From better points earn rates and airline lounge passes to higher credit limits, reward your spending with exclusive benefits when you use a premium credit card.
Platinum, gold and black credit cards are premium options that open the door to a range of exclusive benefits. Designed for people who spend a lot on plastic, these cards are a step up from standard offers, with features such as higher credit limits, more reward points and a huge range of complimentary extras.
However, along with these perks and prestige, platinum, gold and black credit cards often have annual fees and interest rates that are higher than standard options. Here, we look at both the benefits and costs of these three premium choices so that you can find a card that’s right for you.
Westpac Credit Card Offer
Westpac Altitude Platinum Card - Qantas
Receive 60,000 bonus Qantas points
Offer ends 15 October 2019
Eligibility criteria, terms and conditions, fees and charges apply
Westpac Credit Card Offer
Receive 60,000 bonus Qantas Points when you meet the spend requirement. Plus, enjoy uncapped points and premium travel perks.
- $200 p.a. annual fee.
- 20.49% p.a. on purchases
- Cash advance rate of 21.49% p.a.
- Up to 45 days interest free
- Minimum income requirement of $30,000 p.a.
Compare Platinum, Gold and Black credit cards
What’s the difference between platinum, gold and black credit cards?
While they are all premium options, each represents a different level of status and service. Gold credit cards are a step up from standard cards, platinum credit cards are above gold, and black credit cards sit at the top of the pack.
Gold credit cards
Gold credit cards are the “entry level” option for premium credit cards and are designed to suit people who are interested in getting more features and benefits, but who don’t want to pay much more than they would for a standard card. Some of the most popular features of gold credit cards include:
Features of a Gold credit card
- Complimentary travel insurance
- Complimentary purchase protection insurance
- More reward points per $1 than standard cards
- Higher point caps than standard cards
- Annual fees ranging from $89 to $169
- Minimum credit limits starting from $4,000
Gold credit cards have slightly higher income and credit history requirements than standard cards – but not as high as those of platinum or black cards. For example, the Suncorp Clear Options Gold credit card has a minimum income requirement of $30,000, while some standard cards have credit limits as low as $15,000.
Platinum credit cards
Platinum credit cards build on the benefits offered by gold credit cards by providing a wider range of features and more flexibility. They are designed for people who regularly pay with plastic, and want to be rewarded for it in a range of ways. In comparison to gold options, platinum cards may include:
The features you can expect from a Platinum credit card
- Complimentary international travel insurance with broader covers, domestic interstate flight inconvenience insurance and car hire insurance
- Complimentary purchase protection insurance
- More reward points per $1 spent than gold cards and higher reward points caps
- Personal concierge services
- Minimum credit limits from $10,000
- Annual fees ranging from $87 to $1,200
Some platinum credit cards may also provide other spending benefits for customers. For example, platinum Bankwest credit cards offer no international transaction fees for purchases made overseas or online with an international retailer.
The minimum income requirements for platinum credit cards also tend to be higher in comparison to gold cards. While some platinum options have minimum income requirements as low as $30,000, such as the Westpac Low Fee Platinum card, most are around $50,000.
Black credit cards
Black credit cards are considered the ultimate in premium credit cards, with the highest level of service and broadest range of benefits. In addition to the complimentary extras that you can find on gold or platinum cards, a black credit card may provide:
The perks and features you can expect from a Black credit card
- The highest number of points per $1 for reward programs
- Complimentary airport transfers
- Flight upgrades
- Dedicated travel booking services
- A personal concierge service
- A personal shopper
- Invitations to exclusive events or promotions
- Higher credit limits (sometimes up to $100,000)
- Annual fees ranging from $349 to $700
Black credit cards are designed for high earners who pay with plastic very regularly. As such, the minimum income requirements for these cards are usually between $75,000 and $150,000. You also need flawless credit history to get a black credit card.
What to consider before applying for a platinum, gold or black credit card
The benefits of a platinum, gold or black credit card are only worth it if they offer more value than the costs that come from any interest charges or annual fees. Asking the following questions before choosing which type of card to get will help you find options that work for you.
- How often do you use your credit card? Premium gold, platinum and black credit cards are designed for people who regularly use a credit card, and their annual fees and credit limits reflect that. Many of the complimentary extras available on these cards, such as travel insurance, also require you to pay with plastic to activate them. If you don’t use a credit card very often, you might want to consider a low rate or no annual fee option instead.
- How much do you spend on your credit card? If you’re considering a rewards option, you should make sure the value of the points you earn outweighs the cost of the annual fee. For more information, check out our guide on calculating the value of rewards points.
- How much money do you earn? Gold, platinum and black credit cards typically have higher minimum income requirements than standard credit cards.
- How many premium card features will you actually use? Complimentary extras can help offset the cost of a credit card, but only if you use them. When considering different cards, make sure you’re realistic about which benefits you will use so that you can find a card that provides value based on your spending habits and circumstances.
- Do you carry a credit card balance? Most gold, platinum and black credit cards have high standard interest rates. This means you could end up paying hundreds of dollars in interest every year when you carry a balance on one of these premium cards. If you don’t pay your account off in full each month, you may want to consider a premium credit card that has a low ongoing interest rate, such as the St.George Vertigo Platinum or Bankwest Breeze Platinum Mastercard.
- Do you have an excellent credit history and credit score? These credit cards all require good to excellent credit history. If you have black marks on your credit file, such as late payments or defaults, you may not be eligible to apply for a gold, platinum or black credit card.
Frequently asked questions about gold, platinum and black credit cards
Pictures: Shutterstock
If my application is unsuccessful, will I be offered an alternative limit card or will I need to reapply? This could impact my credit score (having to reapply).
