• What are Gold and Platinum credit cards?

Gold and Platinum credit cards are the very best of premium credit card usage, offering smart  credit card users a range of benefits unavailable to lower end credit card holders.

• Why are these cards considered classy?

In the real world Gold and Platinum are associated to wealth and money, and in the credit card industry this image is much the same, with these more prestigious credit cards having a tendency to cost more from every angle. These credit cards are not designed to reduce debt, therefore they generally include a very limited ability to prevent it. These cards are known for having the highest rates and annual fees, but the extra cost can be very worthwhile.

• What rewards are offered?
  

The high fees and rates applied to gold and platinum credit cards are designed to attract people who are more inclined to pay their balances off in full before the end of the interest free days period on purchases.

In return for the high fees users of gold and platinum credit cards are also given special benefits which can vary between providers, but generally include family travel insurance, purchase insurance, additional reward points on purchases, and concierge services.

Gold and Platinum credit cards tend to offer more generous credit limits, as well as a range of loyalty schemes such as rewards, points, cashback against each purchase and discounts at selected retailers.

• Who can apply for one of these credit cards?

The majority of these cards require good credit history, with an income of at least $50,000. However, some gold and platinum credit cards only require you to be over the age of 18 and a permanent resident of Australia.

See our Best Gold & Platinum Credit Card.