Mozo guides

Premium rewards cards

Does your lifestyle involve hitting the shops big time or boarding airplanes on a regular basis? You could be the perfect candidate for a premium rewards card. This page features all you need to know about premium plastic - from VIP services like airline lounge access and 24/7 concierge to complimentary insurance for purchases made on your card. Let’s get started!

Compare our top Platinum Cards below. 

Platinum Credit Card Comparison Table - last updated 3 March 2024

Search promoted credit cards below or do a full Mozo database search. Advertiser disclosure
  • American Express Platinum Edge Credit Card

    Enjoy $0 Annual Card Fee (usually $195) in the first year when you apply online and are approved. T&Cs apply. New Card Members only. Offer subject to change without notice.

    Purchase rate
    23.99% p.a.
    Annual fee
    $195 $0 in the first year
    Rewards program
    Membership Rewards
    Privileges
    Extended Warranty,
    Account alerts by SMS,
    Card Purchase Cover ,
    Travel Inconvenience Cover
    Compare
    Details
  • Apply By 6 Feb 2024
    American Express Velocity Platinum Card

    Earn 100,000 bonus Velocity Points when you apply online by 15 May 2024, are approved, and spend $3,000 on eligible purchases on your new American Express Velocity Platinum Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.

    Purchase rate
    23.99% p.a.
    Annual fee
    $375
    Rewards program
    Velocity Frequent Flyer
    Privileges
    Account alerts by SMS,
    Card Purchase Cover,
    Travel Inconvenience Cover
    Compare
    Details
  • 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
    0% p.a. for 3 months then 25.80% p.a.
    Annual fee
    $99
    Rewards program
    -
    Privileges
    Purchase Protection
    Compare
    Details
  • Apply By 30 Apr 2024
    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
    21.49% p.a.
    Annual fee
    $300 $150 in the subsequent years if you spend $48,000 on eligible purchases or cash advances in previous year., $150 in the first year
    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
    20.74% p.a.
    Annual fee
    $129 $99 in the first year
    Rewards program
    Suncorp Rewards
    Privileges
    Concierge,
    Travel Insurance,
    Extended Warranty,
    Purchase Protection,
    Guaranteed Pricing
    Compare
    Details


Types of premium cards

Premium credit cards are not only for the mega rich. In fact, anyone with an annual income that hits or exceeds the minimum yearly requirement ($35,000+) and has a polished credit history can apply for one too. Let’s look at the different versions of premium cards out there to see what you could potentially store in your wallet:

Gold cards

Think of these cards as step one on the premium rewards ladder. They’ll give you more opportunities to earn rewards or frequent flyer points than your standard piece of plastic, but for a higher annual fee. As for features, some gold cards listed on our database offer free travel insurance for you and the whole family, purchase security insurance and the option for you to add extra cardholders. One limitation you may come across with a gold card is a cap on the number of points you can earn.

Platinum cards

These are the most common type of premium cards in the market, with most banks and credit providers having a platinum card offering. There isn’t a standard platinum card but common features of these cards will include a rewards program (either with airline frequent flyer club membership, or rewards like cashback, shopping or travel rewards), free insurance and concierge. Keep your eyes peeled for bonus point offers available to new cardholders too as these can help you to redeem rewards fast! As expected, annual fees on platinum card fees can climb high in return for these benefits.

Black and Diamond cards

At the high end are black credit cards which usually involve most, if not all of the premium card features we’ve mentioned above and more. These cards have annual fees in the hundreds, but for this you’ll get a range of perks from priority passes at airport lounges to concierge services on demand. Partner networks are larger too, giving you more room to shop for bonus points. Most black credit cards in the market will have a minimum income requirement of $75k and over.

What are the benefits of a premium rewards card?

Now you’re clued up on the tiers of premium cards out there, let’s take a closer look at the perks...

