Gold vs platinum credit cards: Which is best?

Compare gold and platinum credit cards to decide which is the better option for you

Last updated:

While exclusive means elusive for most of us, there’s now a slightly more accessible range of premium credit cards available: gold and platinum credit cards. Gold cards are a tier above standard cards, and platinum cards are a tier above gold.

These products are designed to offer greater perks such as a higher credit limit, rewards and complimentary insurance. However, gold and platinum cards also typically charge high fees for these perks.

Comparison of a gold and a platinum card

Table: sorted by representative APR, promoted deals first
Here’s a comparison of two cards from American Express – one a gold and the other a platinum.
Updated December 5th, 2019
Name Product Purchases Annual/monthly fees Credit limits Rep. APR Incentive Representative example
22.9%
Year 1 - £0, Year 2 onwards - £140 per annum
Min. limit £700, max. limit not specified.
57.6% (variable)
Earn 1 point for virtually every £1 spent. 2 points per £1 spent directly with airlines or in a foreign currency or 3 points for every £1 spent through American Express Travel. Earn 10,000 bonus points when you spend £3,000 in your first 3 months. Spend £15,000 or more during the year and earn 10,000 bonus points each year the card is renewed. Earn 6,000 points per friend/family member that successfully applies for the card or 12,000 points if they spend £3,000 in their first 3 months. Two complimentary lounge visits per year, available at over 500 airport lounges worldwide.
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a. with an annual fee of £140 (£0 in first year), your representative APR is 57.6% APR (variable).
N/A (this product is a charge card).
£575 per annum
Min. limit not specified, max. limit not specified.
N/A (this product is a charge card).
1 point earned for virtually every £1 spent. Additional 30,000 points earned when you spend £4K within first three months of Cardmembership. Earn 1 additional point for virtually every £1 spent at American Express Travel Online. Rewards points can be used as currency to buy flights and package holidays through Platinum Service. Reward points can also be redeemed for a wide range of products, experiences, travel and hotel stays. Cardmember can pay card fee (£575) using Membership Rewards® points at renewal. Earn 12,000 bonus points per friend/family that uses Referral Programme and successfully applies for a card and spends £4K within first 3 months of Cardmembership.

Compare up to 4 providers

What’s the difference between gold and platinum credit cards?

Gold credit cards are considered one step up from standard options, while platinum credit cards are a step above gold. This means the benefits they offer will vary between gold and platinum status levels, as well as between individual cards. Here are some examples of differences you may find between the offerings of gold and platinum cards:

  • Complimentary extras. Complimentary extras may include travel and purchase insurances, concierge services and other travel perks like airport lounge access. Unlike platinum options, some gold cards may not offer domestic travel insurance or car rental insurance, nor personal concierge services, for instance.
  • Insurance limit. Complimentary insurance coverage may vary between gold and platinum versions of the same card, with platinum cardholders enjoying higher cover limits or lower excess costs.
  • Reward points per £1. Platinum cardholders typically earn more reward points per £1 spent than gold cardholders. As an example, a standard reward card may offer 1 point per £1, while the gold version offers 1.5 points per £1 and the platinum offers 2 points per £1.
  • Reward point cap. If a reward credit card limits the number of points you can earn per statement or per year, then a platinum card will have one of the highest caps.
  • Bonus point offer. Introductory bonus point offers may differ between gold and platinum products, with platinum cards typically offering more bonus points when you sign up.
  • Minimum credit limit. Platinum cards give higher minimum credit limits than gold cards, which can be a bonus if you spend a lot on credit and can responsibly manage your credit card payments.
  • Annual fee. Platinum cards charge higher annual fees than gold cards offered by the same provider.
  • Minimum income requirement. Platinum cards also generally require successful card applicants to have higher income levels compared to gold cards.
  • Credit history. While both cards require cardholders to have good credit history and credit rating, platinum cards tend to have stricter requirements than gold cards.

How to compare gold and platinum credit cards

When choosing between a gold and platinum credit card, the decision boils down to your individual circumstances. To help you make your decision, these are some key questions to consider:

  • How often will I use my credit card? Your yearly average spending on the card can be a strong indicator of which card type will suit you better. If you don’t use your card often, it won’t be worth paying high fees for a platinum card that you won’t use much. On the other hand, if you spend a lot on your credit card, you’d want to watch out for monthly caps on earning rewards points, which could be lower on a gold card.
  • How much can I afford to pay for a credit card? Working out a budget for your credit card expenses can be helpful in determining whether you can better manage the cost of the annual fee for a gold or platinum card.
  • What additional features do I want? Thinking about what you actually want in a card, and which card features you’ll actually use, can also bring clarity. For instance, if you regularly travel abroad, it may be worth paying a high premium for platinum travel perks like international travel insurance and airport lounge access. However, if you only go overseas once every couple of years, these features are unlikely to offset the cost of the annual fee and a gold or classic card may be more suitable.
  • Can I meet the application requirements? Keep in mind requirements like minimum income are usually tougher for platinum cards when compared with gold cards, and make sure you check these details during the comparison so you can apply for a card that’s appropriate to your circumstances. Remember that multiple applications for credit within a short space of time can hurt your credit score.

What else should I consider when looking at gold and platinum credit cards?

Here are some other factors to consider when comparing gold and platinum cards:

  • Purchase rate. This is the interest rate charged on purchase transactions, which is very relevant if you habitually carry a balance on your credit card. If you always settle your monthly statement in full, this is not a real concern because you don’t incur interest fees on your purchases.
  • Introductory interest rates. As part of a sign-up promotion, many cards come with a low or 0% introductory interest rate on purchases or balance transfers. If you wish to transfer a sizeable balance, or are about to make a large purchase, the promotional rate could well be a deciding factor. After a specified period these rates revert to the card’s regular rates, which are substantially higher. Always check how long a promotional rate is available for and what it will revert to at the end of the honeymoon period.
  • Interest-free days. Most credit cards offer an interest-free period for purchases, which typically varies between 25 and 62 days per statement period. While interest-free days can help you avoid additional charges, they are only available if you pay your balance in full by the due date on each statement. Otherwise, interest will apply from the day you make a purchase.
  • Value of reward points. A little research and calculation should reveal how much a credit card’s rewards points are worth. Consider the earn rate of the card, as well as what rewards you can get and the annual fee to get an idea of the potential value. This will help you compare rewards programmes across cards.
  • Application criteria. Keep in mind that submitting too many credit card applications in a short amount of time can harm your credit rating. Researching a credit card’s eligibility requirements helps ensure that you only apply for one when you have a high chance of application success.

Ultimately, no credit card is perfect for everyone, but you might find one that will closely match your needs and spending habits. As such, platinum cards aren’t necessarily always better than gold cards. Remember to research and compare cards to find the option that best suits your needs.
What is the most prestigious credit card?

The NatWest Balance Transfer Credit Card (existing customers)
The NatWest Balance Transfer Credit Card (existing customers)

Balance transfers:

0% for 20 months reverting to 19.9%.

Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable), your representative rate is 19.9% APR (variable).

M&S Bank Shopping Plus Mastercard
M&S Bank Shopping Plus Mastercard

Balance transfers:

0% for 20 months reverting to 19.9%

Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).

ASDA Money Cashback Credit Card Mastercard
ASDA Money Cashback Credit Card

Balance transfers:

0% for 12 months reverting to 19.9%

Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).

The Royal Bank Balance Transfer Credit Card (existing customers)
The Royal Bank Balance Transfer Credit Card (existing customers)

Balance transfers:

0% for 20 months reverting to 19.9%

Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable), your representative rate is 19.9% APR (variable).

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site