Gold and Platinum Credit Cards

You can receive acclaim at work, you can have a happy family life but there is still a certain satisfaction, prestige and recognition which comes with being able to flash your gold or platinum credit card when paying for dinner or buying a new pair of shoes. Despite trying not to judge others by appearances, we all do it and a high end credit card can be the perfect accessory to the high end life you’re already living because after all, you do have to have the income and credit rating to qualify in the first place.

Plus, there are more rewards to being a gold or platinum card holder than just the boost to your image because gold and platinum credit cards offer some of the best balance transfer offers to save you money from the beginning, as well as inclusive rewards programs and five star service and care just for being a card holder. Of course you can only enjoy these rewards if you are using the right gold or platinum credit card for you, which is why all the information you need to make your decision is compiled right here, if you’re interested in a gold card and have an annual income of between $40,000 and $50,000, including:

Gold Credit Cards

• The features of a gold credit card.
• How a gold credit card rewards you.
• How to compare gold credit cards.
• How to wisely use a gold credit card.

 

Or if you qualify for a platinum card with an income between $60,000 and $70,000 a year you can find out more about:

Platinum Credit Cards

• The features of a platinum credit card.
• How a platinum credit card rewards you.
• How to compare platinum credit cards.
• How to wisely use a platinum credit card.

 

Featured Gold Credit Cards:

	Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
American Express Gold Ascent Card	0% for 6 months (reverts to 20.74% )		$0
Bankwest Breeze Gold MasterCard	10.99%	4.99% for 12 months	$99	21.99%
Bankwest Zero Gold MasterCard	1% for 6 months (reverts to 17.99% )	4.99% for 12 months	$0	18.99%
Westpac Earth Gold Card	19.99%	0.99% for 6 months	$125	21.49%
Westpac 55 Day Gold Card	19.59%	3.99% for 6 months	$90	21.49%
Westpac Altitude Gold Cards	19.99%	3.99% for 6 months	$150	21.59%

The Features of a Gold Credit Card

A gold credit card comes with all of the features you would expect of a fully loaded credit card, and also rewards you with a little bit more too. For example, a gold credit card will include:

• An interest free period. Interest free shopping can be one of the most rewarding features a credit card can offer and gold credit cards offer some of the longest interest free periods often up to 55 days and sometimes even 65 days before interest is applied to your purchases. Since you have the income to qualify for a gold credit card then you should also have the income to repay your purchases in full each month and so if you stick to your budget you should be able to use your gold credit card interest free.
• Earning points. When you have a gold credit card it is because you need the larger limit and the usability of the features for your everyday spending and since you are going to be using your card all the time anyway, a gold credit card rewards you for your purchases. You can often earn one point for every one dollar you spend and if you keep to your budget and your natural spending habits you can redeem those points for genuine rewards from your choice of gift vouchers, flights and merchandise. Some gold credit cards will even let you choose the rewards program you earn points towards, and can often link directly to your Frequent Flyer rewards for example.
• Purchase protection. Gold cards often protect purchases you make on the cards against theft, loss or damage. Most gold cards will offer protect for the items for up to 30 days, while others can be as long as three months.
• Extended warranty. While most electrical and household goods will come with a 12 month manufacturer’s warranty, when you purchase these items on your gold card you can receive another 12 months protection after the manufacturer’s warranty has expired, for free.
• Travel insurance. This can be just one more time consuming hassle organise when you go on holiday or travel for business but when you purchase your tickets using your gold card, you and your family can be covered with free travel insurance, generally for between three and six months a year. Plus you can also be issued with a direct number from your gold credit card provider which will put you in contact with legal or medical assistance while you are overseas.
• Identity theft safeguards. If you report your card lost or stolen, or notice an unusual transaction, this is generally enough for your gold credit card provider to stop the transactions and protect your identity and your credit rating. This means that even if someone has been spending fraudulently on your gold card, you don’t have to worry about your credit card company coming after you for the payments because they are actually on your side, working to protect your financial identity.
• Lower interest rate. To qualify for a gold credit card you will normally need an unblemished credit history. With such a sterling credit report you are also able to qualify for a lower interest rate, because high interest rates are usually used as a security against bad credit customers who may not pay their debts in full.
• High credit limit. Where your higher income has qualified you for a gold credit card, this also means a higher credit limit is available to you too, because you can prove you have the means to repay it. This means you have the security of a high credit limit available not only for your everyday purchases but also for an emergency situation, while having interest free days and a low interest rate means you don’t have to hesitate in an emergency either.
• A 0% balance transfer offer. Since gold credit cards are so exclusive they can afford to offer exclusive interest free balance transfer offers if you already have an outstanding balance on another card. If you are having trouble repaying your credit card debt because of rising interest charges, you can transfer your balance to a gold credit card from another provider and qualify for a very low and often 0% interest rate for a limited time. This gives you a chance to pay more towards your principal balance, with less being diverted to high, compounding interest charges.

