platinum credit card

What is a Platinum Credit Card?

Information verified correct on March 29th, 2017

Platinum cards come with high minimum income requirements, but they offer high credit limits and an array of benefits in return.

What is a Platinum credit card?

Qualifying for platinum credit cards requires that you meet high minimum income requirements. You can expect such a card to offer a considerably higher credit limit when compared to basic cards, and you can also look forward to a variety of extras. Such cards, for example, tend to offer complimentary insurance covers, and cardholders usually get access to a personal concierge service as well. A number of platinum credit cards come linked to rewards programs, enabling cardholders to earn rewards as per their spending.

In most cases, the minimum income requirement to qualify for these types of cards is higher than Gold or Classic credit cards. They also feature a higher minimum credit limit with the option to increase the credit limit much higher than other types of accounts. For this reason, these are usually associated as being for movers and shakers.

Compare Platinum Credit Cards

What are the benefits of using a platinum credit card?

As a platinum credit card user you can look forward to a number of benefits, which include the following.

  • Rewards. Most platinum credit cards come linked to rewards programs, but not all rewards programs are the same. For instance, while some cards link to frequent flyer programs, some others link to programs that offer limited reward options. Platinum cards, when compared to standard rewards cards, tend to offer better earn rates, so you can earn rewards faster.
  • Complimentary insurance covers. When you use your platinum credit card to make purchases, you can make use of complimentary purchase covers like guaranteed pricing scheme, purchase cover insurance, and extended warranty insurance. Complimentary international travel insurance, interstate flight inconvenience insurance, and transit accident insurance come into play when you use your card to pay for travel.
  • Personal concierge service. Such a service offers round-the-clock global assistance in matters like dining, travel, entertainment, and business.
  • Platinum perks. Depending on the card you choose, you can get exclusive invitations to a host of entertainment and sporting events, and you can get access to presale tickets. You can also expect to make use of an array of discounts and special promotions spread across realms like travel, shopping, and dining.

How can I compare platinum credit cards?

Basic features of platinum credit cards remain the same, but certain aspects can differ greatly. When comparing such cards, make sure you pay attention to the following.

  • Annual fee. Just about every platinum credit card charges an ongoing annual fee, and some such cards offer annual fee waivers for the first year. Typically, the annual fee of platinum credit cards varies in between $99 to around $300, although it can be higher.
  • Rewards program. Pay attention to how many points you stand to earn per dollar spent. Find out what you can redeem your points for, because some rewards programs allow you to redeem your points for flight tickets, flight upgrades, and travel and store vouchers. Some even allow you to use your points as cashback.
  • Interest rate offers. Certain platinum credit cards come with interest rate offers, and while these normally apply on balance transfers, you can even find cards with purchase rate offers. Such offers give you the ability to pay little to no interest on given transactions for a certain time period. In such instances, the promotional interest rate and the time period can vary from one card to the next.

Who are platinum credit cards best suited to?

If you want to get a platinum card simply because you feel it’ll add to your social standing, think again. In choosing a credit card you should ideally take into account your spending habits along with your ability to make repayments.

You can consider getting a platinum credit card if you plan to pay your account’s closing balance in full each month. This is because the interest your platinum card charges would be on the higher side. Spending on a typical platinum card results in the accumulation of reward points, and you get to redeem these points in various ways. As a result, if you wish to earn rewards as per your spending, a platinum card might work well for you.

You can also think about getting a platinum card if you want a higher than usual credit limit. International travellers can benefit by getting such cards, owing to the complimentary travel insurances on offer.

What are the pros and cons of Platinum credit cards?

While there are considerable advantages to owning a Platinum credit card, you’ll find there are some disadvantages too. Here is a quick look at the good and the bad of owning a prestige card.

Pros

  • High credit limits. Platinum credit cards offer greater spending power, through noticeably high or uncapped credit limits.
  • Better earn rates. Platinum cards gives cardholders the ability to earn two to three reward points per dollar spent, whereas with standard reward cards they can expect to earn no more than one point per dollar spent.
  • Extras. Extras like access to a concierge service and complimentary insurance covers work in favour of these cards.

 

Cons

  • Annual fees. You can expect to pay an ongoing annual fee for as long as your account remains active, and this can work as a downside if you don’t make use of your card’s extra features.
  • High interest. If you keep balances rolling in your account from one month to the next, you can expect to pay higher interest when compared to how much you’d pay if you used a low rate card instead.
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What platinum cards are currently available?

A number of Australian credit card providers offer platinum cards and your choices extend to choosing between Visa, MasterCard, and American Express cards. The features these cards come with are largely similar, but the perks on offer are not. As a result, fees and interest rates vary.

The table below should give you a clear indication of your existing alternatives.

