Best Platinum Card

May 25th, 2010

Which is the best platinum card? The card that suits you best will depend on a number of factors, such as rewards schemes, interest rates and more. Read on to decide which is the best platinum card for you.

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Are you trying to decide which is the best platinum card? If so, there are a number of factors you should keep in mind.

Eligibility

The best platinum cards are not available to everyone. There are some strict eligibility criteria that need to be met. For instance, your income has to be over a certain threshold, such as $50,000 or $100,000 per annum. In addition, there may be certain age criteria that need to be met – some cards are only available to people aged between 18 and 25, while other cards accept older individuals. Check the card requirements before you apply – a failed credit card application will reflect badly on your credit report.

If you are eligible to apply for the best platinum cards, then you are in a position to compare the different cards and determine which one is the best platinum card for you.

Rewards

One of the major benefits that come along with the best platinum cards is the more generous rewards scheme. Since platinum card holders are higher income earners, they tend to be higher spenders as well. This means, that you can earn a greater number of rewards points by using your credit card for your spending. Many cards offer exclusive rewards options, such as frequent flyer programmes, shopping vouchers and more. Think about which kind of rewards you would prefer. For example, if you enjoy travelling, you might like a rewards programme which offers free limousine service to the airport, frequent flyer miles, and more. On the other hand, if you prefer shopping, a rewards programme which offers shopping vouchers might be more suitable for you.

Credit limit

The best platinum card will usually offer a very high credit limit. Since you are a high income earner, the banks do not consider you to be much of a credit risk and are more willing to give you a greater limit on the card. Consider how high a limit you are interested in. Having a high credit limit will make it easier for you to purchase big ticket items, such as cars and electronics, with a simple swipe.

Interest rates

If you plan on having a rolling credit card balance, without repaying it in full each month, you need to consider the interest rates that are being offered. The best platinum cards will offer much lower interest rates. Consider cards that offer low purchase rates as well as low international transaction rates.

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	Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)