 

How a Gold Credit Card Rewards You

If you are entering into the elite world of being a gold card holder, you want to make sure you are aware of all the benefits you are entitled to, so you can feel truly rewarded not just from a points balance, but from your entire credit card product. The rewards of a gold card may seem too good to be true, however, when you have been approved for a gold card it is because you have a high income and a good credit history and these are the things which financial institutions look for in good credit card customers. Your gold credit card provider wants to keep you as a customer and they do this by keeping you happy with a range of rewarding features, plus a highly customisable dedicated rewards program.

Gold card rewards programs come in a number of forms and often your choice of gold card can be dictated by the card which offers the rewards which would be best suited to your lifestyle. As a result, you can choose a gold card with a rewards program which:

• Offers 1 point for every $1 spent. Your gold card provider knows you have the credit limit and the income to spend with them and so will reward you for every dollar you do spend, rather than just paying one point for every $2 spent for example. Instead, you can earn points on par with your spending and redeem them for rewards sooner.
• Earns bonus points. Gold credit cards also want to give you opportunities to earn bonus points and so will form partnerships with certain retailers or businesses to pay you 2 points for every $1 spent for example when you shop with these partners or buy certain bonus products.
• Doesn’t cap or cancel your points. An added feature not included in all credit card rewards program is uncapped points which never expire. This means you can save up your points for as long as you choose to redeem for one of the ultimate rewards on offer, or one of the most luxurious flights or travel packages.
• Redeems points for your choice of rewards. You can choose a gold credit card which specifically links to a rewards program you are interested in, such as FlyBuys or the Qantas Frequent Flyer program, or you can choose a gold credit card with a wider range of rewards options. For example, some gold credit cards will allow you to redeem your points for flights on other airlines, not just Qantas partnered companies, while you can also choose to redeem your points for merchandise such as homewares, books and even jewellery. Plus, if you want to make your gold card even easier to repay, you can choose a rewards program which allows you to redeem your points for cash back, which is credited to your account to repay your balance and any fees and interest. If you’d like to receive cash back for your own spending then you can often redeem rewards points for gift vouchers to major department stores, hardware stores or even supermarkets, to help with your grocery shopping.

 

Anyone who uses a credit card or debit card to make purchases online or in person can be at risk of identity theft, and while you implement your own safety precautions to avoid this invasion, scammers are becoming more and more sophisticated in order to take advantage of even the most savvy shopper. Therefore, your gold credit card provider makes sure to look out for your financial safety by implementing security technology for your account, including:

• Transaction monitoring. While you may be in the habit of making large transactions on your gold credit card, your provider will have systems in place to monitor your regular spending, identify patterns and alert you if there is suspicious activity outside of your normal spending behaviours. Often your credit card provider will contact you to verify whether you did make the unusual transaction, and in some cases if they can’t contact you they may even freeze your account temporarily if it is likely the suspicious transaction was fraudulently made.
• Removed liability. If you do lose your gold credit card or have your details stolen in most cases you won’t be liable to repay any fraudulent transactions if you notify the provider and they can verify the purchases are not yours.
• Chip and PIN technology. Gold credit cards are fitted with the latest anti-counterfeit and credit card chips store all of your card information and must inserted into the terminal to process the transaction, and are much harder to forge than the plastic strip. Having a PIN for your credit card transactions also means your gold card is less likely to be used if lost because it is much harder to guess a PIN than to forge a signature.
• Photo cards. Some gold credit cards will even print your picture on the card so the retailer or merchant can verify that you match your card, and it is not being used by someone else without your permission.

 

Not only can a gold credit card reward you with luxurious international flights, but it can also protect you and your family while you are travelling, and make the entire experience much more relaxing and enjoyable, not to mention affordable, when your travel insurance is already included. If you book your flights and travel using your gold card, you and your family can be covered if you need medical care or legal assistance while you are travelling around Australia or overseas. Plus, if your luggage is lost or stolen, your bags or wallet go missing then your possessions are insured too.

How to Compare Gold Credit Cards

While there are many benefits which are common to all gold credit cards, there are also a number of different providers offering their own spin on how best to reward you. Therefore, you need to consider your spending habits, your income, your credit card and lifestyle needs, and choose a gold card with the features and benefits from which you will get the most value.

Suncorp Clear Options Gold Credit Card:

• A 1.9% balance transfer offer. For the first 15 months of your new Suncorp Clear Options Gold credit card you will pay just 1.9% interest on your transferred balance so you have a real chance to become debt free.
• Up to 55 interest free days. This gives you more than a month to make purchases while avoiding the 19.75% purchase interest rate, however, cash advances immediately attract the same 19.75% interest rate.
• Annual fee of $99. For all of the gold features of your card and the easy to use rewards program you are paying less than one hundred dollars a year.
• Your choice of rewards. You can collect rewards points for the Suncorp rewards program where you can redeem those points for gift vouchers, merchandise or cash back to your account. You can also link your gold card to your Frequent Flyer account to earn points directly for flights.
• You only need to earn $35,000 per year to be eligible. This is one of the lowest annual income requirements of a gold card so you may be able to take advantage of these benefits after all.

