Learn how to compare platinum cards and enjoy premium features such as higher credit limits, complimentary insurance and more rewards.
Platinum credit cards are designed for big spenders and people with higher incomes, giving you access to more benefits and perks than regular cards. Depending on the platinum credit card you choose, you could take advantage of everything from complimentary insurance for travel and purchases to airport lounge access, a higher rewards or frequent flyer earn rate or a concierge service that can help you with all kinds of requests.
Use this guide to learn more about how platinum accounts work and compare the latest platinum credit card offers so you can find and apply for an option that suits your needs.
Platinum credit card comparison
Rates last updated May 25th, 2017.
- HSBC Platinum Credit Card
Balance transfer offer has been changed to 0% p.a. for 22 months and is valid until 31 August 2017.
May 8th, 2017
- Citi Rewards Platinum Credit Card
Balance transfer offer has been extended until 30 June 2017.
May 12th, 2017
- American Express Explorer® Credit Card
Bonus points offer has been changed from 100,000 to 50,000 points.
May 16th, 2017
The finder.com.au list of best* platinum credit cards
Compare the features and earn rates of the platinum credit cards below.
|ANZ Low Rate Platinum||A platinum card which offers a low purchase rate of 11.49% p.a. plus a balance transfer offer of 0% p.a. for 16 months with 2% balance transfer fee.|
|You could get a full refund of the annual fee with the HSBC Platinum Credit Card if you meet the required spend.|
|Get access to all the perks of platinum, with a 0% p.a. for 18 months with 3% balance transfer fee offer on balance transfers.|
|A platinum credit card with bonus travel credit and a waived annual fee for the first year.|
|The platinum credit card from Citi allows you to earn 1 point on all purchases.|
What is a platinum credit card?
A platinum credit card comes with a higher credit limit to suit those who spend higher amounts, as well as extra perks including concierge services. These premium cards usually have higher minimum income requirements than regular cards, with most around $50,000.
As well as higher credit limits and complimentary extras, platinum credit cards often come with higher annual fees and interest rates. You can weigh the value of a platinum card's features against the ongoing fees to decide if it's worth it for you.
What kind of features come with a platinum credit card?
The actual features you get with a platinum credit card vary significantly between products, with some of the most popular perks including:
- Higher credit limits. This is probably the most common platinum benefit, giving you greater spending power when you 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 than the standard version of that same card.
- Complimentary travel insurance. Many platinum credit cards offer complimentary travel insurance 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 details for each option if this is an extra you want to use.
- Complimentary purchase insurance. A platinum credit card could give you cover against theft, loss or damage of new items for up to 90 days or extended warranties for eligible purchases. Some cards even offer a price guarantee 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 Velocé and Priority Pass, or complimentary single-use passes, 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 fancy restaurant to getting tickets to a theatre show or buying gifts for loved ones.
- Travel credit. If travel's 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.
Is a platinum credit card worth it?
While platinum credit cards come with a host of perks, they also usually have higher rates and fees than regular cards. In terms of upfront costs, you can expect to pay an annual fee of anywhere from $87 to $400 – or even up to $1,200 for a platinum American Express card.
Most also have standard variable interest rates as high as 18–22% p.a. While there are some platinum low rate credit cards on the market, they usually offer fewer additional features – particularly when it comes to rewards programs.
Whatever platinum card you choose, weighing the costs against the value you'll get from the benefits will help you decide if it's worth it for you. A simple way to do this is to estimate the dollar value of the features and complimentary extras you think you'll use each year and then see how it compares to the annual fee.
There is a small handful of no annual fee platinum credit cards available in Australia, including the American Express Essential, Citi Simplicity and Coles Platinum No Annual Fee Mastercard. You can also get platinum credit cards that offer a reduced or waived annual fee in the first year.
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.
- Higher credit limit. Many lenders automatically issue platinum credit cards with higher minimum credit limits on them. Note that your individual credit limit will be determined based on lending criteria and approval.
- Complimentary insurance. Platinum credit cards usually offer an array of complimentary insurance cover including domestic and overseas travel insurance, purchase protection insurance and extended warranty cover.
