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Why Platinum Credit Cards May Be More Accessible Than You Think

Jan 23, 2008
A Platinum credit card carries with it a certain amount of kudos. One flash of its metallic sheen and people around you make instant assumptions about your lifestyle, your spending habits and your status in life. There will be assumptions that you have worked your way up through the strata of silver and gold and are now part of an exclusive and elusive set that enjoys perks and benefits in accordance with their wealth. But what is the truth behind the matter? Is every Platinum credit card user someone who owns a yacht and can afford to holiday on a regular basis in the Maldives?

In fact, while it's generally thought that earnings is the main guide for lenders when awarding platinum credit cards, in fact they are generally offered to consumers with a good credit rating or, in some instances, consumers with no credit score at all. The latter is because, at the time of application, there would be no previous debt issues even though there is no display of the consumer's ability to manage credit; your credit rating actually improves if you borrow money and meet the repayments on time, rather than having a credit-free history.

In general, benefits associated with this type of credit card can be: a complete absence of an annual fee, lower interest rates, higher credit limits and a more frequent increase to that limit, travel accident insurance, a fraud protection service, cash-back deals, and free air miles.

Platinum credit cards offer a range of incentives, benefits and perks for their users, usually with very attraction introductory offers. Generally, they do not charge the usual high interest rates that are associated with borrowing and the annual fee for the service is usually very low or even non-existent. The benefits can vary from card to card, but by and large, you could expect to find yourself looking at deals including 0% on new purchases, 0% interest on balance transfers, a low APR, flight deals, deals on music, film, mobile phones, computers, petrol, holidays, discount or cash-back on selected consumer items and even services. These loyalty reward schemes are there to attract new customers and to reward existing ones. Many credit card companies also offer a range of special services that are security and safety-orientated; protection against card theft or loss, travel insurance, protection against credit card fraud and personal injury insurance are becoming more 'the norm' with Platinum credit card deals.

Despite all the perks available, the bottom line is that a Platinum credit card is only worth getting if you're going to use it to its full extent, in terms of perks and benefits. To optimise the bonuses that this scheme can bring you, you need to be a consumer who would use the card regularly for routine and high purchases - but still be able to pay back the whole of your credit balance at the end of each month.

While standard credit cards, along with silver and, to a lesser extent gold, are good for those consumers who are still trying to build good credit by using them wisely and improving their credit score by meeting the necessary payments, platinum cards are for those who have defined their scores as good and can now enjoy the advantages of the card itself and the loyalty scheme rewards that are now an enormous part of their attraction.
About the Author
Check out Howard Montague's report about the Credit Cards online in the market place. His talents as a finance writer are best demonstrated in buying online Credit Card applications
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