 

Citibank Gold Credit Card:

• Balance transfer offer for 12 months. You will pay just 1.9% interest on balances you transfer to Citibank for 12 months to help you conquer larger debts or consolidate several credit cards into one manageable repayment.
• Up to 55 days interest free. This means you have more than a month to spend the bank’s money while yours earns interest in a high interest savings account or saves you interest on your home loan.
• Annual fee of $149. A credit card annual fee will come out at the beginning of every year, on the anniversary of your application so you won’t even notice.
• Earn 1 point for every $1 spent. You can redeem your rewards points for a range of merchandise or gift vouchers, as well as for Frequent Flyer rewards.
• Minimum annual income of $35,000. If you thought you weren’t eligible for the inclusive rewards of a gold credit card, you could still apply for the Citibank gold card.

 

American Express Gold Ascent:

• Up to 44 interest free days. American Express gives you more than a month to repay your balances in full before they attract interest meaning you can more easily manage your cash flow and your budget.
• A $0 annual fee. You will receive all of the benefits of a gold credit card without the annual fee to worry about.
• Earn 1 point for every $2 spent. Your points will never expire and your points earning is not capped so you can redeem them for rewards points on Singapore Airlines, Cathay Pacific or Air New Zealand group airlines for flights to anywhere in the world.
• You must earn at least $40,000 per year. To be eligible to apply you’ll need to have an annual income of at least $40,000 to prove your repayment ability.

 

Commonwealth Bank Gold Awards Credit Card:

• A 5.99% balance transfer interest rate. This low interest rate applies to balances you transfer to Commonwealth Bank for the first five months your account is open. This makes it perfect to quickly clear a spending binge, a Christmas credit hangover or an emergency expense.
• A 55 day interest free period. You will have over a month before you are charged the 20.49% interest rate on your Commonwealth Bank gold card. However, any cash advances will immediately attract the higher 21.49% interest rate.
• A $144 annual fee. For all of the benefits and rewards of your Commonwealth Bank gold card you pay just a small annual fee, plus you may be eligible for an annual fee discount.
• Earn up to 2 points for every $1 spent. You can redeem your points on merchandise and gift vouchers, with the ability to earn up to 125,000 per year. Plus you’re issued with an American Express companion card to increase your points earning capacity where accepted, while you still earn points on your linked MasterCard where American Express is not accepted.

 

NAB Gold Credit Card:

• Up to 44 days interest free. You’ll have up to 44 days to avoid the 19.49% interest rate on your purchases, and while cash advances are charged the same low interest rate, they will attract interest right away.
• Annual fee of $90. For a low annual fee you can enjoy all of the benefits of a gold credit card including travel insurance, emergency assistance and a free additional card holder.

 

NAB Qantas Gold Credit Card:

• A 4.99% interest rate on balance transfers. If you have an outstanding balance on another credit card, you don’t have to miss out on the benefits of the NAB Qantas Gold credit card because you can transfer that balance and for six months pay just 4.99% interest. Once you’re debt free you can start being rewarded in earnest.
• A 44 day interest free period. This gives you 44 days to shop interest free, pay your bills and avoid the 19.99% interest rate, which is the same interest rate charged on cash advances, although cash advances don’t qualify for interest free days.
• Annual fee of $145.50. For this annual fee you will enjoy all of the gold card benefits, the NAB rewards program, plus you’ll receive an American Express companion card for free to boost your points earnings, while still only having to manage one account balance.
• Earn up to 2 points for every $2 spent. On your American Express card you can earn up to 2 points for every $2 you spend and on your companion Visa or MasterCard you can earn up to 2 points for every $3 spent, up to $10,000 per month. These points can all be redeemed for flights, merchandise or gift vouchers.

 

NAB Velocity Gold Credit Card:

• A six month balance transfer offer. You will pay just 4.99% interest on balances you transfer to NAB from another provider and for six months you can focus your repayments on becoming debt free.
• Up to 44 days interest free. For up to 44 days you can avoid the 19.99% purchase interest rate on your NAB Velocity Gold credit card. The cash advance rate is also 19.99% however, cash advances attract interest right away.
• A $150 annual fee. You are paying one annual fee and receiving two credit cards, while maintaining one balance and one account. Your American Express companion credit card adds that little bit extra to the prestige of a gold card while also adding that little bit more to your points balance.
• Earn up to 1 point for every $1 spent. You can maximise your points earning by using your American Express card, however, where American Express if not accepted you can still earn 1 point for every $2 you spend on your companion Visa card. As part of the Velocity rewards program you can be eligible for seating upgrades when you fly with partnered airlines, as well as redeeming your points for Velocity rewards at any time as your points don’t expire.

