While just about everyone owns a credit card, VIP credit cards are restricted to the elite. Discover the perks of a prestige credit card here.
Credit card providers cater their products to suit numerous types of cardholders. For instance, while some credit cards are most suited to low-income earners, the other end of the spectrum consists of prestige credit cards. These cards, as the name implies, tend to compliment the lifestyles of high-income earners, through high credit limits and an array of perks.
What makes a credit card elite?
What do you think attracts more attention - a bag full of regular coins or a single limited edition coin? This is pretty much how it is in the world of credit cards, where conventional MasterCard and Visa credit cards are a dime a dozen, and only a select few classify in the elite category.
What this basically means is that not everyone can expect to get a prestige credit card, and to qualify, you would typically have to meet a reasonably high minimum income requirement. Often times, credit card providers offer invitation-only credit cards to their most valued customers. No matter which prestige credit card you select, you can be certain that they do not come cheap.
While just about everyone owns a credit card, VIP credit cards are restricted to the elite. Discover the perks of a VIP card here.
Credit card providers cater their products to suit numerous types of cardholders. For instance, while some credit cards are most suited to low income earners, the other end of the spectrum consists of prestige credit cards. These cards, as the name implies, tend to compliment the lifestyles of high income earners, through high credit limits and an array of perks.
American Express Platinum Card
A platinum charge card from American Express, offering 100,000 Membership Rewards Points and other platinum perks such as complimentary worldwide travel insurance and purchase protection.
- No present spending limit
- Fine dining privileges
- $1,200 p.a. annual fee
- Up to 44 days interest free
- Minimum Income Requirement of $100,000 p.a.
Compare Black Credit Cards
Rates last updated January 20th, 2017.
- ANZ Rewards Black Credit Card
Removed annual fee waiver and minimum spend requirements on bonus points offer.
June 15th, 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 Black
75,000 bonus points extension with $2,500 minimum spend + annual fee waiver for the first year.
November 29th, 2016
What are the features that come with using an elite credit card?
While elite credit cards offer similar features to many credit cards, you can also expect the following:
- Higher credit limits. Prestige credit cards come with higher credit limits, some of which may be unlimited.
- Earn rewards faster. Just about every prestige credit card comes linked to a rewards program, and you can expect such a card to offer a considerably better earn rate when compared to other cards. This means that you stand to earn more rewards points per dollar spent.
- Premium perks. Prestige cardholders can make use of a 24/7 global concierge service, which provides access to entertainment details such as VIP seating and pre-sale tickets to events, airport lounges and assistance when making reservations at a restaurant.
- Exclusive offers. These offers depend on the card you choose and can be periodical. Some of these include complimentary limousine transfers, guaranteed reservations at restaurants, discounts when you shop at partner merchants, and complimentary hotel stays.
What VIP credit cards are available in the Australian market?
Westpac Altitude Visa
The Westpac Altitude Black credit card account comes with two credit cards - a MasterCard and an American Express card. While the former scores better on the acceptability front, the latter gives you the ability to earn points faster. You get to choose between the Qantas and Altitude rewards programs.
What features can I expect?
- Accommodation. Stay one night at a Starwood Hotel in the Asia Pacific region and get Gold status.
- Concierge. Access to priority service hotline, altitude black travel service, and personal shopper.
- Airport lounges. Priority Pass Access at more than 600 VIP airports.
- Unlimited spending. No limit on spending.
American Express Centurion Card
Many look upon this offering by American Express as the pinnacle of credit cards, although the Centurion is actually a charge card. American Express offers the Centurion Card is an invitation-only card for existing customers. This card attracts an annual fee of $5,000.
What features can I expect?
- Prestige card. An anodised titanium card with credit card numbers and other information stamped into metal.
- Airport lounges. Exclusive access to participating airport lounges.
- Rental car. Rental car benefits and discounts.
- Restaurant deals. Guaranteed reservations at some of Australia’s finest restaurants
- Limousines. Complimentary limousine transport upon booking a private air charter
- Rewards program. A variety of rewards, and an earn rate of 1.5 miles for each dollar spent
- VIP entertainment deals. Advance tickets for a variety of events
The Citi Prestige Credit Card from Citibank attracts an annual fee of $700. It gives cardholders the option to choose between the Citibank Rewards Program and the Citibank Qantas Rewards Program, and offers bonus reward points when you use the card for the first time.
What features can I expect?
- Hotel deals. One night’s complimentary stay at any partner hotel.
- Airport lounges. Unlimited access to airport lounges for you and a guest.
- Dining exclusives. Free wine each time you dine under the Citibank Dining Program.
- Travel insurance. Complimentary travel insurances for eligible cardholders.
- Extra perks. Exclusive hotel, golf, and shopping benefits.
Citi Prestige Card rates and fees
Some other cards worthy of mention include the Commonwealth Bank Diamond Awards Credit Card, the Commonwealth Bank Platinum Awards Credit Card, the NAB Qantas Platinum Credit Card, the ANZ Platinum Credit Card, and the American Express Platinum Card.
What are the pros and cons of using an elite card?
- Rewards. Just about every prestige credit card comes linked to a reputable rewards program, and you can expect such a card to offer a better earn rate when compared to cards to a low rate card. You can also expect to get multiple options when it comes to redeeming your accumulated points for rewards.
- Travel benefits. Many of these cards offer access to domestic and international airport lounges and offer complimentary travel insurance. Discounts at partner hotels are not uncommon, and you can also benefit by flying onboard partner airlines.
- Extras. Most cards will offer a 24/7 concierge service that you can call on for a range of matters from travel to entertainment to business. Many of these cards offer other privileges such as presale tickets and exclusive invitation to events.
- Annual fees. These cards typically come with a higher annual fee, so you’ll need to make sure the benefits of the card outweigh these costs to determine its value.
- Interest rate. You can also expect these cards to come with higher interest rates, so you’ll want to make sure you can repay your balance each month.
- Exclusive. These cards usually come with stricter eligibility requirements (such as a higher minimum income and a good credit history), limiting the number of people who are eligible to apply for them.
Even if you meet the minimum income requirement of a prestige credit card, establish if you’ll make use of its benefits, because you’ll have to pay a reasonably high annual fee for the life of the card. If you feel a prestige card is what you need, look for one in accordance to your existing lifestyle, and don’t forget to compare your options before deciding.Back to top
Frequently asked questions
Other than the minimum income requirement, do I have to meet any other eligibility criteria?
Yes. Like other credit cards, getting a prestige card requires that you’re a permanent Australian resident who is at least 18 years of age and has a good credit history.
Do prestige cards offer additional cards?
This depends on the card you get. The Citi Prestige card, for instance, offers up to four additional cards for free.
Can I get a Visa Infinite card in Australia?
Unfortunately, you cannot get a Visa Infinite card in Australia.
How can I apply for a prestige credit card?
If the card you wish to get is not invite-only, you can look forward to applying online, over the phone, or in person.