Platinum credit cards

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What is a platinum credit card?

Platinum credit cards are usually the crème de la crème of the credit card world.

Generally, they’re a step up from a gold credit card and are reserved for those with a good credit score providing you with access to a range of offers and perks, as well as a higher credit limit than standard options.

In exchange for this, you can expect platinum cards to have a higher interest rate and an annual fee.

Just like standard cards, there are different types including purchase and balance transfer options. They may even have a 0% introductory period that you can take advantage of.

Most card issuers have a platinum card in their line up and they can differ significantly in terms of rewards and eligibility criteria, so it’s important to check exactly what you’re signing up for before applying.

Person paying by card in a shop

What are the benefits of a platinum card?

It will depend on the card, but look out for:

  1. High credit limits

    They tend to offer a higher level of credit than a standard or gold credit card

  2. Rewards for purchases

    For example, earning cashback or points for spending. You could earn more reward points per purchase with a platinum credit card compared to a standard option

  3. Frequent flyer points

    Some cards will offer rewards for spending in this form. You may even get airport lounge access, too

  4. Travel insurance included

    This could even stretch to covering your family members, depending on the card

  5. No foreign spending fees

    Spend on your credit card abroad without being charged

  6. Entertainment offers

    You may get discounts on concert and theatre tickets, or priority access to tickets before they go on sale to the public. You could also get money off dining and shopping

  7. Extended warranty insurance

    This extends the warranty of household equipment (up to a certain number of items) that you have bought using your platinum credit card

  8. Personal concierge service

    Just like in a hotel, you can get help for all your entertainment, travel and restaurant needs

What are the disadvantages?

Of course, as with all credit cards there are downsides. It’s always wise to use them responsibly and only spend what you’re able to comfortably pay back each month.

Be wary of:

Annual fees

Many platinum credit cards charge annual fees. They may do this outright or wait until you’ve had the card for a certain period of time. Cards without a fee may not offer much in the way of perks and rewards

Higher credit limits = higher potential for debt

As you’ll likely have access to more credit, it could potentially land you in a spot of bother if your spending gets out of control and you aren’t able to make your monthly payments

High interest rates

Once any introductory period has ended, you can expect to be moved to the issuer’s standard interest rate which can be very costly if you’re not able to pay off your balance in full each month

Unused rewards

Unless you’re going to take advantage of the rewards and perks offered, you could probably find another card which better suits your needs (whether that’s purchase or balance transfer options) with a longer introductory period, lower interest rate and no annual fee

Cashpoint fees

Most credit cards will charge you for withdrawing cash from an ATM

Are platinum cards worth it?

It completely depends on what you want from your credit card. If the rewards and perks that your chosen card offers would be useful to you and outweigh any annual fee, it may be a good addition to your wallet.

If not, then it’s worth comparing cards that are specifically designed for your needs and offer a lower interest rate. Basically, don’t be pulled in by the ‘platinum’, if it doesn’t do what you want, shop around.

Do you need a good credit score to get a platinum card?

Yes, it’s likely that you’ll need a good credit score to get access to a platinum credit card.

The eligibility criteria varies wildly between card issuers as there’s no standard set of rules for what a platinum card is. Typically, you’ll need to earn over a certain amount to be considered for t

his type of credit card because of the higher credit limits.

Use our smart search before applying, it can show you whether you’re likely to be eligible for a platinum credit card. This can help you avoid impacting your credit rating by having a failed application on your file.

Do I need a high credit limit card?

A higher credit limit may seem like a good idea in theory, but it’s only useful if you can pay it off easily.

The last thing you want is to put yourself under financial stress because you aren’t able to make your monthly payments and the interest is starting to pile up. Also, take into account that the interest on platinum cards is usually higher than on standard options.

If you think you can clear the balance each month and it would be useful to you, then it’s worth considering.

What is credit utilisation and how does it affect my credit score?

Your credit utilisation rate determines how risky you are to lend money to.

It basically means how much of your available credit you use. So, if you’re able to demonstrate that you can use your credit responsibly, it can have a positive effect on your credit score.

If you’re always going over your credit limit or close to it continuously, you’ll be viewed as a higher risk to the lender and your credit utilisation rate will reflect this, which can negatively affect your credit score.

You can work out your credit utilisation rate by dividing your credit card balance by your credit card limit. You can then multiply this by 100 to get a percentage. Ideally you don’t want it to be above 30%.

Use our smart search to find credit cards you’re more likely to be accepted for

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What should I consider when comparing credit cards?

You should always start off by figuring out what you need the credit card for.

Do you need to transfer existing debt onto it? Are you looking to make a big purchase and need to spread the cost? Are you looking to earn cashback on your everyday spending?

This will determine what type of card you need. Then, you can look at the details of each card to find the right one for you. Check for the length of the introductory period, the interest rate after it ends, annual fees and if there are any rewards or cashback.

Once you’ve narrowed down your choices, make sure you use the smart search to check how likely you are to be accepted.

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