The difference between standard, gold and platinum credit cards

Whether you’re looking for no frills or platinum features, compare the difference between standard, gold and platinum credit cards to find the right card for you.

Standard, gold and platinum credit cards are designed with different types of users in mind. Standard credit cards (including low rate and low fee) cater to people who have trouble paying off their balance at the end of the month. Platinum credit cards with an annual fee are suited to people with a high annual spend. Gold credit cards come somewhere in between.

Each of these types of cards come with different features, costs and benefits, so it’s important to understand how they compare against one another. If you’re weighing up whether to go with a standard, gold or platinum card, use this guide to compare which type of credit card is best suited to your finances so you don’t get stuck with too much or too little bang for your buck.

How do I know which one is for me? - Comparing standard, gold and platinum credit cards.

standard-gold-platinum-cards
Think about how much you spend to discover which type of credit card is right for your budget.

Standard cardsGold cardsPlatinum cards
  • Infrequent spenders
  • Struggle to repay card balance at the end of the month
  • Don’t plan on using extra features
  • Have a low annual income
  • May carry a balance some months
  • You don’t want to pay for a rewards program
  • You’re interested in a specific platinum feature
  • Have a medium-to-high annual income
  • Can repay balance in full each month
  • Have a high annual spend
  • Can meet a high minimum income requirement
  • Have a frequent flyer account
  • Have a high annual income

Standard cards

  • How much do they cost? Standard cards are an entry-level option and, when compared to gold and platinum, standard cards typically have lower costs. Annual fees for standard credit cards can range from around $25 to $150 and standard variable interest rates for standard cards could be as low as 10% p.a. or as high as 22% p.a. but are usually comparatively lower than more premium options.
  • What are the features? Common features include interest-free days on purchases and no liability fraud guarantees. Standard credit cards have the lowest minimum credit limit and lowest minimum income requirement.
  • What are the downsides? Little more than a way to make payments, standard credits are light on value-adding features such as rewards. For the few standard cards that do offer rewards, you can expect a lower number of points per $1 than more premium cards.

