couple_dining_at_hotel_Shutterstock

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.

Compare platinum credit cards

Rates last updated June 18th, 2019
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee Product Description
Qantas Premier Platinum
19.99% p.a.
0% p.a. for 18 months
$199 p.a. annual fee for the first year ($299 p.a. thereafter)
Get up to 120,000 bonus Qantas Points (20,000/month) when you spend $1,500/month for the first 6 months. Plus, complimentary 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.
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 Offer
0% 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.
Westpac Altitude Platinum Card - Qantas
20.49% p.a.
$200 p.a.
Earn 60,000 bonus Qantas Points when you spend $3,000 within 90 days of card approval. Plus, complimentary insurances and a personal concierge.
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.
American Express Velocity Platinum Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$375 p.a.
Get up to 100,000 bonus Velocity Points (25,000/m) when you spend $1,000/m for the first 4 months. Plus, luxury travel perks. Ends 19 June 2019.
St.George Vertigo Platinum
12.99% p.a.
0% p.a. for 18 months
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
Features a long-term 0% balance transfer offer, $49 first year annual fee and access to a 24/7 personal concierge service.
NAB Low Rate Platinum Card
0% 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.
HSBC Platinum Credit Card
0% for 12 months, reverts to 19.99% p.a.
0% p.a. for 12 months
$129 p.a.
0% p.a. on purchases and balance transfers with no BT fee. Plus, a yearly annual fee refund when you spend $6,000 and 2 lounge passes per year.
Bendigo Bank Low Rate Platinum Mastercard
0% for 12 months, reverts to 11.99% p.a.
$89 p.a.
Offers a 0% p.a. introductory rate on purchases for 12 months, complimentary insurance covers and mobile payment compatibility.
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.
Suncorp Clear Options Platinum Credit Card - Exclusive Offer
20.74% p.a.
0% p.a. for 18 months
$49 p.a. annual fee for the first year ($129 p.a. thereafter)
Finder Exclusive:
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.
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.
American Express Westpac Altitude Platinum Bundle - Qantas
20.24% p.a. (AMEX)

20.49% p.a. (Visa/MC)

$249 p.a.
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 first year annual fee.
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)
Get 90,000 bonus Qantas Points when you spend $4,000 in 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.
Get 55,000 bonus Qantas Points. Plus, a $450 Qantas Travel Credit and 2 complimentary Qantas Club lounge invitations per year.
Bank of Melbourne Vertigo Platinum
12.99% p.a.
0% p.a. for 18 months
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. balance transfer rate for 18 months, a reduced annual fee for the first year and complimentary travel insurance.
BankSA Vertigo Platinum
12.99% p.a.
0% p.a. for 18 months
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a long-term balance transfer, a discounted annual fee of $49 for the first year and complimentary travel insurance with a low purchase rate.
Westpac Low Fee Platinum Card
0% for 9 months, reverts to 20.09% 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.
David Jones American Express Platinum Card - Qantas Frequent Flyer
20.74% p.a.
$295 p.a.
Fly faster with up to 2 Qantas Points per $1 spent and receive complimentary travel insurance when travel is booked on your card.
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 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.
St.George Amplify Platinum - Qantas
19.74% p.a.
0% p.a. for 6 months
$99 p.a.
Earn 60,000 bonus Qantas Points when you spend $2,000 within 90 days and earn 0.5 Qantas points per $1 spent.
Commonwealth Bank Platinum Awards Credit Card
20.24% p.a.
5.99% p.a. for 5 months
$249 p.a.
Get 100,000 bonus CommBank Awards points when you spend $4,000 on eligible purchases with your new card by 31 October 2019.

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.

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.

    Pictures: Shutterstock

    Back to top
Was this content helpful to you? No  Yes

Related Posts

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site