Platinum credit cards are among the higher-end cards on the market, offering plenty of points, complimentary travel insurance and other perks.
The top tier platinum cards offer airport lounge passes, concierge services and stacks of bonus points.
In exchange, you pay a high annual fee. Some platinum cards charge less than $100 a year, many charge up to $450.
What makes a credit card platinum?
Credit card tiers or colours are hard to pin down. Every card provider offers something slightly different. But platinum cards generally sit above low rate cards and cards with no annual fee.
These credit cards are much more likely to offer reward or frequent flyer points, complimentary travel insurance and perks like bonus status credits, airport lounge passes or cashback. And you pay a higher annual fee for the privilege.
Once you go above platinum you go to black, diamond or titanium credit cards.
Platinum credit card stats
There are over 70 platinum credit cards in Finder's database.
The average annual fee for a platinum credit card is $280. The average across all cards is $153.
The average purchase rate for a platinum credit card is 20.46%.
The average minimum credit limit for a platinum card is $5,395. The average across all cards is much lower at $3,889.
With so many different credit cards available, there is not a single "best" platinum card on the market. But asking these 4 questions can help you find one you want.
Do you travel frequently?
If you want to use your credit card for travel bookings and rewards, a platinum card that offers frequent flyer points and perks like airline lounge passes, travel credits and complimentary international travel insurance gives you a way to get more value from the account.
Do you want to buy big-ticket items with your credit card?
Finder research shows 21% of Australians got their most recent credit card to make big purchases. When that's the case, a platinum card could offer you a higher credit limit than a regular card, as well as complimentary purchase protection insurance or extended warranty cover.
Do you have existing credit card debts?
If you're already paying interest on a credit card balance, a platinum credit card with a balance transfer offer gives you a way to transfer it and get a low or 0% interest rate for a promotional period.
Just keep in mind that you'll usually get more value if you focus on repaying the balance before using any other platinum perks.
Are you a business owner?
A platinum business credit card gives you a way to manage cash flow with higher credit limit options, earn more rewards points and get access to complimentary business insurance policies
"When you're looking for a credit card, don't get too hung up on the luxury feel of the platinum name. Some really great credit cards offer just as many benefits for a similar fee without the expensive sounding name. Always compare a card's features and benefits and find a card that gives you value for money."
More rewards. Platinum credit cards typically give you more points per $1 spent, higher points caps and bigger bonus points offers than standard or gold cards.
Higher credit limits. Minimum credit limits on platinum cards typically start around $3,000 and maximum limits can be around $75,000 or more. But not all cards list minimum and maximum limits.
Complimentary insurance. A lot of platinum credit cards offer complimentary travel insurance for overseas or interstate trips, as well as different types of insurance for purchases.
Other perks. Airport lounge access, flight or travel credit and concierge services are some of the other benefits you can get with a platinum credit card.
Cons
Higher annual fees. Platinum credit card annual fees typically range from around $59 to $1,750, although some cards do offer reduced and $0 annual fees in the first year or ongoing.
Interest rates. Platinum cards that offer rewards and other premium perks typically have higher interest rates than no frills cards. Platinum cards with lower rates typically offer fewer perks or rewards.
Stricter eligibility requirements. You'll need a good to excellent credit score to get approved for a platinum credit card. Income requirements are also typically higher than for gold or standard cards.
Who is eligible for a platinum credit card?
Platinum cards used to be very exclusive but with so many credit cards on the market now, the eligibility criteria varies. Key details to look at include:
Minimum income. Platinum card income requirements in Australia start from around $35,000 and can go up to $100,000 for more exclusive cards. Even if a card doesn't list a minimum income requirement, it will be considered as part of the application.
Employment. You typically need to have regular income and ongoing employment to get a platinum card.
Credit history. Platinum cards typically require a higher credit score than more basic credit cards. Ideally, you shouldn't have any late payments, defaults or other black marks on your credit report.
Other requirements. To get any credit card, you'll need to be at least 18 years of age. Each credit card also has details of Australian residency requirements, which can affect your eligibility if you're a temporary resident or hold a visa.
Frequently asked questions
There aren't many credit cards that still use gold in their names. Finder's database has 5 gold credit cards. 4 of those are corporate cards and 1 is a low rate card with no annual fee.
There are only a few platinum credit cards in Australia that have an ongoing $0 annual fee, including the Bankwest Zero Platinum Mastercard. You can also get platinum credit cards that offer a waived annual fee in the first year.
Black cards are typically seen as more premium accounts than platinum cards but there are some exceptions. For example, the American Express Platinum Card offers a huge range of benefits that are on par with many black cards – including a yearly $450 Platinum Travel Credit, airport lounge access, premium hotel perks, dining credit and insurance covers.
If you're looking for a particular perk, you can compare gold, platinum and black cards side-by-side to find one that offers the features you want.
If you regularly spend with a credit card and pay it off as you go (or by the due date on each statement), you could get extra value from platinum features. And 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.
But if you don't usually pay off your card's balance each month or rarely use it, paying a higher annual fee and interest charges for platinum features may not be worth it. Instead, you could compare cards with low interest rates or no annual fee to find one that's affordable for you.
Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University.
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Amy is an experienced journalist with over 16 years of experience, contributing to major publications like Money Magazine, The Sydney Morning Herald, and ABC News Australia. Specialising in personal finance, she frequently appeared in media outlets and on radio. Amy holds a Bachelor of Arts in Journalism and Drama from Griffith University and earned RG146 certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, ensuring her expertise is grounded in current financial regulations. Amy was Finder's Senior Writer for Credit Cards from 2016 to 2024.
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From entertainment offers, concierge and travel services to travel insurance and more, cardholders can enjoy many different platinum perks. Read on to find out all about the benefits of being a Visa Platinum cardholder.
Discover the luxurious perks, extensive benefits, and often high fees that can come with prestigious credit cards.
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Do you travel frequently?
Do you want to buy big-ticket items with your credit card?
Do you have existing credit card debts?
Are you a business owner?