months
$99 annual fee for the first year ($199 p.a. thereafter)
Get a $500 e-voucher to spend at Myer, JB Hi-Fi or Coles when you spend $3,000 in the first 90 days. Plus, earn points with the Citi Rewards Program.
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* The credit card offers compared on this page are chosen from a range of credit cards finder.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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