Benefits of a platinum card
With a credit limit numbering in the thousands, you will enjoy access to big rewards including airline miles, shopping vouchers and cash returns. Let’s look at some of these great benefits in greater detail.
Greater rewards in return for your spending. One of the best things about platinum cards is your ability to earn points at a higher rate. In the case of many cards, you can secure up to three reward points for every dollar spent, without worrying about caps!
Great incentives for travellers. You can expect to receive complimentary travel insurance with flights or holidays purchased using your card. This reward can save you hundreds on travel insurance for both domestic and international cover, although the types of cover will vary between lenders so it pays to do your research if this is an important feature. Many cards also waive foreign currency conversion, an attractive feature if you are a frequent flyer, as the potential for savings with this reward alone is extremely high.
Spend big, spend securely. A higher spending limit on your card provides the freedom to purchase any larger items you wish for. You don’t have to worry about those funds falling prey to thieves either, with an increase in security for your card that includes 24 hour monitoring. Rest assured, you’ll be fully compensated and given assistance with rebuilding your credit history if your card falls into the wrong hands.
Potential downsides to a platinum card
The two big downsides to a platinum card probably won’t surprise you: interest rates tend to be higher, and you’ll be hard-pressed to escape a more expensive annual fee.
Although the annual fee with a platinum credit card will be high, depending on the platinum card type you choose, the available rewards offered have the potential to outweigh the cost of the fee. As for the interest rate, pay off your card on time while under an interest-free period and it won’t be a problem.
Take these two factors into consideration when comparing your platinum card options.
How do I qualify?
The eligibility levels for a platinum card are more stringent than with other cards. A minimum income level and a solid credit history is required.
Make an informed decision
A platinum credit card is a premium credit card that recognises higher income levels with a product that suits. With an inflated spending limit, you can enjoy the freedom to make those larger purchases, which in turn will earn you big rewards such as airline miles and shopping vouchers.
With this in mind, comparing your options is going to be more important than ever to make sure you find the best deal. Our credit card comparison service allows you to compare interest rates, rewards programs and annual fees; making it easier for you to make an informed decision when it comes to your credit card.