3.4 What are gold and platinum credit cards?

A.k.a

• Premium credit cards
• Black credit cards

In the past, gold and platinum credit cards were quite exclusive financial products given to those consumers who had large incomes and needed a service that would mean they didn’t have to carry large sums of cash around with them.

As a result of this, gold and platinum credit cards usually came with very high credit limits and became a kind of status symbol for those consumers that had them in their wallets

Although premium credit cards have recently become less exclusive and more readily available, they still carry with them a sense of higher status for those that have them. This is possibly because a higher income is required to be eligible for a gold or platinum credit card so if a cardholder is seen using one they will advertise this fact.

Gold credit cards generally require a lower annual income than platinum cards because they normally come with lower credit limits.

Applicants hoping to get their hands on a credit card of either type will also need to have a good credit history because card providers will want to see evidence of the ability to handle credit sensibly if they are going to give a substantial credit limit.

The minimum age for premium credit cards can sometimes be higher than that needed for classic cards. Some gold credit cards require a minimum age of 21 and some platinum credit cards won’t accept anyone under 25.

As for interest rates, gold and platinum credit cards usually come with typical APRs in line with standard, credit cards

If you are eligible for premium credit cards the main question you are likely to ask yourself is why you might need a gold or platinum card over any of the standard ones.

The first obvious answer to this is the increased credit limit but additional benefits may include:

-    A higher cash withdrawal limit
-    Free extras such as travel insurance, Payment Protection Insurance (PPI) and extended warranties on electrical items bought on the card
-    Royalty schemes with a chance to earn cash back or other rewards for every £1 you spend

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