Platinum Credit Cards

Get a platinum card and you can enjoy everything from rewards programs, travel insurance, 24/7 concierge service and sign up bonuses.

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.

My monthly spend: 
$5,000
 
Features: 
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rewards program
earn rate
purchase rate
Points earned
CREDIT CARD COMPARE EXCLUSIVE:
0% p.a. for 25 months on balance transfers. Reverts to cash advance rate.
No balance transfer fee.
7 types of complimentary insurances including overseas travel insurance.
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19.74% p.a.
ongoing
St.George Vertigo Platinum Credit Card Exclusive Offer
Apply by 01 aug 18
0% p.a. for 24 months on balance transfers. (1% balance transfer fee applies). Reverts to variable cash advance rate.
Low ongoing variable purchase interest rate of 12.74% p.a.
$0 p.a. annual fee for the first year.
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12.74% p.a.
ongoing
HSBC Platinum Credit Card
Apply by 31 jul 18
14 reviews
0% p.a. on balances transferred for 22 months, with a 2% balance transfer fee.
No annual fee for the first year. Annual fee refunded for each subsequent year. (Conditions Apply)
Earn 2 pts per $1 spent on overseas purchases.
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Rewards Plus
Rewards Plus
1 pt
per $1 spent capped
19.99% p.a.
ongoing
Virgin Australia Velocity Flyer Credit Card 0% p.a. Purchase Offer
Apply by 02 sep 18
2 reviews
0% p.a. for 14 months on purchases.
Earn Velocity Points on your everyday spend.
$129 Virgin Australia Gift Voucher each year.
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Velocity Frequent Flyer
Velocity Frequent Flyer
0.66 pt
per $1 spent capped
14 months
0% p.a.
then 20.74%
Citi Rewards Platinum Card Balance Transfer Offer
Apply by 31 jul 18
0% p.a. for 26 months on balance transfers.
One-off 2.5% balance transfer fee applies.
Reduced annual fee of $49 p.a. in the first year ($149 p.a. thereafter).
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Citi Rewards
Citi Rewards
1 pt
per $1 spent capped
20.99% p.a.
ongoing
Woolworths Everyday Platinum Credit Card
Apply by 30 sep 18
27 reviews
10% off your first shop at Woolworths on selected dates – Saving you up to $50 every month.
$0 annual fee for the first year, saving you $49.
0% p.a. on balance transfers for 14 months and then 21.99% p.a.
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Shopping card points
1 pt
per $1 spent
19.99% p.a.
ongoing
American Express Business Explorer Credit Card
Apply by 31 aug 18
Receive 60,000 points when you apply by 29th August 2018, are approved and spend $3,000 on your card within the first 3 months.
Earn 50,000 business loyalty bonus points when you spend $100,000 every 12 months from the card approval date.
Enjoy up to two entries per year to the American Express Lounge.
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Membership Rewards Gateway
Membership Rewards Gateway
2 pts
per $1 spent
16.99% p.a.
ongoing
HSBC Platinum Qantas Credit Card
Apply by 30 sep 18
5 reviews
Bonus 60,000 points with Qantas (spend criteria applies).
Earn Qantas points at participating retailers.
Useful package of travel insurances for international travel.
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Qantas Frequent Flyer
Qantas Frequent Flyer
1 pt
per $1 spent capped
19.99% p.a.
ongoing
Citi Rewards Platinum Card Points Offer
Apply by 31 jul 18
Receive 100,000 points when you spend $3,000 in 90 days from card approval.
0% p.a. for 15 months on balance transfers.
Reduced annual fee of $49 p.a. in the first year ($149 p.a. thereafter).
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Citi Rewards
Citi Rewards
1 pt
per $1 spent capped
20.99% p.a.
ongoing
Get 50,000 points when you apply online, are approved and spend $3,000 in 3 months.
Receive a $400 Travel Credit each year towards any flights, hotels and car hire when you book online with this card.
Enjoy up to two entries per year to the American Express Lounge at Sydney or Melbourne Airports.
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Membership Rewards Gateway
Membership Rewards Gateway
2 pts
per $1 spent
20.74% p.a.
ongoing
75,000 bonus Qantas Points and $200 back when you make one eligible purchase in the first 3 months.
Earn 1 Qantas Point per $1 spent on eligible purchases up to $7,500 per statement period.
Eligibility criteria, T&Cs, fees and charges apply.
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Qantas Frequent Flyer
Qantas Frequent Flyer
0.5 pts
per $1 spent
19.99% p.a.
ongoing
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Q&As about Platinum Credit Cards from customers

Q: What makes a credit card be platinum level?

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 for me?

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 that of another card?

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?

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?

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. It is not uncommon for platinum cards to have a very long, low interest balance transfer deal.

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?

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.

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