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 September 26th, 2017
Name Product Purchase rate (p.a.) Interest Free Period Annual fee Balance transfer rate (p.a.) Product Description
St.George Vertigo Visa
13.24% p.a.
Up to 55 days on purchases
$55 p.a.
0% p.a. for 18 months with 2% balance transfer fee
Receive a low annual fee and the ability to make contactless payments with Visa payWave technology.
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 2% balance transfer fee
Get a range of complimentary insurance covers, access to a 24/7 concierge and the convenience of Visa payWave contactless technology.
St.George Vertigo Platinum
12.74% p.a.
Up to 55 days on purchases
$99 p.a.
0% p.a. for 24 months with 2% balance transfer fee
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
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. Plus, use of the Westpac mobile banking app.
BankSA Vertigo Visa
13.24% p.a.
Up to 55 days on purchases
$55 p.a.
0% p.a. for 18 months with 2% balance transfer fee
A no-frills Visa with the protection of a zero liability policy and a 24/7 fraud monitoring service.
HSBC Low Rate Credit Card
13.25% p.a.
Up to 55 days on purchases
$55 p.a.
0% p.a. for 15 months with 2% balance transfer fee
Add additional cardholders for $0 and pay using Apple Pay. Also enjoy exclusive offers with the home&Away Privilege Program.
ANZ Low Rate
12.49% p.a.
Up to 55 days on purchases
$58 p.a.
0% p.a. for 16 months with 2% balance transfer fee
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.
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
Receive a $50 credit when you apply online, are approved and spend $750 on your new card within the first 3 months of card membership.
Bendigo Bank Low Rate First Mastercard
11.99% p.a.
Up to 55 days on purchases
$29 p.a.
For customers aged 18 to 25 years, this card gives you up to 55 interest-free days and a low variable interest rate on purchases.
ANZ Low Rate Platinum
11.49% p.a.
Up to 55 days on purchases
$99 p.a.
0% p.a. for 16 months with 2% balance transfer fee
Enjoy platinum benefits with exclusive discounts, complimentary travel and purchase insurances and a 24/7 personal concierge.
NAB Low Rate Credit Card
13.99% p.a.
Up to 55 days on purchases
$59 p.a.
0% p.a. for 16 months with 2% balance transfer fee
Offers a low $500 minimum credit limit, special offers from Visa Entertainment and Tap and Pay capabilities.
Bendigo Bank Low Rate Mastercard
11.99% p.a.
Up to 55 days on purchases
$45 p.a.
A no-frills card with a competitive annual fee and a low variable interest rate of 11.99% p.a. on purchases.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% p.a. for 12 months (reverts to 20.74% p.a.)
Up to 44 days on purchases
$129 p.a.
0% p.a. for 6 months
Until 31 October 2017, save with 0% p.a. on purchases for 12 months. Plus, up to 0.66 Velocity Points per $1 spent.
Virgin Money Low Rate Credit Card
11.99% p.a.
Up to 44 days on purchases
$99 p.a.
0% p.a. for 12 months
Take advantage of the optional insurance coverage of CreditShield Edge. Plus, enjoy the convenience of contactless payments with Visa payWave.
NAB Low Rate Platinum Card
13.99% p.a.
Up to 55 days on purchases
$100 p.a.
0% p.a. for 16 months with 2% balance transfer fee
Enjoy the protection of 7 complimentary insurances including overseas travel and purchase protection insurance.
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.

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 September 26th, 2017
Name Product Bonus Points Rewards Points per $ spent (VISA/MC) Rewards Points per $ spent (AMEX) Purchase rate (p.a.) Annual fee Product Description
American Express Gold Business Card
10,000 bonus points
0
1
$169 p.a.
Take advantage of no pre-set spending limit, data that feeds to MYOB accounting software and up to 51 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 September 26th, 2017
Name Product Bonus Points Rewards Points per $ spent (VISA/MC) Rewards Points per $ spent (AMEX) Purchase rate (p.a.) Annual fee Product Description
NAB Premium Card - Exclusive Offer
0
0
19.74% p.a.
$90 p.a.
Until 1 October 2017, exclusive to finder.com.au, enjoy a no BT fee, balance transfer offer with platinum privileges, including travel insurance.
HSBC Platinum Credit Card
1
0
19.99% p.a.
$99 p.a.
Take advantage of a 0% p.a. for 22 months on balance transfers offer with a 2% balance transfer fee.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
60,000 bonus points
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.
NAB Rewards Platinum Card
50,000 bonus points
1
19.99% p.a.
$195 p.a.
Earn double reward points when the minimum required spend is met and enjoy 0% p.a. on balance transfers for 6 months.
Citi Rewards Platinum Credit Card
1
0
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Apply by 30 September 2017 to enjoy a long-term balance transfer offer of 0% p.a. for 24 months with a 1.5% balance transfer fee.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0.66
20.74% p.a.
$129 p.a.
Earn 3 bonus Velocity Points per $1 for the first 3 months, a first year annual fee refund and a yearly $129 Virgin Australia Gift Voucher.
ANZ Platinum Credit Card - Exclusive Offer
0
0
0% p.a. for 3 months (reverts to 19.74% p.a.)
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Exclusive to finder, receive 0% p.a. interest on purchases for 3 months and 0% p.a. on balance transfers for 12 months with no balance transfer fee.
HSBC Platinum Qantas Credit Card
60,000 bonus points
1
19.99% p.a.
$199 p.a.
Enjoy complimentary membership to the Qantas Frequent Flyer program and international travel insurance.
American Express Explorer® Credit Card
100,000 bonus points
2
20.74% p.a.
$395 p.a.
Receive a $400 Travel Credit every year and up to two entries per year to the American Express Lounge at Sydney International Airport.
St.George Vertigo Platinum
0
0
12.74% p.a.
$99 p.a.
Take advantage of a 0% p.a. for 24 months on balance transfers offer with 2% balance transfer fee.

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

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