A Platinum card is acredit card which, as its name suggests, is a card with more prestige and benefits than a gold or regular credit card. Credit cards follow the same logic as the valuing of precious metals! Just like a platinum ring is more valuable than a gold ring, the platinum card enjoys higher status than a gold card. A Platinum card offers several tangible benefits when compared to other regular credit cards, and is also in demand for its image as a prestige card for high end customers.
What are the features of a Platinum card?
A Platinum card can be one of the most expensive cards to own in terms of annual fees (where applicable), but it also offers several benefits to cardholders. Each credit card issuer offers its own set of exclusive privileges to its Platinum customers and these could include:
High or uncapped credit limit: Platinum cards have a higher credit limit than regular or gold cards which gives you much more flexibility in spending.
More rewards points per rupees spent: These cards will give you more reward points than other credit cards for the same amount of money. You can redeem these points for a variety of gifts or vouchers. So, for instance, if you get I reward point for every Rs. 100 spent on your regular credit card, a Platinimum card could offer you 1 reward point for Rs 50 or perhaps 2 points for every Rs. 150 spent. Each bank or credit card company has its own rewards programme.
Travel privileges: You can get savings with Airline Partners, free membership to hotel rewards programmes, and complimentary access to airport lounges. You can also avail of conceneirge services to assist you on travel and enteretainment options.
Leisure: Some cards offer vouchers on movie tickets. You can avail of complimentary golf at premium courses across the country and enjoy savings at hundreds of restaurants.
Should you apply for a Platinum card?
Which card you apply for depends on your individual spending discipline, repayment behaviour and credit eligibility. You will need to have a good credit history (and a score of 750 or above) and a high income in order to qualify. Howeer, you need to also look at whether the benefits are of use to you.
Privileges: If you do not play golf, then a card that offers complimentary golf is not of much use. Similarly, if you do not travel regularly by air then airline savings and lounge access is a waste.
Charges: Don’t forget that these cards do not come cheap – while some issuers might waive charges, in general the annual fees can be quite steep.
Credit limit: If you are prone to spending freely, then having a high credit limit can lead to getting into debt.
If you are sure of paying off your balance in full and on time, and if you think you will make use of the privileges, then you should consider applying for a platinum card. While a platinum card may seem glamourous and desirable, keep in mind the nitty gritty plastic details behind the shiny metal façade before you make a decision.
FAQs
The Amex Platinum Card earns 5x Membership Rewards® Points for flights booked directly with airlines or with American Express Travel (up to $500,000 on these purchases per calendar year), 5x Membership Rewards® Points on prepaid hotels booked with American Express Travel, 1X Membership Rewards points on all other ...
What does platinum mean on a card? ›
Platinum credit cards are usually the crème de la crème of the credit card world. Generally, they're a step up from a gold credit card and are reserved for those with a good credit score providing you with access to a range of offers and perks, as well as a higher credit limit than standard options.
What are the requirements for a platinum card? ›
You must be over 21 years of age to obtain the American Express Platinum Card. Additional cardholders must be over the age of 18. Bring any current credit accounts into good standing. If your credit score is below 700, try improving your credit score to maximize odds of approval.
What is a platinum level card? ›
Many platinum credit cards come with a rewards program where you can earn reward points per dollar spent. Complimentary insurances. Platinum credit cards may offer complimentary insurances such as travel insurance, purchase protection insurance and extended warranty insurance. Other perks.
How much money can you spend on a platinum card? ›
If you have a Consumer or Business Green, Gold or Platinum Card, your Card does not have a credit limit. Instead, your Card has no preset spending limit unless you have been previously notified otherwise. No preset spending limit means the spending limit is flexible.
Is platinum a good credit card? ›
Capital One Platinum Review
The Capital One Platinum Credit Card is a good credit card for people with average credit or who are new to credit. It is worth applying for the Capital One Platinum Card because of its $0 annual fee and the fact that it reports account information to the 3 major credit bureaus each month.
Is platinum used as money? ›
Platinum coins are a form of currency. Platinum has an international currency symbol under ISO 4217 of XPT. The issues of legitimate platinum coins were initiated by Spain in Spanish-colonized America in the 18th century and continued by the Russian Empire in the 19th century.
Is platinum worth a lot? ›
Throughout history platinum has tended to be more expensive than gold and is generally considered to be the most valuable metal of all. Culturally, there is a hierarchy amongst the precious metals which roughly translates into their material value.
Are platinum cards hard to get? ›
To be eligible for the Amex Platinum Card® you'll typically need a good to excellent credit score. This makes it one of the more difficult cards to be approved for.
Can everyone get platinum card? ›
No, everyone cannot get a Platinum Debit Card. Those who qualify are usually individuals with a great credit score, lengthy credit history, and have relatively high income than others.
American Express® Platinum Travel Credit Card is one of the best options for people who frequently travel to domestic or international destinations. It offers premium travel benefits including travel vouchers, complimentary lounge access and benefits with popular hotels .
What is the difference between normal card and platinum card? ›
In the world of Indian banking, a Visa Platinum Debit Card is not just a piece of plastic; it's a gateway to a premium banking experience. With higher spending limits, enhanced security, global ATM coverage, exclusive rewards, and personalized services, it's a symbol of financial excellence.
Is platinum card the highest? ›
High or uncapped credit limit: Platinum cards have a higher credit limit than regular or gold cards which gives you much more flexibility in spending.
Is platinum card a black card? ›
The American Express Centurion Card, colloquially known as the Black Card, is a charge card issued by American Express. It is reserved for the company's wealthiest clients who meet certain net worth, credit quality, and spending requirements on its gateway card, the Platinum Card.
Is platinum card luxury? ›
The Amex Platinum Card is a symbol of luxury and exclusivity. It offers a range of benefits and perks that are unmatched by any other credit card. While the annual fee may be high, the benefits and perks can easily offset the cost for those who value luxury and are willing to pay for it.
Which is higher platinum or gold? ›
Platinum is also usually more expensive than gold. Why is platinum more expensive than gold? More than 1,000 tons of gold are mined every year, but only a little over 150 tons of platinum are mined in a year. This scarcity makes platinum more expensive than gold most of the time.
Is going platinum better than gold? ›
Platinum is generally considered a safer option for holding diamonds and gemstones due to its superior strength, durability, and resistance to wear. It allows for secure settings that require less maintenance over time to keep stones safely in place.
Is a platinum card better than a silver card? ›
The Quicksilver has rewards, a sign-up bonus and an intro annual percentage rate (APR) period on purchases and balance transfers, all for a $0 annual fee. The Platinum doesn't have any of those perks. Of course, the Quicksilver's rich benefits come at a price: your credit score.
Is a diamond card better than platinum? ›
Although the Citi Diamond Preferred provides more time to pay off debt interest-free, the U.S. Bank Visa Platinum has a lower balance transfer fee, so you'll likely save more money by transferring your debt to the U.S. Bank Visa Platinum even if you need a full 21 months to pay off your debt.
