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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 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.

Latitude Financial Services Credit Card Offer

28 Degrees Platinum Mastercard

$0 annual fee
No international transaction fees

Eligibility criteria, terms and conditions, fees and charges apply

Latitude Financial Services Credit Card Offer

Save with an ongoing $0 annual fee and no international transaction fees. Plus, benefit from complimentary flight delay passes, global wifi access and a concierge service.

  • $0 annual fee and 21.99% p.a. purchase interest rate
  • 0% international transaction fees when you use the card to make a purchase in a foreign currency overseas or online.
  • Get a range of premium features including flight delay passes, free global wifi and access to a 24/7 concierge service.
  • Make mobile contactless payments with Apple Pay, Google Pay, Samsung Pay, Fitbit and Garmin.
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Compare platinum credit cards

Rates last updated April 24th, 2019
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee Product Description
28 Degrees Platinum Mastercard
21.99% p.a.
$0 p.a.
Save with 0% foreign transaction fees on purchases. Plus, complimentary flight delay passes, global wifi access and a concierge service.
Citi Rewards Platinum Credit Card - Exclusive Bonus Points Offer
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)
Enjoy 100,000 bonus Citi reward Points when you spend $3,000 within the first 90 days. Plus, save with a $49 first year annual fee.
Qantas Premier Platinum
19.99% p.a.
0% p.a. for 18 months
$149 p.a. annual fee for the first year ($299 p.a. thereafter)
Get 70,000 bonus Qantas points when you meet the spend criteria and 30,000 more after the first year (100,000 total), plus, lounge passes.
Virgin Australia Velocity Flyer Card - Annual Fee Offer
20.74% p.a.
0% p.a. for 18 months
$50 p.a.
Earn 20,000 bonus Velocity Points and save with an ongoing $50 p.a. annual fee. Plus, receive a $129 Virgin Australia Gift Voucher each year.
Citi Rewards Platinum Credit Card - Exclusive Offer
0% p.a. for 13 months (reverts to 20.99% p.a.)
0% p.a. for 13 months
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
finder Exclusive:
Save with 0% interest on purchases and balance transfers for 13 months (with no BT fee). Plus, a discounted $49 annual fee for the first year.
HSBC Platinum Credit Card
19.99% p.a.
0% p.a. for 22 months
$129 p.a.
0% p.a. for 22 months on balance transfers with no BT fee. Plus, a yearly annual fee refund when you spend $6,000 and 2 lounge passes per year.
Suncorp Clear Options Platinum Credit Card - Online Offer
20.74% p.a.
0% p.a. for 18 months
$49 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with a 0% balance transfer offer and get up to 60,000 bonus points. Plus, a $49 first year annual fee when you apply online.
Westpac Altitude Platinum Card - Qantas
20.24% p.a.
$50 p.a. annual fee for the first year ($200 p.a. thereafter)
Earn 60,000 bonus Qantas Points when you spend $3,000 within 90 days of card approval. Plus, a $50 first year annual fee.
Citi Clear Platinum Credit Card
12.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a long-term balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
St.George Vertigo Platinum
12.99% p.a.
0% p.a. for 26 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a long-term balance transfer, $0 first year annual fee, complimentary travel insurance and access to a 24/7 personal concierge service.
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.
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 75,000 bonus points in the first 3 months and save with a $64 first year annual fee. Plus, a long-term balance transfer offer.
American Express Westpac Altitude Platinum Bundle - Qantas
20.24% p.a.
$99 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).
ANZ Platinum Credit Card
19.74% p.a.
0% p.a. for 18 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Receive a 0% p.a. for 18 month balance transfer offer and a $0 first year annual fee. Plus, complimentary overseas travel and medical insurance.
Citi Rewards Platinum Credit Card - Balance Transfer Offer
20.99% p.a.
0% p.a. for 26 months with 1.5% balance transfer fee
$0 p.a. annual fee for the first year ($199 p.a. thereafter)
Earn reward Points per $1 spent, take advantage of a 0% p.a. for 26 month balance transfer offer, plus $0 annual fee for the first year.
NAB Low Fee Platinum Card