 

Westpac Earth Gold Credit Card:

• A low 0.99% interest on balance transfers for six months. This is such a low interest rate that you won’t even notice the charges coming out of your repayment as the majority will be going towards paying down your principle transferred balance.
• Up to 45 interest free days. While you can avoid the 19.64% purchase interest rate for up to 45 days, the 21.14% cash advance interest rate will be applied from the time you withdraw cash from your credit card account.
• A $125 annual fee. You’ll receive two credit cards on your Westpac Earth Gold credit card account and while your American Express card boosts your points balance faster, your MasterCard gives your worldwide freedom to spend.
• Earn up to 1 point for every $1 spent. Your American Express card will earn points dollar for dollar where accepted, and you can still add to your points balance by earning 1 point for every $2 spent on your MasterCard. You can also earn points twice – once from using your card and again from shopping with partnered businesses and all points will go towards your Frequent Flyer balance.

 

Westpac 55 Day Gold Credit Card:

• A 3.99% interest rate on balance transfers. For six months you can slash your standard credit card interest rate and pay a low 3.99% on balances you transfer, giving you a chance to become debt free once and for all.
• Up to 55 days interest free. When you pay your balance down to zero each month, you will be able to avoid the 19.34% purchase interest rate for up to 55 days. The 21.24% cash advance rate is applied from the date of the cash advance.
• A $0 annual fee. For the first year of your account you do not pay any annual fee, and after the first year you pay a low $90 annual fee. For this low fee you will receive all of the benefits of a gold card including overseas travel insurance and purchase protection for example.

 

Westpac Altitude Gold Credit Card:

• A 3.99% interest balance transfer offer. You can become a gold cardholder even if you have an outstanding balance on another credit card because you can transfer from a non-Westpac credit card to receive a low 3.99% interest for six months.
• Up to 45 days interest free. If you repay your balance in full then you can be eligible for up to 45 days interest free before the purchase interest rate of 19.64% is applied. Your 21.24% cash advance rate is applied immediately.
• Annual fee of $150. With the Westpac Altitude Gold card you receive two credit cards for just one annual fee. You will be getting an American Express companion card and a MasterCard, where both cards accumulate just one balance and are linked to just one account.
• Up to 2 rewards points for every $1 spent. Where American Express is accepted you can earn double points but you won’t miss out with your MasterCard because you can still earn 1 point for every $1 spent. You can also earn bonus rewards points at partnered businesses and by trading with Westpac Investing. You can then redeem these points at any time as they are not capped and don’t expire, and can become flights, gift vouchers, merchandise or even phone credit.

 

Macquarie Bank Gold Visa Card:

• A 0% interest rate for six months on balance transfers. You can freeze all interest being charged on your non-Macquarie Bank credit cards when you take advantage of this balance transfer offer. You’ll also be able to become debt free faster because all of your monthly repayment is going towards paying off your balance.
• Up to 55 days interest free. When you repay your balance to zero, including all purchases, cash advances and balance transfers, new purchases will not attract the 20.45% purchase interest rate for up to 55 days. However, if you make a cash advance you will be charged 21.45% interest right away.
• Earn up to 3 points for every $1 spent. On standard purchases you will earn 1 point for every $1 you spend, however you can boost your points balance by shopping at partnered businesses and earn 3 points for every $1 spent. Your Macquarie rewards points don’t expire and can be redeemed for gift vouchers, merchandise and flights from the exclusive gold card range.

 

How to Wisely Use a Gold Credit Card

Gold credit cards can be very rewarding and are feature packed so you can enjoy experiences and places which you never thought a seemingly inanimate object like a credit card could help you achieve. However, you still need to remember all of the basic rules of responsible credit card use because not only is it much easier to get carried away with your spending on a gold card which rewards you for it, it can also be much harder to get out of debt on a gold card because of compounding interest and a rewards program still tempting you to spend.

Therefore, to make sure you use your gold card wisely:

