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What is a platinum credit card?

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

A higher tier than a classic or gold credit card, platinum products 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

Rates last updated May 21st, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
HSBC Platinum Credit Card
19.99% p.a.
0% p.a. for 22 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($129 p.a. thereafter)
Offers a 0% p.a. for 22 months balance transfer, $0 annual fee for the first year and an annual fee refund each year when you spend $6,000.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
20.74% p.a.
0% p.a. for 18 months
$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 and enjoy a discounted annual fee of $64 for the first year.
HSBC Platinum Qantas Credit Card
19.99% p.a.
0% p.a. for 12 months
$199 p.a.
Receive 60,000 bonus Qantas Points when you spend $3,000 within 3 months of card approval, plus enjoy complimentary travel insurance.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
0% p.a. for 24 months with 1% balance transfer fee
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Platinum card benefits including complimentary insurance, plus first year annual fee waiver and 0% p.a. for 24 months on balance transfers.
NAB Low Fee Platinum Card
19.74% p.a.
0% p.a. for 24 months with 2% balance transfer fee
$90 p.a.
Offers 7 complimentary insurance covers, a 0% p.a. for 24 month balance transfer and access to a 24/7 concierge service for a $90 p.a. annual fee.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
20.74% p.a.
0% p.a. for 18 months
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Take advantage of 0% p.a. on balance transfers for up to 18 months. $64 in the first year ($129 p.a. thereafter), plus, bonus Velocity Points.
Citi Platinum Credit Card - 100k Bonus Points
20.99% p.a.
0% p.a. for 15 months with 1% balance transfer fee
$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.
Bendigo Bank Platinum Rewards Mastercard
19.99% p.a.
$89 p.a.
Earn 1.5 Bendigo Rewards points per $1 spent. Receive complimentary insurance covers, plus, access to Mastercard Priceless Cities.
Bank of Melbourne Vertigo Platinum Card - Online Offer
12.74% p.a.
0% p.a. for 24 months with 1% balance transfer fee
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Online only: Enjoy 0% p.a. interest for 24 months on balance transfers (with a one-time 1% BT fee). Plus, a $0 first year annual fee.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% p.a. for 14 months (reverts to 20.74% p.a.)
0% p.a. for 6 months
$129 p.a.
Buy now and pay later with 0% p.a. interest on purchases for 14 months. Plus, 0% p.a. on balance transfers for up to 6 months.
ANZ Frequent Flyer Platinum
19.99% p.a.
$0 p.a. annual fee for the first year ($295 p.a. thereafter)
Receive 65,000 bonus Qantas Points when you spend $2,500 on eligible purchases within the first 3 months. Plus, a $0 annual fee for the first year.
Citi Rewards Platinum Credit Card
20.99% p.a.
0% p.a. for 26 months with 2.5% balance transfer fee
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn reward Points per $1 spent, take advantage of a 0% p.a. for 26 month balance transfer offer, plus complimentary international travel insurance.
Bendigo Bank Low Rate Platinum Mastercard
11.99% p.a.
$89 p.a.
Offers premium features such as mobile phone and tablet insurance and purchase protections, plus, up to 55 days interest-free on purchases.
St.George Amplify Platinum
19.49% p.a.
$99 p.a.
Receive 50,000 bonus Amplify or Qantas Points when you spend $2,000 within 90 days and earn 0.5 Qantas Points or 1 Amplify Point per $1 spent.
Qantas American Express Ultimate Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$450 p.a.
Receive 55,000 bonus Qantas Points, a $450 Qantas Travel Credit each year and 2 yearly complimentary Qantas Club lounge invitations.
ANZ Low Rate Platinum
11.49% p.a.
0% p.a. for 15 months
$99 p.a.
Enjoy 0% p.a. on balance transfers for 15 months with no BT fee, combined with platinum card privileges and complimentary insurances.
Citi Simplicity Card
19.99% p.a.
0% p.a. for 15 months with 1.5% balance transfer fee
