Premium Credit Cards in Australia

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.

Comparison of Premium Credit Cards

Rates last updated May 24th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
HSBC Platinum Credit Card
19.99% p.a.
0% p.a. for 22 months with 2% balance transfer fee
$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.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
0% p.a. for 24 months with 1% balance transfer fee
$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.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
20.74% p.a.
0% p.a. for 18 months
$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.
NAB Low Fee Platinum Card
19.74% p.a.
0% p.a. for 24 months with 2% balance transfer fee
$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.
HSBC Platinum Qantas Credit Card
19.99% p.a.
0% p.a. for 12 months
$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.
ANZ Frequent Flyer Black
19.99% p.a.
$0 p.a. annual fee for the first year ($425 p.a. thereafter)
Get 75,000 bonus Qantas Points when you meet the spend requirement, a $0 first year annual fee & 2 yearly complimentary Qantas Club invitations.
Qantas American Express Ultimate Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$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
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.
St.George Amplify Platinum
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.
Citi Signature Qantas Credit Card
20.99% p.a.
0% p.a. for 6 months
$199 p.a. annual fee for the first year ($395 p.a. thereafter)
Receive 50,000 bonus Qantas Points, 2 yearly airport lounge visits and complimentary travel insurance. Plus, a discounted first year annual fee.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
20.74% p.a.
0% p.a. for 18 months
$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.
American Express Platinum Edge Credit Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$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.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% p.a. for 14 months (reverts to 20.74% p.a.)
0% p.a. for 6 months
$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.
ANZ Low Rate Platinum
11.49% p.a.
0% p.a. for 15 months
$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.
Westpac 55 Day Platinum Credit Card
19.84% p.a.
0% p.a. for 20 months with 2% balance transfer fee
$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.
Qantas American Express Premium Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$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 Velocity Platinum Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$375 p.a.
Receive 50,000 bonus Velocity Points, a complimentary Virgin Australia return Economy domestic flight each anniversary year, plus, 2 lounge passes.
American Express Platinum Card
$1,200 p.a.
Receive an annual $300 Platinum Travel Credit, 80,000 bonus Membership Rewards points and access to more than 1,100 VIP lounges worldwide.
ANZ Rewards Platinum
18.79% p.a.
$0 p.a. annual fee for the first year ($95 p.a. thereafter)
Receive a $0 first year annual fee offer, 65,000 bonus Reward Points when you meet the spend criteria and up to 1.5 points per $1 spent.
Citi Clear Platinum
14.99% p.a.
$99 p.a.
Offers a low 14.99% p.a. rate and up to 55 interest-free days on purchases. Plus, insurance covers and access to the Citibank Dining Program.
ANZ Rewards Black Credit Card
18.79% p.a.
$0 p.a. annual fee for the first year ($375 p.a. thereafter)
Receive 75,000 bonus points when you meet the spend requirement. Plus, complimentary lounge passes and a $0 annual fee for the first year.
American Express Explorer Credit Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$395 p.a.
Receive 50,000 bonus Membership Rewards points, a yearly $400 Travel Credit and 2 entries per year to the American Express Lounge.
Citi Signature Credit Card
20.99% p.a.
0% p.a. for 15 months with 1% balance transfer fee
$199 p.a. annual fee for the first year ($395 p.a. thereafter)
Receive 120,000 bonus points, two airport lounge visits per year, complimentary international travel insurance and a reduced first year annual fee.
Emirates Citi World Mastercard
20.99% p.a.
0% p.a. for 9 months
$149 p.a. annual fee for the first year ($299 p.a. thereafter)
Receive up to 60,000 bonus Skywards Miles, pay half the annual fee for the first year and indulge in curated local and global experiences.
David Jones American Express Platinum Card
20.74% p.a.
$295 p.a.
For DJ's shoppers or Qantas travellers, receive 40,000 bonus Membership Rewards points or 30,000 Qantas Points with uncapped points potential.
CUA Platinum Credit Card
19.99% p.a.
0% p.a. for 13 months
$0 p.a. annual fee for the first year ($149 p.a. thereafter)
Collect 1 CUA Rich Life Rewards point per $1 spent, receive complimentary travel insurance, a $0 first year annual fee and a balance transfer offer.
Bank of Melbourne Amplify Signature
19.49% p.a.
$279 p.a.
Get 90,000 bonus Amplify or Qantas Points when you spend $4,000 within 90 days and earn up to 1.5 Amplify or 0.75 Qantas Points per $1 spent.
Citi Rewards Platinum Credit Card
20.99% p.a.
0% p.a. for 26 months with 2.5% balance transfer fee
$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.
ANZ Platinum Credit Card
19.74% p.a.
0% p.a. for 18 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Receive a 0% p.a. for 18 month balance transfer offer and a $0 first year annual fee. Plus, complimentary overseas travel and medical insurance.
David Jones American Express Platinum Card - Qantas Frequent Flyer
20.74% p.a.
$295 p.a.
Fly faster with up to 3 Qantas Points per $1 spent and receive complimentary travel insurance when travel is booked on your card.
American Express Qantas Business Rewards Card
$450 p.a.
Earn up to 100,000 bonus points, 2 Qantas Points per $1 spent on eligible purchases and enjoy up to 51 days interest-free on purchases.

Compare up to 4 providers

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

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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 Card
NAB Low Fee Card

Interest rate

19.74

Annual fee

30
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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