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VIP credit cards – Australia’s prestige credit cards

If you’re looking for a card that’s a cut above the rest, discover the perks of a prestige credit card today.

If you regularly pay on plastic but want more out of your next credit card, a prestige credit card could offer the extra features you need. While low rate and no annual fee cards exist for cardholders who want a basic card with no frills, prestige cards are designed to complement the lifestyles of bigger spenders.

Unfortunately, this means they usually come at a higher cost. Use this guide to understand what constitutes a prestige credit card, the features and fees you can expect and how to compare them to find the right card for you.

What is a prestige credit card?

A prestige credit card refers to a card that offers extra features and larger credit limits, and comes at a higher cost. Gold, platinum and black credit cards are all considered prestige credit card products. Depending on the card, these products usually offer complimentary travel and purchase insurance, a more competitive earn rate, points cap and rewards program, and a higher credit limit. Some cards might also offer a concierge service, complimentary flights, airline lounge passes, free airport transfers and more. Usually, the more extra features on offer, the higher the annual fee will be.

Naturally, the eligibility requirements for these cards correspond to their costs, with minimum income requirements starting at $75,000. Needless to say, successful prestige card applicants also have the highest credit scores.

Compare Platinum, Gold and Black credit cards

Rates last updated June 27th, 2017
Name Product Product Description Bonus Points Rewards Points per $ spent (VISA/MC) Rewards Points per $ spent (AMEX) Purchase rate (p.a.) Annual fee
NAB Rewards Platinum Card
Collect 50,000 bonus points when you spend $2,500 on everyday purchases within 60 days of account opening.
50,000 bonus points
1
19.99% p.a.
$195 p.a.
Citi Rewards Platinum Credit Card
Enjoy a long-term balance transfer offer of 0% p.a. for 24 months with a 1.5% p.a. balance transfer fee.
1
0
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
HSBC Platinum Credit Card
Take advantage of a 0% p.a. for 22 months on balance transfers offer with a 2% p.a. balance transfer fee.
1
0
19.99% p.a.
$99 p.a.
Virgin Australia Velocity Flyer Card - Exclusive Offer
Earn 2 Velocity Points on top of the standard earn rate per $1 spent on eligible transactions within the first 3 months.
0.66
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
ANZ Platinum Credit Card - Exclusive Offer
Receive 0% p.a. for 12 months on balance transfers and 0% p.a. on purchases for 3 T&Cs apply.
0
0
0% p.a. for 3 months (reverts to 19.74% p.a.)
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
HSBC Platinum Qantas Credit Card
Enjoy complimentary membership to the Qantas Frequent Flyer program and international travel insurance.
60,000 bonus points
1
0
19.99% p.a.
$199 p.a.
NAB Low Rate Platinum Card
Take advantage of a 0% p.a. for 16 months on balance transfers.
13.99% p.a.
$100 p.a.
American Express Explorer® Credit Card
Get a $400 travel voucher every year, complimentary airline lounge passes and several travel insurances.
50,000 bonus points
2
20.74% p.a.
$395 p.a.
Qantas American Express Ultimate Card
Receive complimentary insurance covers, airport lounge passes, and a complimentary return flight each year.
55,000 bonus points
1.5
20.74% p.a.
$450 p.a.
ANZ Low Rate Platinum
Enjoy platinum benefits with exclusive discounts, complimentary travel insurance and a 24/7 personal concierge.
11.49% p.a.
$99 p.a.
St.George Vertigo Platinum
Take advantage of a 0% p.a. for 20 months on balance transfers offer with no balance transfer fee.
0
0
12.74% p.a.
$99 p.a.
American Express Velocity Platinum Card
Receive a complimentary Virgin Australia return domestic flight every year and complimentary Virgin Australia Lounge access.
100,000 bonus points
0
1.5
20.74% p.a.
$375 p.a.
ANZ Rewards Platinum
Receive complimentary insurance including travel and medical, purchase security and extended warranty insurance.
50,000 bonus points
1.5
18.79% p.a.
$0 p.a. annual fee for the first year ($95 p.a. thereafter)
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Receive 0% p.a. for 12 months on purchases and 0% p.a. for 6 months on balance transfers.
0.66
0% p.a. for 12 months (reverts to 20.74% p.a.)
$129 p.a.
ANZ Rewards Travel Adventures card
Pay no overseas transaction fee on purchases, plus a free domestic return flight and lounge passes each year when you meet the criteria.
40,000 bonus points
1.5
20.24% p.a.
$225 p.a.
NAB Velocity Rewards Premium Card
Enjoy complimentary insurance covers plus 0% p.a. on balance transfers for 6 months.
0.5
1
19.99% p.a.
$150 p.a.
Citi Clear Platinum
Platinum benefits including Visa Concierge service and extended warranty insurance. Also enjoy a low interest rate on purchases.
0
0
14.99% p.a.
$99 p.a.
David Jones American Express Platinum Card
Receive exclusive David Jones benefits including complimentary priority delivery and invites to VIP fashion events.
40,000 bonus points
1
20.74% p.a.
$295 p.a.
American Express Platinum Business Card
Take advantage of no pre-set spending limit, Platinum invitation-only experiences, airline lounge access and expenses insurance.
100,000 bonus points
0
1
$1,500 p.a.
Bank of Melbourne Amplify Platinum
Earn up to 2 Amplify Rewards Points per $1 spent and receive complimentary travel insurance.
40,000 bonus points
1
0
19.49% p.a.
$99 p.a.