• Review and stick to your monthly budget. The first rule to using any type of credit card responsibly is to spend less than you can afford to repay. This ensures that you’re not stuck with a revolving balance which keeps accruing interest, and then more and more compounding interest each month as this is what can make a credit card impossible to repay. Therefore, before you start using your new gold credit card, make sure you have an accurate working budget of all of your income and expenses so you know how much you will have available at the end of the month to repay your credit card purchases. If you plan to make all of your monthly purchases on your gold credit card, set aside your wage in a high interest savings account and spend only the equivalent – not more – on your credit card in that month.
• Spend naturally, not for rewards. It can be tempting to keep spending to watch your rewards point balance rise but if you are spending more than you can afford to repay in the interest free period, the interest charges will negate any benefits you receive from the gold card rewards program. Instead, the true value of a gold rewards credit card is in rewarding you for what you would do naturally.
• Repay your balance within the interest free period. The interest free period of a gold credit card allows you to avoid interest charges, often for over a month while your own funds accrue interest in your savings account, or you manage your cash flow. However, if you don’t repay your balance in full each month, the interest free period does not apply.
• Don’t spend on a balance transfer. If you’ve transferred a balance to a gold credit card to take advantage of a low or zero interest rate, then you should be concentrating on clearing your balance within the balance transfer period. This is important so that you are able to change your spending habits and your relationship with credit to avoid needing another balance transfer in the future, but also so that you can avoid your balance being charged the higher purchase interest rate at the end of the balance transfer period if it is not repaid. New purchases made on your gold card during the balance transfer period will not qualify for the interest free period because your transferred balance is outstanding. Instead, these new purchases will attract interest right away and will continue to do so until your transferred balance is repaid.
• Know how you’re rewarded, and be rewarded. If your gold credit card rewards you with bonus points for shopping at certain retailers, then make a conscious decision to change your shopping habits to be rewarded, if you’re rewarded with more points for using an American Express companion card, have that card as your first payment option. Plus, don’t forget to redeem those points because otherwise you are using a gold rewards card but not reaping any of the benefits.
• Choose a card which suits your lifestyle and your spending habits. To maintain control of your gold card spending, choose a card which caters to your natural spending behaviours. For example, if you use your credit card for all of your monthly spending, choose a gold card which doesn’t cap points, if you would use your gold card sporadically throughout the month, look for a card which offers other rewards such as priority tickets to special events, travel insurance, or purchase protection insurance so that you can still benefit from being a gold card holder.

 

The Features of a Platinum Credit Card

If you thought a gold credit card was inclusive and luxurious you haven’t seen anything yet, because if you qualify for a platinum credit card you can blow those gold benefits away. An income of at least $60,000 to $70,000 per year is considered a high earning capacity by most people and if you are someone who has reached this next pinnacle of success you want to not only show it off, but take advantage of the exclusive benefits which come with it.

As a platinum credit card holder you will benefit from features such as:

• A high credit limit. With a high income you can be approved for a platinum credit card limit of $100,000 or more in some cases which should be more than enough to fund your premium lifestyle, while providing you added peace of mind that you have funds available in an emergency.
• A low interest rate. To qualify for a platinum credit card you need more than just a high income, you also need a spotless credit history and a strong credit score, to prove that you have the skills and the financial responsibility to handle such a high credit limit. As a result, you can qualify for a lower interest rate as interest rates are often tiered based on your risk level.
• Affordable financing. With a low interest rate and a high credit limit you can use your platinum credit card to finance all of your purchases large and small. For example, instead of using an in-store financing program to buy a new fridge, television or couch, you can save by using your platinum credit card which has a much lower interest rate, plus more flexibility of features.
• Extended purchase protection. Accidents happen, but with a platinum credit card you don’t have to worry about anything happening to your newly purchased items because in most cases if an item you have bought on your platinum card is lost, stolen or damaged within the first three months, that item can be replaced for free.
• Extended manufacturer’s warranty. When you purchase electrical items you are often offered an extended warranty, for which you have to pay. However, if you buy these items on your platinum credit card you can receive a free extension of the manufacturer’s warranty for an additional 24 months in some cases.
• Travel insurance. When you book all of part of your holiday or business trip using your platinum credit card, you and your family who may be accompanying you, can be covered with free travel insurance, often up to six to 12 months depending on the card you choose. You can be covered in case your flights are delayed or cancelled, if your luggage, handbag or wallet goes missing, if you get sick or injured, or if you need legal assistance or advice while travelling around Australia or overseas.
• Personal assistance 24 hours a day. A feature unique to most platinum cards is the personal assistance service which is available 24 hours a day, seven days a week for any request. Some platinum cards will call this a concierge service because you can call if your car breaks down, if you need a reservation for dinner, if you want to book flights and accommodation or if you want to secure tickets to a show which is in town. This service is free to all platinum card holders, and is all part of the experience of moving up in the world.
• Rewards program. With a high credit limit and a high income to service it, you are going to be doing a lot of spending on your platinum credit card and you can be rewarded just for making your everyday purchases, paying your bills and using your card. Your platinum card rewards program will earn you points every time you spend, often earning points dollar for dollar and sometimes earning you up to 3 points for every $1 spent as a premium reward. These points can then be redeemed for flights, accommodation, travel experiences, gift vouchers, merchandise or cash back credits to your platinum card account.
• Low interest balance transfers. While the benefits of a platinum card may sound great, you may not want to open another credit card account if you already have an outstanding balance on another card (or on more than one card). Luckily for you, platinum credit cards are able to offer very competitive low interest rates on their balance transfer offers, because they are so exclusive the providers don’t have to worry about losing money on low or 0% interest balance transfers to everyone in Australia, only those with the best credit records and highest incomes; if that’s you, you could be enjoying all of these platinum card features and benefits, all while getting control of previous credit card debts.

