What is a platinum credit card?

Platinum credit cards come with high minimum income requirements, but they offer high credit limits and an array of benefits in return.

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Platinum credit cards offer more attractive benefits, higher spending limits and exclusive extras for customers looking to get more from paying with plastic. These cards tend to offer features such as complimentary insurance cover and even personal concierge services. A number of platinum credit cards come linked to a rewards program, enabling cardholders to earn rewards from their spending.

In most cases, the minimum income requirement to qualify for these types of cards is higher than that of gold or classic credit cards. They also feature a higher minimum credit limit with the option to increase the credit limit to amounts much higher than that of other cards. For this reason, platinum credit cards are usually associated with business people who earn quite a bit.

Compare platinum credit cards

This comparison is ordered by representative APR with affiliated products shown first.
Updated January 26th, 2020
Name Product Purchases Annual/monthly fees Credit limits Rep. APR Incentive Representative example
American Express Platinum Cashback Everyday Card
Min. limit £700, max. limit not specified.
22.9% (variable)
5% after £1 of yearly spend for introductory period of 3 months. 0.5% on £1 to £5000 of yearly spend. 1% after £5001 of yearly spend. Cashback paid Anniversary into Card Account. 5% intro cashback in the first 3 months (max £100). Must spend £3K annually to earn cashback.
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).
American Express Platinum Cashback Card
£25 per annum
Min. limit £700, max. limit not specified.
28.2% (variable)
5% on £1 to £2500 of yearly spend for introductory period of 3 months. 1% on £1 to £10000 of yearly spend. 1.25% after £10001 of yearly spend. Cashback paid Anniversary into Card Account. 5% intro cashback (max £125).
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a. with a fee of £25 per annum, your representative rate is 28.2% APR (variable).
American Express Preferred Rewards Gold Credit Card
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).
The Platinum Card
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.
Bank of Scotland Platinum Low Rate Mastercard
Min. limit not specified, max. limit not specified.
9.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.95% (variable) p.a., your representative rate is 9.9% APR (variable).
Lloyds Bank Online Platinum 20 Month Purchase and Balance Transfer Mastercard
0% for 20 months reverting to 19.94%
Min. limit not specified, max. limit not specified.
19.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.94% (variable) p.a., your representative rate is 19.9% APR (variable).

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What are the benefits of using a platinum credit card?

As a platinum credit card user, you can look forward to a number of benefits, including:

  • Rewards. Most platinum credit cards come linked to a rewards program, but not all rewards programs are the same. For instance, while some cards may link to a frequent flyer program, others might link to a program that offers limited reward options. Platinum cards, when compared to standard rewards cards, tend to offer better earn rates, so you can earn rewards faster.
  • Complimentary insurance. When you use your platinum credit card to make purchases, you can make use of complimentary purchase covers like guaranteed pricing scheme, purchase cover insurance and extended warranty insurance. Complimentary international travel insurance and transit accident insurance come into play when you use your card to pay for travel.
  • Personal concierge service. This service offers round-the-clock global assistance in matters like dining, travel, entertainment and business.
  • 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 make use of an array of discounts and special promotions spread across travel, shopping and dining.
  • Extended Warranty Cover. You can often register specified items (usually up to three) bought with your platinum card to have their original warranty period extended.

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How do I compare platinum credit cards?

The basic features of different platinum credit cards usually remain the same, but certain aspects can differ greatly. When comparing platinum cards, make sure you pay attention to the following:

  • Annual fee. Many platinum credit cards charge an ongoing annual fee, though some cards offer an annual fee waiver for the first year. Although some platinum cards don’t charge an annual fee, they may have fewer perks and benefits.
  • Rewards program. Pay attention to how many points you stand to earn per pound spent and find out what you can redeem your points for. Some rewards programs allow you to redeem your points for flight tickets, flight upgrades and travel and shopping vouchers and some even allow you to use your points for cash back.
  • Interest rate offers. Certain platinum credit cards come with interest rate offers on either balance transfers or purchases. These offers give you the ability to pay little-to-no interest on your balance or purchases for a certain period of time. Note that the promotional interest rate and the time period can vary from one card to the next.
  • Foreign transaction fees. Some platinum cards may offer 0% interest on foreign transactions, while others may charge between 1-3%.
  • Credit limit. The credit limit you’re approved for will be based on your income and your credit history. Make sure that the credit limit you apply for can support your financial needs without tempting you to overspend.
  • Additional cardholders. You may want to request additional cards for your account for your partner or family members. Find out how many cardholders you can add and if there is a fee.

Who are platinum credit cards best suited to?

When choosing a credit card, you should ideally take into account your income, your spending habits and your ability to make repayments. You should consider getting a platinum credit card only if you plan on paying your account’s closing balance in full each month. This is because platinum card interest rates are usually quite high.

If you wish to earn rewards for your spending, a platinum card might also work well for you. Most platinum cards will offer reward points per pound spent, which you can then redeem in various ways. You could also consider a platinum card if you want a higher-than-usual credit limit.

Frequent travellers can benefit from a platinum credit card because of the complimentary travel insurance on offer. Some platinum credit cards also offer no foreign transaction fees on overseas purchases, as well as other travel perks, such as free airport lounge access and hotel room upgrades.

What are the pros and cons of platinum credit cards?

While there are considerable advantages to owning a platinum credit card, you’ll find that there are some disadvantages too. Here’s a quick look at the good and the bad of owning a prestige card.


  • High credit limits. Platinum credit cards offer greater spending power through high or uncapped credit limits.
  • Better earn rates. Platinum credit cards offer the ability to earn two to three reward points per pound spent, as opposed to a standard reward card, which offers no more than one point per pound spent.
  • Extras. You can access benefits such as concierge services and complimentary insurance covers.
  • Travel perks. Along with travel insurance, many platinum cards offer complimentary airport lounge access, 0% foreign transaction fees, room upgrades, late check-out, car rental perks and other travel benefits.


  • Annual fees. You could have to pay an ongoing annual fee for as long as your account remains active. This might not be worth it if you don’t make use of your card’s extra features.
  • High interest. If you keep balances rolling in your account from one month to the next, you can expect to pay a higher interest rate than that of a low rate card.
  • Minimum income requirement. Many platinum cards require you to be employed full-time with a high income. Self-employed, retired or part-time employees may find it harder to get approval.

What platinum credit cards are currently available?

A number of UK credit card providers offer Visa, Mastercard and American Express platinum credit cards. They often offer similar features but a range of different perks. As a result, fees and interest rates vary.

A platinum credit card brings with it a number of benefits, but you should only consider applying for one if you think you’ll be able to use it in a way that justifies paying the higher annual fee. Don’t forget that you have numerous options from which to choose, so take the time to compare as many as you can before deciding on which to go with.

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