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Gold credit cards

A gold card can unlock premium features such as rewards, complimentary insurance and lounge access – here’s how to choose one.

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Name Product Bonus points Rewards program Rewards points per $ spent Purchase rate p.a. Annual fee
Qantas American Express Premium Card
30,000
Qantas Frequent Flyer
1
20.74%
$249
Enjoy 30,000 bonus Qantas Points, 2 complimentary Qantas Club lounge invitations per year and the protection of complimentary insurance covers.
American Express Gold Business Card
100,000
Membership Rewards Ascent
1.5
0%
$169
ABN holders w/ $75,000 revenue. Get 100,000 bonus Membership Rewards Points when you spend $1,000 within the first 2 months.
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What is a gold credit card?

Gold credit cards are a step up from standard credit cards and typically offer more perks, rewards and higher maximum credit limits.

Do gold credit cards still exist?

Yes, there are still some gold credit cards currently available in Australia, with the Finder database showing 6 gold cards on the market for personal use and 4 business or corporate gold card accounts.

Sometimes gold level credit cards may also have another name, such as the Qantas American Express Premium card, which has gold artwork on the card but not in its name.

While many gold card options have been replaced with platinum cards, you can still get a gold credit card if you want one. As with any credit card, you'll just need to weigh up the features and costs to decide if it is worth it.

Snapshot: Popular gold credit card features

Every gold card has different benefits, but some of the key ones people look for include:

  • Higher maximum credit limits
  • More rewards points per $1
  • Higher rewards points caps
  • Complimentary international travel insurance
  • Purchase security cover
  • Extended warranty insurance
  • Other travel benefits such as airport lounge access

How to compare gold credit cards

As with any card, the value you get from gold credit card benefits should be worth more than the costs associated with it. Here are the key details to keep in mind:

Rewards

  • Bonus points offers. You can boost your reward points balance by getting a gold credit card that offers bonus points to new customers. Look at both the points offered and the requirements to get them to find a good gold card option for you.
  • Frequent flyer/rewards points earnings rate. Reward programs vary between gold credit card options and there are also different point rates depending on the type of card, with American Express cards usually earning the highest amount of points per $1. Some cards have both an Amex and a Mastercard to offer flexibility with different point earning rates.
  • Uncapped/capped rewards points earnings. A points cap limits how many rewards you can earn in a month or year, but doesn’t always affect cardholders. You can work out if a capped or uncapped reward card is right for you by looking at your average monthly credit card spending and comparing it to the points you would earn; if you spend less than the cap then it should be fine.

Financial features

  • Interest rates. Gold credit card interest rates typically range from 10.8% p.a. to 20.74% p.a. for purchases. Some gold cards will also offer you an introductory low or 0% interest rate for a set amount of time, which can help you save on interest when you first get the card.
  • Interest-free period. Most gold credit cards offer up to a set number of interest-free days for purchases if you pay off the total balance by the due date on each statement. Otherwise, you'll be charged interest. Gold charge cards don't charge interest but do give you a period of time to pay off what you spend – usually around 51 days.
  • Annual fees. Ongoing gold credit card annual fees range from $0 to $169, so make sure you check the price to save money on the card.
  • Credit limits. Minimum credit limits for gold credit cards are typically around $4,000 to $5,000, although it does depend on the card. Your actual credit limit could be higher than this, depending on your application and the provider's lending criteria and assessment.

Other benefits

  • Complimentary insurance. This can include international travel insurance, flight inconvenience insurance, purchase protection cover, extended warranties and refund protection. Although most gold credit cards include international travel insurance, the amount of cover and when you can use it varies. So always read the insurance policy booklet for full details if this is a benefit you'll use.
  • Concierge service. This service can help you with travel plans, restaurant bookings, entertainment options and more.
  • Global support. If you have issues when travelling, or lose your card, global support services can help you sort things out.
  • Lounge passes. Some gold credit cards offer access to airport or airline lounges with complimentary passes, which can be great if you want a bit of luxury when you travel.
  • Exclusive card offers:
    • Mastercard Priceless Cities. A gold Mastercard credit card gives you access to both local and global benefits for travel, dining, retail and entertainment experiences.
    • Visa Offers+Perks. Get a gold Visa credit card and you can sign up for exclusive Visa offers such as pre-sale tickets and luxury hotel benefits.
    • Amex Offers. An American Express gold credit card connects you to this program offering deals on shopping, dining, entertainment and more.

How to decide if a gold credit card is right for you

If you want to get a gold credit card, there are 3 important questions that will help you find a card that works for you:

1. How much do you spend each month?

The more you use a gold credit card (both for spending and for the other perks), the greater the value you can get out of it. This value needs to be weighed against the cost of the annual fee if you want to save more than you spend on your credit card.

For example, let’s say you got a gold reward credit card with a $100 annual fee. The goal would be to earn enough reward points to get at least $100 value out of the reward program (i.e. a $100 gift card).

So if you knew you would spend an average of $2,000 per month, and earned 1 point per $1, over a year you would get 24,000 reward points. You can then check the redemption catalogue or website for the card’s reward program to make sure that those points will get you at least $100 value in rewards so that the annual fee is worth it.

2. How many of the features will you use?

Rewards, complimentary insurance, lounge passes and other perks only add value if you use them.

For example, if you get a card with travel insurance but never use it, this benefit will be worthless to you. On the other hand, if you knew you would use that travel insurance regularly, you could save hundreds of dollars compared to buying insurance directly, which would help offset the cost of the annual fee.

3. Are the annual fee and credit limit affordable for you?

Gold credit cards can have higher annual fees and minimum credit limits than standard cards. So think about what you're willing to pay for the account and what's manageable for you right now.

If the cost is too high, you can always compare other credit cards to find the features you want with an annual fee that suits you.