Compare low rate credit cards

Rates last updated December 12th, 2017
Name Product Purchase rate (p.a.) Interest Free Period Annual fee Balance transfer rate (p.a.) Product Description
St.George Vertigo Platinum - Online Offer
12.74% p.a.
Up to 55 days on purchases
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
0% p.a. for 24 months
Platinum card benefits plus 0% p.a. for 24 months on balance transfers (with no BT fee) and $0 annual fee in the first year. Ends 13 December 2017.
Virgin Money Low Rate Credit Card
11.99% p.a.
Up to 44 days on purchases
$49 p.a.
0% p.a. for 14 months
Receive a discounted annual fee, $100 cashback when you meet the spend requirement and up to 14 months interest-free on balance transfers.
Westpac Low Rate Card - Online Only Balance Transfer Offer
13.49% p.a.
Up to 55 days on purchases
$59 p.a.
0% p.a. for 24 months with 2% balance transfer fee
Take advantage of 0% p.a. for 24 months on balance transfers with a 2% balance transfer fee when you apply online by 31 January 2018.
St.George Vertigo Visa - Online Offer
13.24% p.a.
Up to 55 days on purchases
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
0% p.a. for 18 months
Take advantage of 0% p.a. for 18 months on balance transfers (with no BT fee). Plus, $0 annual fee in the first year. Ends 13 December 2017.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% p.a. for 14 months (reverts to 20.74% p.a.)
Up to 44 days on purchases
$129 p.a.
0% p.a. for 6 months
Until 31 January 2018, save with 0% p.a. on purchases for 14 months. Plus, up to 0.66 Velocity Points per $1 spent.
ANZ Low Rate Platinum
11.49% p.a.
Up to 55 days on purchases
$99 p.a.
Get $250 back to your new ANZ Low Rate Platinum when you spend $500 on eligible purchases within the first 60 days from card approval.
Bankwest Breeze Classic Mastercard
12.99% p.a.
Up to 55 days on purchases
$79 p.a.
0% p.a. for 24 months with 2% balance transfer fee
Receive a long-term balance transfer offer of 0% p.a. for 24 months, a low ongoing purchase rate and up to 55 interest-free days on purchases.
bcu Classic Credit Card
11.80% p.a.
Up to 55 days on purchases
$45 p.a.
Enjoy a competitive interest rate of 11.8% p.a. on purchases, plus up to 55 days interest-free on purchases.
Bankwest Breeze Platinum Mastercard
12.99% p.a.
Up to 55 days on purchases
$99 p.a.
0% p.a. for 24 months with 2% balance transfer fee
Receive a 0% p.a. interest rate on balance transfers for 24 months, complimentary travel insurance and 0% foreign transaction fees.
Bank of Melbourne Vertigo Visa Credit Card
13.24% p.a.
Up to 55 days on purchases
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
0% p.a. for 18 months with 1% balance transfer fee
Save with a $0 first year annual fee and a 0% p.a. for 18 months balance transfer offer. Plus, up to 55 days interest-free on purchases.
Westpac Lite Card
9.90% p.a.
Up to 45 days on purchases
$108 p.a.
Keep credit card costs low with a maximum credit limit of $4,000, a 9.9% p.a. purchase interest rate and no foreign transaction fees.
NAB Low Rate Platinum Card
0% p.a. for 9 months (reverts to 13.99% p.a.)
Up to 55 days on purchases
$100 p.a.
4.99% p.a. for 6 months
A platinum card that offers 0% p.a. for 9 months on purchases. Plus 4.99% p.a. on balance transfers for 6 months.
ANZ Low Rate
12.49% p.a.
Up to 55 days on purchases
$58 p.a.
With a low minimum credit limit of $1,000, this no frills card allows you to add up to 3 additional cardholders for $0 and has Mastercard PayPass.
Bank of Melbourne Vertigo Platinum
12.74% p.a.
Up to 55 days on purchases
$99 p.a.
0% p.a. for 24 months with 1% balance transfer fee
Get a range of complimentary insurance covers, access to a 24/7 concierge and the convenience of Visa payWave contactless technology.
American Express Essential Credit Card
14.99% p.a.
Up to 55 days on purchases
$0 p.a.
0% p.a. for 12 months with 3% balance transfer fee
Get Smartphone Screen Insurance of up to $500 when you pay for your phone or contract with this card. Plus, a $0 annual fee for life.
CUA Low Rate Credit Card
11.99% p.a.
Up to 55 days on purchases
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
0% p.a. for 13 months
Offer a low minimum credit limit of $500, the ability to use Apple Pay and Android Pay and a discounted annual fee for the first year.
BankSA Vertigo Visa
13.24% p.a.
Up to 55 days on purchases
$0 p.a. annual fee for the first year ($55 p.a. thereafter)
0% p.a. for 18 months with 1% balance transfer fee
A no-frills Visa with the protection of a zero liability policy and a 24/7 fraud monitoring service.
NAB Low Rate Credit Card
0% p.a. for 6 months (reverts to 13.99% p.a.)
Up to 55 days on purchases
$59 p.a.
4.99% p.a. for 6 months
This card offers a low introductory rate of 0% p.a. for 6 months on purchases. Plus 4.99% p.a. on balance transfers for 6 months.
Australian Military Bank Low Rate Visa Credit Card
10.99% p.a.
Up to 55 days on purchases
$49 p.a.
0% p.a. for 12 months
Enjoy a 0% p.a. for 12 month balance transfer offer with no BT fee, up to 55 interest-free days on purchases, add an additional cardholder for $0.
bcu Rewards credit card
12.80% p.a.
Up to 55 days on purchases
$89 p.a.
Enjoy a low ongoing purchase rate, get 0.66% cashback for every dollar spent, plus take advantage of up to 55 days interest-free on purchases.
BankSA Amplify Card
19.49% p.a.
Up to 55 days on purchases
$79 p.a.
0% p.a. for 18 months with 1% balance transfer fee
Take advantage of a 0% p.a. for 18 months balance transfer, earn 1.00 Amplify point per $1 spent and get up to 55 days interest-free on purchases.

Compare up to 4 providers

Gold credit cards

  • How much do they cost? Gold credit cards are mid-way between standard and platinum credit cards with an annual fee to match, ranging from around $80 to $200. Interest rates can range from 12% p.a. to 22% p.a., with lower rates and perks such as rewards usually driving up the cost of the annual fee.
  • What are the features? More competitive promotional balance transfer or purchase offers alongside gold extras such as insurance and rewards.
  • What are the downsides? As gold credit cards make up a small portion of the market, there is little competition to drive deals from credit card providers.

Compare gold credit cards

Rates last updated December 12th, 2017
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
American Express Gold Business Card
10,000 bonus points
Membership Rewards Ascent
1
$169 p.a.
Take advantage of 10,000 bonus points, no pre-set spending limit, data that feeds to MYOB and up to 51 days interest-free on purchases.
Commonwealth Bank Business Gold Awards Credit Card
Commonwealth Bank Awards Program
0.5
1
20.74% p.a.
$150 p.a.
Earn up to 2 Awards points per $1 spent, receive an unsecured credit limit of up to $50,000 and up to 55 days interest-free on purchases.

Compare up to 4 providers

Platinum credit cards

  • How much do they cost? The annual fee can be as high as $500 a year for platinum credit cards (or even $1,200 in the case of the American Express Platinum). They also usually have high rates of interest for purchases and cash advances.
  • What are the features? Platinum cards offer one of the highest rewards earn rates, comprehensive insurances for travel and purchases, airport lounge passes and a concierge service.
  • What are the downsides? High annual fees and the cost of high interest charges can sting if you don’t pay your balance off by the statement due date, or if you don’t earn enough rewards to justify these costs.