Compare up to 4 providers

Rates last updated June 27th, 2017
Name Product Product Description Bonus Points Rewards Points per $ spent (VISA/MC) Rewards Points per $ spent (AMEX) Purchase rate (p.a.) Annual fee
American Express Gold Business Card
Keep track of your expenses with a dedicated business credit card. Your account details can be uploaded to help with BAS reporting.
10,000 bonus points
0
1
$169 p.a.

Compare up to 4 providers

Rates last updated June 27th, 2017
Name Product Product Description Bonus Points Rewards Points per $ spent (VISA/MC) Rewards Points per $ spent (AMEX) Purchase rate (p.a.) Annual fee
ANZ Frequent Flyer Black
Earn 75 Bonus Status Credits when you apply by 30 September 2017, buy and fly return with Qantas by 31 January 2018.
75,000 bonus points
1
19.99% p.a.
$0 p.a. annual fee for the first year ($425 p.a. thereafter)
Citi Prestige Card
Get access to 700 domestic and international airport lounges and 1 complimentary night stay per year at of the premium partner hotels.
70,000 bonus points
3
20.99% p.a.
$700 p.a.
Qantas American Express Ultimate Card
Receive a complimentary domestic return flight every year and complimentary medical emergency expense cover.
55,000 bonus points
1.5
20.74% p.a.
$450 p.a.
ANZ Rewards Black Credit Card
Receive complimentary overseas travel insurance and unlimited access to participating Véloce airport lounges outside of Australia.
75,000 bonus points
2
18.79% p.a.
$0 p.a. annual fee for the first year ($375 p.a. thereafter)
American Express Explorer® Credit Card
Receive a $400 travel voucher and two complimentary American Express Lounge passes each year.
50,000 bonus points
2
20.74% p.a.
$395 p.a.
Bendigo Bank Basic Black Credit Card
A no-frills card that allows you to receive up to 44 interest-free days on purchases and add an additional cardholder for $0.
0
0
12.24% p.a.
$45 p.a.

Compare up to 4 providers

What are the features of an elite credit card?couple-restaurant250x250

While elite credit cards offer similar features to standard credit cards, but differ from card to card, you can generally expect the following:

  • Higher credit limits. Prestige credit cards come with higher credit limits, some of which may even be unlimited. The minimum credit limits for gold and platinum cards can start at around $4,000 and $5,000 respectively, but the minimum for black cards can range from $15,000 to $30,000.
  • More competitive reward points earn rates. Most prestige credit cards come linked to a rewards program and generally offer a better earn rate than standard credit cards. This means that you will earn more rewards points per dollar spent and redeem rewards faster.
  • Travel perks. Prestige cards provide complimentary travel insurance when you use the card to cover travel expenses and purchase protection when you use the card to buy eligible items. Some of these cards also offer airport lounge access, limousine services to and from the airport and free flight upgrades.
  • Premium perks. Prestige cardholders have access to 24/7 global concierge services. A concierge can assist you with anything from booking a hotel reservation, organising a gift for a loved one or getting tickets to a sold-out show. You just need to contact your concierge, make a request and they’ll sort it out for you.

