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 29 September 2021

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

    0% p.a. balance transfer, $0 annual fee for the first year and also receive 1 rewards point for every dollar spent. Purchase protection insurance. Mozo Experts Choice Balance Transfer Platinum Credit Card Winner 2020^.

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    19.99% p.a.
    $149 $0 in the first year
    Great Southen Bank Platinum Rewards
    Travel Insurance,
    Purchase Protection
    Details
  • Apply By 19 Oct 2021
    Mozo Expert Choice Badge
    American Express Platinum Edge Credit Card

    Receive 50,000 Bonus Membership Rewards when you apply online by 19 October 2021, are approved and spend $1,500 on your new Card within the first 3 months. T&Cs apply. New Card Members only. $0 introductory annual Card fee for the first year..

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    20.74% p.a.
    $195 $0 in the first year
    Membership Rewards
    Travel Insurance,
    Extended Warranty,
    Purchase Protection,
    Account alerts by SMS
    Details
  • NAB Qantas Rewards Signature Card

    NABs fastest way to earn Qantas Points. 110,000 bonus Qantas Points when you spend $3,000 on everyday purchases within 60 days of account opening and keep the card open for 12 months. Access to 6 complimentary insurances when you make eligible purchases.

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    19.99% p.a.
    $395 $295 in the first year
    Qantas Frequent Flyer
    Concierge,
    Extended Warranty,
    Purchase Protection,
    International Travel Insurance,
    Transit Accident Insurance,
    Interstate Flight Inconvenience Insurance,
    Rental Vehicle Excess in Australia Insurance
    Details
  • 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 November 30th 2021.

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    19.74% p.a.
    $99
    Qantas Frequent Flyer
    Travel Insurance,
    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
  • BankSA Amplify Rewards Platinum

    80,000 bonus Amplify Points (min $3,000 spend within 90 days. 0% p.a. for 15 months on balance transfers requested at card application (1% BT fee). New cards only, Eligibility criteria and T&Cs apply. Offer ends November 30th 2021.

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    19.74% p.a.
    $99
    Rewards
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Details
  • Apply By 30 Nov 2021
    Westpac Altitude Platinum

    Earn up to 60,000 bonus Qantas Points ($3k min. spend in the first 90 days on eligible purchases). 0% p.a. for 18 months on balance transfers requested at card application. 1% BT fee applies. $99 + $50 Annual Qantas Rewards card fee for the first year. New cards only. Offer ends November 30th 2021. T&C's and exclusions apply.

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    20.49% p.a.
    $200 $149 in the first year
    Qantas Frequent Flyer
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Details
  • NAB Rewards Platinum Card

    Up to 60,000 bonus points (T&Cs apply). Also get 1 NAB reward point for every $1 spent on everyday purchases.

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    19.99% p.a.
    $195
    NAB Rewards
    Concierge,
    Extended Warranty,
    Purchase Protection,
    International Travel Insurance,
    Transit Accident Insurance,
    Interstate Flight Inconvenience Insurance,
    Rental Vehicle Excess in Australia Insurance
    Details
  • Apply By 30 Nov 2021
    Westpac Altitude Platinum

    Earn up to 130,000 bonus Altitude Points ($3k min. spend in the first 90 days on eligible purchases). 0% p.a. for 22 months on balance transfers requested at card application. 1% BT fee applies (rate reverts to the variable cash advance rate after). Discounted annual card fee of $49 for the first year ($150 thereafter). New Cards only. Offer ends November 30th 2021. T&C's and exclusions apply.

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    20.49% p.a.
    $150 $49 in the first year
    Altitude Rewards
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Details
  • Apply By 20 Oct 2021
    David Jones American Express Platinum Card

    Earn 70,000 Membership Reward Points or 35,000 Qantas Points when you apply online by 20 October 2021, are approved and spend $1,500 at locations excluding David Jones on your new Card within the first three months. Available to new David Jones American Express Platinum Card Members only.

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    0% p.a. for 6 months then 20.74% p.a.
    $295
    Membership Rewards
    Travel Insurance,
    Extended Warranty,
    Purchase Protection,
    Account alerts by SMS
    Details
  • Apply By 13 Dec 2021
    Mozo Expert Choice Badge
    American Express Velocity Platinum Card

    Receive 120,000 bonus Velocity Points and 120 Status Credits when you apply online by 13 December 2021, are approved and spend $4,500 on your new Card within the first 3 months. New Card Members Only. Enjoy a complimentary domestic return flight with Virgin Australia to selected cities, each year after your first card spend.

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    20.74% p.a.
    $375
    Velocity Frequent Flyer
    Travel Insurance,
    Purchase Protection,
    Account alerts by SMS
    Details
  • Bankwest Breeze Platinum Mastercard

    Streamline your budget with 0% p.a on balance transfers for 15 months then 9.90% thereafter. No annual fee for the first year. Awarded two Mozo Experts Choice Awards in 2020 for best Low Rate Platinum Credit Card and best Balance Transfer Platinum Credit Card^. Limited time only. Other fees, T&Cs apply. New Breeze Mastercard customers only.

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    0% p.a. for 15 months then 9.90% p.a.
    $69 $0 in the first year
    -
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Details
  • St.George Amplify Rewards Platinum

    80,000 bonus Amplify Points, worth up to $350 in eGift Cards (min $3,000 spend within 90 days. 0% p.a. for 15 months on balance transfers requested at card application (1% BT fee). New cards only, Eligibility criteria and T&Cs apply. Offer ends November 30th 2021.

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    19.74% p.a.
    $99
    Rewards
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Details
  • NAB Low Fee Platinum Card

    0% p.a. on balance transfers for 24 months (T&Cs apply).

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    19.74% p.a.
    $90
    -
    Concierge,
    Extended Warranty,
    Purchase Protection,
    International Travel Insurance,
    Transit Accident Insurance,
    Interstate Flight Inconvenience Insurance,
    Rental Vehicle Excess in Australia Insurance
    Details
  • Bank of Melbourne Amplify Rewards 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 November 30th 2021.

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    19.74% p.a.
    $99
    Qantas Frequent Flyer
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Details
  • Apply By 20 Oct 2021
    David Jones American Express Platinum Card

    Earn 35,000 Qantas Points or 70,000 Membership Rewards Points when you apply online by 20 October 2021, are approved and spend $1,500 at locations excluding David Jones on your new Card within the first three months. Available to new David Jones American Express Platinum Card Members only.

    Purchase rate
    Annual fee
    Rewards program
    Privileges
    0% p.a. for 6 months then 20.74% p.a.
    $295
    Qantas Frequent Flyer
    Travel Insurance,
    Extended Warranty,
    Purchase Protection,
    Account alerts by SMS
    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

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