Platinum credit cards offer premium benefits, higher spending limits and exclusive perks for cardholders who want to get extra value from paying with plastic. Traditionally aimed at big spenders and high-income earners, you usually need to meet stricter eligibility requirements to apply for one of these cards.
American Express Platinum Edge Credit Card
American Express Platinum Edge Credit Card
Purchase interest rate
Eligibility criteria, terms and conditions, fees and charges apply
American Express Platinum Edge Credit Card
The American Express Platinum Edge Credit Card offers a low interest rate on purchases. Earn 20,000 Membership Rewards bonus points when you apply online and spend $750 in the first 3 months of Card membership. This offer is available to new Card Members only.
Annual fee: $149 p.a.
Purchase rate (p.a): 2.99% APR for 6 months (reverts to 19.95% APR) on purchases
The prestige and features of a platinum credit card can give you extra value if you spend regularly, travel frequently or use your credit card for additional perks. Platinum credit card features and benefits are a cut above those offered by standard or gold credit cards and often include:
While some standard and gold credit cards also offer extras such as complimentary insurance, it is important to note that platinum credit card complimentary insurance usually offers greater coverage with lower excesses and is more likely to cover companions or family members.
There are also platinum credit cards that offer no foreign transaction fee, such as the Westpac Airpoints Platinum Mastercard. If you use your card for purchases overseas or regularly shop with foreign online merchants, a platinum card with 0% currency conversion fees could help cut costs.
Almost every credit card issuer offers a Platinum product, which makes comparing credit cards to ensure they suit your lifestyle even more important. A good place to start is by looking at the features that are similar across all credit cards (such as purchase interest rates) and the features that are different (including promotional interest rates or specific complimentary extras). Some of the factors you might want to consider in your comparison include:
Interest rates and fees
Annual fee. Platinum credit cards usually come at the price of a higher annual fee, so annual fees can range between $80 and $390. Some cards do offer waived or lower annual fees for a promotional period.
Balance transfers. If you are consolidating a debt, look for a platinum card that has a 0% offer on balance transfers for a promotional period. You shouldn’t use your card for spending while you are repaying a debt, so this is something you need to consider when comparing your options.
Foreign transaction fees. If you are use your credit card overseas, you may be charged between 1% to 3% of the overall transaction amount if you spend in a foreign currency. If you use your card for an ATM withdrawal, you need to watch out for overseas ATM withdrawal and cash advance fees.
Cash advances. If you use your card for an ATM withdrawal, gambling transaction or other cash-equivalent transaction, you are usually charged a higher interest rate of 20% to 22%. Find out what is considered a cash advance here.
Credit limit. The credit limit you are approved for is based on your income and credit history, but they can range from a minimum limit of around $5,000 up to $50,000 or more. Make sure the credit limit you apply for can support your financial needs without tempting you to overspend.
Additional cardholders. If you use your card to manage your business or family spending, the option to request additional cardholders could come in handy. See how many cardholders you are allowed and whether there is a fee involved to determine whether the card suits you.
Rewards points. Some credit cards come with reward or Airpoints programmes, allowing you to earn reward points for every dollar you spend on eligible purchases. Some platinum cards offer up to 2 reward points per $1 spent, which you can then redeem for cashback, gift cards or products from the online store. If you opt for an Airpoints credit card, your points will automatically go to your Airpoints account, which you can then redeem for flight rewards. Some platinum credit cards offer bonus points, which could be a good way to boost your balance. Credit cards may come with capped points or expiration terms and conditions, so make sure you are aware of these to get the most out of your points.
Complimentary insurance. Most platinum credit cards offer complimentary travel insurance that covers medical and hospital expenses; loss or damage to personal property; cancellation of travel arrangements and inconvenience cover while you are overseas. This cover usually extends to partners and family members travelling with you, but you might need to make a purchase on the card (such as $500 of your prepaid travel costs) to activate the insurance. Some platinum cards include additional insurances such as purchase protection and extended warranty. Find out more about credit cards with included insurance.
