Platinum Credit Card Offers

With a platinum card you can expect premier service, perks and benefits not offered on a typical card. Platinum rewards cards often come with privileges such as free travel insurance, purchase cover and extended warranty cover, retail discounts, contents insurance, frequent flyer points, access to airport lounge and 24/7 concierge service.

In order to qualify you need to have a high income with an excellent credit rating and be a resident of Australia aged over 18 years old. You should also be aware that the annual fee and interest rate on purchases made on a platinum card is often higher than average. However, their combination of rewards, service and prestige make them a very attractive proposition.

The Lowdown on Platinum Level Credit Cards

Platinum credit cards are designed for Australia’s top earners and big spenders with flawless credit histories. Banks recognise that these customers are valuable and have the means to manage their money, and in return offer platinum cardholders a range of prestigious benefits not available with other types of cards. Although platinum credit cards generally feature a higher annual fee than standard cards, when you pay this you receive a choice of rewards and perks, along with insurance protections that add security to your credit card, purchases and travel. Many see platinum cards as a sign of success, and the way they work is aimed at fitting in with the lifestyles of those on high incomes who enjoy the finer things in life.

Banks offer platinum customers a higher credit limit, giving you greater freedom for spending and allowing you to make big purchases using your credit card. These cards often provide extensive purchase protection including cover for damage, loss and theft, and extended warranties, so you have the peace of mind that your payments are protected.

Many platinum credit cards also feature heightened security measures to defend against fraud and identity theft. The extra security services include careful monitoring of your card account to help identify suspicious activity. If your account is illegally accessed or you identity is stolen, platinum security covers should provide full compensation.

You’ll also get a range of travel benefits including insurance and rewards schemes. Different cards offer various types of overseas travel insurance such as cover for lost luggage, delayed flights, medical bills and legal aid. Travel insurance gives you protection for business trips and leisure travel, and may also extend to cover family members on holiday. You should check the small print to see exactly what is covered, so in the unfortunate event that things go wrong you know how you are protected and what you can claim for.

Other travel advantages include concierge service and access to frequent flyer rewards programs linked with top international and domestic airlines. As you spend you earn points that can be redeemed for products and services, but the loyalty schemes are not limited to travel alone. Along with flights, rentals, hotels and other travel rewards, you can find programs with the option for retail products, leisure and entertainment, shopping vouchers and cash back.

These cards also have the features you find on standard cards, all of which should be taken into consideration when comparing the different deals. The purchase rate varies between cards, and some feature a special low rate introductory offer. Since you will probably want to spend a large amount of money on your card, the purchase rate is important, and if you plan to make a one-off big purchase an introductory offer could be a way of saving money. Many platinum cards also feature the option for a balance transfer, so if you are upgrading and have a debt on an existing card you can transfer the balance and repay it at a lower interest rate.

If your income and credit rating qualifies you for approval, if you are the type of cardholder who enjoys travel and spending, and you live in the style that reflects your success, a platinum credit card could be a great choice, providing access to some very rewarding benefits and extras.

Three Tips on Maximising the Benefits of a Platinum Credit Card

Ensure that the benefits and rewards suit your lifestyle: Platinum credit cards offer a variety of different extras, benefits and rewards schemes. They also usually feature a high annual fee, so it is important to make sure you are getting the most out of your card in return for this charge. Check that all the extra benefits are really going to be of use, that any rewards program allows you to earn points in the way like to use your card, and that you can redeem your points for rewards that you really want to enjoy. Many are linked to frequent flyer programs: if you are joining one of these schemes make sure it involves airlines you like to travel with, taking you to destinations that you want to visit.

Get a credit card with suitable insurance cover: Similarly, the annual fee pays for the insurance covers that platinum credit cards provide, but different cards offer different types of cover. Check exactly what is covered and what you can claim for; the insurance cover should suit your lifestyle and protect the types of products and services that you spend money on.

Maintain your credit rating: You have earned the privilege of owning a platinum credit card by demonstrating your financial responsibility and impeccable credit rating. It is very important to continue with these good money management habits – keeping your account in good order, making monthly payments on time and avoiding getting into too much debt.

Typical Platinum Credit Card Features

Annual fee: Most of these cards feature a high annual fee, which pays for all the extra benefits. You get what you pay for – bigger annual fees usually get more prestigious features – but make sure this charge isn’t so high that it makes the extras unreasonably expensive.

Purchase rate: The purchase rate is very important when comparing any offers with rates that vary considerably between different deals. You should be able to find a card that allows you spend big and repay at a competitively low rate.

Insurance policies: Platinum credit cards offer a choice of different insurance policies including purchase protection, travel insurance and security features. Ensure these policies give you the correct protection you need.

Rewards programs: It’s commonplace for a platinum card to be linked to a rewards scheme, including frequent flyer programs, shopping rewards and cash back. Check out how points are earned and what you can redeem them for. Also watch out for points capping and tiering, which may limit the amount of points, and therefore rewards, you can get.

Introductory offers: Many platinum cards feature promotional offers for new customers, including reduced annual fees and purchase rates for an introductory period, balance transfers, or a combination of these. When you are upgrading to a platinum level card, look at what is on offer and how the deal changes at the end of the introduction. This will let you see how you can save money while enjoying prestigious platinum benefits.