19.74% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$90 p.a.
Offers 7 complimentary insurance covers and 0% p.a. for 6 months on balance transfers for a $90 p.a. annual fee.
Citi Rewards Platinum Credit Card - flybuys Offer
20.99% p.a.
0% p.a. for 12 months
$99 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 75,000 flybuys bonus points. Plus, save with a reduced first year annual fee and 0% balance transfer offer.
Bankwest Zero Platinum Mastercard
17.99% p.a.
2.99% p.a. for 9 months
$0 p.a.
Offers a $0 annual fee, 0% foreign transaction fees, complimentary international travel insurance and a balance transfer offer.
American Express Velocity Platinum Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$375 p.a.
Receive 50,000 bonus Velocity Points and enjoy complimentary lounge passes, a domestic return flight and insurance covers.
Woolworths Everyday Platinum Credit Card - Finder Only Offer
19.99% p.a.
2.99% p.a. for 18 months
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Finder only:
Offers a $50 eGift Card, 4,000 bonus Credit Card points and a $0 first year annual fee. Plus, 10% off your shop once a month.
St.George Amplify Signature - Qantas
19.74% p.a.
0% p.a. for 6 months
$179 p.a. annual fee for the first year ($279 p.a. thereafter)
Enjoy 80,000 bonus Qantas Points when you spend $4,000 within 90 days and 2 complimentary Qantas Club lounge invitations per year.
St.George Amplify Platinum
19.74% p.a.
0% p.a. for 6 months
$99 p.a.
Get up to 100,000 bonus Amplify Points (50,000 each year) when you meet the spend requirement over 2 years.
Qantas American Express Ultimate Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$450 p.a.
Receive 100,000 bonus Qantas Points, a $450 Qantas Travel Credit each year and 2 complimentary Qantas Club lounge invitations per year.
Bank of Melbourne Vertigo Platinum
12.99% p.a.
0% p.a. for 26 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 26-month balance transfer at 0% p.a., a $0 annual fee for the first year and complimentary travel insurance.
BankSA Vertigo Platinum
12.99% p.a.
0% p.a. for 26 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 26 month balance transfer at 0% p.a., a $0 first year annual fee and complimentary travel insurance with a low purchase rate.
Bankwest More Platinum Mastercard
19.99% p.a.
0% p.a. for 6 months with 1% balance transfer fee
$160 p.a.
Earn 2 More Rewards Points per $1 spent, 75,000 bonus points when you meet the spend requirement and save with 0% foreign transaction fees.
NAB Low Rate Platinum Card
0% p.a. for 15 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 15 months and the protection of 7 complimentary insurances including overseas travel insurance.
Westpac Low Fee Platinum Card
0% p.a. for 9 months (reverts to 19.84% p.a.)
$0 p.a. annual fee for the first year ($90 p.a. thereafter)
Save with a $0 first year annual fee and a 0% p.a. interest rate for 9 months on purchases with platinum perks.
Bank of Melbourne Amplify Platinum
19.74% p.a.
0% p.a. for 6 months
$99 p.a.
Earn up to 100,000 bonus Amplify Points (50,000 per year) when you spend $6,000 on eligible purchases each year for the first 2 years.
ANZ Rewards Platinum
18.79% p.a.
$95 p.a.
Receive 50,000 bonus Reward Points and $50 back onto your card when you spend $2,000 on eligible purchases in the first 3 months.
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.
NAB Qantas Rewards Premium Card
19.99% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$250 p.a.
Offers 30,000 bonus points when you meet the spend requirements and Qantas Points for your everyday spending. Plus a 24/7 personal concierge.
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.
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.
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 $1,000 within 60 days of account opening. Plus, receive complimentary travel and purchase insurances.
Bank of Melbourne Amplify Platinum - Qantas
19.74% p.a.
0% p.a. for 6 months
$99 p.a.
Receive 50,000 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 50,000 bonus Qantas Points when you spend $2,000 within 90 days and earn up to 0.5 Qantas points per $1 spent.
St.George Amplify Platinum - Qantas
19.74% p.a.
0% p.a. for 6 months
$99 p.a.
Earn 50,000 bonus Qantas Points when you spend $2,000 within 90 days and earn 0.5 Qantas points per $1 spent.

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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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