Platinum credit cards

Hey big spender... Platinum credit cards bring all the lovely perks of higher credit limits, super-charged rewards programs and concierge services. Of course, they tend to bring hefty interest rates, too, so you'll want to pay off that platinum card balance.

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What are the benefits of a platinum credit card?

Aside from the Gordon Gecko thrill of having a platinum credit card on your person, you could also have access to credit card rewards programs and accelerated points-per-dollar deals, special deals for dining and travel, as well as concierge services.

How do I compare reward programs for platinum credit cards?

Not so long ago, you actually couldn't. Now, thanks to Mozo's world-first Rewards Revealer, you can find out the value of your credit spend for various frequent flyers, cash back, across the platinum credit card market.

Can I apply for a platinum credit card online?

Indeed you can. Once you've selected the right platinum credit card deal for you, simply hit the 'go to site' button to be transfered to the platinum provider.

Platinum credit card comparisons on Mozo - page last updated July 14, 2020

Search promoted credit cards below or do a full Mozo database search. Advertiser disclosure.

  • Apply By

    Qantas Money
    Qantas Money Qantas Premier Platinum

    19.99% p.a.

    $299 $199 in the first year

    Qantas Frequent Flyer

    Concierge,
    Travel Insurance

      Compare
    Details
  • CUA
    mozo-experts-choice-2020
    CUA Platinum Credit Card

    19.99% p.a.

    $149 $0 in the first year

    Life Rich Rewards

    Concierge,
    Travel Insurance,
    Purchase Protection

      Compare
    Details
  • American Express
    mozo-experts-choice-2019
    American Express Explorer® Credit Card

    20.74% p.a.

    $395

    Membership Rewards

    Travel Insurance,
    Extended Warranty,
    Purchase Protection,
    Account alerts by SMS

      Compare
    Details
  • Bankwest
    Bankwest Breeze Platinum Mastercard

    0% p.a. for 15 months then 12.99% p.a.

    $99

    -

    Travel Insurance,
    Extended Warranty,
    Purchase Protection

      Compare
    Details
  • American Express
    mozo-experts-choice-2019
    American Express Platinum Edge Credit Card

    20.74% p.a.

    $195

    Membership Rewards

    Travel Insurance,
    Extended Warranty,
    Purchase Protection,
    Account alerts by SMS

      Compare
    Details
  • American Express
    mozo-experts-choice-2019
    American Express Qantas Ultimate Card

    20.74% p.a.

    $450

    Qantas Frequent Flyer

    Travel Insurance,
    Purchase Protection,
    Account alerts by SMS

      Compare
    Details
  • Bankwest
    mozo-experts-choice-2019
    Bankwest Zero Platinum Mastercard

    17.99% p.a.

    $0

    -

    Extended Warranty,
    Purchase Protection,
    Overseas Travel Insurance

      Compare
    Details
  • David Jones
    David Jones American Express Platinum Card

    20.74% p.a.

    $295

    Membership Rewards

    Travel Insurance,
    Extended Warranty,
    Purchase Protection,
    Account alerts by SMS

      Compare
    Details

^See information about the Mozo Experts Choice Credit Cards 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.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Credit Card Resources

Views, news, tips and guides to help find the best credit card for you.

Platinum Credit Cards

If you are looking for some card bling for your wallet, a platinum card could deliver the goods. There was a time when gold cards had all the executive status, but in recent years platinum cards have taken over and now make up the bulk of the premium card market.

Sitting at the top of the credit card pile are black and diamond cards. These cards have higher credit limits, more lucrative rewards programs and stricter eligibility criteria.

Most banks and credit card providers in Australia will have a platinum credit card range and like other card types, there is no standard criteria for what makes up a platinum card. But as platinum cards do generally have higher fees and interest rates than standard credit cards you’ll want to make sure you’re getting more value out of the card than just the thrill of flashing platinum coloured plastic about.

Let’s start with the basics.

What is a platinum credit card?

A platinum card works the same as other credit cards. You get to make purchases on credit and repay them at a later date. Platinum cards differ from other basic credit cards in that they will have added features like complimentary insurance and personal services like concierge. Many Platinum cards also have rewards programs attached which have better point earning rates than standard rewards cards.