 

How a Platinum Credit Card Rewards You

A platinum credit card can certainly smarten up your wallet, but there are many more rewarding features than just that. The most obvious reward of a platinum card is its rewards program, and while each platinum credit card will allow you to accrue and redeem points differently, a platinum credit card rewards program will:

• Earn points for all of your spending. Usually the only reward you get for fuelling up your car is the ability to drive it, and when was the last time your phone company rewarded you with anything but calls when you paid your bill? When you use your platinum credit card for all of your purchases and bill paying you can be rewarded when you pay your power bill, when you do the grocery shopping, when you pay the school fees and when you book your next holiday.
• Build an uncapped points balance which doesn’t expire. Platinum credit card providers know you’re going to keep spending because you have the high credit limit and the income which affords you that freedom. Therefore, they are less likely to put restrictions on your rewards point earnings.
• Allow you to redeem points for your choice of rewards. You can choose your platinum card based on the rewards program they offer if you are particularly interested in being rewarded with flights or Frequent Flyer points for example. However, most platinum credit card rewards programs offer a wide variety of choice when it comes to redeeming your points and you can often choose from flights, accommodation, travel experiences, gift vouchers, cash back to your account, merchandise, clothing, homewares books and even more, so you’re sure to find something you can use.
• Reward you with bonuses for your natural shopping habits. Platinum credit cards will also give you the opportunity to earn bonus rewards points when you shop with partnered retailers and companies. Therefore, when you are choosing a platinum credit card, choose one which is partnered with retailers and business you already shop with, so you can continue to be rewarded for your natural spending habits.

 

Shopping with your platinum credit card can also protect your purchases in more ways with refund protection. Refund protection will allow you to obtain a refund for an item purchased on your platinum credit card, even if the store which you purchased the item from won’t give you a refund. Plus you can also receive a refund if you purchase an item which later goes on sale, as your platinum card can refund the difference in some instances, even if you have simply seen the item at a lower retail price, you don’t have to kick yourself for not shopping around because your platinum card is looking out for you.

As well as protecting you from yourself, your platinum credit card can also protect you from identity theft and credit card fraud by:

• Monitoring the transactions on your account. Many platinum card providers will have both programs and people who monitor the transactions on their customers’ account to watch for unusual activity. When an unusual transaction is recognised as being outside of your normal spending limit or geographical area then your provider will contact you to verify the transaction.
• Refunding fraudulent purchases made on your account. If your card is lost or stolen or your details are used fraudulently online for example, your platinum credit card provider will refund the value of those transactions to your account if you notify them of the loss, or you can prove you did not make the purchases.
• Repairing your credit history if it is damaged by someone else. If your credit history is damaged because a scammer stole your platinum card details and spent up big, applying for even more credit, your platinum card provider can work to repair your credit history. While there is no way to remove bad marks from your credit report if they are of your own doing, it is possible to repair damage done by someone else.
• The latest point of sale security technology. While retailers and sellers are supposed to check the name on the credit card matches the person using the card and watch out for fraudulent card use, point of sale fraud is still prevalent. Therefore, platinum credit cards are equipped with PIN technology as a PIN is harder to forge (i.e. guess) than a signature. Plus, the chip on your platinum card protects it from being fraudulently copied as the information stored on your chip is almost impossible to duplicate. Some platinum cards will also include your photo so you can be verified on the spot and only your identical twin could steal and use your card.

 

How to Compare Platinum Credit Cards

If your income over $60,000 and your sterling credit history will help you qualify for a platinum credit card then you need to know how to compare the myriad of platinum card offers available, to find the one which will reward you in the best way. You can start your search by comparing the top platinum cards available in Australia, based on their fees, interest rates and how they reward you.

Citibank Clear Platinum Credit Card:

• A 0% interest balance transfer offer. For the first six months you switch to a Citibank Clear Platinum credit card you won’t pay any interest on the balances you bring with you. With room for such a high credit limit you have the ability to consolidate all of your credit card and personal loan debt onto one rewarding credit card and target your repayments directly at your principal balance for six months, to become debt free.
• Up to 55 days interest free. Once you balance transfer is repaid and you have paid the previous month’s balance to zero, your new purchases won’t accumulate interest for up to 55 days into the next month. After that time you will pay a low 11.49% interest on your purchases, while your cash advances will be charged 21.24% right away.
• A $49 annual fee for the first year. For the first year your Citibank Clear Platinum card account is opened you will pay just $49 for your annual fee, after which it becomes $99 per year.
• Instant rewards. Rather than collecting points to be redeemed for rewards at a later date, the Citibank Clear Platinum credit card rewards you where you shop with discounts when you shop online, go out to dinner or go to the movies for example. You can also be rewarded with priority seating to concerts and events, as well as 25% off selected wine purchases.
• Minimum income of $50,000. You will need an annual income of at least $50,000 to apply for the Citibank Clear Platinum credit card.

