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VIP credit cards – Australia’s prestige credit cards

Information verified correct on May 24th, 2017

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 May 24th, 2017
Rewards Points per $ spent (VISA/MC) Rewards Points per $ spent (AMEX) Bonus Points Annual fee
NAB Rewards Platinum Card
Earn 1 NAB Rewards Point per $1 spent and receive double points on purchases made in major department and hardware stores.
1 80,000 bonus points $0 p.a. annual fee for the first year ($195 p.a. thereafter) Go to site More info
Citi Rewards Platinum Credit Card
Consolidate your debt with a balance transfer offer of 0% p.a. for 24 months and a host of platinum privileges to enjoy including complimentary insurance and 1 Reward Point per $1 spent on eligible domestic and international spend.
1 0 $49 p.a. annual fee for the first year ($149 p.a. thereafter) Go to site More info
HSBC Platinum Credit Card
Earn 1 Reward Point per $1 spent and receive an annual fee refund with minimum spend.
1 0 $99 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Take advantage of 0% p.a. for 18 months on balance transfers with a 1.5% BT fee. Plus, receive an exclusive $129 Virgin Australia Gift Voucher each year.
0.66 0 $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
NAB Premium Card
Enjoy an introductory rate of 0% p.a. for 24 months on balance transfers, plus enjoy platinum advantages including travel insurance, higher credit limits and VIP Lost Card Cover.
0 0 $90 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 0 $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
HSBC Platinum Qantas Credit Card
Fly faster with up to 1 Qantas Point per $1 spent and receive bonus Qantas Points on selected Qantas products, services and partners.
1 0 60,000 bonus points $199 p.a. Go to site More info
ANZ Frequent Flyer Black
Receive 75,000 bonus Qantas Points when you spend $2,500 on eligible purchases within the first 3 months, plus earn up to 1 point for every dollar spent on eligible purchases. Also, earn 75 Bonus Status Credits when you apply by 30 June 2017, buy and fly return with Qantas by 30 September 2017.
1 75,000 bonus points $0 p.a. annual fee for the first year ($425 p.a. thereafter) Go to site More info
Bendigo Bank Basic Black Credit Card
A basic credit card that features low interest rates, low annual fee and up to 44 interest-free days on purchases.
0 0 $45 p.a. Go to site More info
NAB Low Rate Platinum Card
Save with 13.99% p.a. on purchases. Also enjoy access to 7 complimentary insurances.
$100 p.a. Go to site More info
American Express Explorer® Credit Card
Earn up to 2 Membership Rewards Points per $1 spent and receive a $400 Travel Credit every year.
2 50,000 bonus points $395 p.a. Go to site More info
Qantas American Express Ultimate Card
Fly faster with up to 2.5 Qantas Points per $1 spent and receive a complimentary Qantas domestic return Economy flight every year.
1.5 55,000 bonus points $450 p.a. Go to site More info
ANZ Low Rate Platinum
Enjoy platinum benefits with exclusive discounts, complimentary travel insurance and personal concierge. Also repay your credit card debt interest-free with 0% p.a. for 16 months on balance transfers.
$99 p.a. Go to site More info
St.George Vertigo Platinum
Save with 12.74% p.a. on purchases. Also enjoy Visa Platinum Concierge service.
0 0 $99 p.a. Go to site More info
Westpac Altitude Black
Earn up to 3 Altitude Points per $1 spent and enjoy up to four complimentary airport lounge visits each year.
1.25 3 80,000 bonus points $195 p.a. annual fee for the first year ($395 p.a. thereafter) Go to site More info
American Express Velocity Platinum Card
Take off sooner with up to 2.5 Velocity Points per $1 spent and receive a complimentary Virgin Australia return domestic flight every year.
0 1.5 100,000 bonus points $375 p.a. Go to site More info
ANZ Rewards Platinum
Enjoy accelerated points earning and great Platinum features with ANZ Rewards Platinum.
1.5 50,000 bonus points $0 p.a. annual fee for the first year ($95 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.
0.66 0 $129 p.a. Go to site More info
ANZ Rewards Travel Adventures card
Pay no overseas transaction fee on purchases, earn up to 1.5 for every dollar spent on eligible purchases, plus receive complimentary domestic return flight and lounge passes each year you hold the card when you spend $500 on eligible purchases within the first three months.
1.5 $225 p.a. Go to site More info
Bankwest Zero Platinum Mastercard
This card comes with a low 2.99% p.a. for 9 months on balance transfers, $0 foreign transaction fee, plus a $0 annual fee and complimentary international credit card travel insurance.
0 0 $0 p.a. Go to site More info
Rates last updated May 24th, 2017
Rewards Points per $ spent (VISA/MC) Rewards Points per $ spent (AMEX) Bonus Points Annual fee
American Express Gold Business Card
Earn up to 1 Membership Rewards point per $1 spent and extend your cash flow up to 51 days.
0 1 10,000 bonus points $169 p.a. Go to site More info
Commonwealth Bank Business Gold Awards Credit Card
Earn up to 2 Awards points per $1 spent and receive an unsecured credit limit of up to $50,000.
1 2 $150 p.a. Go to site More info
Rates last updated May 24th, 2017
Rewards Points per $ spent (VISA/MC) Rewards Points per $ spent (AMEX) Bonus Points Annual fee
ANZ Frequent Flyer Black
Receive 75,000 bonus Qantas Points when you spend $2,500 on eligible purchases within the first 3 months, plus earn up to 1 point for every dollar spent on eligible purchases. Also, earn 75 Bonus Status Credits when you apply by 30 June 2017, buy and fly return with Qantas by 30 September 2017.
1 75,000 bonus points $0 p.a. annual fee for the first year ($425 p.a. thereafter) Go to site More info
Citi Prestige Card
Earn up to 5 Reward Points per $1 spent and receive one free night at a premium hotel.
2 70,000 bonus points $700 p.a. Go to site More info
Qantas American Express Ultimate Card
Fly faster with up to 2.5 Qantas Points per $1 spent and receive a complimentary Qantas domestic return Economy flight every year.
1.5 55,000 bonus points $450 p.a. Go to site More info
ANZ Rewards Black Credit Card
This card offers 75,000 bonus points when you spend $2,500 on eligible purchases in the first 3 months from approval and $0 annual fee for the first year. Earn up to 2 reward points per $1 spent and unlimited access to airport lounges with complimentary travel insurance.
2 75,000 bonus points $0 p.a. annual fee for the first year ($375 p.a. thereafter) Go to site More info
American Express Explorer® Credit Card
Earn up to 2 Membership Rewards Points per $1 spent and receive a $400 Travel Credit every year.
2 50,000 bonus points $395 p.a. Go to site More info
Bendigo Bank Basic Black Credit Card
A basic credit card that features low interest rates, low annual fee and up to 44 interest-free days on purchases.
0 0 $45 p.a. Go to site More info

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 $15,000Max $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
  • $250 Westpac Gift Card when you spend $2,500 in the first 60 days from approval
  • 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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