Every gold card will have different benefits associated with it, and these will be based on what is being offered by the card issuer and what type of card it is. Some of the standard benefits found on gold cards include extra fraud protection, purchase protection, discounts and extended warranties. Quite often the interest rate will be a bit lower than the rate found on a standard card.
Credit Limit
Upon first glance at these different tier credit cards, you might not be able to tell exactly what sets them apart, and this is understandable. Take the Westpac Earth card, for example. The standard card, the gold card and the platinum card all feature the same 19.99% p.a. purchase rate, the same 21.49% p.a. cash advance rate and an identical balance transfer offer. So, if you were to look no further, you would just think it was a matter of pretty colors.
However, a closer glance will reveal that there are differences and they are quite significant. First of all, the credit limit differs quite a bit. Of course, just because you want to get a higher credit limit, that doesn't mean you can as the higher up you go, the stricter the conditions for approval are. Generally, you will find that as you go up in tiers, each of these credit cards requires you to have a higher level of annual income and a gold card or a platinum card usually demand a spotless credit history.
Rewards
Another major difference between these credit cards is the rewards and benefits you will have access to. For example, with the Westpac Earth credit card, which is tied in to the Qantas frequent flier program, you can earn 1.5 miles/$ with the platinum card, 1 mile with the gold card and 0.5 with the standard card.
However, just because you can qualify for a gold card or a platinum card, that doesn't automatically make it a good choice. Choosing the right credit cards is quite subjective and savvy card users know that they shouldn't apply for a certain card just because they can.
Qualifications
To be eligible for a gold card you will need to have a good income and a good credit rating. You will also need to be at least 21 years aged in most cases. It is harder to get a gold card than a standard card, but the benefits are definitely worth it. Every card will offer a different set of premium benefits for the elite gold cardholder, so it is in your best interests to find the one that has the benefits you want in a card.
Platinum credit card benefits
Generally speaking, a platinum credit card will give you a higher credit limit than a classic card. This will all depend on your earnings and expenses, but the potential is there to get a higher limit.
Interest rates are also generally lower with platinum cards. This is due to the fact that to be eligible for a platinum card you must have an outstanding credit rating to begin with. You are not a high risk and can be given a lower rate because of it. You will be able to expend more with a higher limit as well, which makes it easier for the vendor to be generous with their rates.
If you have been one of the many that has been wondering what is the difference between a standard and a platinum credit card, now is your opportunity to go forward and apply for one if you feel you would qualify. This is a card that a lot of Australians try hard to get in their lifetime.
This is Ray Ethell author of Finance Sites. Compare Credit Cards were never this easy. The information provided by us on all major Australian Credit Cards helps you compare credit cards on our site and saves your time money and effort. Try our services today
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