- Travel perks. Depending on the platinum card you choose, you could get travel insurance, airport lounge access, hotel benefits, flight vouchers or credit towards your travel bookings.
- Personal concierge. A credit card personal concierge is able to assist you with booking tickets for events, making dinner reservations or even helping you source and buy gifts for loved ones.
- Rewards programs. Platinum credit cards that are linked to a rewards or frequent flyer program allow you to rack up points faster, with higher bonus point offers, earn rates and points caps than standard cards.
- Higher annual card fee. 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.
- Additional qualifying criteria. In order to qualify for a platinum credit card and the higher credit limits associated with these accounts, you'll need to verify that you earn more than a specified amount each year. Some lenders will require that you can show earnings of more than $75,000 per year to qualify.
Should I apply for a platinum credit card?
This depends on a number of factors including your budget and how you currently use credit cards. For example, if you regularly use 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 higher credit limits and reward earn rates. Likewise, if you travel regularly, extras such as complimentary insurance, frequent flyer points and airport lounge access will provide value to offset the costs of the account.
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.
Factors to consider when choosing the best platinum credit card*
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.
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 barely more than the minimum due, perhaps consider a platinum credit card with a balance transfer offer attached. These allow you to transfer any outstanding balances from your old credit card account over to your new platinum card. For an introductory period the interest rate charged on the amounts you transfer is significantly reduced. This can help to cut down your interest charges and make it a little easier for you to repay that debt more quickly.
Do you travel frequently?
If you travel on a fairly regular basis and you use your credit card to pay for your travel arrangements, you should look closely at some of the travel-related perks available on various platinum cards. Many of them will offer very similar types of complimentary insurance policies, but the actual extent of coverage offered may differ. Look for the platinum card with policies that best suit your individual needs.
Do you buy electronic goods or high-ticket items regularly on your credit card?
Having access to a higher credit limit makes it much easier to pay for more expensive items on your card. Upgrading to a platinum credit card may also give you the advantage of complimentary purchase protection insurance for items you bought using that card. This can cover you against accidental loss, theft or damage of the item for up to 90 days with some providers, or up to 60 days with others. Likewise, most platinum cards will also allow you to benefit from extending the manufacturer's Australian warranty on the items you purchase for up to a maximum of 12 additional months at no charge to you.
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. Always compare the options available before choosing the right one for you.
How to compare the best platinum credit cards*
Comparing platinum credit cards will help you find an option that suits your lifestyle and budget. So here are the key features to keep in mind when you're looking at different cards.
- Annual fee. Consider this fee in comparison to the estimated value of the benefits you'll use to decide if it's worth paying each year you have the card.
- Interest rates. Check the standard variable rates for purchases, cash advances and balance transfers (when relevant). Even if you plan to pay your account in full each month, it's important to know what you could be charged when you're looking at different cards.
- Points caps. Some platinum reward cards limit the number of points you can earn in a month your year. While these caps may be higher than on regular cards, it's still important to consider the potential impact based on your average credit card spending.
- Requirements for specific benefits. Some platinum credit card perks have specific requirements you need to meet before you can access them. For example, you may need to pay for an overseas trip using your card to be eligible for complimentary travel insurance, or spend a certain amount of money in the first three months to enjoy a domestic flight voucher. Check these details for all the benefits you want to use so you can decide if a platinum card is worth it for you.
Read the fine print on platinum credit cards before you apply
Regardless of how good the rewards program appears or how generous you feel the complimentary insurance policies are, it's still vitally important to read the fine print for any platinum card you're thinking of getting. Understand the exact terms and conditions that apply to your card type from your individual lender or credit card provider.
Know what fees and charges you can expect for your account and always check your statements when they arrive to ensure your account is operating smoothly. Be sure you know your payment due date and always strive to repay your entire balance in full. This will make sure you don't pay unnecessary interest charges and you're ensuring your rewards exceed the cost of the annual fee you pay on your card.
If you're keen to take advantage of the perks available to you on your platinum card, be sure you understand what you're eligible for and how to access each benefit. Compare a range of platinum credit cards before you apply so that you can find the one that will really work for you.Back to top