With the credit limit, keep in mind that a higher limit can increase the risk of more interest charges and debt if you don't pay it off each month. When you apply for a credit card, you can request a specific credit limit but it will need to be at least the minimum limit listed – which could be higher on a gold credit card than a standard one.

What conditions do I need to meet to apply for a gold credit card?

Gold credit cards have a range of requirements that need to be met before your application can be approved. These include:

  • Age. You must be at least 18 years of age to get a gold credit card.
  • Credit history. You’ll need a good credit history that shows a sufficient income and ability to repay your bills on time to receive approval.
  • Income. You must have a regular income to apply for a gold credit card. Some of these cards also specify a minimum income amount, which typically range from $30,000 to $50,000.
  • Employment. Most credit card issuers prefer full-time employment but there are exceptions. If you are self-employed, retired or on a pension but have a regular income, you could still be eligible for a gold credit card or other credit cards for pensioners. Check the application requirements for each card you’re interested in and contact the issuer if you are unsure.
  • Required documents. During the application process, you will need to supply a number of required documents, including:
    • A copy of your driver's licence, or another official document with your address (i.e. a utility bill)
    • A copy of your passport or Medicare card
    • Proof of employment/income, such as 2 pay slips less than 60 days old, a letter of employment or your most recent tax statement from the ATO
    • Contact details for your employer or accountant

These documents can usually be attached to the application, submitted later via a secured web form or posted to the bank, and are essential for the application to be processed.

Frequently asked questions

  1. Finder credit card database accessed 25 February 2022
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    24 Responses

    1. Default Gravatar
      HarrySeptember 21, 2016

      I have a Gold Commonwealth Bank MasterCard, I have used the travel insurance very often I am 80 years old now. How can I find out if there are extra charges when I travel again?

      • Avatarfinder Customer Care
        DebbieSeptember 21, 2016Staff

        Hi Harry,

        Thanks for your inquiry.

        Unfortunately, the complimentary international travel insurance is only applicable to cardholders aged up to 79 years old. Since you’re now 80 years of age, you may need to apply for an upgraded policy but still needs the approval of Allianz Global Assistance (AGA), which is the insurer of CBA credit cards.

        As per CBA’s terms and conditions, purchasing an Upgrade Policy lets them receive a commission which is a percentage of your premium. You may need to contact CBA at 13 3982 or AGA directly at 1800 837 177 to confirm the costs and processes of purchasing an upgraded policy.

        For more information, you may read thorough our complete guide for Commonwealth Bank’s complimentary travel insurance for credit cardholders.

        I hope this helps.

        Cheers,
        Debbie

    2. Default Gravatar
      janJuly 15, 2015

      I am intending to travel to England and then onto usa new york and across to la. Where can I find out where to obtain information on travel insurance?

      • Avatarfinder Customer Care
        JonathanJuly 16, 2015Staff

        Hi Jan,

        Thanks for your question.

        You may obtain more information on our guide to credit cards with complimentary travel insurance or get a quote on our travel insurance page.

        Please make sure to read the eligibility criteria, features, and details of the policy, as well as the relevant Product Disclosure Statement of the policy before making a decision and consider whether the product is right for you. If necessary, speak to the insurance brand to verify any details.

        I hope this has been helpful.

        Thanks,
        Jonathan

    3. Default Gravatar
      CatieMay 5, 2015

      Please advise if Gold Visa transaction fees incl GST?
      Thanks

      • Avatarfinder Customer Care
        JonathanMay 7, 2015Staff

        Hi Catie, thanks for your inquiry!

        GST is a value added tax on most goods and services within Australia. As a result transaction fees with credit cards generally do not include GST charges.

        Cheers,

        Jonathan

    4. Default Gravatar
      MaureenMarch 17, 2015

      My husband and I are taking a couple of short cruises along the coast of Australia and to Vanuatu. My husband has just turned 80. Can we pay an excess to cover him or must we insure him separately?

      • Avatarfinder Customer Care
        JonathanMarch 17, 2015Staff

        Hi Maureen, thanks for your inquiry!

        To allow me to assist you further could you please clarify which Gold credit card you are using?

        Cheers,

        Jonathan

      • Default Gravatar
        MaureenMarch 18, 2015

        Hi John,

        Re my question about insurance for husband who is 80.

        My card is a Commonwealth Bank Paypass Gold Mastercard.

        Hope this helps.

        Regards,

        Maureen

      • Avatarfinder Customer Care
        JonathanMarch 18, 2015Staff

        Hi Maureen,

        Thanks for your inquiry.

        Commonwealth’s complimentary travel insurance policy is only eligible for individuals 79 years or younger. For more information on travel insurance and comparison of insurance brands, please see our Travel Insurance homepage. Please make sure to read the eligibility criteria, features and details of the policy, as well as the relevant Product Disclosure Statement of the policy before making a decision and consider whether the product is right for you. If necessary, speak to the insurance brand to verify any details.

        Cheers,
        Jonathan

    5. Default Gravatar
      JosephJanuary 16, 2015

      We have booked a cruise on Cruise ship Pacific Dawn booking number W503. This was paid for in full using out Gold Credit Card the total being $2598.00. Unfortunately my Vera is sick and been to see the doctor this morning and has a letter stating the situation. How do I make a claim against the ticket price having used the Gold Credit Card.

      Yours in anticipation
      Joe

      • Avatarfinder Customer Care
        ElizabethJanuary 16, 2015Staff

        Hi Joseph,

        Thanks for your question.

        Would you mind telling me the name of the card you have? Then I’d be happy to tell you how to go about submitting a claim. Generally though, if you get in contact with your card issuer they should be able to tell you about the claims process.

        I hope this has helped.

        Thanks,

        Elizabeth

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