20 May 2013
Platinum Credit Cards
Compare 31 platinum credit cards from 15 banks today.
The many features and benefits of platinum cards leave other cards far behind – but so can their fees.
Platinum credit cards have the unmistakable smell of money and power, as well they should for the types of perks they provide to their holders. While not for everyone – the cost is far higher and the approval rate much lower – platinum cards have become a regular annual expenditure for many, particularly travellers.
The annual fee on platinum cards, after introductory offers, normally ranges from $100 to $200, but it can be as much as $1,200. While it’s certainly steep compared to even gold cards, the features are also well beyond those available on lesser credit cards. Depending on the deal, platinum cards can offer far more generous rewards programs, such as 2 points for a dollar and no expiration, complimentary travel insurance and extended product warranties, deep discounts on entertainment, and even around-the-clock concierge services. For frequent travellers, for example, the high annual fees can be easily offset by the savings on travel insurance alone.
Going platinum is not easy: you’ll need close to perfect credit scores and a salary of $60,000 or more; some have cardholder age minimums. If you don’t qualify for a platinum card, take a look at the gold cards, which offer less perks but have less stringent income and credit history requirements. If there’s something in particular you like about platinum cards, try our Smart Search tool to find other cards with the same features.
|Credit Card Offer||Purchase Rate||Balance Transfer||Annual Fee |
|Credit Card Offer||Purchase Rate||Balance Transfer||Annual Fee |
|NAB Premium Credit Card|
Fast 60 second instant response credit card. Low 1.00% p.a. balance transfer rate for 12 months. Additional card holder for free. 7 types of complimentary insurance. Online only offer. Apply by 2 June 2013
|19.49%||1.00% for 12 monthsthen 19.49%||$90|
|ANZ Platinum Credit Card|
No annual fee for the first year. 0% p.a. on balance transfers. Overseas travel and medical insurance. Apply by 30 June 2013.
|19.39%||0% for 9 monthsthen 19.39%||$0 1st year|
|Citibank Clear Platinum Credit Card|
Low rate card with platinum level benefits. 0% for 6 months on balance transfers. Free international travel insurance, concierge service, purchase and extended warranty cover.
|0% for 6 monthsthen 11.99%||0% for 6 monthsthen 21.74%||$49 1st year|
|Westpac 55 Day Platinum Credit Card|
$0 p.a. annual fee 1st year. 0% p.a. for 6 months on purchases. Free personal concierge service. Complimentary international travel Insurance. Apply by 1 July 2013.
|0% for 6 monthsthen 19.59%||1% for 6 monthsthen 19.59%||$0 1st year|
|American Express David Jones Credit Card|
Choose Qantas Frequent Flyer points or Membership Rewards points. Welcome bonus: 15,000 Membership Rewards points or 11,250 Qantas Frequent Flyer points (Conditions apply)
|American Express Platinum Edge Credit Card|
10,000 Membership Rewards points. Complimentary Virgin Australia domestic return flight every year. Free overseas medical and travel insurance for you and your family. Apply by 30 June 2013.
|ANZ Low Rate Platinum MasterCard|
Low interest rate on purchases. Overseas travel and medical insurance at no additional cost. Other travel benefits. 60 second response. Apply by 30 June 2013.
|13.14%||0% for 9 monthsthen 13.14%||$99|
|ANZ Rewards Platinum Credit Card|
Rewards credit card with uncapped points earning. Redeem points for cash back, gift cards, shopping vouchers, and flights on any available seat, on any airline, at any time. Earn up to 3 points per $1 spent (Amex). Apply by 30 June 2013.
|19.39%||0% for 9 monthsthen 19.39%||$149|
|Bankwest Breeze Platinum MasterCard|
Cheap ongoing interest rates & complimentary insurance. No foreign exchange fee! up to 3 additional cardholders for free.
|0% for 4 monthsthen 11.99%||0% for 6 monthsthen 11.99%||$99|
|Bankwest Zero Platinum MasterCard|
No annual fee! Built in international travel insurance and no foreign exchange fees!
|17.99%||0% for 6 monthsthen 17.99%||$0|
Platinum Credit Cards: Frequently Asked Questions
Q: What makes a credit card be platinum level? A: It’s a high-end card with more perks than your average card, with more cost involved in having one and more requirements needed to be eligible. You’ll need a salary of at least $50,000, and often up to $60,000 or $70,000, and be able to prove that this is a steady income, and have a near-perfect credit rating. Finally, there will also be a minimum age of 18 or 25 in some cases. You’re usually looking at around $100 to $1,000p.a in annual fees. Keep in mind that the benefits could actually save you more than the annual fee because of the bonuses and features.
Q: What are the benefits? A: The benefits may include one or more of the following: highly competitive rewards programs; personal 24/7 concierge service; complimentary travel insurance; contents insurance; discounts and offers (entertainment, car hire and more); purchase security; cover and warranty; and commission-free traveller cheques.
Q: How is a platinum rewards program superior to other cards? A: The earn rate (points per dollar spent) is usually higher than standard reward program credit cards. You might earn 1 point per $1 spent on a regular credit card, 1.5 points per $1 spent on a gold card but up to 2 points per $1 on a platinum card. Additionally, caps or limits on the points you can earn will usually be higher, meaning you can go further with your points. The points don’t expire as soon as on regular cards, and sometimes not at all.
Q: What can points be redeemed for? A: It depends on the card, but usually travel, fuel, groceries, merchandise, gift vouchers or cash back.
Q: What are the features I should look for most in a platinum card? A: The two of the things of most value are the security features that protect your identity and finances and the high credit limits. Additionally, the complimentary travel insurance is a huge plus, saving cardholders hundreds each year if they travel regularly. You just have to be careful to check what the insurance actually covers. Coverage varies significantly from simple lost baggage cover to accident cover, and all the way to legal and medical assistance.
Balance transfer rates and periods are something else to keep a look out for.
Finally, the 24/7 personal concierge service that most platinum cards come with can be a life-saver for the busy cardholder. Your concierge is able to assist with flight and hotel bookings, helping you find a laundromat or a good place to eat. All those little things you can run out of time to sort out can be done for you.
Q: When is a platinum card not worth it? A: Any card isn’t worth it if you’re paying more than what you’re getting out of it whether that be in terms of convenience or rewards and so on. As mentioned above, if the annual fee is higher than what the card is saving you by having and using it, you’ll want to look into another card.
Today’s Credit Card Stats
- 306credit cards are ready for comparison on this website
- 16.84%is the average interest rate on purchases
- $90is the average annual fee you can expect to pay
- 1.97%is the average balance transfer rate available
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