If you’re looking for a card that’s a cut above the rest, discover the perks of a prestige credit card.
If you regularly pay on plastic and want more out of your next credit card, a prestige credit card could offer the features you need and luxury perks you want. From airport lounge passes and limousine transfer services, to hotel upgrades and dedicated 24/7 service, these prestigious cards are designed to complement the lifestyle of big spenders.
What is a prestige credit card?
A prestige credit card offers extra features, premium perks and larger credit limits, and comes at a higher cost. Platinum and black credit cards are considered prestige credit card products in Australia.
Naturally, the eligibility requirements for these cards correspond to their costs, with minimum income requirements starting at $75,000. Successful prestige card applicants also tend to have the highest credit scores.
Compare Black, Platinum and credit cards made of metal
- Rewards. Just about every prestige credit card comes linked to a reputable rewards or frequent flyer 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 the costs and up the luxury 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.
- Annual fees. Prestige cards come with higher annual fees, so you’ll need to make sure the benefits of your card that you actually use outweigh its costs.
- Interest rate. If it has an interest rate at all, prestige cards also tend to charge higher rates, so only consider this type of card if you regularly repay your monthly balance in full and on time.
- Exclusive. These cards 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, make sure you compare your options before applying to find the best option for you.
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