Premium credit cards offer more value for each dollar you spend, if you can qualify for them in the first place! If you can track down the right card – whether it’s a gold, platinum or black card – you’ll have access to benefits most regular cardholders could only dream of.
The best part? It only takes a few minutes to find the right card; right here.
What are premium credit cards?
A premium credit card is a product for customers who spend more than the typical punter, and don’t mind paying for the privilege of some exclusive features.
In Australia, you may qualify for one of the following:
- Gold Card. The lowest level of premium credit card is far from inferior. Gold credit cards showcase higher than typical credit limits, great rewards programs, and more.
- Platinum Card. The upper tier of premium cards comes with a significant credit limit, competitive signup bonuses, and sometimes a concierge service.
- Black Card. These credit cards are for the spending elite. Credit limits are the highest you could find on a credit card, and the cards themselves are only available by invitation from the lender or from someone who already holds one.
What are the benefits of a premium card?
Some credit cards are so exclusive that you won’t know the benefits until you’re invited to use one. However, many premium cards at least offer the following.
- Reward points for every dollar spent. Spend big on your card each year and you’ll be able to get more from your rewards programs than you could with a regular card.
- Complimentary insurance when you travel. While you should always check to ensure your policy meets your travel needs, you can’t turn your nose up at free travel insurance!
- Personal shoppers/concierge service. Need help buying tickets to a hot concert? Premium cardholders could sneak in ahead of the public.
- Multiple cards to maximise your points. You may get a VISA as well as MasterCard, just so you have every opportunity to spend using your premium account.
How can I qualify for a premium credit card?
Lenders typically require at least the following conditions to be met before you can qualify for a premium credit card.
- A minimum income. It could be $40,000 for some cards, but upper tier products are set significantly higher.
- A well-regarded credit history. If you’re a serial spender with a tonne of debt, you’re unlikely to qualify.
What do you need to watch out for with a premium credit card?
Two big drawbacks will hinder you from getting the most from these cards: more expensive annual fees and higher interest rates. A significant annual fee is expected for cards like these, and you could argue that reward program bonuses and complimentary benefits are enough to make up for any fees.
However, you should still be wary of the interest rate. They’ll typically be some of the more exorbitant rates of any card in the country, which means you could quickly fall into debt if you fail to pay off your balance each statement period. To avoid this, simply look for a card with an interest free period and ensure you pay off your balance in full before it ends. Additionally, be aware that withdrawing cash from an ATM attracts interest immediately – even if you have an interest-free period.
What are the most exclusive credit cards in the world?
You’ll find a different list depending on where you look, but – as of 2017 – the below list comprises some truly exclusive cards.
- Westpac Altitude Black
- AMEX Centurion (made of anodised titanium)
- Citi Prestige
- Visa Infinite (unavailable to Australian residents)
- MasterCard World Insignia
- Diners Club Carte Blanche
- Coutts World Silk Card (the Queen of England’s bank)
- Chase Sapphire Preferred Card