Gold Card Offer Comparison

Gold cards offer many benefits and perks such as free travel insurance, contents insurance, purchase cover to guard you against theft or fraud and many of them reward you with frequent flyer points and airport lounge access. However, they typically have higher annual fees and purchase rates than other credit cards. To get the most from any gold credit card you need to actually spend a considerable amount per month and pay it off in full monthly or the interest will negate the value of any rewards you may earn. However, if you have a clean credit rating, are 18 years old or more, are a permanent resident (or citizen) of Australia and have a strong annual income, then you should definitely consider applying.

A Guide to the Gold Level Credit Card

Gold credit cards feature a variety of extras that aren’t available with standard cards. They are designed for Australians with above average incomes and good credit ratings – if you can show that you are a high earner with an impeccable credit history you too can enjoy their prestigious benefits. This type of credit card is suitable for people who like to spend often on their cards, and typically feature a higher credit limit than regular cards.

This type of card usually attracts a relatively high annual fee, in return for paying this you receive gold level benefits, rewards and insurance covers. Banks like to hang on to their gold credit cardholders, and offer different ways of rewarding customer loyalty. When you are comparing and searching for a gold card it is important to find one with features that fit in with your lifestyle, perks you can make use, and a card that is truly beneficial.

Gold level credit card offers provide various insurance covers that you should consider when comparing deals. Purchase protection covers items that you buy using your credit card for a fixed period. Another type of insurance is extended warranty, which covers appliances after the manufacturer’s warranty has expired. You can also get complimentary travel insurance for added peace of mind to business trips, leisure travel and family holidays, protecting you against misfortunes such as lost luggage, theft and medical bills.

Frequent flyers can gain membership to some very beneficial rewards programs when using a gold credit card, with access to high profile and wide ranging loyalty schemes. Reward points can also be earned and redeemed for many non-travel related products including retail items, entertainment and financial services.

If you meet the income and credit rating requirements, like to spend on your card often, and can find rewards and extra benefits that fit in with the way you live your life, a gold credit card could be the perfect choice for you.

Three Tips on Using Gold Credit Cards

Find a rewards program that fits your lifestyle and spending: If you qualify for a gold credit card and are paying the extra annual fee, it’s important that any rewards scheme you gain membership to is really beneficial to you. Make sure you can earn plenty of points in the way you usually spend on your card, and that the rewards are products and services you want to make use of. The more you use your card the more points you earn – big spenders get bigger rewards. Also, get to know exactly what other extras you are entitled to and make use of them when you can.

Ensure the insurance policies provide the right kind of protection: Gold cards offer various types of insurance including purchase protection and travel insurance policies. Get to know the details of what is covered, time limits, whether the insurance is limited to you or extends to family members, and other restrictions to avoid getting unexpectedly caught out – you may even be pleasantly surprised at what you are covered for.

Keep your credit card account in good order: Having qualified for a gold card, proven your high income and spotless credit rating, you hardly need reminding of the importance of managing your finances responsibly. It is essential to keep your account in good order: paying on time, clearing the balance in full when you can, and not over spending and accruing bad debts. If you fail to keep your account in good shape you could be charged penalties or even lose access to reward programs and other special offers.

Typical Gold Credit Card Features

Purchase rate: This is the interest rate applied to the part of any ongoing balance that represents purchases made using you credit card. This is a key feature to consider, especially if you are unlikely to clear your balance in full each month.

Annual fee: Gold credit cards generally attract higher annual fees than standard credit cards. If you are comfortable paying this yearly charge, you can enjoy a gold card and all the associated benefits.

Insurance policies: Many gold cards provide insurance policies such as purchase protection and travel cover. Make sure that these insurance policies are suitable – the high annual fee partly pays for these policies so they need to actually be beneficial to you.

Rewards programs: You often get access to variety of rewards programs including frequent flyer loyalty schemes, retail rewards and cash back. Find an offer that links to a loyalty rewards scheme that suits your spending habits with rewards you can use.

Introductory offers: Many credit cards feature introductory offers such as promotional balance transfer deals or a reduced purchase rate for a fixed period. If you find an offer that fits in with your finances and use it wisely, you can save money while enjoying all the benefits.