Who can get a platinum credit card?

A platinum credit card is a premium level credit card offered to people with good credit history and higher income level (usually over $60,000 p.a.).

As platinum cardholders need to meet higher eligibility criteria, the credit limit on platinum credit cards is also much higher.

Will a platinum card be a good choice for me?

There is a reason why there are so many different types of credit cards now available - we all have different spending habits and lifestyle needs. Because platinum cards generally have higher interest rates and annual fees they are best for people who:

  • Pay off their balance in full each month. If you carry any kind of balance on your platinum card you could be paying more in interest than you get in benefits.
  • Travel. As platinum cards generally come with inbuilt overseas travel insurance, if you do more than one trip a year the cost of the card’s annual fee is likely to be cheaper than taking out a standalone travel insurance policy.
  • Love live events. One of the perks of a platinum card is getting exclusive discounts and pre-sale offers through either the Visa Premium or Mastercard Privileges programs. The programs cover everything from shopping, travel, entertainment, sports and dining so you’re bound to find an experience that will suit your interests.

How do platinum cards compare with standard credit cards?

Interest rates: The ongoing purchase interest rate of platinum cards tends to be much higher than on standard credit cards.

Annual fee: Annual fees of platinum cards with rewards programs are generally higher than basic cards.

Interest free days: You will get between 44 and 55 interest free days with a platinum credit card, which is the same as standard cards.

Foreign exchange fees: Most banks charge around 3% for foreign credit card transactions, so if you travel overseas or shop at international online stores frequently a platinum card with no foreign exchange fees, like our Experts Choice winners, could help you to save on these fees.

Insurance: Most platinum cards will include complimentary overseas travel insurance, though you must meet the eligibility criteria. Usually you will have to pay for your flight or a portion of your upfront travel costs on the card. Platinum cards also have extra insurances such as extended warranty, price protection and purchase cover insurance.

Rewards: You could accrue rewards points faster with a platinum card than a standard credit card. The points per dollar earning rate could be higher or you may get more bonus points on your purchases. Check out platinum rewards cards here.

Extras: You will have access to concierge services with a platinum card which could include discounts to special events or bookings. Standard cards don’t have this service.

Are there extra fees for Platinum cards?

Platinum credit cards have the same set of fees that come with regular credit cards. These include:

  • Annual fee. Some cards don’t have annual fees but most platinum cards range from $80 - $300 a year.
  • Cash advance fee. You will be charged a fee if you make a cash withdrawal using your credit card. This will be a percentage (between 2-3%) of the withdrawal amount or a flat fee depending on which one is higher.
  • Foreign exchange fee. The standard foreign exchange fee is around 3% on overseas credit card transactions.
  • Late payment fee. These fees can be as high as $30 if you make a neglect to pay the monthly minimum repayment amount before the due date.

A word on frequent flyer programs:

If the platinum credit card is direct linked to an airline frequent flyer program such as Qantas Frequent Flyer or Velocity Frequent Flyer you may have to pay a fee to join the airline program when you sign up for your card.

What information will I need to apply for a platinum credit card?

You’ll be able to apply for a platinum card online and in most instances you will be able to verify your identity online. Some of the identification information you might need will include:

  • passport
  • drivers licence or proof of identity card
  • medicare card
  • utility bill

In addition to this information you will need to provide information which confirms your income, current assets and liabilities.

Picture of Kelly Emmerton
Kelly Emmerton
Money editor

Kelly Emmerton was the Money Editor at Mozo until March 2020. With over 4 years experience writing exclusively in the Australian finance space her in-depth knowledge spans all areas of personal finance, from home loans to travel money. Kelly has a background in communications and when she’s not delving into finance industry stats and product disclosure statements, you’ll find her on the beach reading classic sci-fi.

Credit Card Reviews

Commonwealth Bank Credit Card review
Overall 4/10
Commonwealth Bank or Common-I-Charge-too-much.

