Best Platinum Credit Card

May 26th, 2010

Which is the best platinum credit card? There is no “one size fits all” answer to this question. There are a number of factors you should consider when obtaining a platinum credit card.

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Are you interested in obtaining the best platinum credit card? Not all platinum cards are equal, so you should consider the features of different cards before going ahead and applying for one. Remember that you will be using this card for many years to come (hopefully) so it is important to obtain the card that will be the best platinum credit card for you.

There are a number of features you should consider when comparing the best platinum credit cards. These include:

Eligibility

Although you may be a high income earner, you might not be eligible for all the best platinum credit cards. Cards vary greatly in their minimum eligibility requirements. Some require you to have a minimum annual income of $50,000 while some require a minimum annual income of $100,000. Other cards have age requirements, for instance, some cards will only accept customers who are under 25 years of age, while others will accept older customers. Being rejected for a credit card will affect your credit report adversely. So before you apply for what seems to be the best platinum credit card, make sure that you are eligible to obtain it.

Rewards scheme

One of the major benefits of the best platinum credit cards is the generous rewards schemes that they offer. These schemes allow you to accumulate rewards points by doing your shopping with the card. The reward points can then be exchanged for a number of rewards, such as shopping vouchers or travel services.

Before you sign up for a card because of its rewards scheme, consider what kind of rewards you are most interested in. If you like travel, for instance, you could sign up with a frequent flyer credit card; if you prefer shopping to travelling, you could sign up for a card that offers shopping vouchers.

Services

Many platinum cards offer additional complimentary services to cardholders. Consider what kind of services are on offer with the card.

The most common complimentary service offered is that of a concierge service. This is like a personal assistant whom you can ask to do the mundane things in your life, like picking up the dry-cleaning, making restaurant reservations and so forth. Other cards offer complimentary limousine service to the airport, something that might benefit you if you are a frequent flyer.

Rates and limits

Most platinum cards offer higher credit limits and lower interest rates for their card holders – make sure that you card offers the limits and rates that will best suit your lifestyle.

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