Are You Ready To Go Platinum?

Platinum credit cards offer service well above the standards of basic or even gold credit card options, making them a potential advantage for any savvy credit card user.

Offered to a more select range of people, application criteria tend to be much tighter when it comes to platinum credit cards, particularly in regards to credit history and minimum income requirements. But with most cards needing an income of $40,000 or more, that still means many Australians are eligible to upgrade.

Just like any other credit card rewards offer, however, platinum cards can be costly in the wrong hands. So how do you know if a platinum card is the right option for you?

One of the first things to consider is current credit card use and how having a platinum option might change things.

Platinum Credit Card Offers

Most platinum cards offer an increased credit limit and even more card protection through features like extended warranties and purchase protection. If these are things that could be improved on a current card, then platinum may be the way to go.

These kinds of cards can also be a good alternative to business credit cards for people who have a lot of business expenses but do not necessarily want, or need, a business option. Many platinum cards will be linked to international airlines, like the Westpac Singapore Airlines card or offer complimentary travel insurance, like the ANZ Rewards Platinum.

Many cards will also have a concierge available to help platinum cardholders get even more out of their cards, so if you do find that you need this kind of help then a platinum credit card could save you a lot more money for the service.

Another reason a platinum card may be beneficial is if other rewards programs are just not working out. Not only do platinum cards offer a higher level of rewards, but cards like the Commonwealth Bank Awards Platinum card will also allow people to customise their rewards program so that it is catered to your own lifestyle and needs.

Factors Against Going Platinum

The downside to platinum credit cards is that they can end up costing more than they are worth. These cards tend to come with higher annual fees of $100 or more, so if the service does not match up to the costs it could be a waste of money.

Another thing to consider is whether the added rewards will actually be useful or used. Sometimes rewards sound good in theory, but are a lot of work to accumulate and use, which means people could end up spending more time calculating rewards than they do enjoying the benefits of a credit card.

When a credit card is working for you, the best thing to do is stick with it until something changes. If it does change, or if you do need more from a card, then considering a platinum offer could make all the difference.