Platinum Credit Cards

How to choose a platinum credit card...

A card once reserved exclusively for the rich is now obtainable by many people on a reasonable yearly salary.

A platinum credit card not only carries prestige, but a host of benefits too, including improved security as well as rate offers and rewards.

If you meet the salary and age criteria why not apply and reap the rewards from your hours of overtime at the office.

These cards are good for:

A firm financial platform
Platinum credit cards tout a list of incentives as a reward for being a good customer, but really they exist to ensnare customers that can potentially make them some money.

Needless to say, if a lender offers these incentives they want to ensure they make it back. Therefore, they insist on a good yearly income, a sound credit history, and usually an age limit of 21 or 25 (although some companies offer platinum cards to customers of 18 and over).

These cards are unsuitable for:

A low wage
Unfortunately these cards are generally only offered to people earning over £25,000 a year. However, there are a host of reward cards available that can offer some of the benefits that you get with a platinum card, or if you only just fall short of the salary requirements for a platinum card why not check out our Gold credit card section.

A poor credit history
If you have a poor credit history then you are unlikely to be accepted for a platinum credit card.

If you are unsure of your credit rating, check out CreditExpert.co.uk from Experian; they offer advice for rebuilding credit scores as well as free online credit ratings.

Look for:

The best APR
Platinum credit cards often offer slightly lower rates of interest than their standard counterparts, which could save you £'s in the long run if you have a tendency to carry a balance.

Credit limits
These cards frequently offer 5 figure credit limits for the right clients.

Enhanced security
The increased cash on tap obviously needs protection from fraudsters and unscrupulous sales people alike.

Platinum credit cards will usually offer the following security features:

• Purchase Protection
  It is always a safer way to pay with a credit card than by cash or with a debit card as all credit cards offer a certain amount of purchase protection, but platinum cards offer extra protection against accidental damage theft and loss for up to 3 months.


• Refund Protection
  A service that is generally only offered by platinum cards; the lender protects you against retailers that refuse to refund an item and will price match if you find any product cheaper elsewhere.


• Extended Warranties
  Platinum credit cards will offer extended warranties on household goods, usually up to a year on top of the warranty that the retailer offers you.


• Fraud protection
  A guarantee that you will be reimbursed for any fraudulent transactions that happen on your card and, in some cases, a monitoring system that tracks and informs you of suspicious expenditure.

Travel extras
The various deals on offer differ between companies, including:

• Medical insurance
• Legal advice
• Lost luggage insurance
• Card replacement
• Emergency cash lending

Extra Rewards
As platinum cards on the market become more and more plentiful and their offers increasingly generic, many companies offer a host of extra features to try and lure your custom away from competitors.

Additional rewards include:

• 0% balance transfers
• 0% introductory purchase rates
• Cash back
• Air miles
• Retail rewards

Watch out for:

Annual fees
Some platinum credit cards charge an annual fee as a way of recouping some of their 'rewards'.

Tip: If the APR seems extortionate, check to see if there is an annual fee!

Don't forget:

Gold credit cards
If you feel that you may not be able to meet the expectations for a platinum card, why not see what gold cards are available? They offer many of the features that platinum cards do, but are slightly easier to obtain.

Compare platinum credit cards