Compare platinum credit card options to enjoy premium perks such as higher earn rates for rewards.
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’ll usually need to meet stricter eligibility requirements to apply for one of these cards. That said, these cards are a lot more commonplace that they used to be and most providers offer one as part of their range.As these cards generally come with higher annual fees and interest rates, make sure to evaluate your options to ensure that the value outweighs the costs.
Platinum credit card comparison
Why should you choose a platinum credit card?
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:
- Complimentary international travel insurance
- Extended warranty cover
- Purchase protection insurance
- Best price guarantees
- Complimentary airport lounge access
- Higher points per £1 for reward programmes
- Higher points caps for reward programmes
- Higher credit limits
While some standard credit cards also offer extras such as complimentary insurance, 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.
There are also several platinum credit cards that offer no foreign transaction fee. 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.Back to top
How to compare Platinum Credit Cards
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 with an annual fee, generally around £25 but sometimes much more. Some cards do offer waived or lower annual fees for a promotional period.
- Purchase interest rates. While most platinum credit cards have higher interest rates of around 20%, some cards do offer a low or no interest for a promotional period.
- Interest-free days. If you pay your balance in full, you could take advantage of up to 55 interest-free days on purchases.
- Balance transfers. If you’re 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’re repaying a debt, so this is something you’ll want to consider when comparing your options.
- Foreign transaction fees. If you’re using your credit card overseas, you could be charged between 1% and 3% of the overall transaction amount if you’re spending in a foreign currency. If you use your card for a cashpoint withdrawal, you should also watch out for overseas cashpoint withdrawal and cash advance fees.
- Cash advances. If you use your card for an ATM withdrawal, gambling transaction or other cash-equivalent transaction, you’ll usually be charged a higher interest rate of 20% to 22%.
- Credit limit. The credit limit you’re approved for will be based on your income and credit history. Make sure that the credit limit you apply for can support your financial needs without tempting you to overspend.
- Additional cardholders. If you’re using your card to manage your business or family spending, the option to request additional cardholders could come in handy. See how many cardholders you’re allowed and whether there is a fee involved to determine whether the card suits you.
- Rewards points. Some credit cards come with reward or frequent flyer programmes, allowing you to earn reward points for every pound you spend on eligible purchases. Some platinum cards offer up to four reward points per £1 spent, which you can then redeem for cashback, gift cards or products from the online store. If you opt for a frequent flyer credit card, your points will automatically go to frequent flyer account, which you can then redeem for flight rewards. Some platinum credit cards also offer bonus points, which could be a good way to boost your balance. Some cards may come with capped points or expiration terms and conditions, so make sure you’re aware of these to get the most out of your points.
- Complimentary insurance. Many platinum credit cards offer some kind of additional insurance cover – usually travel insurance – which 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 also include additional insurances such as purchase protection and extended warranty.
- 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.
- Entertainment experiences. Depending on the card network you’re with, you could take advantage of presale concert tickets, exclusive competitions, discount ticket prices and more with rewards programmes run by Mastercard, Visa or American Express.
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.Back to top
How to apply for a platinum credit card
You can apply for a platinum credit card 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 18 years of age.
- Credit history. Platinum credit cards are designed for people with good or excellent credit history.
- Annual income. Standard credit cards don’t always require a minimum income, but many banks will need you to at least have a regular source of income if you’re applying for a platinum card. Income requirements can vary, but can be up to £18,000, sometimes 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 passport and/or your driver’s licence to prove your identity.
- Employment information. You may need to provide proof of your employment with two recent payslips, your most recent tax statement or a letter from your employer. You’ll also be asked to provide the details of your employer or, if you’re self-employed, your accountant.
Applying for a platinum credit card online
Once you’ve confirmed that you’re eligible and have collected the necessary information, you can apply for a platinum credit card in 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’s 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’re 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 of them to find an option that is right for you.Back to top
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.