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Best Platinum Credit Card*

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

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. 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.

There is also a wide range of platinum credit cards you can choose from, with most major providers offering platinum accounts. Use this guide to learn more about what you can expect and to compare the latest platinum credit card offers to find the right one for you.

Compare platinum credit cards

Rates last updated April 26th, 2018
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
NAB Low Fee Platinum Card - Exclusive Offer
19.74% p.a.
$90 p.a.
Ends 6 May 2018.
finder Exclusive: Take advantage of 0% p.a. interest for 25 months on balance transfers with no balance transfer fee.
HSBC Platinum Credit Card
HSBC Rewards Plus


1
19.99% p.a.
$129 p.a.
Offers a 0% p.a. for 22 months balance transfer and an annual fee refund each year when you spend $6,000. Plus, complimentary travel insurance.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
60,000 bonus points
Velocity Frequent Flyer


0.66
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus Velocity Points in the first 3 months and enjoy a discounted annual fee of $64 for the first year. Ends 30 June 2018.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
$99 p.a.
Platinum card benefits including complimentary insurance, plus 0% p.a. for 24 months on balance transfers (with no BT fee). Ends 30 April 2018.
Qantas American Express Ultimate Card
55,000 bonus points
Qantas Frequent Flyer


1.5
20.74% p.a.
$450 p.a.
Receive 55,000 bonus Qantas Points, a $450 Qantas Travel Credit each year and 2 yearly complimentary Qantas Club lounge invitations.
Citi Platinum Credit Card - 100k Bonus Points
100,000 bonus points
Citi Rewards Program


1
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 100,000 reward Points, enjoy a long-term balance transfer offer, a discounted first year annual fee and complimentary travel insurance.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Velocity Frequent Flyer


0.66
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
0% p.a. on balance transfers for up to 18 months. $64 in the first year ($129 p.a. thereafter), plus, bonus Velocity Points. Ends 30 June 2018.
St.George Amplify Platinum
50,000 bonus points
Amplify Rewards / Qantas Frequent Flyer


0.5
19.49% p.a.
$99 p.a.
Receive 50,000 bonus Amplify or Qantas Points when you spend $2,000 within 90 days and earn 0.5 Qantas Points or 1 Amplify Point per $1 spent.
ANZ Frequent Flyer Platinum
65,000 bonus points
Qantas Frequent Flyer


0.75
19.99% p.a.
$0 p.a. annual fee for the first year ($295 p.a. thereafter)
Receive 65,000 bonus Qantas Points when you spend $2,500 on eligible purchases within the first 3 months. Plus, a $0 annual fee for the first year.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Velocity Frequent Flyer


0.66
0% p.a. for 14 months (reverts to 20.74% p.a.)
$129 p.a.
Save with 0% p.a. on purchases for 14 months and 0% p.a. on balance transfers for 6 months. Offer ends on 30 June 2018.
ANZ Low Rate Platinum
11.49% p.a.
$99 p.a.
Enjoy 0% p.a. on balance transfers for 15 months with no BT fee, combined with platinum card privileges and complimentary insurances.
Citi Rewards Platinum Credit Card
Citi Rewards Program


1
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn reward Points per $1 spent, take advantage of a 0% p.a. for 26 month balance transfer offer, plus complimentary international travel insurance.
HSBC Platinum Qantas Credit Card
60,000 bonus points
Qantas Frequent Flyer


1
19.99% p.a.
$199 p.a.
Receive 60,000 bonus Qantas Points when you spend $3,000 within 3 months of card approval, plus enjoy complimentary travel insurance.
Citi Simplicity Card
19.99% p.a.
$0 p.a.
Save with 5% cashback on eligible purchases (capped at $50 per month) for the first 90 days from approval. Plus, a 15 month balance transfer offer.
St.George Amplify Signature - Qantas
90,000 bonus points
Qantas Frequent Flyer


0.75
19.49% p.a.
$279 p.a.
Receive 90,000 bonus Qantas Points when you spend $4,000 within 90 days and receive two complimentary Qantas Club lounge invitations per year.
NAB Rewards Platinum Card
60,000 bonus points
NAB Rewards


1
19.99% p.a.
$195 p.a.
Collect 60,000 bonus points when you spend $2,500 within 60 days of account opening. Plus, receive complimentary travel and purchase insurances.
American Express Platinum Edge Credit Card
Membership Rewards


1
20.74% p.a.
$195 p.a.
Receive a yearly $200 Travel Credit and complimentary domestic and international travel insurance, plus 0% p.a. for 12 months on balance transfers.
Westpac 55 Day Platinum Credit Card
19.84% p.a.
$0 p.a. annual fee for the first year ($90 p.a. thereafter)
Receive a 20 month balance transfer offer, up to 55 days interest-free on purchases, a platinum concierge service and a $0 first year annual fee.
Qantas American Express Premium Card
30,000 bonus points
Qantas Frequent Flyer


