Premium credit cards

Premium Credit Cards

Premium credit cards are the crème of the crop in the world of credit cards. These high end cards fit well in the wallets of those who live a lavish lifestyle, enjoy fine dining, fly business class, snap up front row VIP seats to concerts and in general just love to spend up big! The rewards of premium credit cards easily outweigh the costs associated with the cards. If you’re already a premium credit cardholder or are considering being a proud owner of one of these prestigious cards now it’s time to sit back, relax, sip on a glass of veuve and soak up all the benefits of these fancy pieces of plastic!

Types of Premium Credit Cards

In recent years there has still been a demand for premium credit cards from Australian consumers despite the global financial crisis. Back in the day, a gold credit card was considered pretty flash, now at this high end of town, there are several types of premium credit cards to choose from. They all work in pretty much the same way, giving you credit and exclusive benefits and supreme rewards but it’s the level of service that can vary from one card to another.

Gold – This is the starting point of premium credit cards, ideal for people looking for more than just a basic credit card. Gold cards offer less benefits compared to the higher ranked premium cards.

Platinum –Platinum rewards cards have more features and benefits compared to gold cards. One stand out benefit, is you can have two cards linked to the one account so you can maximise your points earnings. For example, you can have an American Express and Mastercard or Visa card.

Black – These cards come with all the supreme benefits and features you could dream of. From personalised concierge service to unlimited VIP lounge access, you can even earn up to 5 points for every dollar spent when travelling. All these luxuries come at a cost in the form of a very high annual fee! Learn more from our detailed guide on black credit cards.

Diamond – Now we move to the top of the lot, to diamond credit cards! These cards have a higher minimum credit limit, you can earn more reward points for every dollar spent and let’s just say you can redeem them for just about anything you like!

Compare premium credit cards - last updated 22 January 2022

Search promoted credit cards below or do a full Mozo database search. Advertiser disclosure
  • Bendigo Bank Platinum Rewards Credit Card

    Earn 1.5 Bendigo Rewards points for every dollar spent (T&Cs apply). Up to 55 days interest free, comprehensive travel insurance, purchase protection and extended warranty.

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    0% p.a. for 12 months then 19.99% p.a.
    $89
    Bendigo Rewards
    Concierge,
    Travel Insurance,
    Commission-free Travellers Cheques,
    Extended Warranty,
    Purchase Protection
    Details
  • HSBC Platinum Credit Card

    0% p.a. on balance transfers for 36 months with no balance transfer fee. Terms and Conditions apply. Mozo Experts Choice Premium Rewards and Balance Transfer Platinum Credit Card Winner 2020.

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    19.99% p.a.
    $129 $29 in the first year
    Rewards Plus
    Concierge,
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Details
  • Apply By 1 Feb 2022
    Mozo Expert Choice Badge
    American Express Platinum Edge Credit Card

    Receive 50,000 Bonus Membership Rewards when you apply online by 1 February 2022, are approved and spend $1,500 on your new Card within the first 3 months. Enjoy a $200 credit on your Card when you spend $200 or more at David Jones on your new Card within the first 3 months.T&Cs apply. New Card Members only.

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    20.74% p.a.
    $195
    Membership Rewards
    Travel Insurance,
    Extended Warranty,
    Purchase Protection,
    Account alerts by SMS
    Details
  • Apply By 24 Feb 2022
    St.George Amplify Qantas Platinum

    Earn 60,000 bonus Qantas Points (min $3,000 spend in the first 3 months). New cards only, Eligibility criteria and T&Cs apply. Offer ends February 24 2022.

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    19.49% p.a.
    $99
    Qantas Frequent Flyer
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Details
  • Apply By 24 Feb 2022
    BankSA Amplify Rewards Platinum

    130,000 bonus Amplify Points (min $3,000 spend within 90 days. 0% p.a. for 24 months on balance transfers requested at card application (1% BT fee). New cards only, Eligibility criteria and T&Cs apply. Offer ends February 24th 2022.

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    19.49% p.a.
    $99 $49 in the first year
    Rewards
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Details

Who are premium credit cards good for?

These cards are definitely not for everyone! Premium credit cards are targeted towards high income earners and big spenders. They’re ideal for people that are going to use their card regularly and on expensive items. These cards are also suited to frequent travellers and those who like to soak up all the rewards and benefits that come with these fancy cards.

A premium credit card is NOT ideal for someone who is unlikely to pay their closing balance on time and in full. The interest rates as well as the late payment fee will bite you in the face and all benefits to the card will seem like a waste. It’s important to set up an automatic payment plan to help avoid high interest charges and credit card fees.

Criteria when applying for a premium credit card

The criteria will vary slightly from one card provider to another. Generally speaking though, you need to tick the following to have your application for a premium credit card approved:  

1. You must be over 18 years

2. Be a permanent Australian resident or an Australian citizen

3. Have a perfect or near perfect credit rating

4. Have a minimum annual salary of around $50,000

If you’re considering getting your hands on a nifty piece of plastic read our guide on applying for credit cards.

Advantages of being a premium credit cardholder

The extent of your benefits and perks will depend on which type of premium card you have and the lender. So it’s important to check with your card provider on what you can and can’t lap up. Most premium credit cardholders can enjoy these benefits:

  • Complimentary insurance
  • Concierge service
  • Higher credit limits compared to a basic credit card
  • Reward point promotions that can double or triple your point earning
  • Purchase protection and protection from fraud
  • There’s usually no cap on the amount of reward points you can earn
  • Your points are unlikely to expire
  • Wider range of choices to redeem your points on
  • Access to exclusive deals on travel and dining

Premium Credit Card Fees

As you’ve read above, the benefits of being a premium credit cardholder are pretty darn good! Now we hate to put a dampener on things but we also need to inform you of the fees and charges of premium cards and warning some may come as a shock!
Interest Rates: Compared to standard cards, premium credit cards have a much higher interest rate. Some lenders can charge up to 19-22%. Use the Mozo Rewards Revealer tool to find a card with a competitive interest rate.  

Annual Fee: You ready for this…a premium credit card can cost you as much as $450 a year! That’s right, the annual fee for these cards is sky high so make sure you choose a card where the annual fee doesn’t cost you more than what you’ll receive in rewards value.

Foreign Exchange Fee: Heading overseas or making purchases online from an international store? If so, beware your provider will charge you around 3% of the Australian dollar amount on all purchases made for converting your pennies.    

Cash Advance Fee: As tempting as it may be, try and avoid using your premium credit card to withdraw money from an ATM. If you do, you’ll be hit with a cash advance fee which is around 3% on the amount you take out plus you will be charged interest on that money immediately which can be up to 20%. Read Mozo’s guide on avoiding credit card fees.

Late Payment Fee: When your credit card bill comes in do everything you can to pay it on time. Fail to pay at least the minimum amount owing by the due date and your provider will hit you with a late payment fee of around $30. Dodge this fee by setting up a direct debit or automatic transfer.

Comparing premium credit cards

If you’re in the market for a premium credit card you may be dreading the time it will take you to compare and research card options. So to make this process a little easier and less painful, Mozo has designed the Rewards Revealer Tool. Simply plug in your annual spend and click on the rewards you are interest in and you’ll find the best card for your situation.

^See information about the Mozo Experts Choice Credit Card Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

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