What credit card options are out there for high-income earners?
A broad overview of the high-income earners' credit card options should furnish you with the details you need to pinpoint and choose the one that is most appealing to you, and your lifestyle. Not all high-income earners live or spend the same, and the credit card companies don't just make the same rates and deals just based on your net worth, and it would be naïve to assume you choose credit cards the same way. People are unique and live, spend, work, and travel differently.
Some of the companies that make credit cards for high-income earners include ANZ, NAB, and Woolworths. Virtually every major bank makes credit cards for people that earn a significantly higher income.
Compare Platinum, Gold and Black credit cards for High Income Earners
Before looking into the detailed features of credit cards for high-income earners, it’s helpful to get a list of cards. This list can be used when you’re researching them online or for storing as a general reference tool. You can refer to it again and again as you research.
Platinum is a term used frequently for credit cards targeted to high-income earners. Platinum is a term that denotes a value above gold and silver and is more substantial and longer lasting as a metal. The word is frequently applied to high-level credit cards.
As you can see, the competition is pretty stiff for providing credit cards to high-income earners. Some companies have several cards for the same type of earner. This is a highly targeted demographic.
What are some basic averages?
The average purchase rate is at around 20%. The average balance transfer rate is between 3%-5%. The balance transfer period usually lasts 6 months, but it can last up to a year. And the average annual fee is pretty steep at $500.
Taking a look at a sample card, the Citi Prestige Credit Card
The Citi Prestige Credit Card is a good representative sample of what all the credit cards for high-income earners offer. The bank has chosen to advertise it selectively to credit card consumers, giving it a competitive advantage.
The Citi Prestige Credit Card gives you points for every dollar spent, and the points never expire. There are travel, airline, and hotel partners that help you maximise your travelling experience. You also get access to over 800 VIP airport lounges worldwide, something that other credit cards don't offer. You'll be able to enhance your luxury lifestyle experience with distinct rewards programs tailored to your luxury lifestyle.
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