What is a platinum credit card?

Enjoy exclusive benefits, higher reward points earn rates and larger credit limits with a platinum credit card.

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A platinum credit card is a higher tier than a classic or gold credit card. Platinum cards usually come with larger credit limits and are better suited to big spenders. Platinum credit cards also offer premium extras including concierge services, rewards programs with bonus points offers and competitive earn rates and complimentary insurance covers. Some platinum credit cards also come equipped with airline lounge passes, travel credits and entertainment experiences.

These cards usually come at the cost of a higher annual fee and interest rate. Plus, you might also be required to meet a higher minimum income to get approved. This guide covers what a platinum credit card is, the benefits of using one and some of the factors you should consider when comparing whether or not one is right for you.

Compare platinum credit cards

Updated February 22nd, 2020
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee
HSBC Platinum Credit Card - Balance Transfer Offer
19.99% p.a.
0% p.a. for 22 months
$129 p.a.
Enjoy a balance transfer offer, yearly annual fee refund, airport lounge passes and complimentary insurance covers.
Latitude 28° Global Platinum Mastercard
21.99% p.a.
$0 p.a.
Save with 0% foreign transaction fees on purchases. Plus, complimentary flight delay passes and a global wifi access.
HSBC Platinum Qantas Credit Card
19.99% p.a.
0% p.a. for 12 months
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
Save with a $0 first year annual fee and a long-term balance transfer offer. Plus, complimentary travel insurance.
St.George Vertigo Platinum
0% for 15 months, reverts to 12.99% p.a.
6.99% p.a. for 12 months
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
Features an introductory 0% p.a. purchase rate, $49 first year annual fee and complimentary travel insurance covers.
Bankwest Breeze Platinum Mastercard
12.99% p.a.
0% p.a. for 26 months with 2% balance transfer fee
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
Get 0% interest on balance transfers for 26 months (with a 2% fee), complimentary travel insurance and no foreign transaction fees.
American Express Velocity Platinum Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$375 p.a.
Get 50,000 bonus Velocity Points when you spend $3,000 for the first 3 months. Plus, 100 Status Credits and luxury travel perks.
St.George Amplify Platinum - Qantas - Online Offer
19.74% p.a.
0% p.a. for 22 months
$99 p.a.
Receive 60,000 bonus Qantas Points when you spend $2,000 within 90 days and a 0% balance transfer for 22 months.
American Express Platinum Card
N/A
$1,450 p.a.
Receive 80,000 bonus Membership Rewards Points, a $450 annual Platinum Travel Credit, dedicated personal service and luxury travel perks.
Westpac Altitude Platinum Qantas - Online Offer
20.49% p.a.
0% p.a. for 20 months
$200 p.a.
Get 40,000 bonus Qantas Points when you spend $2,000 within 90 days of approval. Plus, a 0% balance transfer and complimentary insurance.
American Express Qantas Business Rewards Card
N/A
$450 p.a.
ABN holders w/ $75,000 revenue. Get 150,000 bonus Qantas Points, 3x points on eligible Qantas flights and 2 lounge passes each year.
American Express Westpac Altitude Platinum Bundle - Qantas
20.24% p.a. (AMEX)

20.49% p.a. (Visa/MC)
$200 p.a. annual fee for the first year ($249 p.a. thereafter)
Up to 75,000 bonus Qantas Points when you meet the criteria with this dual Mastercard (issued by Westpac) & Amex (issued by Amex).
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% for 14 months, reverts to 20.74% p.a.
0% p.a. for 6 months
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Enjoy 0% p.a. interest on purchases for 14 months, a reduced first year annual fee and Velocity Points per $1 spent. Ends 24 Feb 2020.
Qantas American Express Ultimate Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$450 p.a.
Get 100,000 bonus Qantas Points, a $450 Qantas Travel Credit and 2 yearly complimentary Qantas Club lounge invitations.
St.George Amplify Platinum - Online Offer
19.74% p.a.
0% p.a. for 22 months
$99 p.a.
Get 100,000 bonus Amplify Points when you spend $2,000 in the first 90 days. Plus, a balance transfer offer of 0% interest for 22 months.
Bank of Melbourne Amplify Platinum
19.74% p.a.
0% p.a. for 6 months
$99 p.a.
Get $400 e-gift gard when you spend $3,000 on eligible purchases within the first 90 days. Plus, complimentary travel insurance.
American Express Platinum Edge Credit Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$195 p.a.
Receive a yearly $200 Travel Credit and complimentary domestic and international travel insurance, plus 0% p.a. for 12 months on balance transfers.
Bank of Melbourne Amplify Platinum - Qantas
19.74% p.a.
0% p.a. for 6 months
$99 p.a.
Receive 60,000 bonus Qantas Points when you spend $2,000 within 90 days and earn up to 0.5 Qantas Points per $1 spent.
BankSA Amplify Platinum - Qantas
19.74% p.a.
0% p.a. for 6 months
$99 p.a.
Receive 60,000 bonus Qantas Points when you spend $2,000 within 90 days and earn up to 0.5 Qantas Points per $1 spent.
David Jones American Express Platinum Card
20.74% p.a.
$295 p.a.
DJ's shoppers and Qantas travellers earn 30,000 bonus Membership Rewards Points or 15,000 Qantas Points on eligible spend.