 

Suncorp Clear Options Platinum Credit Card:

• A 1.9% interest rate for 15 months. This gives you over a year to clear your debts whether you consolidate a number of cards or want to get rid of a niggling balance from a non-Suncorp credit card.
• Up to 55 days interest free. For over a month you can use the bank’s money instead of your own to make purchases interest free, before you are charged the 19.99% purchase interest rate. While the cash advance rate is the same as the purchase interest rate, your cash advances will attract that rate immediately.
• Annual fee of $205. This annual fee means you are entitled to all of the benefits of premium platinum card service, as well as your choice of rewards or Frequent Flyer points.
• Earn 1 point for every $1 spent. As part of the Suncorp rewards program you can earn points dollar for dollar, plus you can customise your rewards program to earn Frequent Flyer points and earn 2 points for every $3 spent. Your Suncorp points don’t expire as long as your account is open.
• You must earn at least $50,000. To apply you must have an annual income of $50,000.

 

Citibank Platinum Credit Card:

• A 3.99% balance transfer interest rate for 9 months. You can take your time in repaying your transferred balance because you are being charged minimal interest and you have a longer than usual balance transfer period.
• Up to 55 interest free days. If you make sure to pay your balance in full before the end of each 55 day period you can use your platinum card interest free, as long as you don’t make any cash advances because the 21.24% interest rate is applied right away. However, you can avoid the 20.74% purchase interest rate.
• A $250 annual fee. For just $250 a year you are able to enjoy all of the platinum card benefits, be treated to premium levels of service and personalise your rewards program.
• Your points never expire. As long as your Citibank platinum card account is open, your points never expire and can be used for travel, furniture, or gift cards, plus you can enjoy instant discounts with the Citibank World Privileges program.
• A minimum income of $50,000 is required if you want to be eligible for the Citibank Platinum credit card.

 

Citibank Emirates Platinum Credit Card:

• A balance transfer offer. You can take a whole year to repay your balances when you transfer to the Citibank Emirates Platinum credit card and you’ll pay just 0.9% p.a. for 9 months interest in that time.
• Up to 55 days interest free. You’ll be able to shop interest free without having to worry about the 20.99% p.a. purchase interest rate whenever you pay your balance off in full the previous month. However, beware of using your platinum credit card for cash advances as they attract the 21.24% p.a. p.a. cash advance rate right away.
• A $0 annual fee for the first year ( $229 thereafter) annual fee. Your platinum card annual fee entitles you to entry into a world of premium service, luxury privileges and genuine rewards.
• Earn 4 points for every $1 you spend. You will be earning Skyward Miles which can be redeemed for flights with Emirates or Virgin Blue, plus you can earn bonus points by flying with Virgin too. you’ll also be rewarded with exclusive access to the most luxurious airport lounges in Australia and around the world, as well as be chauffeured to and from the airport when you fly.
• You will need to earn at least $50,000 per year to be eligible to apply for the Emirates card.

 

Commonwealth Bank Platinum Awards Credit Card:

• A 5.99% interest rate on balance transfers. You can focus your repayments for 5 months when you transfer to the Commonwealth Bank platinum credit card and become debt free sooner.
• Up to 55 interest free days. You can spend on your card for bills and other purchases all month long and not have to worry about the 20.49% purchase interest rate. It also makes good financial sense to avoid cash advances because the 21.49% cash advance rate is not eligible for interest free days.
• Annual fee of $280. This may seem like a large annual fee, but consider the service, the extra, the benefits and the rewards you will be getting just for having and using your platinum credit card with the Commonwealth Bank.
• Earn up to 3 points for every $1 spent. Your Commonwealth Bank platinum credit card is actually two cards in one because you are issued with an American Express companion card which boosts your points earned to 3 per $1 spent where American Express is accepted. Where you can’t use your American Express you don’t miss out on points because you can still earn 1 point for every $1 on your choice of Visa or MasterCard.

 

St.George Platinum Credit Card:

• A 3.99% balance transfer interest rate for six months. You can consolidate debts or just clear your old credit cards to make way for a better deal, better service and a more rewarding card when you become a platinum card holder.
• A 55 day interest free period. You can spend on your St.George platinum credit card during the interest free period and avoid the 15.74% interest rate, and using your platinum card interest free, but reaping all of the benefits makes it even more affordable. Of course you’ll have to watch out for the cash advance rate of 21.24% which is applied from the time of the cash advance.
• Annual fee of just $89. This is one of the lowest annual fees you will find on a platinum card, yet you still get to enjoy all of the prestigious benefits and service of the more expensive cards. Plus, you can even add up to three additional card holders to your account.

 

NAB Qantas Platinum Credit Card:

• A 6.99% interest rate on balance transfers. With NAB you will have 6 months to repay your transferred balance, at which time you will be debt free and ready to enjoy the benefits of being a platinum card holder.
• Up to 44 days interest free. You can use your NAB platinum card interest free for up to 44 days before the 19.99% purchase interest rate is applied. Try and avoid using your NAB Qantas platinum credit card for cash advances because the 19.99% cash advance rate will be applied at the time of the transaction.
• A $290 annual fee. For this annual fee you are actually getting two cards because your NAB Qantas platinum card comes with an American Express companion card which boosts your points earning capacity.
• Powerful points earning capacity. Your American Express companion card can boost the number of points you earn where American Express is accepted, but you don’t have to miss out when you can’t use your American Express because you still earn points with your linked MasterCard. You can redeem those points for domestic or international flights with Qantas or any partnered airline, as well as shop for merchandise or gift vouchers.

