What is a Platinum Credit Card? | finder.com
What is a Platinum Credit Card?

What is a Platinum Credit Card?

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

What is a Platinum credit card?

Qualifying for platinum credit cards requires that you meet high minimum income requirements. You can expect such a card to offer a considerably higher credit limit when compared to basic cards, and you can also look forward to a variety of extras. Such cards, for example, tend to offer complimentary insurance covers, and cardholders usually get access to a personal concierge service as well. A number of platinum credit cards come linked to rewards programs, enabling cardholders to earn rewards as per their spending.

In most cases, the minimum income requirement to qualify for these types of cards is higher than Gold or Classic credit cards. They also feature a higher minimum credit limit with the option to increase the credit limit much higher than other types of accounts. For this reason, these are usually associated as being for movers and shakers.

Compare Platinum credit cards

Rates last updated February 24th, 2018
Name Product APR for Purchases ( Purchase Rate ) Intro APR for Balance Transfer Annual fee Product Description
First Progress Platinum Elite Mastercard® Secured
19.99% variable
$29
With just a security deposit and 19.99% variable APR, start building or rebuilding your credit history.
Indigo® Platinum Mastercard® Credit Card
23.9% variable
$75 annual fee for the first year ($0 to $99 thereafter)
With this card you get a 23.9% variable APR.
Simmons Bank Visa® Platinum Rewards
11.25% variable
$0
Excellent Credit Required - Applicants that do not have excellent credit will not be approved
Simmons Bank Visa® Platinum
9.25% variable
$0
The Simmons Bank Visa® Platinum Card offers multiple perks, including one of the lowest available APRs on the market.
First Progress Platinum Prestige Mastercard® Secured Credit Card
9.99% variable
$49
You can increase your credit limit by adding funds to the initial deposit.
Credit One Bank® Visa® with Free Credit Score Tracking
17.24% to 25.24% variable
$0 to $75 first year annual fee for the first year ($0 to $99 thereafter)
Get 1% cash back rewards on eligible purchases including gas, groceries, and services such as mobile phone, internet, cable and satellite TV, terms apply.
Credit One Bank® Unsecured Platinum Visa® Credit Card
19.15% - 25.24% variable
$0 to $75 annual fee for the first year ($0 to $99 thereafter)
Enjoy peace of mind with $0 Fraud Liability. Receive 1% cash back on eligible purchases, terms apply.
NetFirst Platinum
0%
Looking for the best card? You can have it while you build your credit with Horizon Card Services. Get an unsecured line of credit and the best customer service!
USAA Rate Advantage Visa Platinum®
8.15% to 25.15% variable
$0
This card offers the same low rate for purchases, cash advances and balance transfers.
USAA Secured Card Visa Platinum®
11.15% to 21.15% variable
$35
Get a card that can help you build credit. Determine your own credit limit. When you apply, you'll open a two-year certificate of deposit (CD) with $250 to $5,000. The balance of your CD is your credit limit.
Platinum Delta SkyMiles® Credit Card
16.99% to 25.99% variable
16.99% to 25.99% variable% Intro APR for 60 days (with whichever is greater, $5 or 3% balance transfer fee)
$195
Earn bonus miles and 5,000 Medallion® Qualification Miles (MQMs) after you spend $1,000 in purchases on your new Card in your first 3 months.
The Platinum Card® from American Express
No interest charges because you pay your balance in full each month
$550
Get 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel and 5X points on eligible hotels booked on amextravel.com.
Platinum Delta SkyMiles® Credit Card
16.99% to 25.99% variable
16.99% to 25.99%% Intro APR for 60 days of account opening (with whichever is greater, $5 or 3% balance transfer fee)
$195
Earn 5,000 Medallion® Qualification Miles (MQMs)
and 35000 bonus miles after you spend $1,000 in purchases on your new card in your first 3 months. In addition, earn a $100 statement credit after you make a Delta purchase with your new card within your first 3 months.
Green Dot® Platinum Visa®
19.99% variable
$39
The power to build your credit
DCU Visa® Platinum Secured Credit Card
12.75% variable
$0
A great way to establish or improve your credit history.
State Department Federal Credit Union (SDFCU) Savings Secured Visa Platinum Card
13.24% variable
$0
Created to help you establish or rebuild credit.
Wells Fargo Platinum Card
16.40% to 26.24% variable
0% Intro APR for 15 months (with whichever is greater, $5 or 3% balance transfer fee)
$0
Lowest Intro APR for 18 months on purchases and balance transfers.
American Express Business Platinum Card
American Express Business Platinum Card
$450
Earn 50000 Membership Rewards® points after you spend $10,000 and an extra 25,000 points after you spend an additional $10,000 all on qualifying purchases on the Business Platinum Card within your first 3 months of Card Membership.
CitiBusiness® / AAdvantage® Platinum Select® World Mastercard®
16.74% to 24.74% variable
$0 annual fee for the first year ($95 thereafter)
Earn 60000 American Airlines AAdvantage® bonus miles after you spend $3,000 in purchases within the first 3 months of account opening.
Citibank AT&T Universal Savings Platinum Card
13.99% to 23.99% variable
0% Intro APR for 15 months (with whichever is greater, $5 or 3% balance transfer fee)
$0
Capital One® Platinum Credit Card
24.99% variable
$0
Enjoy no annual fee, plus access to valuable benefits.
Citi® / AAdvantage®  Platinum Select®  World Elite™ Mastercard®
17.24% to 25.24% variable
$0 annual fee for the first year ($95 thereafter)
Earn 60000 AAdvantage® bonus miles after you spend $3,000 in the first 3 months.