Which VIP credit cards are available in Australia?

CardAnnual feeMinimum income requirementMinimum and Maximum credit limitFeatures
American Express Centurion$5,000 + $5,000 initiation feeUndisclosed; application by invitation onlyNo pre-set credit limit (technically a charge card)
  • Earns up to 3 Membership Rewards points per $1 spent
  • Centurion airport lounge access
  • Complimentary insurances
  • Hotel and flight upgrades
  • Free companion flight (with purchase of a full-fare ticket)
  • 24/7 worldwide concierge services
  • Instant access to VIP seating and guaranteed restaurant reservations
American Express Platinum Card$1,200$100,000No pre-set credit limit (technically a charge card)
  • Earns up to 3 Membership Rewards points per $1 spent
  • $300 Platinum Travel Credit annually
  • Priority Pass airport lounge access
  • Complimentary travel and purchase insurance
  • Platinum Fare Guarantee and Airline Privileges Program offers fare savings up to 20%
  • 24/7 Platinum concierge services
  • 80,000 sign-up bonus points (conditions apply)
Citi Prestige Card$700$150,000Min $30,000
Max $100,000
  • Earns up to 5 rewards points per $1 spent internationally and up to 2 points per $1 domestically
  • Points can be converted into Qantas Points for a fee of $49 p.a.
  • Golf, hotel, shopping and entertainment privileges at Shangri-La and Hilton hotel partners and via Visa
  • Front Line Access
  • Priority Pass access to 700 airport lounges globally
  • One night free accommodation at a premium partner hotel
  • Introductory balance transfer rates and 70,000 sign-up bonus points (until 30 April 2017; conditions apply)
Westpac Altitude Black$195 p.a. annual fee for the first year ($395 p.a. thereafter)$75,000Min $15,000

Max $75,000

  • Mastercard earns up to 3 reward points per $1 spent internationally and up to 1.25 points per $1 domestically; American Express earns 3 points
  • Option available to earn in Qantas Points, at a rate of 1.5 Qantas Points per $1 spent internationally and up to 0.625 Points per $1 domestically; American Express earns 1.5 points
  • Complimentary insurances
  • Two complimentary VIP airport lounge or Qantas lounge passes
  • Starwood Preferred Guest Gold membership
  • Free travel planning with Altitude Black Travel Service
  • Personal shopper
  • 24/7 Westpac concierge services
  • Introductory 80,000 sign-up bonus points (until 28 June 2017; conditions apply)
ANZ Rewards Black Credit Card$0 p.a. annual fee for the first year ($375 p.a. thereafter)$75,000Min $15,000
  • Annual fee waiver in the first year
  • Complimentary travel insurance
  • Airport lounge access
  • Personal concierge services

Pros

  • Rewards. Just about every prestige credit card comes linked to a reputable rewards program and you can usually expect a more competitive points earn rate than low rate and low fee cards. You can also expect a wide variety of redemption options when it comes to using your accumulated points for rewards.
  • Travel benefits. Many of these cards offer access to domestic and international airport lounges as well as complimentary travel insurance. Discounts at partner hotels are not uncommon and you can also benefit by flying aboard partner airlines. If you’re a regular jetsetter, these complimentary extras could help you cut costs on your next trip.
  • Extras. Most prestige cards offer a 24/7 concierge service that you can call on for anything from travel to entertainment to business. Many of these cards also offer extra perks including pre-sale tickets and exclusive event invitations.

Cons

  • Annual fees. Prestige cards typically come with higher annual fees, so you’ll need to make sure the derived benefits of your card outweigh its costs.
  • Interest rate. Prestige cards also tend to come with higher interest rates, so you only consider this type of card if you regularly repay your monthly balances in full and on time.
  • Exclusive. These cards usually come with stricter eligibility requirements (such as a higher minimum income and excellent credit history), limiting the number of people who are eligible to apply for them. Make sure you meet these requirements before you apply.

If you’re shopping for a prestige card, consider whether or not you’ll make enough use of the perks to outweigh the cost of the card. However, if you are a regular spender who meets the eligibility requirements of a prestige card, it can be a smart way to get extra value from paying on plastic. As always though, make sure you compare your options before applying to find the best option for you.

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