Concierge services. Some platinum cards offer a 24/7 concierge service that can help you with anything from travel bookings and restaurant reservations to sending a gift or securing concert tickets.
Airline lounge passes. Some platinum credit cards offer the added luxury of airport lounge access when you travel. Depending on the lounge, these usually offer complimentary food and beverages, free Wi-Fi and shower facilities, letting you wait for your flight in style. You can compare credit cards with airline lounge passes for more options.
Entertainment experiences. Depending on the card network you are with, you could take advantage of presale concert tickets, exclusive competitions, discount ticket prices and more with Visa Entertainment, American Express Experiences and Mastercard Priceless Cities.
With all of these factors in mind, make sure you consider whether the features suit your lifestyle; if the credit limit suits your finances; and how much you spend (and repay) each month to determine whether you will get full value from the card.
You can apply for a platinum credit card online by clicking the ”Go to site” button, but you need to make sure you meet the following eligibility requirements and possess the necessary documents.
Age. Applicants must be at least 18 years of age.
Credit history. Platinum credit cards are designed for people with good or excellent credit history.
Annual income. You must have a regular source of income. Platinum credit cards also have higher minimum income requirements, starting from $30,000 p.a. but usually closer to $50,000 p.a. or more.
Employment. Full-time employment is preferred. If you are self-employed, retired or on a pension and can provide proof of regular income, then you may also be eligible to apply.
Proof of identity. You need to provide a copy of your passport, and/or your driver’s licence to prove your identity.
Employment information. You need to provide proof of your employment with two recent payslips, your most recent tax statement or a letter from your employer. You will also be asked to provide the details of your employer or, if you are self-employed, your accountant.
Applying for a platinum credit card online
Once you have confirmed that you are eligible and have collected the necessary information, you can apply for a platinum credit card using the following steps:
Find a platinum credit card that best suits your needs and click on the “Go to site” button. This will send you to the bank’s secure application page.
Read over the eligibility criteria and application terms then select “Apply”.
Fill out the application with all of the requested information.
Provide your supporting documentation when it is requested. If you don’t have the necessary document or information on hand, you can pause your application to spend some time looking for it or contact the bank to see if there is any substitute information you could include. It is safer to do this than submit your application and risk being rejected.
Submit your application. You should be notified of the initial outcome within a few minutes via the webpage or your email.
If you receive conditional approval, follow the steps outlined by the bank to complete the application process.
If you are approved, you can expect to receive your credit card within 5 to 10 business days.
From higher credit limits and more reward points to complimentary insurance, concierge services and travel perks, platinum credit cards have both premium features and status that lift them up above other options. So if you want your credit card to do more for you than just the basics, check out the wide range of platinum credit cards and use your knowledge to find an option that is right for you.
Frequently asked questions about platinum credit cards
Here are some of the most frequently asked questions about platinum credit cards from our users. If you still have a question please leave a comment in the box below.
Yes. Low interest rate platinum credit cards are extremely popular due to their combination of low-interest rates and platinum benefits.
If you have paid the card off in full, you can cancel platinum credit cards at any time, free of charge. See our guide on how to cancel a credit card for tips on how to do so without hurting your credit score.
Platinum cards offer a wealth of extra perks and features that could make your credit card experience more rewarding. However, as these cards generally come with a higher annual fee and interest rates than most cards, you need to make sure you are paying your balance in full and taking advantage of all of the card’s features to ensure you are getting your money’s worth. If you are earning reward points, you can also calculate the dollar value of the rewards you are redeeming to determine whether or not it outweighs the card’s annual fee and interest costs.
If you are looking to earn more rewards per dollar spent on your credit card; take advantage of VIP benefits such as airline lounge access and concierge services; shop with a higher credit limit and enjoy complimentary insurance cover, you can compare your platinum credit card options below. As these cards generally come with higher annual fees and interest rates, make sure you evaluate the options to ensure the value outweighs the costs.
Alison is an associate editor for Finder. As an editor and proofreader, Alison has found an outlet for her love of the written word. As well as constantly reading, Alison can be found caring for her menagerie of animals in her spare time.
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