Compare up to 4 providers

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, which include the following.

  • Rewards. Most platinum credit cards come linked to rewards programs, but not all rewards programs are the same. For instance, while some cards link to frequent flyer programs, some others link to programs that offer 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 covers. 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, interstate flight inconvenience insurance, and transit accident insurance come into play when you use your card to pay for travel.
  • Personal concierge service. Such a 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 expect to make use of an array of discounts and special promotions spread across realms like travel, shopping, and dining.

How can I compare platinum credit cards?

Basic features of platinum credit cards remain the same, but certain aspects can differ greatly. When comparing such cards, make sure you pay attention to the following.

  • Annual fee. Just about every platinum credit card charges an ongoing annual fee, and some such cards offer annual fee waivers for the first year. Typically, the annual fee of platinum credit cards varies in between $99 to around $300, although it can be higher.
  • Rewards program. Pay attention to how many points you stand to earn per dollar spent. Find out what you can redeem your points for, because some rewards programs allow you to redeem your points for flight tickets, flight upgrades, and travel and store vouchers. Some even allow you to use your points as cashback.
  • Interest rate offers. Certain platinum credit cards come with interest rate offers, and while these normally apply on balance transfers, you can even find cards with purchase rate offers. Such offers give you the ability to pay little to no interest on given transactions for a certain time period. In such instances, the promotional interest rate and the time period can vary from one card to the next.

Who are platinum credit cards best suited to?

If you want to get a platinum card simply because you feel it’ll add to your social standing, think again. In choosing a credit card you should ideally take into account your spending habits along with your ability to make repayments.

You can consider getting a platinum credit card if you plan to pay your account’s closing balance in full each month. This is because the interest your platinum card charges would be on the higher side. Spending on a typical platinum card results in the accumulation of reward points, and you get to redeem these points in various ways. As a result, if you wish to earn rewards as per your spending, a platinum card might work well for you.

You can also think about getting a platinum card if you want a higher than usual credit limit. International travelers can benefit by getting such cards, owing to the complimentary travel insurances on offer.

What are the pros and cons of Platinum credit cards?

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

Pros

  • High credit limits. Platinum credit cards offer greater spending power, through noticeably high or uncapped credit limits.
  • Better earn rates. Platinum cards gives cardholders the ability to earn two to three reward points per dollar spent, whereas with standard reward cards they can expect to earn no more than one point per dollar spent.
  • Extras. Extras like access to a concierge service and complimentary insurance covers work in favour of these cards.

Cons

  • Annual fees. You can expect to pay an ongoing annual fee for as long as your account remains active, and this can work as a downside 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 higher interest when compared to how much you’d pay if you used a low rate card instead.

What platinum cards are currently available?

A number of U.S. credit card providers offer platinum cards and your choices extend to choosing between Visa, Mastercard, and American Express cards. The features these cards come with are largely similar, but the perks on offer are not. As a result, fees and interest rates vary.

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

Frequently asked questions

Adrienne Fuller

Adrienne is a Publisher at finder and has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

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US Credit Card Offers

Important Information*
Luxury Card Mastercard® Gold Card™
Luxury Card Mastercard® Gold Card™

APR

16.24
variable

Annual fee

0 For the first year
More info
The First Access VISA® Credit Card
The First Access VISA® Credit Card

APR

29.99
variable

Annual fee

75 For the first year
More info
Indigo® Platinum Mastercard® Credit Card
Indigo® Platinum Mastercard® Credit Card

APR

23.9
variable

Annual fee

75 For the first year
More info
Barclaycard Arrival Plus® World Elite Mastercard®
Barclaycard Arrival Plus® World Elite Mastercard®

APR

17.24
TO
24.24

Annual fee

0 For the first year
More info
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