All credit cards are not created equally – some are standard while others may be gold, platinum or premium. The color of your credit card serves as an identification of the cardholder’s financial standing and a brief look at what kind of rewards are offered to them. The credit card market gets more and more complex every day and their rules become fuzzy.
Your credit card can open a world of high priority and premium amenities to you. Back in the day these exclusive services were only available to the elite class. Times have changed and today banks are keen on offering them to consumers with an excellent credit history even if they don’t have eccentric spending habits.
Credit cards are not accessories and getting them just for the sake of social stature could be financially damaging. Let’s see if gold or platinum rewards credit cards are always better or is all the hype for nothing.
Gold or Platinum Credit Cards’ Perks
Gold or platinum credit cards offer extra cardholder services that standard cards are bereft of. These may include some or all of the following:
- Higher credit limit
- Lower interest rate
- Purchase protection
- Lower foreign transaction rates
- Extended warranties
- Increased travel benefits
- Extended 0% and balance transfer deals
Requirements To Go Gold Or Platinum
To avail the benefits gold or platinum credit cards have to offer, you must meet a certain set of requirements. Companies offering gold or platinum credit cards typically require you to have a higher minimum income, an excellent credit history and higher minimum age.
Is It Worth Going Gold Or Platinum?
Before you make up your mind, ask yourself if you’ll really be using the perks these cards offer or not. Gold or platinum credit cards are high-status and nothing else. We’ve listed their added benefits above and if they don’t appeal to you then there is no reason to sign up for a gold or platinum card.
For example, if we take a closer look at purchase protection we find that it doesn’t provide much more protection than what is already the customers’ right by law. Going by this, gold or platinum credit cards are impractical for anyone.
Nevertheless, if you think you can get the most worth out of any of the perks offered exclusively on the gold or platinum card then it could be a good deal that you don’t want slipping out of your hand. Seeing from the list of perks, consumers who travel a lot could benefit greatly from a gold or platinum card.
In spite of their ritzy marketing techniques, it might be worth looking into signing up for a gold or platinum card and their extensive list of added benefits. Some might be tremendously useful for you. Even though they come with a heavier tag, if their benefits suit your needs they could end up giving you more value than their price.