Platinum credit cards offer premium benefits, higher spending limits and exclusive perks for cardholders who want to get extra value from cashless transactions.
Here’s everything you need to know before you’re ready to compare your platinum credit card options.
HSBC Visa Platinum Credit Card
Receive up to S$200 cashback..
HSBC Visa Platinum Credit Card
Apply today and enjoy 5% cashback on all purchases.
- Principal Annual Fee: S$0 annual fee for 2 years - S$192.60 thereafter.
- Cashback Rate: 5%
- Annual Interest Rate: 25.9%
- Minimum Income (Singaporean & PR): S$30,000
- Minimum Income (Non-Singaporean): S$40,000
What is a platinum credit card?
A platinum credit card is a type of credit card that typically comes with a larger credit limit and is better suited to a big spender. Platinum credit cards also offer premium extras including concierge services, rewards programs with bonus points offers, competitive earn rates and complimentary insurance covers. Some also come with airline lounge passes, travel credits and entertainment experiences.
These cards usually come at the cost of a higher annual fee and interest rate. Plus, you might also be required to meet a higher minimum income to get approved.
The features of a platinum credit card can give you extra value if you spend regularly, travel frequently or take advantage of your credit card’s additional services. Platinum credit card features and benefits are a cut above those offered by standard credit cards. These often include:
Promotional offers. Many platinum credit cards also come with competitive promotional offers, such as interest-free purchase offers and bonus points when you meet a spend requirement.
Platinum perks. Depending on the card you choose, you can get exclusive invitations to a host of entertainment and sporting events, and you can get access to presale tickets. You can also expect to make use of an array of discounts and special promotions spread across areas like travel, shopping, and dining.
Higher credit limit.Platinum credit cards regularly come equipped with higher credit limits, giving you greater spending flexibility. Bear in mind that it will vary between products, lenders and your monthly income.
Low or 0% foreign fees. There are also several platinum credit cards that offer low or 0% foreign fees. For example, the Bank of China Visa Infinite Card includes a 1.5% currency exchange fee waiver on all overseas transactions. If you use your card for purchases overseas or regularly shop with foreign online merchants, a platinum card with no or low currency conversion fees – or cashback – could help to cut the cost of your spending.
Rewards points. Some credit cards come with reward or air miles programs, allowing you to earn reward points for every dollar you spend on eligible purchases. You’ll often find higher points caps for reward programs, such as frequent flyer loyalty schemes. Some platinum cards offer up to 2 reward points per S$1 spent, which you can then redeem for cashback, gift cards or products from the online store.
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.
Complimentary insurance. Most platinum credit cards offer complimentary travel insurance that could cover medical and hospital expenses, loss or damage to personal property, cancellation of travel arrangements and inconvenience cover while you’re overseas. Some platinum cards also include additional insurances such as purchase protection and extended warranty. It’s 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.
With all of these factors in mind, make sure that 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’ll get full value from the card.
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 interest rates), and the features that are different (including promotional interest rates or specific complimentary extras). Apart from the standard rates and fees, some of the factors you might want to consider in your comparison include:
If you see a platinum credit card that you like on Finder, you can apply online by clicking the ‘Go to site’ button, but you’ll need to make sure you meet the following eligibility requirements and necessary documents.
- Age. Applicants must be at least 21 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 S$30,000 p.a. but usually closer to S$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’ll need to provide a copy of your NRIC (Front and Back) or valid passport.
- Employment information. You’ll need to provide proof of your employment with the latest 3 months computerised payslip, your latest income tax notice of assessment and latest 12 months CPF contribution history statement.
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 of them to find an option that is right for you.
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.
Are there any low-interest rate platinum credit cards?
Yes. Low interest rate platinum credit cards are extremely popular due to their combination of low-interest rates and platinum benefits.
How do I cancel a platinum credit card?
If you’ve 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.
What level of credit card is above platinum?
In the premium card tier, only black credit cards are more exclusive than platinum.
Is a platinum credit card worth it?
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’ll want to make sure you’re paying your balance in full and taking advantage of all of the card’s features to ensure you’re getting your money’s worth. If you’re earning reward points, you can also calculate the dollar value of the rewards you’re redeeming to determine whether or not it outweighs the card’s annual fee and interest costs.