The Difference Between Gold And Platinum Credit Cards - Gold credit cards are considered a step up from standard options, while platinum credit cards are one step above gold. This means that the benefits they offer vary between gold and platinum levels, as well as between individual cards. Here are some examples of the differences you might find between gold and platinum offerings:
Complimentary extra Free extras can include travel and purchase insurance, concierge services and other travel benefits such as access to the airport lounge. Unlike platinum options, some gold cards can not offer travel insurance or national car rental insurance, or personal concierge services, for example.
Limits on courtesy insurance. Insurance coverage may differ between gold and platinum versions of the same card, with platinum card holders who enjoy higher coverage limits or lower additional charges.
Reward Points for $ 1. Platinum card holders generally earn more reward points for every $ 1 spent than gold card holders. For example, a standard gift card can offer 1 point for $ 1, while the gold version offers 1.5 points for $ 1 and platinum offers 2 points for $ 1. Gift points If credit card rewards limit the number of points you can earn per statement or year, the platinum card will have one of the highest toppings.
Bonus points offer. Offer introductions of bonus points may vary between gold and platinum products, and platinum cards usually offer more bonus points when signing up.
Minimum credit limit. Platinum cards provide you with the next minimum credit limit than gold, which might be a bonus if you pay lots of cash on credit and might manage your mastercard payments responsibly.
The Platinum Platinum annual fee charges a higher annual fee than the gold offered by the same supplier.
Minimum earnings requirements. Platinum cards also generally require successful card applicants to have higher income levels than gold cards.
Credit history While both cards require cardholders to have a credit history and a good credit rating, platinum cards tend to have tighter requirements than gold cards.
Limits on courtesy insurance. Insurance coverage may differ between gold and platinum versions of the same card, with platinum card holders who enjoy higher coverage limits or lower additional charges.
Reward Points for $ 1. Platinum card holders generally earn more reward points for every $ 1 spent than gold card holders. For example, a standard gift card can offer 1 point for $ 1, while the gold version offers 1.5 points for $ 1 and platinum offers 2 points for $ 1. Gift points If credit card rewards limit the number of points you can earn per statement or year, the platinum card will have one of the highest toppings.
Bonus points offer. Offer introductions of bonus points may vary between gold and platinum products, and platinum cards usually offer more bonus points when signing up.
Minimum credit limit. Platinum cards provide you with the next minimum credit limit than gold, which might be a bonus if you pay lots of cash on credit and might manage your mastercard payments responsibly.
The Platinum Platinum annual fee charges a higher annual fee than the gold offered by the same supplier.
Minimum earnings requirements. Platinum cards also generally require successful card applicants to have higher income levels than gold cards.
Credit history While both cards require cardholders to have a credit history and a good credit rating, platinum cards tend to have tighter requirements than gold cards.
How to compare gold and platinum credit cards
When choosing between gold and platinum credit cards, the decision comes down to your personal circumstances. To help you make a decision, here are some key questions to consider:
How often do I use my credit card? Your average annual spend on a card can be a powerful indicator of what type of card suits you. If you are a low frequency card user, it does not make sense to pay high fees for platinum cards that you will not use much. On the other hand, if you spend a lot of money on your credit card, you should be careful with monthly pay increases, which can be lower with a gold card.
How much can I pay to pay my credit card? Working with a budget for your credit card dues can help determine if you can better manage your annual platinum or platinum card fees.
What additional features do I want? Thinking about what you really want on a card, and what feature of the card you actually use, can also bring clarity. For example, if you travel abroad on a regular basis, it may be necessary to pay a high premium for Platinum Travel Awards such as International Travel Insurance and Airport Lounge Access. However, if you only go abroad every few years, this feature is unlikely to offset the cost of annual fees and gold or classic cards may be more appropriate.
Can I meet the application requirements? This can also be an important deciding factor as it will hurt your credit score if your card application is rejected because it does not meet the established requirements. Keep in mind that the minimum financial gain demand is sometimes higher for a atomic number 78 card compared to a gold card, and make certain to ascertain these details throughout the comparison thus you'll be able to request a card that suits your circumstances.
No comments:
Post a Comment