
Get exclusive money-saving offers and guides
Straight to your inbox
Updated
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
The premise behind platinum credit cards is simple: they’re packed out with features and rewards but offer an annual fee and interest rates to match. They are made for big spenders who use their card regularly, and for whom the extra charges pale in comparison to the rewards offered.
Premium credit cards are all fairly similar in functionality, with varying levels of service offered depending on the kind of platinum card you are signed up for. Big spenders are an attractive market for credit card providers, continuing to live it up even during the global financial crisis when the rest of Australia's spending slowed.
Premium credit cards are targeted precisely for this market; people with a flashy lifestyle whose frequent use of credit card services warrants rewards from banks and financial institutions.
In exchange for outstanding rewards and services, cardholders pay an elevated annual fee and above-average interest rates.
The use and management of these premium cards implies a lifestyle that has a high cash flow. The standard feature of a premium credit card is a points program which rewards the cardholder for every dollar spent. With some cards you can even pay for an item upfront and then tell the bank to use your points to pay for it instead.
Other tempting features include concierge services available 24/7, extended warranties on items bought, personal shoppers and special access to online stores. Due to the increased annual fees and rates, these cards are suitable for and targeted to shoppers for whom the rewards of the card outweighs the cost.
Due to the higher interest rates, to get the most from these cards it’s a good practice to pay them off each month. If you are someone unlikely to do this, maybe a credit card with a lower interest rate would be a better choice.
With bonus Qantas Points and a range of complimentary insurance covers, the Westpac Altitude Platinum - Qantas is worth considering if you want more frequent flyer points.
Earn Altitude rewards with Westpac’s Altitude Platinum credit card, while enjoying the benefits and privileges of platinum status.
Funding Christmas festivities pushed Aussies $24.3 billion deeper into debt, according to Finder, Australia’s most visited comparison site.
Pay no interest on your credit card debt and clear it faster with a 0% balance transfer credit card. Compare and apply here.
The ANZ Rewards Platinum Credit Card offers a competitive rewards program, $0 annual fee for the first year, a $500 gift card, a balance transfer offer and a range of complimentary insurance covers.
Available to Woolworths Group employees and family, this low-cost card comes with simple features and mobile payment options.
SPONSORED: In a time of financial volatility, here are the key ways to find a credit card that offers you bang for your buck.
This low rate credit card has a $0 annual fee and is available to firefighters and other service workers or volunteers.
A low rate platinum credit card that includes a cashback offer and perks such as complimentary travel insurance and purchase insurance.
The BankSA Vertigo Platinum card offers a $300 cashback a low ongoing purchase rate and a range of complimentary insurance covers.