Premium Credit Cards in Australia

Information verified correct on December 11th, 2016

If you enjoy the finer things in life, a credit card with premium features might be for you.

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.

HSBC Platinum Qantas Credit Card

HSBC Credit Card Offer

Earn 60,000 bonus Qantas Points when you meet the minimum spend criteria and benefit from a range of complimentary travel insurance.

  • $199 p.a. annual fee
  • 19.99% p.a. on purchases
  • Cash Advance Rate of 21.99% p.a.
  • Up to 55 days interest free
  • Minimum Income Requirement of $40,000 p.a.

Comparison of Premium Credit Cards

Rates last updated December 11th, 2016.

Citi Rewards Credit Card - Platinum Card

0% p.a. for 24 months balance transfer offer has been extended until 17 March 2017.

November 21st, 2016

American Express Explorer Credit Card

100,000 bonus points and balance transfer offers have been extended until 30 January 2017.

November 29th, 2016

ANZ Frequent Flyer Platinum

50,000 bonus points offer has been extended, plus a new offer of $0 annual fee for the first year.

November 29th, 2016

View latest updates

Jonathan Choi Jonathan
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info
Citi Qantas Signature Credit Card
Earn up to 50,000 bonus Qantas Points when you spend $2,000 or more on eligible purchases in the first 90 days. Plus, enjoy introductory interest rates on balance transfers and purchases with a discounted annual fee of $199 in the first year.
20.99% p.a. 0% p.a. for 6 months $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
NAB Qantas Rewards Premium Card - Exclusive Offer
Get 75,000 bonus Qantas Points plus enjoy a low promotional offer of 4.99% p.a. for 6 months on balance transfers.
19.99% p.a. 4.99% p.a. for 6 months $250 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Earn bonus Velocity Points in the first 3 months plus enjoy a low 0% p.a. for 18 months on balance transfers. Receive a free Virgin Australia $129 Gift Voucher each year. Available from mid-2016.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 18 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
1% p.a. for 12 months (reverts to 12.74% p.a.) 0% p.a. for 18 months $99 p.a. Go to site More info
American Express Platinum Edge Credit Card
Receive 10,000 Membership Rewards Bonus Points when you meet the minimum spend requirement. Enjoy a $200 travel credit every year and get 0% p.a. for 12 months on balance transfers.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $195 p.a. Go to site More info
American Express Velocity Platinum Card
Enjoy up to 50,000 bonus Velocity Points when you meet the minimum required spend and earn up to 3 rewards points per dollar spent. Also receive a complimentary return flight every year.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $349 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
0% p.a. for 3 months (reverts to 19.74% p.a.) 0% p.a. for 12 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
Citi Rewards Credit Card - Platinum Card
Consolidate your debt with a low balance transfer offer and a host of platinum privileges to enjoy.
20.99% p.a. 0% p.a. for 24 months with 1.5% balance transfer fee $199 p.a. annual fee for the first year ($249 p.a. thereafter) Go to site More info
Virgin Australia Velocity Flyer Card - 0% Interest Offer
An interest-free offer on purchases and balance transfers. Earn Velocity Points on everyday spend.
0% p.a. for 12 months (reverts to 20.74% p.a.) 0% p.a. for 6 months $129 p.a. Go to site More info
American Express Qantas Premium Card
Earn as much as 30,000 bonus Qantas Points when you meet the minimum spend requirement. Enjoy frequent flyer benefits including uncapped Qantas Points per $1 spent, complimentary travel insurance and Qantas Club lounge invitations.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $249 p.a. Go to site More info
American Express Platinum Card
Receive 100,000 Membership Rewards Bonus Points when you meet the minimum spend requirement and earn up to 3 points per dollar spent. Gain access to travel insurance, $300 Platinum Travel Credit every year and access to 900 VIP airport lounges.
$1,200 p.a. Go to site More info
ANZ Frequent Flyer Platinum
Earn up to 1.5 Qantas Points per $1 spent, receive 50,000 Qantas Points when you spend $2,500 on eligible purchases for the first three months from card approval. Plus, enjoy a waived annual fee for the first year.
19.99% p.a. $0 p.a. annual fee for the first year ($295 p.a. thereafter) Go to site More info
ANZ Frequent Flyer Black
Earn 75,000 bonus Qantas Points after you spend $2,500 on eligible purchases within the first 3 months plus enjoy $0 annual fee for the first year. Plus, enjoy easy payments with Apple Pay.
19.99% p.a. $0 p.a. annual fee for the first year ($425 p.a. thereafter) Go to site More info
ANZ Low Rate Platinum Credit Card
$250 Back plus 0% p.a. for the first 6 months on purchases from approval.
0% p.a. for 6 months (reverts to 13.49% p.a.) $99 p.a. Go to site More info
Virgin Australia Velocity High Flyer Card - 30k Bonus Points offer
Receive 30,000 bonus Velocity Points and earn 1 Velocity Points per $1 spent. Receive an exclusive $129 Virgin Australia Gift Voucher and two complimentary Single Entry Virgin Australia domestic Lounge passes each year.
20.74% p.a. 1.9% p.a. for 15 months $144 p.a. annual fee for the first year ($289 p.a. thereafter) Go to site More info
ANZ Rewards Platinum
Enjoy accelerated points earning and great Platinum features with ANZ Rewards Platinum. Also offering 50,000 Reward Points after your first eligible purchase is made within 3 months of card approval.
18.79% p.a. $95 p.a. Go to site More info
Citi Clear Platinum Card
Visa Concierge service and extended warranty insurance. Transfer your balance to a long term low interest offer.
0% p.a. for 9 months (reverts to 14.99% p.a.) 0% p.a. for 9 months $99 p.a. Go to site More info
American Express Qantas Ultimate Card
Enjoy up to 100,000 bonus Qantas Points on eligible spend, earn up to 3 Qantas Points for every $1 spent and get a free domestic return flight every year.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $450 p.a. Go to site More info
ANZ Rewards Black Credit Card
Earn 75,000 Reward Points after your first eligible purchase within the first three months. Up to 3 reward points per dollar spent and unlimited access to airport lounges with complimentary travel insurance.
18.79% p.a. $375 p.a. Go to site More info
Citi Rewards Credit Card - Signature
Receive 75,000 bonus points and access to a range of complimentary insurances.
20.99% p.a. 0% p.a. for 6 months $199 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
St.George Amplify Platinum
Choose between Amplify or Qantas Points rewards program and take up a balance transfer offer of 0% p.a. for 18 months.
1% p.a. for 12 months (reverts to 19.49% p.a.) 0% p.a. for 18 months $0 p.a. annual fee for the first year ($99 p.a. thereafter) Go to site More info
Emirates Citi World MasterCard
Receive up to 10% off on Emirates flights on eligible spend and a low balance transfer offer.
20.99% p.a. 0% p.a. for 9 months $149 p.a. annual fee for the first year ($299 p.a. thereafter) Go to site More info
David Jones American Express Platinum Card
Receive 40,000 Membership Rewards points or 30,000 Qantas Points. Plus earn up to 4 rewards point per $1 spend.
20.74% p.a. $295 p.a. Go to site More info
American Express Explorer Credit Card
Receive 100,000 Membership Rewards Bonus Points on eligible spend within the first 2 months of Card Membership. Also enjoy a $400 travel voucher and two complimentary airline passes per year.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $395 p.a. Go to site More info
ANZ Platinum Credit Card
Enjoy platinum card benefits with $0 annual fee in the first year and complimentary overseas travel and medical insurance.
19.74% p.a. 0% p.a. for 18 months with 3% balance transfer fee $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info

