gold platinum card

Gold vs platinum credit cards: Which is best?

Compare gold and platinum credit cards to decide which is the better option for you

While the most exclusive cards are so elusive that they can only be aspired to and not applied for, a more accessible range of premium credit cards remains within reach for most people: gold and platinum credit cards. Gold cards are a tier above standard cards, and platinum cards are a tier above gold.

These products are designed to offer greater perks such as higher credit limits, rewards and complimentary insurance. However, gold and platinum cards also typically charge higher fees for these perks.

plat-vs-gold

What’s the difference between gold and platinum credit cards?

Gold credit cards are considered one step up from standard options, while platinum credit cards are a step above gold. This means the benefits they offer will vary between gold and platinum status levels, as well as between individual cards. Here are some examples of differences you may find between the offerings of gold and platinum cards:

  • Complimentary extras. Complimentary extras may include travel and purchase insurances, concierge services and other travel perks like airport lounge access. Unlike platinum options, some gold cards may not offer domestic travel insurance or car rental insurance, nor personal concierge services for instance.
  • Complimentary insurance limits. Insurance coverage may vary between gold and platinum versions of the same card, with platinum cardholders enjoying higher cover limits or lower excess costs.
  • Reward points per $1. Platinum cardholders usually earn more rewards points per $1 spent than gold cardholders. As an example, a standard rewards card may offer 1 point per $1, while the gold version offers 1.5 points per $1 and the platinum offers 2 points per $1.
  • Reward point caps. If a reward credit card limits the amount of points you can earn per statement or year, then a platinum card will have one of the highest caps.
  • Bonus point offers. Introductory bonus point offers may differ between gold and platinum products, with platinum cards typically offering more bonus points when you sign up.
  • Minimum credit limits. Platinum cards give higher minimum credit limits than gold cards, which can be a bonus if you spend a lot on credit and can responsibly manage your credit card payments.
  • Annual fees. Platinum cards charge higher annual fees than gold cards offered by the same provider. For example, the Suncorp Clear Options Gold offers rewards, purchase protection insurance and a guaranteed pricing scheme and has an annual fee of $120. In comparison, the Suncorp Clear Options Platinum offers these features, plus a higher reward earn rate and travel insurance covers. It also charges a higher annual fee of $129.
  • Minimum income requirements. Platinum cards also generally require successful card applicants to have higher income levels compared to gold cards. The Suncorp Clear Options Gold and Platinum cards, for instance, require holders to have minimum incomes of $30,000 and $35,000 respectively.
  • Credit history. While both cards require cardholders to have good credit history and credit ratings, platinum cards tend to have stricter requirements than gold cards.

How to compare gold and platinum credit cards

When choosing between a gold and platinum credit card, the decision boils down to your individual circumstances. To help you make your decision, these are some key questions to consider:

  • How often will I use my credit card? Your yearly average spending on the card can be a strong indicator of which card type will suit you better. If you are a low frequency card user, it would not be worthwhile to pay high fees for a platinum card that you won’t use much. On the other hand, if you spend a lot on your credit card, you’d want to watch out for monthly caps on earning rewards points, which could be lower on a gold card.
  • How much can I afford to pay for a credit card? Working out a budget for your credit card expenses can be helpful in determining whether you can better manage the cost of the annual fee for a gold or platinum card.
  • What additional features do I want? Thinking about what you actually want in a card, and which card features you’ll actually use, can also bring clarity. For instance, if you regularly travel abroad, it may be worth paying a high premium for platinum travel perks like international travel insurance and airport lounge access. However, if you only go overseas once every couple of years, these features are unlikely to offset the cost of the annual fee and a gold or classic card may be more suitable.
  • Can I meet the application requirements? This can also be an important determining factor, since it would hurt your credit score if your card application was turned down because you didn’t meet the stated eligibility requirements. Keep in mind that minimum income requirements are usually higher for platinum cards when compared to gold cards, and make sure you check these details during the comparison so you can apply for an appropriate card based on your circumstances.

