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Gold or Platinum Credit Cards in Australia Are you confronted with too much choice when choosing a credit card? Well there is no wonder why, choosing a credit card can be like comparing cars, they all serve the same purpose but there are special benefits that are included in some brands and models. In this article, Gold and Platinum credit cards will be the focus to help you choose between these two very similar credit card types. But are they really that similar? Gold and Platinum credit cards: What are they? Gold and Platinum credit cards are the head of the pack, they are the Louis Vuitton or the Hugo Boss of credit cards. Gold and Platinum credit cards are guaranteed to provide people with the most features and benefits than any other type of card. So what features should I expect with a Gold and Platinum credit card? All Gold and Platinum credit cards offer fantastic reward programs, complimentary travel insurance, purchase security and warranty! Travel insurance cover: When you use your Gold or Platinum credit card to book your flights and accommodation, you will automatically get covered for medical costs, loss of baggage or other incidents that's may occur during travel. Purchase protection: Any products you purchase with your Gold or Platinum credit card will be protected by insurance in case you loose the item or there is accidental damage. This cover is not for the lifetime of the product, instead typically expires a couple of months after purchase. Extended warranty: Gold and Platinum cards often also provide extended warranty coverage on those more expensive items such as electrical goods and appliances. This warranty usually commences for a set time period after the manufacturers warranty ends. 24/7 concierge service: This is typically a feature that comes with Platinum credit cards to help you complete those everyday tasks. Concierge service is there to assist you with directions, purchase items and make bookings and reservations when you are too busy to do so yourself. Rewards program: Some Platinum and Gold credit cards will include or have some affiliation to a rewards program such as the Qantas Frequent Flyer program. However, with a Gold or Platinum


credit card, you can expect to earn additional points than the classic credit card and even bonus points. To show the difference in features between Platinum and Gold credit cards, see the table below provided by Money Buddy Credit Cards

Westpac 55 Day Credit Card

Westpac 55 Day Gold Credit Card

Westpac 55 Day Platinum Credit Card

Annual Fee $30

$90

$90

No

Yes: Covers overseas trips for up to 3 months and includes unlimited medical expense cover, up to $15,000 for loss or damage to property per person, up to $500 for loss or damage to travel documents, up to $2.5 million personal liability cover and up to $5,000 rental vehicle loss or damage cover.

Yes: Covers overseas trips for up to 6 months and includes specified medical expenses, up to $20,000 per person for loss or damage to personal property, up to $550 per person for loss or damage to travel documents, limit of $2.5 million personal liability cover and up to $5,000 rental vehicle loss or damage cover.

Purchase protection

No

Yes: Up to 90 days cover for loss, theft or accidental damage on most new items bought with your 55 Day Gold Card in Australia or overseas.

Yes: 4 months cover against loss, theft or accidental damage for most new items purchased in Australia and overseas provided the purchase is charged to your 55 Day Platinum Visa credit card.

Extended warranty

No

Yes: Up to one year's extended warranty insurance cover (in addition to the manufacturer’s expressed Australian warranty) on most new personal items purchased using your 55 Day Gold Card

Yes: Up to 24 months extended warranty insurance cover (in addition to the manufacturer’s expressed Australian warranty) on most new personal items purchased using your 55 Day Platinum Visa credit card.

No

No

Yes: This service is available 24 hours a day, 7 days a week from anywhere in the world

$30,000

$50,000

$100,000

Travel Insurance

24/7 concierge service:

Spending limit:


Am I a candidate for a Gold or Platinum credit card? To posses one of these credit cards you have to meet a certain criteria usually related to income. If you satisfy this criterion you are the desired credit card holder and you are in demand because the banks know you will spend big on your credit card and you will pay credit balances on time. So in order to attract your business, the banks reward you by offering Gold and Platinum credit cards with a variety of benefits and features that standard cards will not have. To demonstrate what criterion you may have to satisfy upon application here are some examples for currently available Gold and Platinum credit cards. To be a successful candidate for the Suncorp Clear Options Gold Credit card, applicants have to be at least 18 years of age, have a good credit rating and earn a taxable income of $30,000 per year or over. To be eligible for the Citibank Platinum Credit Card, you have to be at least 18 years of age, have a good credit rating and earn a taxable income of $35,000 per year or more. So I satisfy the criterion, should I choose Gold or Platinum? As evident in the table above, Platinum credit cards will have additional features, benefits and a larger spending limit than the Gold, so the suggestion is if you qualify for the platinum then choose the platinum but if you only qualify for gold that is still great news for you.

To conclude: The moral of the story, choose a credit card that is right for you and your spending habits. After selecting the type of credit card that you think is appropriate for you, compare, compare, compare online at http://www.moneybuddy.com.au


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