gold credit cardWhat are premium credit cards in Australia?

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.

How do higher end credit cards work?

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.

What are the types of premium credit cards?

  • Gold cards - Gold credit cards mostly offer complimentary insurance policies and have higher interest rates compared with a low-rate credit card.
    Learn more and compare Gold Credit Cards here
  • Platinum cards - These offer the benefit of having two cards linked to the one account. For example, you can have an American Express and Visa or Mastercard to use in different situations to maximise your points. Platinum cards have more features compared with gold cards and a higher annual fee.
    Learn more and compare Platinum Credit Cards here
  • Black cards - Black cards are the crème de la crème of credit cards, offering comprehensive complimentary insurance, concierge services, the highest credit limit and complimentary frequent flyer membership amongst other goodies. Of course, you can expect to pay an annual fee to match this level of features.
    Learn more and compare Black Credit Cards here

How to compare these types of credit cards

    • Insurance
      Complimentary travel insurance comes as a feature of most premium cards. If you are a frequent traveller or are considering a holiday, you may be able to benefit from this feature. Levels of cover differ from card to card and as a general rule, the more premium your credit card, the more comprehensive your insurance will be.
    • Personal shoppers and concierge services
      These kinds of features fit well with the image of luxury and lifestyle these cards project. The exact nature of these services is up to the individual policies of the providers, but concierge services are usually offered 24/7.
    • Rewards
      Depending on the card you use, premium credit cards use a points program to reward you when you spend money, either through access to a frequent flyer program or with the bank's own rewards services. Again, the more premium your card, the more rewards you will receive.
    • Access to Visa and MasterCard lifestyle benefits
      Being part of the Visa Entertainment or MasterCard Moments lifestyle programs gets you perks like preferential seating at concerts and shows, and VIP services at events.

Pros and cons

Pros

  • A higher earn rate. You can expect to benefit every time you spend. If you are likely to enjoy benefits from access to services such as a frequent flyer program, the rewards you enjoy could outweigh the costs.
  • Features. Premium cards are feature-packed with luxurious services and benefits. If you are time-poor, perhaps having a concierge to organise tickets or gifts for you would be a useful advantage. On the other hand, maybe gaining access to great seats at a concert would be the thing that makes a premium card worth it for you.
  • Insurance coverage. These cards offer more comprehensive insurance coverage compared with other cards, which can be especially beneficial if you are a frequent traveller.

Cons

  • High annual fee. Premium credit cards have much higher annual fees than regular low-rate credit cards
  • Higher interest rates. Premium credit cards have generally higher interest rates compared with other cards

Things to avoid about premium credit cards in Australia

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.

Frequently asked questions

Am I eligible for a premium card?

Different banks and providers will have different eligibility requirements for their premium card services. There is usually a minimum income requirement and for black cards, a near perfect credit rating is often required.

What level of coverage can I expect from my premium card?

While complimentary insurance coverage is included as a standard feature on most premium credit cards, the extent of that coverage is very much dependent on the individual policies of the provider. Shop around to find the coverage that is suits your individual needs.

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