High Income Credit Cards

Your Guide to Applying for a High Income Credit Card

High-earning Australians are usually the banks’ best customers, and they like to reward these customers with some of the best cards available so they don’t leave. People on high incomes qualify for gold and platinum credit cards so can enjoy all the perks and benefits that these deals provide. Obviously, everyone has their own spending habits, approach to financial management and life ambitions, and this is reflected in the range of credit cards on offer.

Help With Choosing a High Income Credit Card

Q: Why should I choose a gold or platinum credit card? A: Just because you’re a high earner doesn’t mean you are obliged to opt for a gold or platinum credit card – you may prefer a basic card with no annual fee – but if you do qualify for gold or platinum you can enjoy a wide range of extra features and benefits that are generally unavailable to people with smaller incomes. Banks value their top-earning customers, and reward them with higher credit limits, reasonable interest rates and bigger spending power. These cards also offer a selection of features that you don’t find on standard cards.

Q: How much do I need to earn to qualify? A: The banks normally require a minimum annual income for many of their cards. Some gold and platinum cards are available to people earning $30,000 or more per year, others require $50,000, while you need to be earning an annual income of at least $100,000 for some of the most prestigious products. To apply for a gold or platinum card you usually need an excellent credit history as well as a high income to qualify.

Q: What rewards schemes can I join? A: When you choose a gold or platinum credit card you can gain access to number of different rewards programs such as frequent flyer programs and shopping rewards, and you often gain bonus points for joining these schemes or spending above a certain level. When you are comparing and selecting your new card it’s important to find one with a rewards scheme that aligns with your spending habits and offers rewards you want to make use of.

Q: What travel benefits are available? A: Gold and platinum credit cards are often linked to frequent flyer programs in which you earn points and redeem them for all sorts of travel rewards including flights, accommodation, car rentals and other services. They also provide extra privileges such as a dedicated concierge service.

An important feature to consider when selecting a card is travel insurance. When you use your credit card to book and purchases travel expenses you and your family should be covered in the unfortunate event that anything goes wrong such as lost luggage, missed flights, theft and accidents. The insurance policies should extend to cover any medical or legal bills.

Q: What about insurance on my purchases? A: Because of their typically higher credit limits, gold and platinum credit cards allow you to buy expensive products, and provide valuable insurance covers on these purchases. The specific type of protection depends on the credit card, but should include cover for accidental damage, loss and theft, and typically lasts for three months after the purchase is made. You can also enjoy the peace of mind of extended warranty on household appliances, applied after the manufacturers’ warranty has expired. With some cards you can even make use of price match – if you purchase an item and later find it cheaper elsewhere, the bank refunds the difference.

Q: What other protection is provided? A: Security is an important concern for credit card users, especially if you are making big purchases, travelling and shopping online. Gold and platinum cardholders enjoy extra security measures including constant monitoring of activity on your account. If fraudulent purchases are made on your account you should receive a full refund. Some cards also have an added layer of security so if you become the victim of identity fraud the protection services help restore your credit profile.

Q: What other factors should I consider? A: When you are comparing high income credit cards you should find one with extra features that suit your spending habits, offering rewards you can use and the right kind of insurance cover. It is also essential to study the all-important basics: the interest rates and annual fee. When comparing fees and rates you will also notice that these types of cards tend to have a significantly higher annual fee than other cards. The fees and rates that they attract are well worth it because of all the added value and rewards that the cardholder enjoys, but only if you pay off your account in full each month. If you are upgrading to a gold or platinum card and have a debt on an existing credit card you should consider the balance transfer rates and terms.