Platinum Credit Cards

May 18th, 2010

Platinum credit cards have become steadily more exclusive over the years. Offering a wide selection of card holder benefits, these credit cards aren’t as expensive as many people might think.

Platinum Credit Cards Explained

There was a time when Platinum credit cards were issued by invitation only to certain customers. These days the approval criteria is not quite as harsh, although there are some requirements customers will need to fulfil in order to qualify for this credit card tier.

Offering card holders superior service and benefits as well as some extra perks not available on other types of credit card, the Platinum credit cards can be ideal for many customers. Unfortunately, they’re not for everyone.

Benefits of Platinum Credit Cards

One of the primary benefits of Platinum credit cards is the availability of a range of complimentary insurances. These can include online fraud protection, purchase protection, extended warranty cover and international travel insurance.

Enhanced Credit Card Rewards

Most Platinum credit cards also offer cardholders the opportunity to earn more than the usual rewards points per dollar spent. This can help customers to accumulate points faster, which can then be redeemed for items such as flights, electronics, homewares, gift vouchers and much more.

Superior Customer Service

Card holders can enjoy exceptional personal service that includes 24/7 access to a personal concierge service. Your personal telephone assistant can be available on standby to arrange flights and travel, accommodation, make restaurant bookings or hotel reservations, order gifts, book tickets or generally assist you in finding the things you need no matter where in the world you are.

Higher Credit Limit and Higher Fees

The approval criterion for Platinum credit cards is stricter than that of a normal credit card. Typically, customers will need to verify an annual income of more than $50,000 and will need to have an exceptional credit rating.

In return for the more stringent assessment policies, the available credit limits tend to be higher.

Unfortunately, the annual fees charged on this type of credit card are also higher than a standard card. However, the benefit of earning increased reward points as well as access to so many other benefits can often make up for this, as long as the card holder is responsible about repaying the outstanding balance regularly.

While the interest rate on purchases is also higher than many comparable cards, customers do have the advantage of up to 55 days interest free on purchases with most card providers.

If you’re the type of customer who uses a credit card frequently, but is willing to pay the outstanding balance in full before the statement date each month, you won’t pay any interest at all on your purchases.

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