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Gold credit cards are a step up from standard credit cards and typically offer more perks, rewards and higher maximum credit limits.
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.
Every gold card has different benefits, but some of the key ones people look for include:
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:
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:
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.
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.
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.
Gold credit cards have a range of requirements that need to be met before your application can be approved. These include:
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.
Yes, these complimentary insurance covers come into effect only after you use your gold card to pay for travel expenses.
A platinum card could offer an even higher credit limit, it could come with additional insurance covers and it should give you access to a 24/7 concierge service.
This depends on the gold card you use. There are some credit cards which allow you to earn frequent flyer points directly.
Amy has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. She is also the editorial lead for Finder Green, covering sustainability across different industries. Her work has appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy also has a Bachelor of Arts in Journalism and Drama from Griffith University.
If you want to get more rewards, higher credit limits, complimentary insurance and many other perks, here's how a platinum credit card could work for you.
If you want to buy big-ticket items or consolidate debt with a credit card, compare high credit limit options and weigh up the pros and cons here.
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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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?
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
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?
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
Please advise if Gold Visa transaction fees incl GST?
Thanks
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
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?
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
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
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
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
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