1.25
20.74% p.a.
$249 p.a.
Enjoy 30,000 bonus Qantas Points, 2 complimentary Qantas Club lounge invitations per year and the protection of complimentary insurance covers.
BankSA Vertigo Platinum
12.74% p.a.
$99 p.a.
Offers a long-term balance transfer, low ongoing purchase rate, complimentary travel insurance and access to a 24/7 personal concierge service.
NAB Low Rate Platinum Card
0% p.a. for 9 months (reverts to 13.99% p.a.)
$100 p.a.
Enjoy a 0% p.a. interest rate offer on purchases for 9 months and the protection of 7 complimentary insurances including overseas travel insurance.
ANZ Rewards Platinum
65,000 bonus points
ANZ Rewards Program


1.5
18.79% p.a.
$0 p.a. annual fee for the first year ($95 p.a. thereafter)
Receive a $0 first year annual fee offer, 65,000 bonus Reward Points when you meet the spend criteria and up to 1.5 points per $1 spent.
ANZ Rewards Travel Adventures card
40,000 bonus points
ANZ Rewards Program


1.5
20.24% p.a.
$225 p.a.
Receive 40,000 bonus Velocity Points, 2 yearly Virgin Australia lounge passes, plus enjoy $0 overseas purchase transaction fees.

28 Degrees Platinum Mastercard
21.99% p.a.
$0 p.a.
Designed for travel, benefit from 0% foreign transaction fees on purchases, a $0 annual fee for life and a personal concierge service.
Bank of Melbourne Amplify Platinum
50,000 bonus points
Amplify Rewards / Qantas Frequent Flyer


0.5
19.49% p.a.
$99 p.a.
Earn 50,000 bonus Amplify or Qantas Points when you spend $2,000 within 90 days and earn 0.5 Qantas Points or 1 Amplify Point per $1 spent.
NAB Qantas Rewards Premium Card
60,000 bonus points
Qantas Frequent Flyer


0.66
19.99% p.a.
$250 p.a.
Offers 60,000 bonus points when you meet the spend requirements and Qantas Points for your everyday spending. Plus a 24/7 personal concierge.
David Jones American Express Platinum Card - Qantas Frequent Flyer
30,000 bonus points
Qantas Frequent Flyer


0.75
20.74% p.a.
$295 p.a.
Fly faster with up to 3 Qantas Points per $1 spent and receive complimentary travel insurance when travel is booked on your card.
American Express Westpac Altitude Platinum Bundle - Qantas
75,000 bonus points
Qantas Frequent Flyer


1


0.5
20.24% p.a.
$249 p.a.
Get up to 75,000 bonus Qantas Points when you meet the spend requirement with Visa (issued by Westpac) and Amex (issued by Amex) bundle.
American Express Westpac Altitude Platinum Bundle
75,000 bonus points
Westpac Altitude Rewards


2


1
20.24% p.a.
$199 p.a.
Get up to 75,000 bonus Altitude Points when you meet the spend requirement with this dual Visa (issued by Westpac) and Amex (issued by Amex).

Compare up to 4 providers

The finder.com.au list of best* platinum credit cards

Compare the features and earn rates of the platinum credit cards below.

Credit Card Features
ANZ Low Rate PlatinumA platinum card which offers a low purchase rate of 11.49% p.a. plus a 0% p.a. for 15 months balance transfer offer.
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 a range of platinum perks, with a balance transfer offer of 0% p.a. for 6 months with 2% balance transfer fee.
A platinum credit card with bonus travel credit and a long-term balance transfer offer.
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 as well as premium perks including complimentary insurance and concierge services. It's a tier above gold cards and below black cards. They often come with rewards programs and you can usually expect to earn more points per $1. These cards also often come with higher income requirements, more expensive annual fees and less competitive purchase interest rates. 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 Velocé 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 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.
  • Difficult eligibility requirements. In order to get approved 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.
  • 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, 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.

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.

4 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.

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 Card Offers

Important Information*
NAB Low Fee Platinum Card - Exclusive Offer
NAB Low Fee Platinum Card - Exclusive Offer

Interest rate

19.74

Annual fee

90
HSBC Platinum Credit Card
HSBC Platinum Credit Card

Interest rate

19.99

Annual fee

129
Virgin Money Low Rate Credit Card
Virgin Money Low Rate Credit Card

Interest rate

11.99

Annual fee

49

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2 Responses

  1. Default Gravatar
    PeterFebruary 22, 2014

    I notice that the Macquarie Bank Platinum card is not listed, how does it rank against the many others listed?

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