Compare platinum credit cards

Rates last updated December 12th, 2017
Name Product Bonus Points Rewards Program Rewards Points per $ spent Purchase rate (p.a.) Annual fee Product Description
HSBC Platinum Credit Card
HSBC Rewards Plus
1
19.99% p.a.
$129 p.a.
Take advantage of a 0% p.a. for 22 months on balance transfers offer with a 2% balance transfer fee.
NAB Premium Card
19.74% p.a.
$90 p.a.
Platinum credit card benefits including higher credit limits and travel insurance, plus a low interest rate on balance transfers.
NAB Premium Card - Exclusive Offer
19.74% p.a.
$90 p.a.
Exclusive to finder.com.au, enjoy a no BT fee, 0% balance transfer offer for 25 months and seven complimentary insurance covers.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Platinum card benefits plus 0% p.a. for 24 months on balance transfers (with no BT fee) and $0 annual fee in the first year. Ends 13 December 2017.
Woolworths Everyday Platinum Credit Card
Woolworths Rewards
1
19.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you meet the offer criteria, a 0% p.a. for 14 month balance transfer offer and a $0 first year annual fee.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
60,000 bonus points
Velocity Frequent Flyer
0.66
20.74% p.a.
$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 on eligible spend and enjoy a discounted annual fee of $64 for the first year.
Citi Platinum Credit Card - 100k Bonus Points
100,000 bonus points
Citi Rewards Program
1
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 100,000 reward Points, enjoy a long-term balance transfer offer, a discounted first year annual fee and complimentary travel insurance.
ANZ Low Rate Platinum
11.49% p.a.
$99 p.a.
Get $250 back to your new ANZ Low Rate Platinum when you spend $500 on eligible purchases within the first 60 days from card approval.
Bankwest Breeze Platinum Mastercard
12.99% p.a.
$99 p.a.
Receive a 0% p.a. interest rate on balance transfers for 24 months, complimentary travel insurance and 0% foreign transaction fees.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Velocity Frequent Flyer
0.66
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with 0% p.a. for 18 months on balance transfers, earn 3 bonus Velocity Points per $1 for the first 3 months and get a yearly $129 Gift Voucher.

Compare up to 4 providers

Other types of credit cards

As well as considering standard, gold and platinum cards, you may want to look at these options:

  • Black credit cards. A step up for platinum products, black credit cards provide elite features and benefits, with price points to match.
  • No annual fee credit cards. While standard, gold, platinum and black credit cards usually have very different annual fees, there are some cards that waive this cost (including platinum options). If you want to avoid paying ongoing fees for your credit card, you may want to focus your comparison on these options.
  • Low rate cards. While standard credit cards typically provide lower rates than their more premium counterparts, you can also find low rate credit cards that come with gold or platinum benefits. For example, St.George offers the standard St.George Vertigo Visa and the St.George Vertigo Platinum, while Bankwest has standard, gold and platinum options for its low rate Breeze credit card.
  • 0% interest credit cards. A wide range of standard, gold, platinum and black credit cards may offer a promotional 0% interest on balance transfers or 0% interest on purchases during the introductory period. Some cards may even offer both. If you’re looking to save money on credit costs in the short term, it could be worth considering this option.

Standard, gold and platinum credit cards have different price points and a range of different features. It’s even common to have a combination of cards to use for different purposes – a rewards credit card for everyday purchases and to pay off in full at the end of the month and a low rate credit card for big purchases. Get in touch using the form below if you have a question about the difference between standard, gold or platinum credit cards or need help with your comparison.

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6 Responses

  1. Default Gravatar
    AnnaJuly 17, 2017

    What is the minimum income that a person must have if they want to apply for a platinum credit card? Thanks! :)

    • Staff
      RenchJuly 17, 2017Staff

      Hi Anna,

      Thanks for reaching out to us.

      For platinum cards, most banks require a high minimum income requirement. You can check this page for helpful information.

      I suggest contacting the bank directly to inquire. It will depend on what card/bank that you will apply for.

      Cheers,
      Rench

  2. Default Gravatar
    haimenFebruary 9, 2014

    Do I have to pay fees for a platinum card?

    • Staff
      MarcFebruary 10, 2014Staff

      Hi halmen,
      thanks for the question.

      In most cases a platinum card will come with an annual fee and a higher interest rate compared to regular cards, although this isn’t always the case. To compare platinum cards please view our page here.

      I hope this helps,
      Marc.

  3. Default Gravatar
    dulceApril 9, 2013

    What are some of the other benefits that a credit card can give you that isn’t monetary

Ask a question