Platinum Cards
From LoveToKnow Creditcards
Similar to gold cards, platinum cards imply prestige and wealth. There are many different benefits that come with platinum that can't be obtained through other types of credit cards.
About Platinum Cards
Platinum is a precious metal, and is often used to manufacture jewelry. In the jewelry world, platinum is considered to be more valuable than gold because of its resistance to wear and tarnishing. The same holds true in the world of credit cards.
Platinum versions are considered to be the ultimate credit cards, and are usually reserved for consumers with the best credit histories. Many of the major credit card companies offer at least one, and in some cases, several different versions of a platinum card. These companies include, but are not limited to:
Pros and Cons
As with anything, there are pros and cons to platinum. Whether or not the pros outweigh the cons depends upon the card you choose, your spending habits, and your lifestyle.
The most obvious advantage to having a platinum card is the perks and benefits that you are eligible to receive. Most of these perks cannot be obtained through a basic credit card, and may only be available to platinum or gold cardholders. Exclusive benefits can include, but are not limited to:
- Larger lines of credit or non-existent credit limits
- Low APRs
- Card replacement services and fraud protection
- Free or discounted tickets to sporting events, concerts, and other special events
- Exclusive purchase offers and member only discounts
- Purchase insurance
- Travel protection and emergency cash
- The opportunity to earn cash back or rewards points
Gold and Platinum Scams
Because platinum and gold cards are held in such high regard, many companies have jumped on the bandwagon by creating a platinum card of their own. Some of these companies claim that you can improve your credit or receive rewards that can't be obtained anywhere else. While this may be true, you should be wary of certain offers for platinum cards.
Before taking advantage of any of the offers you receive, you should investigate the company and the card. Red flags include any company that requires you to pay upfront fees, misrepresents prices or rewards, or asks you to call a "900" or "976" exchange to get your card.
If you have any doubts about the company, you can contact the Better Business Bureau or your state's Attorney General Office.
Applying for Platinum Cards
Applying for a platinum card is relatively simple. All you need to do is visit the website of a platinum card provider and fill out the application as directed. Applications are normally processed very quickly, which means you will have your answer within 24 hours, if not immediately.
If you already have a credit card that you like, and want to look into the possibility of upgrading to a platinum card, you can call the customer service phone number found on the back of the card and inquire about the application process.
Because platinum cards are harder to obtain than basic credit cards, you should make sure that you have income that can be verified and a good credit history prior to applying. You should also carefully compare the rewards and costs associated with the card you are choosing. In some cases the benefits of platinum cards come with a high costs. If the rewards that you will be receiving do not outweigh the cost you will pay in interest and fees, you may be better off with a different card.
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