Compare Credit Cards for Australia

Gold & Platinum Compared

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Gold And Platinum Credit Cards Explained:

Gold and platinum credit cards are different from standard credit cards, and many credit card holders often wonder what the difference is. The most obvious difference between standard credit cards and gold and platinum is the former is not seen as being as prestigious.

Prestige is the essential difference between gold and platinum cards and cards, which means they tend to be targeted at people with higher incomes. This means to hold a gold or platinum card the person usually needs to satisfy a higher minimum income requirement. Of the two, Platinum cards tend to have higher access requirements that their gold card companion.

Times have changed since the concept of the premium credit card was first developed and so has the definition of what constitutes a high income. This means even if you believe you are receiving a modest income, you may still qualify for a gold or platinum card.

Gold and platinum cards have a higher annual fee and better rewards programs compared to standard credit cards, and historically they have tended to also offer higher credit limits. Card companies have concentrated on offering better rewards programs for premium credit cards but the gap between credit limits has narrowed, and there is a not a lot of difference between the limit offered on a premium card and standard credit card.

The difference between standard and premium cards is no longer as pronounced as they once were in the past. Historically premium cards were targeted at higher income earners and offered higher credit limit. Today however all credit cards offer higher credit limits to borrowers with a decent credit history, so in practice there is little or no difference.

When comparing credit cards check the APR, the rewards program and whether there are any introductory offers regardless of whether they are premium or standard .

It does not matter what type of credit card you are looking for, the financial comparison site comparedinkum.com.au brings together a range of different credit card deals that will help borrowers and consumers looking to find the best credit card deal for them.

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