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Platinum credit cards offer premium benefits, higher spending limits and exclusive perks for cardholders who want to get extra value from paying with plastic. Traditionally aimed at big spenders and high-income earners, you'll usually need to meet stricter eligibility requirements to apply for one of these cards.
If you're looking to earn more rewards per $1 spent on your credit card, take advantage of VIP benefits such as airline lounge access and concierge services, shop with a higher credit limit and enjoy complimentary insurance covers, you can compare your platinum credit card options below.
HSBC Credit Card Offer
HSBC Platinum Credit Card - Balance Transfer Offer
0% p.a. for 22 months on balance transfers
Offer ends 30 June 2020
Eligibility criteria, terms and conditions, fees and charges apply
HSBC Credit Card Offer
A platinum card offering 0% interest on balance transfers for 22 months with no balance transfer fee. Plus, an annual fee refund each year when you spend $6,000 on eligible purchases
Get 100,000 bonus Qantas points when you meet the spend requirement. You'll also get two complimentary lounge passes and a $450 Qantas travel credit every year.
Offers 0% on balance transfers for 26 months (with a one-time 1.5% balance transfer fee) and a discounted $49 first year annual fee.
Why should you choose a platinum credit card?
The features of a platinum credit card can give you extra value if you spend regularly, travel frequently or use your credit card's additional services. Platinum credit card features and benefits are a cut above those offered by standard or gold credit cards and often include:
Higher points per $1 for reward programs
Higher points caps for reward programs
Complimentary travel and purchase insurances
Personal concierge service
Best price guarantees
Complimentary airport lounge access
While some standard and gold credit cards also offer extras such as complimentary insurance, it’s important to note that platinum credit card complimentary insurance usually offers greater coverage with lower excesses and is more likely to cover companions or family members.
There are also several platinum credit cards that offer no foreign transaction fee, such as the Bankwest Zero Platinum Mastercard. If you use your card for purchases overseas or regularly shop with foreign online merchants, a platinum card with 0% currency conversion fees could help cut costs.
How to compare platinum credit cards
Almost every credit card issuer offers a platinum product, which makes comparing credit cards to ensure they suit your lifestyle even more important. A good place to start is by looking at the features that are similar across all credit cards (such as purchase interest rates), and the features that are different (including promotional interest rates or specific complimentary extras). Apart from the standard rates and fees, some of the factors you might want to consider in your comparison include:
Extra features
Rewards points. Some credit cards come with reward or frequent flyer programs, allowing you to earn reward points for every dollar you spend on eligible purchases. Some platinum cards offer up to 2 reward points per $1 spent, which you can then redeem for cashback, gift cards or products from the online store. If you opt for a frequent flyer credit card, your points will automatically go to your Qantas or Velocity account, which you can then redeem for flight rewards. Some platinum credit cards also offer bonus points, which could be a good way to boost your balance. Some cards may come with capped points or expiration terms and conditions, so make sure you’re aware of these to get the most out of your points.
Complimentary insurance. Most platinum credit cards offer complimentary travel insurance that will cover medical and hospital expenses, loss or damage to personal property, cancellation of travel arrangements and inconvenience cover while you’re overseas. This cover usually extends to partners and family members travelling with you, but you might need to make a purchase on the card (such as $500 of your prepaid travel costs) to activate the insurance. Some platinum cards also include additional insurances such as purchase protection and extended warranty. Find out more about credit cards with included insurance.
Concierge services. Some platinum cards offer a 24/7 concierge service that can help you with anything from travel bookings and restaurant reservations to sending a gift or securing concert tickets.
Airline lounge passes. Some platinum credit cards offer the added luxury of airport lounge access when you travel. Depending on the lounge, these usually offer complimentary food and beverages, free Wi-Fi and shower facilities, letting you wait for your flight in style. You can compare credit cards with airline lounge passes for more options.
Entertainment experiences. Depending on the card network you’re with, you could take advantage of presale concert tickets, exclusive competitions, discount ticket prices and more with Visa Entertainment, American Express Experiences and Mastercard Priceless Cities.
With all of these factors in mind, make sure that you consider whether the features suit your lifestyle, if the credit limit suits your finances and how much you spend (and repay) each month to determine whether you'll get full value from the card.
How to apply for a platinum credit card
If you see a platinum credit card that you like on finder, you can apply online by clicking the 'Go to site' button, but you'll need to make sure you meet the following eligibility requirements and necessary documents.
Eligibility requirements
Age. Applicants must be at least 18 years of age.
Credit history. Platinum credit cards are designed for people with good or excellent credit history.
Annual income. You must have a regular source of income. Platinum credit cards also have higher minimum income requirements, starting from $30,000 p.a. but usually closer to $50,000 p.a. or more.
Employment. Full-time employment is preferred. If you are self-employed, retired or on a pension and can provide proof of regular income, then you may also be eligible to apply.
Necessary documents
Proof of identity. You'll need to provide a copy of your passport, Medicare card and/or your driver's licence to prove your identity.
Employment information. You'll need to provide proof of your employment with two recent payslips, your most recent tax statement or a letter from your employer. You'll also be asked to provide the details of your employer or, if you're self-employed, your accountant.
From higher credit limits and more reward points to complimentary insurance, concierge services and travel perks, platinum credit cards have both premium features and status that lift them up above other options. So if you want your credit card to do more for you than just the basics, check out the wide range of platinum credit cards and use your knowledge of them to find an option that is right for you.
Frequently asked questions about platinum credit cards
Here are some of the most frequently asked questions about platinum credit cards from our users. If you still have a question please leave a comment in the box below.
If you’ve paid the card off in full, you can cancel platinum credit cards at any time, free of charge. See our guide on how to cancel a credit card for tips on how to do so without hurting your credit score.
In the premium card tier, only black credit cards are more exclusive than platinum. If you want premium perks but aren't ready to apply for a platinum credit card, you can compare gold credit cards.
Platinum cards offer a wealth of extra perks and features that could make your credit card experience more rewarding. However, as these cards generally come with a higher annual fee and interest rates than most cards, you'll want to make sure you're paying your balance in full and taking advantage of all of the card's features to ensure you're getting your money's worth. If you're earning reward points, you can also calculate the dollar value of the rewards you're redeeming to determine whether or not it outweighs the card's annual fee and interest costs.
Sally McMullen is Finder's credit cards and frequent flyer editor by day and a music maven by night. Her byline can be spotted on Yahoo Finance, Dynamic Business, Financy and Mamamia as well as Music Feeds and Rolling Stone.
Credit Cards Comparison
Updated April 10th, 2020
* The credit card offers compared on this page are chosen from a range of credit
cards finder.com.au has access to track details from and is not representative
of all the products available in the market. Products are displayed in no particular
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subject to our disclaimer.
You should consider seeking independent financial advice and consider your own
personal financial circumstances when comparing cards.
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