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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:

  • Higher credit limit. Platinum credit cards regularly come equipped with higher credit limits, giving you greater spending flexibility. It will vary between products, but some platinum credit cards offer credit limits as high as $50,000.
  • Rewards. Most platinum credit cards come linked to a rewards program. Whether it’s a credit card rewards program or frequent flyer loyalty scheme, these cards usually come with thousands of bonus points and a competitive earn rate per $1 to help you earn and redeem rewards faster.
  • Complimentary insurance covers. When you use your platinum credit card to make purchases, you can access complimentary purchase covers like guaranteed pricing scheme, purchase cover insurance, and extended warranty insurance. Plus, if you meet the eligibility requirements and use your card to pay for travel costs, you could also receive complimentary international travel insurance, interstate flight inconvenience insurance, and transit accident insurance.
  • Personal concierge service. Like a personal assistant that comes with your credit card, a platinum concierge service offers 24/7 assistance to help with everything from setting up business meetings, booking a restaurant reservation or organising travel plans.
  • 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 areas like travel, shopping, and dining.
  • Promotional offers. Some platinum credit cards also come with competitive promotional offers including 0% balance transfer deals, interest-free purchase offers and bonus points when you meet a spend requirement.

happy couple with gold credit card

How can I compare platinum credit cards?

As most platinum credit cards boast a variety of perks, here are some of the factors you should consider when weighing up which one is right for you:

  • Annual fee. While some platinum credit cards come with a $0 annual fee, they can be as high as $450 p.a. depending on the product. Make sure that the features of the card aren’t outweighed by the annual fee to get full value from the product.
  • Purchase rates. Some platinum cards may come with promotional interest-free purchase rates, but standard purchase rates can be as high as 21.99% p.a. As such, platinum cards may be best suited to cardholders who regularly pay their balances in full and avoid interest. Plus, if you pay your balance in full, you’ll most likely be able to take advantage of interest-free days too.
  • Bonus points and earn rates. As most platinum credit cards come linked to a rewards program, it’s important to understand how many points you’ll earn per $1 and whether any caps, reduced earn rate thresholds or expiries apply. Many platinum cards also offer bonus points on sign up, although you’ll usually need to meet a spend requirement to access them. Determining how many points you could potentially earn with a bonus points offer and the earn rate is important to consider before applying for a platinum card.
  • Available features. Most platinum credit cards boast an array of extra features, but you should consider whether they suit your lifestyle before you apply. For example, airline lounge passes may suit a frequent flyer while a concierge service could be a better option for someone with a busy schedule. Regardless, make sure that you’ll take full advantage of the bonus extras to get the most out of your card.

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Credit Cards Comparison

Updated February 22nd, 2020
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee
HSBC Platinum Credit Card - Balance Transfer Offer
19.99% p.a.
0% p.a. for 22 months
$129 p.a.
Enjoy a balance transfer offer, yearly annual fee refund, airport lounge passes and complimentary insurance covers.
St.George Vertigo Classic
13.99% p.a.
0% p.a. for 18 months
$55 p.a.
Get 0% interest for up to 18 months on balance transfers with no balance transfer fee. Plus, a low annual fee and purchase rate.
NAB Qantas Rewards Signature Card
19.99% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$295 p.a. annual fee for the first year ($395 p.a. thereafter)
Collect up to 120,000 bonus Qantas Points. Get 90k when you spend $3,000 on eligible purchases in the first 60 days and 30k after 12 months.
Latitude 28° Global Platinum Mastercard
21.99% p.a.
$0 p.a.
Save with 0% foreign transaction fees on purchases. Plus, complimentary flight delay passes and a global wifi access.

Compare up to 4 providers

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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