 

Westpac Earth Platinum Credit Card:

• A 0.99% interest rate for six months on new balances. You will be paying such a low interest rate on balance transfers you won’t even notice the charges as you focus on clearing your debts from other credit cards or store cards.
• A 45 day interest free period. The Westpac Earth Platinum credit card gives you 45 days to make purchases without paying the 19.64% purchase interest rate. The interest free period does not apply to cash advances which are charged 21.14% interest from the time of the transaction.
• A $250 annual fee. While you are getting the premium platinum service and exclusive features included with this annual fee, you are also getting two cards linked to one account, one balance and one repayment, with an American Express companion card.
• Earn 1.5 Frequent Flyer points for every $1 spent on your American Express card. Even where American Express is not accepted you can still earn 1 point for every $2 spent.

 

Westpac 55 Day Platinum Credit Card:

• A balance transfer interest rate of 3.99% p.a. for 6 months. You don’t have to wait to repay your outstanding balance on another credit card before becoming a platinum card holder because with the Westpac 55 Day Platinum credit card offer you can transfer that balance and reduce the amount of interest you pay to become debt free sooner.
• Up to 55 days interest free. If you can repay your balance in full each month you don’t have to worry about being charged the 19.59% p.a. purchase interest rate. just keep in mind that the 21.59% p.a. cash advance rate is not eligible for interest free days.
• A annual fee of $130 annual fee. As you become familiar with the lifestyle and the benefits of being a platinum card holder, you don’t have to worry about the annual fee for 12 months, after which time you are charged just $130 per year.

 

Westpac Altitude Platinum Credit Card:

• A balance transfer interest rate of 3.99% p.a. for 6 months. Become a platinum card holder today, even if you have a credit card account with another provider. Simply take advantage of the low interest balance transfer offer and you will be welcomed into the world of premium service, plus have the chance to repay your balance sooner and save on interest charges.
• A 45 day interest free period. Keep your own funds earning interest in your savings account while you use the bank’s money for your bills and purchases throughout the month, interest free. If you don’t repay your balances within the interest free period they will be subject to the 19.99% p.a. purchase interest rate, while cash advances are 21.59% p.a..
• A $295 annual fee. Your Westpac Altitude Platinum card annual fee entitles you to all of the benefits and rewards reserved for platinum card holders, and makes it even easier to take advantage of those rewards by issuing you with two credit cards linked to the same account and balance.
• Use your American Express companion card to earn 3 points for every $1 spent. Where American Express is not accepted you can still earn 1 point for every $1 spent using your Visa or MasterCard. Your Altitude points can be redeemed for premium home appliances, gift cards and travel packages, and your points never expire.

 

How to Use a Platinum Credit Card Wisely

Platinum credit cards just want to be used and it can be difficult to resist their allure, and easy to forget about your budget. Therefore, you need to make sure you are ready for the responsibility of a platinum credit card, and you have the skills to use your card responsibility, by:

• Make sure you can afford it, even if you’re eligible. While some platinum credit cards require just a $50,000 annual income to apply that doesn’t mean you are suited to a platinum card just because you earn this wage. You need to make sure that you can afford a platinum credit card because while they can have low interest rates and long interest free periods, if used incorrectly they can become a cumbersome responsibility. Plus, many platinum cards have a minimum age requirement of just 18 years, however, as an 18 year old earning in excess of $50,000 per year you need to make sure you have wise savings and investment plans in place for the future before being tempted by high credit limits.
• Make use of your rewards. It is the rewards which come with a platinum card which make what can often be high fees worthwhile. Plus, you have earned the rewards through your hard work to achieve a high income level and a clean credit history, not to mention through your purchases, so don’t forget to redeem your points regularly.
• Use the card for everyday spending. To maximise the rewards you gain from your platinum credit card use it for all of your monthly spending including your bills, expenses, groceries and incidental purchases. In this way it will become a habit and you’ll have a soaring points balance in no time. At the same time, don’t be tempted to spend the savings you have put aside to repay your platinum credit card balance at the end of the month. Those funds are there to earn interest while you spend the bank’s money and not to be spent in addition to your credit limit.
• Keep a working budget. When you have a detailed and accurate budget of your monthly income, expenses and outgoing costs then you know what you can afford to spend on your platinum card, you know how much you have already spent and you know how much more you can afford to repay. This will help you regularly repay your balance in full each month and avoid revolving balance which will accumulate high levels of compounding interest over time.

Posted on Friday, November 5th, 2010 at 2:35 pm

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