I have been a loyal Commonwealth Bank customer for 30 years, (with a savings account). I have had a credit card with Commonwealth Bank since 2007, The interest charges are too high, they don’t give you time to make payment before they charge you interest fees and over limit fees. They block your credit card if you go over the limit. Wouldn’t recommend them to anyone.

Read full review

I have been a loyal Commonwealth Bank customer for 30 years, (with a savings account). I have had a credit card with Commonwealth Bank since 2007, The interest charges are too high, they don’t give you time to make payment before they charge you interest fees and over limit fees. They block your credit card if you go over the limit. Wouldn’t recommend them to anyone.

Price
3/10
Features
4/10
Customer service
6/10
Convenience
5/10
Trust
5/10
Less
Aimne, New South Wales reviewed 11 days ago
Bank of Melbourne Vertigo review
Overall 1/10
Bank of Melbourne Support Review

I have been with BOM for more than 10 years and it has been great but as soon as I have spotted an unauthorised transaction on the Visa account, I have contacted the fraud support to assist the case and believe or not I had to be out of pocket about $410 for something that I didn't authorise. The support was very aggressive and unprofessional, standing their ground, talking all over me, that I had to ask, can I please say something? after trying to have a polite conversation. I will now cancel my account and go elsewhere not related to this corporation because I suppose that it's the same support team handling the enquiries. I would never think that a bank can be so greedy and rather lose a long-term client than handle their issues the proper way. Also, the mobile app its clustered with glitches and maybe that is a reason that I got scammed as well. I also offered to send screenshots of the mobile app to show that this may have been the way that the account got hacked but they didn't want know and wash their hands with it and left me out of pocket even though they are insured on those type of transaction issues. I am waiting on the new card to pay off my balance and move on and no member of my family will have any more interaction with this bank. Thank god was only $410. Bad policies and practice to handle customer support.

Read full review

I have been with BOM for more than 10 years and it has been great but as soon as I have spotted an unauthorised transaction on the Visa account, I have contacted the fraud support to assist the case and believe or not I had to be out of pocket about $410 for something that I didn't authorise. The support was very aggressive and unprofessional, standing their ground, talking all over me, that I had to ask, can I please say something? after trying to have a polite conversation. I will now cancel my account and go elsewhere not related to this corporation because I suppose that it's the same support team handling the enquiries. I would never think that a bank can be so greedy and rather lose a long-term client than handle their issues the proper way. Also, the mobile app its clustered with glitches and maybe that is a reason that I got scammed as well. I also offered to send screenshots of the mobile app to show that this may have been the way that the account got hacked but they didn't want know and wash their hands with it and left me out of pocket even though they are insured on those type of transaction issues. I am waiting on the new card to pay off my balance and move on and no member of my family will have any more interaction with this bank. Thank god was only $410. Bad policies and practice to handle customer support.

Price
2/10
Features
2/10
Customer service
1/10
Convenience
2/10
Trust
1/10
Less
Carmine, Victoria reviewed 15 days ago
Skye Mastercard review
Overall 1/10
BAD customer service.

At application process they had my last name incorrectly spelt. I filled in a letter they asked for me to fill in to update my surname and they still didn't update my name or send out a correct card stating my actual correct surname. I was on the same annual income as the beginning of my initial application (I lowered my credit limit) and I asked for an increase some time later as I needed help for lawyer fees to settle my divorce and Skye wouldn't allow an increase, despite regular and ongoing repayments and having the same annual income. The staff would take up to even a week to respond and lack of customer service. At no point was I ever satisfied with customer service.

Read full review

At application process they had my last name incorrectly spelt. I filled in a letter they asked for me to fill in to update my surname and they still didn't update my name or send out a correct card stating my actual correct surname. I was on the same annual income as the beginning of my initial application (I lowered my credit limit) and I asked for an increase some time later as I needed help for lawyer fees to settle my divorce and Skye wouldn't allow an increase, despite regular and ongoing repayments and having the same annual income. The staff would take up to even a week to respond and lack of customer service. At no point was I ever satisfied with customer service.

Price
1/10
Customer service
1/10
Convenience
5/10
Trust
1/10
Less
N, South Australia reviewed 15 days ago