Gold and Platinum Credit Cards

Many people are under the misconception that platinum and gold cards are just there for the extremely wealthy or for high earners, but this isn't the case. While it's true that the marketing of these cards is aimed at consumers with a high disposable income, it is not only earnings that lenders take into consideration when issuing but a good credit rating.

So even if you do not have a huge yearly income (some lenders have a salary minimum of only £15,000 before you qualify) if you have a good credit score then your application for a platinum or gold card would be viewed favourably by most lenders. A few of the lenders also have a minimum age requirement before issuing a gold or platinum card in some cases you have to be age 25 or over so read the terms and conditions carefully to make sure you qualify before completing your application.

Platinum and Gold Benefits

But apart from the kudos of having a platinum or gold card what do these types of card offer?

Well, in most cases these cards don't have an annual fee or if they do they are so small they are negligible. Many also carry lower than normal interest rates although these rates are not as good as they once were and some low APR cards compare more than favourably. Customers can normally look forward to a range of perks and incentives as well as special introductory offers. These extras vary from company to company but usually include 0% on new purchases, as well as 0% on balance transfers for up to 14 months. Most lenders will also offer services like free travel insurance, protection against card loss or theft, protection against card fraud and even personal injury insurance to anyone having a platinum or gold card.

Cashback and Incentives

Some like the Barclycard Cashback Platinum card have a loyalty scheme that includes 2% cashback on petrol and supermarket spending, as well as 0.5% cashback on all other spending. Many other lenders offer savings on mobile phones, discounts on travel, and deals on music, petrol, computers and even holidays. These offers are usually there to attract new customers, but they do also apply to existing customers and it's worth looking around to see just what incentives are on offer before making your mind up which card to apply for.

To Apply or Not?

If you think you will benefit from the extra services, or will get good use from the incentives that come with owning a gold or platinum card then you should think about applying for one. On the other hand if you won't use these extras then it may well be better looking for special introductory 0% offers or a card with a fixed low interest rate.

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