Comparison of Gold and Platinum Credit Cards

Rates last updated May 21st, 2018
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
HSBC Platinum Credit Card
HSBC Rewards Plus


1
19.99% p.a.
$0 p.a. annual fee for the first year ($129 p.a. thereafter)
Offers a 0% p.a. for 22 months balance transfer, $0 annual fee for the first year and an annual fee refund each year when you spend $6,000.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
60,000 bonus points
Velocity Frequent Flyer


0.66
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus Velocity Points in the first 3 months and enjoy a discounted annual fee of $64 for the first year.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Platinum card benefits including complimentary insurance, plus first year annual fee waiver and 0% p.a. for 24 months on balance transfers.
HSBC Platinum Qantas Credit Card
60,000 bonus points
Qantas Frequent Flyer


1
19.99% p.a.
$199 p.a.
Receive 60,000 bonus Qantas Points when you spend $3,000 within 3 months of card approval, plus enjoy complimentary travel insurance.
Bendigo Bank Platinum Rewards Mastercard
Bendigo Rewards


1.5
19.99% p.a.
$89 p.a.
Earn 1.5 Bendigo Rewards points per $1 spent. Receive complimentary insurance covers, plus, access to Mastercard Priceless Cities.
Citi Rewards Platinum Credit Card
Citi Rewards Program


1
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn reward Points per $1 spent, take advantage of a 0% p.a. for 26 month balance transfer offer, plus complimentary international travel insurance.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Velocity Frequent Flyer


0.66
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Take advantage of 0% p.a. on balance transfers for up to 18 months. $64 in the first year ($129 p.a. thereafter), plus, bonus Velocity Points.
St.George Amplify Platinum
50,000 bonus points
Amplify Rewards / Qantas Frequent Flyer


0.5
19.49% p.a.
$99 p.a.
Receive 50,000 bonus Amplify or Qantas Points when you spend $2,000 within 90 days and earn 0.5 Qantas Points or 1 Amplify Point per $1 spent.
NAB Low Fee Platinum Card
19.74% p.a.
$90 p.a.
Offers 7 complimentary insurance covers, a 0% p.a. for 24 month balance transfer and access to a 24/7 concierge service for a $90 p.a. annual fee.
Citi Platinum Credit Card - 100k Bonus Points
100,000 bonus points
Citi Rewards Program


1
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 100,000 reward Points, enjoy a long-term balance transfer offer, a discounted first year annual fee and complimentary travel insurance.
St.George Amplify Signature - Qantas
90,000 bonus points
Qantas Frequent Flyer


0.75
19.49% p.a.
$279 p.a.
Receive 90,000 bonus Qantas Points when you spend $4,000 within 90 days and receive two complimentary Qantas Club lounge invitations per year.
Qantas American Express Ultimate Card
55,000 bonus points
Qantas Frequent Flyer


1.5
20.74% p.a.
$450 p.a.
Receive 55,000 bonus Qantas Points, a $450 Qantas Travel Credit each year and 2 yearly complimentary Qantas Club lounge invitations.
ANZ Frequent Flyer Platinum
65,000 bonus points
Qantas Frequent Flyer


0.75
19.99% p.a.
$0 p.a. annual fee for the first year ($295 p.a. thereafter)
Receive 65,000 bonus Qantas Points when you spend $2,500 on eligible purchases within the first 3 months. Plus, a $0 annual fee for the first year.
ANZ Low Rate Platinum
11.49% p.a.
$99 p.a.
Enjoy 0% p.a. on balance transfers for 15 months with no BT fee, combined with platinum card privileges and complimentary insurances.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Velocity Frequent Flyer


0.66
0% p.a. for 14 months (reverts to 20.74% p.a.)
$129 p.a.
Buy now and pay later with 0% p.a. interest on purchases for 14 months. Plus, 0% p.a. on balance transfers for up to 6 months.
Bendigo Bank Low Rate Platinum Mastercard
11.99% p.a.
$89 p.a.
Offers premium features such as mobile phone and tablet insurance and purchase protections, plus, up to 55 days interest-free on purchases.
Westpac 55 Day Platinum Credit Card
19.84% p.a.
$0 p.a. annual fee for the first year ($90 p.a. thereafter)
Receive a 20 month balance transfer offer, up to 55 days interest-free on purchases, a platinum concierge service and a $0 first year annual fee.
American Express Platinum Edge Credit Card
Membership Rewards


1
20.74% p.a.
$195 p.a.
Receive a yearly $200 Travel Credit and complimentary domestic and international travel insurance, plus 0% p.a. for 12 months on balance transfers.
American Express Velocity Platinum Card
50,000 bonus points
Velocity Frequent Flyer


1.5
20.74% p.a.
$375 p.a.
Receive 50,000 bonus Velocity Points, a complimentary Virgin Australia return Economy domestic flight each anniversary year, plus, 2 lounge passes.
Bendigo Bank Qantas Platinum Mastercard
Qantas Frequent Flyer


0.6
19.99% p.a.
$149 p.a.
Earn 0.6 Qantas Points per $1 spent on eligible purchases, get 180 days of comprehensive travel insurance and extended warranty on purchases.

