Platinum credit cards

Platinum credit cards offer the holder a touch of prestige because they come with higher credit limits, special rewards programs and exclusive concierge services. Start comparing platinum cards below.

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platinum credit cards

Platinum credit card comparisons on Mozo

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Last updated 8 December 2024 Important disclosures
  • humm90 Platinum Mastercard

    0% balance transfer and no BT fees for 36 months. With 110 days interest free on your spending, this card is pretty unique in the market, and great for managing your daily spend. Plus, no foreign transaction fees overseas or online.

    Purchase rate
    26.30% p.a.
    Annual fee
    $119 $0 in the first year
    Rewards program
    -
    Privileges
    Purchase Protection
    Compare
    Details
  • Citi Premier

    120,000 bonus points when you spend $4,000 within 90 days from card approval. Complimentary features like travel insurance and concierge.

    Purchase rate
    22.49% p.a.
    Annual fee
    $300
    Rewards program
    Citi Rewards Program
    Privileges
    Concierge,
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Compare
    Details
  • Suncorp Clear Options Platinum

    Receive 100,000 bonus Suncorp Credit Card Rewards Points when you spend $3,000 on Eligible Transactions in the first 90 days from approval (T&Cs apply). Be rewarded for your purchases and enjoy premium benefits such as complimentary insurances.

    Purchase rate
    20.99% p.a.
    Annual fee
    $129
    Rewards program
    Suncorp Rewards
    Privileges
    Concierge,
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Compare
    Details
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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. 

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 JP Pelosi
JP Pelosi
RG146
Managing editor

Managing Editor Jean-Paul (JP) Pelosi leads the editorial team, with over 20 years of experience writing for top outlets like The Guardian, The Sydney Morning Herald and News.com.au. JP's expertise in home loans and property is complemented by his rich background at major financial firms including CommBank, Suncorp and Amex. Holding a Master's in Communications and international experience in journalism, JP combines passion with skill and has a unique ability to apply this editorial experience and financial knowledge to advise the team on how to create engaging financial content for Australian consumers.

Credit Card Reviews

ING Orange One Low Rate Credit Card
Overall 10/10
No rewards, but rewarding.

Low and comparable fees. A good daily driver credit card option with a low limit - very useful in pairing with the Savings account to meet the 5 monthly purchases to receive the bonus interest rate. Additionally, upon signing up I received a generous cash bonus.

Read full review

Low and comparable fees. A good daily driver credit card option with a low limit - very useful in pairing with the Savings account to meet the 5 monthly purchases to receive the bonus interest rate. Additionally, upon signing up I received a generous cash bonus.

Price
10/10
Features
4/10
Customer service
7/10
Convenience
10/10
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10/10
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Brady, New South Wales, reviewed 11 days ago
Qantas Money Credit Card
Overall 1/10
DONT EVEN EVALUATE QANTAS CREDIT CARD.

Very Poor app and online experience. Direct debit is set only through a paper form which never gets received. The statement is designed very poor or should rather say "very smart " to not include the total amount DUE or clearly say the DUE DATE. Not at all easy to understand the balance. Pending transactions get cleared after a long long time. I have just closed this card in less than 2 months of using it because of their digital experience. The closure process as explained by the rep will take another month even when I have paid my account balance in full. I have used every card in Australia and this was by far the WORST card or service you can get. You cannot even claim the Annual fee back as they have issued you free points. I am happy to give back the points they have credited but they have been SOLD to me.

Read full review

Very Poor app and online experience. Direct debit is set only through a paper form which never gets received. The statement is designed very poor or should rather say "very smart " to not include the total amount DUE or clearly say the DUE DATE. Not at all easy to understand the balance. Pending transactions get cleared after a long long time. I have just closed this card in less than 2 months of using it because of their digital experience. The closure process as explained by the rep will take another month even when I have paid my account balance in full. I have used every card in Australia and this was by far the WORST card or service you can get. You cannot even claim the Annual fee back as they have issued you free points. I am happy to give back the points they have credited but they have been SOLD to me.

Price
1/10
Features
5/10
Customer service
4/10
Convenience
1/10
Trust
3/10
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Varun, Victoria, reviewed 18 days ago
Citi Clear Credit Card
Overall 1/10
Go elsewhere

High fees, always difficult to access my online A/C

Read full review

High fees, always difficult to access my online A/C

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1/10
Features
1/10
Customer service
6/10
Convenience
8/10
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2/10
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Greg, Victoria, reviewed 18 days ago

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