$0 p.a.
Save with 5% cashback on eligible purchases (capped at $50 per month) for the first 90 days from approval. Plus, a 15 month balance transfer offer.
BankSA Vertigo Platinum - Online Offer
12.74% p.a.
0% p.a. for 24 months with 1% balance transfer fee
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Online only: A low rate platinum card with 0% p.a. on balance transfers for 24 months. Plus, $0 annual fee for the first year.
St.George Amplify Signature - Qantas
19.49% p.a.
$279 p.a.
Receive 90,000 bonus Qantas Points when you spend $4,000 within 90 days and receive two complimentary Qantas Club lounge invitations per year.
NAB Rewards Platinum Card
19.99% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$195 p.a.
Collect 60,000 bonus points when you spend $2,500 within 60 days of account opening. Plus, receive complimentary travel and purchase insurances.
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.
Westpac 55 Day Platinum Credit Card
19.84% p.a.
0% p.a. for 20 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($90 p.a. thereafter)
Receive a 20 month balance transfer offer, up to 55 days interest-free on purchases, a platinum concierge service and a $0 first year annual fee.
Qantas American Express Premium Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$249 p.a.
Enjoy 30,000 bonus Qantas Points, 2 complimentary Qantas Club lounge invitations per year and the protection of complimentary insurance covers.
NAB Low Rate Platinum Card
0% p.a. for 9 months (reverts to 13.99% p.a.)
0% p.a. for 6 months with 2% balance transfer fee
$100 p.a.
Enjoy a 0% p.a. interest rate offer on purchases for 9 months and the protection of 7 complimentary insurances including overseas travel insurance.
ANZ Rewards Platinum
18.79% p.a.
$0 p.a. annual fee for the first year ($95 p.a. thereafter)
Receive a $0 first year annual fee offer, 65,000 bonus Reward Points when you meet the spend criteria and up to 1.5 points per $1 spent.
ANZ Rewards Travel Adventures card
20.24% p.a.
$225 p.a.
Receive 40,000 bonus Velocity Points, 2 yearly Virgin Australia lounge passes, plus enjoy $0 overseas purchase transaction fees.
28 Degrees Platinum Mastercard
21.99% p.a.
4.99% p.a. for 6 months
$0 p.a.
Designed for travel, benefit from 0% foreign transaction fees on purchases, a $0 annual fee for life and a personal concierge service.
Bank of Melbourne Amplify Platinum
19.49% p.a.
$99 p.a.
Earn 50,000 bonus Amplify or Qantas Points when you spend $2,000 within 90 days and earn 0.5 Qantas Points or 1 Amplify Point per $1 spent.
NAB Qantas Rewards Premium Card
19.99% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$250 p.a.
Offers 60,000 bonus points when you meet the spend requirements and Qantas Points for your everyday spending. Plus a 24/7 personal concierge.
American Express Westpac Altitude Platinum Bundle
20.24% p.a.
$199 p.a.
Up to 75,000 bonus Altitude Points when you meet the criteria with this dual Visa (issued & serviced by Westpac) & Amex (issued & serviced by Amex).
David Jones American Express Platinum Card - Qantas Frequent Flyer
20.74% p.a.
$295 p.a.
Fly faster with up to 3 Qantas Points per $1 spent and receive complimentary travel insurance when travel is booked on your card.

Compare up to 4 providers

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.

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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. Back to top

    Pictures: Shutterstock

Sally McMullen

Sally McMullen is an editor at finder.com.au who is a credit cards, frequent flyer and travel money expert by day and music maven by night.

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Credit Card Offers

Important Information*
Westpac Low Rate - Online Offer
Westpac Low Rate - Online Offer

Interest rate

13.49

Annual fee

59
HSBC Platinum Credit Card
HSBC Platinum Credit Card

Interest rate

19.99

Annual fee

129
NAB Low Fee Platinum Card
NAB Low Fee Platinum Card

Interest rate

19.74

Annual fee

90
Citi Platinum Credit Card - 100k Bonus Points
Citi Platinum Credit Card - 100k Bonus Points

Interest rate

20.99

Annual fee

149

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