Compare up to 4 providers

Rates last updated May 21st, 2018
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
Qantas American Express Premium Card
30,000 bonus points
Qantas Frequent Flyer


1.25
20.74% p.a.
$249 p.a.
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
10,000 bonus points
Membership Rewards Ascent


1
$169 p.a.
Take advantage of 10,000 bonus points, no pre-set spending limit, data that feeds to MYOB and up to 51 days interest-free on purchases.

Compare up to 4 providers

What else should I consider when looking at gold and platinum credit cards?

Here are some other factors to consider when comparing gold and platinum cards:

  • Purchase rate. This is the interest rate charged on purchase transactions, which is very relevant if you habitually carry a balance on your credit card. If you always settle your monthly statement in full, this is not a real concern because you don’t incur interest fees on your purchases.
  • Introductory interest rates. As part of a sign-up promotion, cards sometimes offer introductory interest rates that are substantially lower than their regular rates. When it comes to balance transfer promotions especially, this could weigh attractively in its favour. Just remember to check how long the promotional rate is available and what it will revert to at the end of the honeymoon period.
  • Interest-free days. Most credit cards offer an interest-free period for purchases, which varies between 25 and 62 days per statement period. While interest-free days can help you avoid additional charges, they are only available if you pay your balance in full by the due date on each statement. Otherwise, interest will apply from the day you make a purchase.
  • Value of reward points. A little research and calculation should reveal how much a credit card’s rewards points are worth. Consider the earn rate of the card, as well as what rewards you can get and the annual fee to get an idea of the potential value. This will help you compare rewards programs across cards.
  • Application criteria. Keep in mind that submitting too many credit card applications in a short amount of time can have a negative impact on your credit rating. So researching a credit card’s eligibility requirements helps ensure that you only apply for one when you have a high chance of application success.

Ultimately, no credit card is perfect for everyone, but you might find one that will closely match your personal needs and spending habits. As such, platinum cards aren’t necessarily always better than gold cards, and gold cards don’t always offer more value than platinum ones. Remember to research and compare cards to find the option that best suits your needs.

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Credit Card Offers

Important Information*
Westpac Low Rate - Online Offer
Westpac Low Rate - Online Offer

Interest rate

13.49

Annual fee

59
HSBC Platinum Credit Card
HSBC Platinum Credit Card

Interest rate

19.99

Annual fee

129
NAB Low Fee Platinum Card
NAB Low Fee Platinum Card

Interest rate

19.74

Annual fee

90
Citi Platinum Credit Card - 100k Bonus Points
Citi Platinum Credit Card - 100k Bonus Points

Interest rate

20.99

Annual fee

149

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4 Responses

  1. Default Gravatar
    senjoNovember 23, 2014

    Which is better gold or platinum ?

    • Staff
      ElizabethNovember 24, 2014Staff

      Hi Senjo,

      Thanks for your question.

      As you can see from the page above there are benefits to both gold and platinum cards. Unfortunately, there’s no one easy answer to your question as it really depends on your own financial situation and credit card needs. You may want to review the benefits discussed on this page and see the ones that better appeal to you.

      I hope this has helped.

      Thanks,

      Elizabeth

  2. Default Gravatar
    morldkFebruary 4, 2014

    Yes I have one platinum card with w something. My credit is exemplary but my income
    e varies. Question; do banks require a current payslip or .will they
    accept my credit rating. my gripe is for being charged20% plus for new purchases. Are you able to offer options?
    Regards David
    PS. Written from cheap tab

    • Staff
      ShirleyFebruary 4, 2014Staff

      Hi Morldk,

      Thanks for your comment.

      Banks generally require your last 3 payslips and they will look at your credit history.

      You may want to have a look at our featured low interest rate credit cards.

      Cheers,
      Shirley

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