Best Platinum Credit Card: How to find the right one for you

With a platinum credit card you can get bonus points, a balance transfer, insurance, travel perks and more. Compare over 75 offers below.

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A platinum credit card will give you more benefits and perks than standard cards, making them a popular choice for frequent flyers, big spenders and high income earners. Here's what features you can expect and how to 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
$49 first-year annual fee

Offer ends 31 August 2021

Eligibility criteria, terms and conditions, fees and charges apply

Citi Credit Card Offer

Save with a long-term balance transfer offer and a first-year annual fee discount. Plus, Citi reward Points for your spending and complimentary insurance.

  • $49 first-year annual fee ($149 p.a. thereafter)
  • 0% p.a. on balance transfers for 30 months with no balance transfer fee, reverts to 22.24% p.a.
  • 21.49% p.a. purchase interest rate | 22.24% p.a. cash advance rate
  • Earn 1 Citi reward Point per $1 spent
  • Minimum credit limit of $6,000
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Compare platinum credit cards

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.
$49 annual fee for the first year ($149 p.a. thereafter)
Save on interest with 0% p.a. on balance transfers for 30 months with no balance transfer fee. Plus, a $49 first-year annual fee.
HSBC Platinum Credit Card
N/A
HSBC Rewards Plus
1
19.99% p.a.
$29 annual fee for the first year ($129 p.a. thereafter)
Save money with a 0% balance transfer rate for 36 months (with no BT fee), a first-year annual fee discount and free travel insurance.
Citi Rewards Card - Points & Gift Card Offer
90,000
Citi Rewards Program
1
21.49% p.a.
$49 annual fee for the first year ($149 p.a. thereafter)
Receive 90,000 bonus Citi reward Points (worth $400 in gift cards) and a $100 Coles eGift Card when you spend $3,000 in the first 90 days.
Suncorp Clear Options Platinum Card - Exclusive Offer
25,000
Suncorp Bank Rewards Program
1.25
20.74% p.a.
$64 annual fee for the first year ($129 p.a. thereafter)
Receive a 0% balance transfer rate for 24 months and a reduced first-year annual fee. Plus, 25,000 bonus Suncorp Credit Card Rewards Points.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
N/A
Velocity Frequent Flyer
0.66
20.74% p.a.
$64 annual fee for the first year ($129 p.a. thereafter)
Get 0% p.a. on balance transfers for 28 months, a reduced 1st year annual fee & $129 Virgin Australia Gift Voucher yearly.
Qantas Premier Platinum
80,000
Qantas Frequent Flyer
1
19.99% p.a.
$225 annual fee for the first year ($299 p.a. thereafter)
Earn 80,000 bonus Qantas Points when you spend $4,000 in the first 3 months, 80 bonus Status Credits on eligible spend and a reduced first-year annual fee.
St.George Amplify Platinum - Qantas
60,000
Qantas Frequent Flyer
0.5
19.74% p.a.
$99
Earn 60,000 bonus Qantas Points, plus enjoy 0% p.a. on balance transfers for 15 months with a 1% BT fee.
ANZ Platinum Credit Card
N/A
0% p.a. 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.
American Express Explorer Credit Card
50,000
Membership Rewards
2
20.74% p.a.
$395
Get 50,000 bonus Membership Rewards Points when you spend $3,000 in the first 3 months. Plus, a $400 Travel Credit each year.
Citi Clear Card
N/A
14.99% p.a.
$49 annual fee for the first year ($99 p.a. thereafter)
Get $250 cashback when you spend $3,000 within the first 90 days. Plus, a 0% balance transfer offer and first-year annual fee discount.
American Express Business Explorer Credit Card
100,000
Membership Rewards Gateway
2
3.99% p.a. for 6 months, reverts to 19.99% p.a.
$149
ABN holders w/ $75,000 revenue. Get 100,000 bonus points when you spend $3,000 in the first 3 months. Plus, 2 airport lounge passes.
American Express Qantas Business Rewards Card
150,000
Qantas Business Rewards
1.25
N/A
$450
ABN holders w/ $75,000 revenue. Get 150,000 bonus Qantas Points, 2 yearly Qantas Club lounge passes and 3x points on eligible Qantas flights.
Westpac Altitude Platinum Qantas
60,000
Qantas Frequent Flyer
0.5
20.49% p.a.
$149 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 0% balance transfer offer.
Qantas American Express Ultimate Card
55,000
Qantas Frequent Flyer
1.25
20.74% p.a.
$450
Receive 55,000 bonus Qantas Points when you spend $3,000 in the first 3 months. Plus, a $450 Qantas Travel Credit each year.
Bankwest Zero Platinum Mastercard
N/A
14.99% p.a.
$0
Get 0% p.a. on balance transfers for 26 months (with a 2% BT fee), ​an ongoing $0 annual fee and 0% foreign transaction fees.
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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 a free 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 American Express Platinum Edge offers a $200 travel credit every year that you can redeem against any single eligible travel booking of $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 and Bankwest Zero Platinum Mastercard 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. 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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