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Are Platinum Credit Cards Worth It?

18 February 2021

Are Platinum Credit Cards Worth It?

A step above gold but just below black, platinum credit cards are popular due to their rewards programs and other complimentary inclusions. Platinum rewards can include everything from extra points per dollar spent, to free travel insurance and more.

However, platinum credit cards aren’t a must-have for everyone. For many, an everyday low rate credit card may be more suitable. To determine which card is best suited to you, and whether or not a platinum credit card is worth it, let’s take a look at what’s on offer across a range of platinum credit cards, including a Great Southern Bank Platinum Credit Card.

What are the benefits of a platinum credit card?

Platinum credit cards come with a list of benefits, so you should decide whether or not these fit your lifestyle before committing to one. Platinum credit cards are very much suited to a different lifestyle than their everyday counterparts, so they may not be right for everyone. But that’s no reason to not discuss the great benefits that come with these cards!

Higher credit limits and more rewards

If you tend to place a lot of big-ticket purchases on your credit card, a platinum credit card could well suit your lifestyle. Most platinum cards, including the Great Southern Bank Platinum Credit Card, have credit limits that begin at around $5,000. This can be a great way to reap more rewards on your credit card, as platinum cards tend to reward more points per dollar spent. So, if you’re placing large purchases on your card, you’ll be reaping the rewards in no time.

Complimentary travel insurance

If you’re putting your next holiday on your platinum card, why not take advantage of the free travel insurance that may be included? Platinum credit cards often offer complimentary travel insurance and sometimes even transit accident insurance.

Purchase protection

A wide variety of purchases made on a platinum credit card are covered for loss, theft, or accidental damage. This means that you have a back-up on special purchases made on your platinum card.

Airport lounge access

Some special credit cards offer VIP access into airline lounges around the country. This takes you away from the bustle of the airport and usually entails free drinks, snacks, and easy Wi-Fi access.

Are there any downsides?

Platinum credit cards are great if you use them wisely, and if you’re able to make the most of their rewards systems. However, if you find yourself struggling to pay off your credit card’s balance at the end of each month, a platinum credit card may not be for you, since they usually come with higher interest rates. In this instance, you may be better off looking into an everyday low rate credit card.

Platinum credit cards also require you to have an excellent credit rating, and you’ll usually need to meet an income threshold that is much higher than other credit cards. Lastly, if you’re considering a platinum card, it may be worth looking into a black credit card, as they can offer even more benefits and features.

Should I apply for a platinum credit card?

Do you regularly spend money with a credit card, and pay off the balance each month? Then a platinum credit card may well be worth your while! You’ll be able to accrue points faster without the threat of high interest, and redeem these points online. Also, if you’re a seasoned traveller, the annual cost of the card could easily be offset thanks to the complimentary insurance on both travel and purchases. Platinum credit cards are also great for businesses that are placing large purchases on credit card, thanks to a combination of high credit limits and accelerated rewards earnings.

As Australia’s Best Large Credit Union since 2018 in the Mozo Experts Choice Awards, Great Southern Bank offers a competitive platinum credit card. Apply online for a Great Southern Bank Platinum Credit Card today.

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