Platinum Credit Card Comparison

Rates last updated March 29th, 2017
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
American Express Platinum Edge Credit Card
Receive 5,000 Membership Rewards Bonus Points when you meet the minimum spend requirement. Enjoy a $200 travel credit every year and pay no annual fee for the first year.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. annual fee for the first year ($195 p.a. thereafter) Go to site More info
NAB Premium Card
Platinum credit card benefits including higher credit limits and travel insurance, plus a low interest rate on balance transfers.
19.74% p.a. 0% p.a. for 24 months with a one off 3% balance transfer fee $90 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.
19.99% p.a. 0% p.a. for 15 months $149 p.a. 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% p.a. for 3 months (reverts to 19.74% p.a.) 0% p.a. for 12 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
Citi Rewards Platinum Credit Card
Enjoy a long-term balance transfer offer and earn 1.25 Citi Reward Points per $1 spent on all eligible domestic and international purchases.
20.99% p.a. 0% p.a. for 24 months with 1.5% balance transfer fee $49 p.a. annual fee for the first year ($149 p.a. thereafter) Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Earn 2 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.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
Qantas American Express Ultimate Card
Enjoy 75,000 bonus Qantas Points when you meet the spend criteria plus 75 Bonus Status Credits when you book and fly back with Qantas. Earn up to 2.5 Qantas Points per $1 spent on eligible purchases.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $450 p.a. Go to site More info
American Express Explorer Credit Card
Receive 100,000 Membership Rewards Bonus Points on eligible spend within the first 3 months of card membership. Also enjoy a $400 travel voucher and two complimentary airline passes per year.
20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $395 p.a. 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.
19.99% p.a. $199 p.a. Go to site More info
ANZ Frequent Flyer Platinum
Get 50,000 bonus Qantas Points when you apply online, are approved and spend $2,500 on eligible purchases within the first 3 months. Enjoy a waived annual fee for the first year and earn Qantas Points for spending.
19.99% p.a. $0 p.a. annual fee for the first year ($295 p.a. thereafter) Go to site More info
Citi Simplicity Card
Take advantage of the 0% p.a. for 15 months offer on balance transfers, a low interest rate on purchases, an annual fee waiver for life, plus 5% cash back on retail purchases.
19.99% p.a. 0% p.a. for 15 months with 1.5% balance transfer fee $0 p.a. Go to site More info
28 Degrees Platinum MasterCard
Benefit from no international transaction fees on purchases, no currency conversion fees and no annual fee.
21.99% p.a. 4.99% p.a. for 6 months $0 p.a. Go to site More info
ANZ Low Rate Platinum
Enjoy platinum benefits with exclusive discounts, complimentary travel insurance and personal concierge. Also repay your credit card debt interest-free with 0% p.a. for 16 months on balance transfers.
11.49% p.a. 0% p.a. for 16 months with 2% balance transfer fee $99 p.a. Go to site More info
NAB Low Rate Platinum Card
Offers a low introductory rate of 0% p.a. on balance transfers for 18 months plus enjoy premium benefits including international travel insurance.
13.99% p.a. 0% p.a. for 18 months with 3% balance transfer fee $100 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - 0% Interest Offer
An interest-free period on both purchases and balance transfers.
0% p.a. for 12 months (reverts to 20.74% p.a.) 0% p.a. for 6 months $129 p.a. Go to site More info
ANZ Rewards Travel Adventures card
Pay no overseas transaction fee on purchases and receive complimentary domestic return flight and lounge passes each year you hold the card when you spend $500 on eligible purchases within the first three months.
20.24% p.a. $225 p.a. Go to site More info
ANZ Rewards Platinum
Enjoy accelerated points earning and great Platinum features with ANZ Rewards Platinum card. Also get the chance to receive $250 Westfield Gift Card when you spend $2,500 in the first 60 days from card approval plus a waived annual fee for the first year.
18.79% p.a. $0 p.a. annual fee for the first year ($95 p.a. thereafter) Go to site More info
St.George Vertigo Platinum - Online Only Balance Transfer Offer
Enjoy a long-term balance transfer offer of 3% p.a. for 36 months when you apply online, plus complimentary insurance covers and a personal concierge service.
12.74% p.a. 3% p.a. for 36 months $99 p.a. Go to site More info
American Express Platinum Card
Receive 100,000 Membership Rewards Bonus Points when you meet the minimum spend requirement and earn up to 3 points per $1 spent. Gain access to travel insurance, $300 Platinum travel credit every year and access to 1,000 VIP airport lounges.
$1,200 p.a. Go to site More info
Commonwealth Bank Business Platinum Awards Credit Card
Earn up to 3 Awards points per dollar spent and enjoy a range complimentary insurances.
20.74% p.a. 5.99% p.a. for 5 months $300 p.a. Go to site More info
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A platinum credit card brings with it a range of benefits, but consider applying for one only if you think you’ll use it in a way that can justify paying its annual fee. Don’t forget you have numerous options from which to choose, so take time to compare as many as you can before deciding which one to go with.

Frequently asked questions

What eligibility criteria do I have to meet to apply for a platinum card?

In addition to meeting minimum income requirements, you should be over 18 years of age, and you should be a permanent Australian resident.

Do the reward points I earn through my platinum card expire?

This depends on the rewards program you’re part of, because while reward points expire with some programs, they don’t with some others.

Can I get additional cards linked to my platinum card?

This depends on the card you use, although most platinum cardholders can apply for additional cards. Whether you have to pay an additional card fee or not depends on your card provider.

Do additional cards earn reward points?

If your primary card comes linked to a rewards program, additional cards linked to it earn reward points as well.

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