Gold Credit Cards

How to choose a gold credit card...

Gold cards are not exclusively offered to the financial elite; chances are, if you earn a reasonable salary and are careful with you finances, you could be approved.

Check out ChooseMoney's list of the best gold credit cards currently on the market and what they have to offer you.

These cards are good for:

The financially secure.
If you earn a salary in excess of £20,000 a year and are stuck with a standard credit card, it may be worth your while looking to see what a gold credit card can offer you.

Gold cards are designed to reward good credit history and good yearly earnings, by offering a range of benefits. The rewards offered vary from lender to lender, but generally they focus on providing increased security and higher credit limits.

These cards are unsuitable for:

A poor credit history
If you have a poor credit history then you may not be eligible for a gold credit card. You can find out your credit score for free at CreditExpert.co.uk from Experian.

A low wage
Unfortunately these cards are generally only offered to people earning over £20,000 a year. However, there are a host of reward cards available that can offer some of the benefits that you get with a gold card.

Look for:

Higher credit limits
If you have big spending to make and don't want to be embarrassed at the counter, a gold credit card will - assuming that you fulfil the salary and credit history requirements - offer you a higher credit limit than a standard card.

The maximum limit on these cards is generally around £10,000, so if you think that is insufficient; perhaps look at a platinum credit card.

Improved security
A card with more cash on tap requires more security features to prevent criminals getting their hands on it.

Gold credit cards will usually offer the following security features:

• Purchase Protection
  Insures goods purchased with the card against accidental damage and loss or theft, for 3 months after the purchase date.


• Fraud protection
  A promise from the lender that you will not be held accountable for any fraudulent transactions carried out on your card.


• Extended Warranties
  If you choose to purchase household appliances (washing, machines, fridge-freezers etc) the manufacturer will usually offer a warranty - typically a year's cover from the purchase date. If, however, you purchase an appliance on a gold card, the lender will cover you for an additional year after the manufacturer's warranty expires.

Travel extras
As holidays are usually expensive, lenders encourage you to use their services to make the purchase, through added incentives such as accident insurance and emergency medical help and legal protection whilst abroad.

Watch out for:

Annual fees
Gold credit cards sometimes charge annual fees for the privilege of holding the account. An indication of an annual fee is often hiding in an extortionate APR. If the APR is high then check the account details to see whether there is an annual fee.

Don't forget:

Gold reward cards
If you are thinking of getting a gold card and already own a reward card, check to see if the company you are with offer upgrade to a gold card. This could save time trawling through all the gold cards available by simply adding to the benefits you currently receive (extra airmiles, more cash back etc).

Compare gold credit cards