The difference between standard, gold and platinum credit cards

Information verified correct on December 8th, 2016

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.

Sponsorship - ANZ Low Rate Platinum Credit Card - Platinum - PE-32844

Platinum Credit Card Offer

The ANZ Low Rate Platinum Credit Card comes with an introductory purchase rate offer and benefits of a Platinum card.

  • Get $250 Back to your new ANZ Low Rate Platinum Credit Card. $250 will be credited within 2 months of activation.
  • Take advantage of 0% p.a. on purchases for the first 6 months from approval on your new card. Reverts to standard purchase rate.
  • This offer is available for a limited time and can only be redeemed once per customer.

    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.

    standard-gold-platinum-cards

    How do I know which one is for me? - Comparing standard, gold and platinum credit 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 8th, 2016
    Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Interest Free Period
    ANZ Low Rate Platinum Credit Card
    $250 Back plus 0% p.a. for the first 6 months on purchases from approval.
    0% p.a. for 6 months (reverts to 13.49% p.a.) $99 p.a. Up to 55 days on purchases Go to site More info
    NAB Low Fee Card
    Enjoy a low introductory rate of 0% p.a. on balance transfers and purchases for 15 months.
    0% p.a. for 15 months (reverts to 19.74% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $30 p.a. Up to 44 days on purchases Go to site More info
    ME Bank frank Credit Card
    A low interest rate on purchases and cash advances with no annual fee charge.
    11.99% p.a. $0 p.a. Up to 55 days on purchases Go to site More info
    American Express Essential Credit Card
    Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
    14.99% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. Up to 55 days on purchases Go to site More info
    NAB Low Rate Credit Card
    The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
    0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Up to 55 days on purchases Go to site More info
    St.George Vertigo Visa
    Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
    1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Up to 55 days on purchases Go to site More info
    Westpac Low Rate Card
    A simple low interest rate card featuring a low ongoing rate on purchases, up to 55 days interest-free on purchases and a low annual fee.
    1% p.a. for 12 months (reverts to 13.49% p.a.) 0% p.a. for 16 months $59 p.a. Up to 55 days on purchases Go to site More info
    St.George Vertigo Platinum
    A platinum card with a balance transfer offer of 0% p.a. for 18 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
    1% p.a. for 12 months (reverts to 12.74% p.a.) 0% p.a. for 18 months $99 p.a. Up to 55 days on purchases Go to site More info
    Coles Low Rate MasterCard
    A low rate MasterCard with a competitive rate on purchases and a low annual fee.
    12.99% p.a. 0% p.a. for 6 months $49 p.a. Up to 62 days on purchases Go to site More info
    Bank of Melbourne Vertigo Visa Credit Card
    Enjoy a low annual fee combined with 0% p.a. balance transfer offer for 18 months and 1% p.a. for up to 12 months on purchases.
    1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Up to 55 days on purchases Go to site More info

    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 8th, 2016
    Rewards Points per $ spent (AMEX) Rewards Points per $ spent (VISA/MC) Bonus Points Annual fee
    American Express Gold Business Card
    Keep track of your business expenses with a dedicated business credit card. Your account details can be uploaded in to MYOB, Excel or Quicken to help with BAS reporting.
    1 0 10,000 bonus points $169 p.a. Go to site More info

    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 8th, 2016
    Rewards Points per $ spent (AMEX) Rewards Points per $ spent (VISA/MC) Bonus Points Annual fee
    ANZ Low Rate Platinum Credit Card
    $250 Back plus 0% p.a. for the first 6 months on purchases from approval.
    $99 p.a. Go to site More info
    HSBC Platinum Credit Card
    Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
    0 1 $149 p.a. Go to site More info
    NAB Qantas Rewards Premium Card - Exclusive Offer
    Get 75,000 bonus Qantas Points plus enjoy a low promotional offer of 4.99% p.a. for 6 months on balance transfers.
    1.5 0.5 75,000 bonus points $250 p.a. Go to site More info
    Virgin Australia Velocity Flyer Card - Balance Transfer Offer
    Earn bonus Velocity Points in the first 3 months and a low 0% p.a. for 18 months on balance transfers. Receive a free Virgin Australia $129 Gift Voucher each year. Available from mid-2016.
    0 0.66 $64 p.a. annual fee for the first year ($129 p.a. thereafter) 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
    Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
    0 1 60,000 bonus points $199 p.a. Go to site More info
    St.George Vertigo Platinum
    A platinum card with a balance transfer offer of 0% p.a. for 18 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
    0 0 $99 p.a. Go to site More info
    Citi Rewards Credit Card - Platinum Card
    Enjoy a long term balance transfer offer and earn 1.25 Citi Reward Points on per $1 spent for all domestic purchases.
    0 1.25 $199 p.a. annual fee for the first year ($249 p.a. thereafter) Go to site More info
    American Express Platinum Edge Credit Card
    Receive 10,000 Membership Rewards Bonus Points when you meet the minimum spend requirement. Enjoy a $200 travel credit every year and get 0% p.a. for 12 months on balance transfers.
    1 0 10,000 bonus points $195 p.a. Go to site More info
    Bank of Melbourne Vertigo Platinum
    A platinum card with a low balance transfer offer of 0% p.a. interest for 18 months and 1% p.a. for 12 months on purchases combined with complimentary insurance covers.
    0 0 $99 p.a. Go to site More info

    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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    4 Responses to The difference between standard, gold and platinum credit cards

    1. Default Gravatar
      haimen | February 9, 2014

      Do I have to pay fees for a platinum card?

      • Staff
        Marc | February 10, 2014

        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.

    2. Default Gravatar
      dulce | April 9, 2013

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

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