Hi Roko,
Thank you for getting in touch with finder.
You may need to reapply for a credit card once your application is rejected. You may use this page as your guide on how to get your credit card application approved.
Please note that every time you make an application for credit, like applying for a credit card, it’s listed on your credit file as a “credit enquiry”. It will be listed regardless of whether the application is approved or not. Making too many credit enquiries in a short space of time can have a negative impact on your credit score.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
We have a black credit card, and have just read on your site we could be eligible for flight upgrades. Could you please tell me how to go about asking for and receiving upgrades. Many thanks
Hi Glenda,
Thank you for leaving a question.
Depending on the Black credit card you have as well as the frequent flyer club this card is affiliated on, you would need to register via the website of the frequent flyer club to be a member. Once that is done, you may check the benefits as well as the features that you could get via the card that you have as well as the points you have earned. Hope this helps! You may contact us real time via the chat button located at the lower right of our page.
Cheers,
Reggie
Commbank is closing their Amex cards on 1st of November. I pay them $300 p.a. for a bundle Amex and Mastercard credit card linked account. For Qantas and travel insurance, I might as well change to another bank and their bundle CC and earn some extra bonus points at the same time. Can you suggest a suitable option i.e. who has the best deal on finder right now? Please suggest no more than your best 2 suppliers.
Thanks.
Kevin
Hi Kevin,
Thank you for getting in touch with finder.
Please see this PAGE to learn more on companion/dual cards like yours from Commbank. As per the said page, having a companion credit card account allows you to earn a high rate of reward points when you can pay for something on your American Express credit card. If a merchant informs you of a surcharge or doesn’t accept Amex, you can pull out your Visa or Mastercard and use that so you still earn points for your spending. The great thing about the whole arrangement is that you only have one account to manage, one credit limit, one set of interest rates, one statement to look at, and you also only pay one annual fee, albeit a higher one.
If you are looking around for cards that earn Frequent Flyer points and complimentary travel insurance, please see this LINK.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
GOOD MORNING.
WHO IS OFFERING BLACK CARDS HERE IN AU.
THANKS.
BILL
Hi Bill,
Thanks for leaving a question on finder.
We have a list and comparison of black credit cards that you can avail here in Australia. Please go to THIS guide to compare black credit card offers and features, including those with introductory bonus points. You can also find out what features set black credit cards apart, whether or not you should apply for one, and how to get the most out of a black credit card when you use it.
Cheers,
Joel
how to obtain a balance statement of current month
When will i know when i get it
Hi Ejay,
Thanks for your question.
When you apply for the credit card, most issuers will let you know if your application has been approved or rejected within a minute. If you receive a pending response, this means the bank needs to spend more time assessing your application. In this case, you can usually expect a response within a week.
I hope this has helped.
Cheers,
Sally
Hi,
I want the best value rewards credit card without a crazy high annual fee that offers no foreign transaction fees. These fees are amazingly deceptive because they are activated when dealing with some companies supposedly based in Australia but are domiciled overseas. Just another credit card company/bank rip off. I see Bankwest have 1 but not to sure on it. Any suggestions please? A list would be great, thanks
Hi Trev, thanks for your inquiry!
Please refer to the following link for a list of credit cards with no annual fee and no foreign transaction fees.
Cheers,
Jonathan
Thanks but this is not what I asked.
I am looking for REWARDS credit cards with no foreign transaction fees. Thank you
Hi Trev, thanks for your response!
Please refer to the following link for a list of no foreign currency exchange fee credit cards including rewards credit cards.
Cheers,
Jonathan
Hey I would like to see if I can get a credit card with you please.
Hi Brad, thanks for your inquiry!
Please note that finder.com.au is a comparison service and is not directly affiliated with any banks. The application criteria and requirements are listed under each credit card review page. If you meet those criteria then you will be eligible to apply. To allow me to assist you further was there a specific credit card you were inquiring about today?
Cheers,
Jonathan
My credit card now caps the frequent flyer points earned per month. I am looking for a card that does not cap the number of points earned per month. Can you advise .
Hi Glenda,
Thanks for your question.
You can find a list of card that don’t cap rewards points on this page. Also, we have a list of cards that offer no points capping and no points expiry on this page.
I hope this has helped.
Thanks,
Elizabeth
I don’t work iv bad credit at the moment so can you help me be accepted for credit card
Hi Ann, thanks for your inquiry!
Please note that finder.com.au is a comparison service and is not directly affiliated with any banks/lenders. Unfortunately Australia does not have a credit card product targeted towards bad credit customers, however there are ways to improve your credit score to increase the chance of being approved. Please see this page for more information on improving your credit score. It would be recommended to speak to a lender/ bank directly either through the phone or local branch so they would be able to best advise on your options and eligibility.
Cheers,
Jonathan
Hi I have a Westpac platinum and paying for a trip over seas from June 3rd to 23 September with my wife
does the travel ins cover me for wile I am away . The ins says only 3 months and there a lots of could pay for this in a lot of clauses in travel ins .Is there a number to contact if about parts of insurance.
Hi Harry,
Thanks for your question.
The period of cover last for six months if you have an Earth Platinum, Altitude Platinum or an Altitude Qantas Platinum, Singapore Airlines Westpac Platinum card or a Westpac Platinum 55 day card.
The cover will last for three months if you have any of the Platinum Plus range of credit cards. You can get in contact with Zurich (the insurance providers) directly if you have questions regarding your insurance cover, I’ve sent you through the number.
Thanks,
Elizabeth