10:24 14 April 2013
There is something about being offered a Platinum Credit Card that makes us feel a little special. There are sometimes little extra perks to having a Platinum credit card. Those cards usually have better interest rates, and lower fees. Many times there other options such as frequently flyer miles or other incentives.
Platinum many times indicates that your credit rating is pretty healthy. Gold cards usually also signify that you have either had the card for a long time with the company, or that you have a decent credit rating, though not as good as those who have the Platinum cards.
Some other things that a Platinum credit card may have denoted in the past, was a larger dispensable income. This is not such an important factor as it used to be, and the significance lies mostly in the credit score and the company’s rapport with the customer.
They may sometimes give loyal customers who have a great payment history a gold or platinum card as an “upgrade” from the standard. This is smart marketing since it’s an inexpensive way to recognize the value of a customer without having to lower interest rates.
Platinum may also designate a higher credit limit than gold credit cards or silver credit cards. Over time the significance of the card colour has been a little bit diminished. Now, it may simply mean that you’ve met a certain income threshold and qualified for a Platinum credit card.
These do still tend to offer better interest rates and credit limits than credit cards that are silver or gold. They also tend to have better balance transfer deals than other cards as well.
In summary what you may be able to expect from a Platinum credit card are the following:
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