  • Generous rewards earning rates: Premium rewards credit cards are almost guaranteed to give you more bang for your buck when it comes to the earn rate for each dollar you spend! For instance, one card in our database will give you up to 3 points for every dollar you spend, while other rewards cards at the lower end of the scale may only offer 0.5 of a point on the same frequent flyer program.
  • Bonus points when you sign up: A quick glance at our rewards card hub demonstrates that there are plenty of bonus point signup deals to choose from with premium perks. But compare redemption rates as not all cards are equal and check if you need to spend a certain amount within a specified time-frame to unlock the points.
  • Attractive frequent flyer programs: Whether you have a Qantas Frequent Flyer membership, or one with Virgin’s Velocity Frequent Flyer program, chances are you can link your premium card to it, and most other airline programs out there too.
  • Rewards choices: You’re spoilt for choice when it comes to premium rewards cards, as most allow you to redeem points on flights, online shopping, cashback offers and the list goes on!
  • Complimentary insurance: It depends on the product you’re looking at, but many premium cards throw insurance freebies into the mix, from comprehensive travel protection to rental car insurance.
  • Higher credit limits: Another thing you’ll find with premium cards is that credit limits are higher than regular plastic, and there are minimum credit limit requirements too. For instance, credit limits on premium cards start at around $4k and can go up to $100K or more.

Are there any traps to watch out for?

Like most credit cards, there are always conditions you need to beware of, so you don’t get stung financially or wind up with a poor credit rating. They include...

High annual fees

Did you know that one card on our site has a yearly fee of $700? But the key with paying any annual fee is to ensure that you’re getting value for the amount. So long as you receive optimal rewards or benefits like free travel insurance in return, the cost won’t matter too much. Keep in mind, these fees are required to be paid upfront and every anniversary after that.

Points caps

Depending on the card, your provider may place a limit on the number of points you can earn or have accrued in your points balance at any one time. The good news is, some premium cards in the market allow you to earn as many as you like!

Points expiry dates

Just watch out for the frequent flyer or membership points with expiry dates, so you don’t miss out on rewards redemption.

High interest rates

So long as you pay your balance in full and on time each month, you’ll be shielded from credit card interest rates. But make no mistake - premium card purchase rates can climb to the early twenties! That's a lot of extra money if you tend to have balances left owing month to month.

Key features to look for with premium rewards cards

Ready to join the premium card crew and start enjoying those rewards? We’ll leave you with some final things to remember.

  • Purchase rate: According to the Mozo database at the time of writing, the highest rewards card purchase rate is a steep 21.49% so be sure that you pay your balance off in full each month to avoid high interest charges!
  • Interest free days: The number of days you have before interest kicks in with premium credit cards will usually range from 44 to 55 days.
  • Cash advance rate: If you withdraw money from an ATM in Australia or overseas with your credit card you’ll pay a cash advance rate, which at the time of writing will be between 8.30% to 25.99%. Also be aware that with cash advances you don’t get any interest free days, and will also be charged a fee which is usually a percentage of the cash amount.
  • Foreign exchange fee: Regular jet setter? If you plan on using your premium rewards card in other currencies abroad, you’ll pay a foreign exchange margin on top of the purchase rate, which is an average 2.91%. Some cards are specifically designed with travellers in mind, and charge lower fees so look for one that has low or no foreign exchange fees.
  • Minimum income requirement: Premium cards are designed for those with a certain income and annual credit card spend. Keep this in mind when you’re looking for a premium card, as some providers require that you be on a $100k salary, while others will approve applicants on $30k.

Now you’re no longer new to the world of premium rewards cards, visit our rewards hub to compare top deals. Alternatively, let Mozo’s rewards revealer tool do the matchmaking for you based on your estimated annual spend, in just one minute.

Mozo Editorial
Mozo Editorial

Mozo’s team of experienced journalists and money experts provide news, insights, practical guides and expert analysis to help you master your personal finances. We follow editorial guidelines that focus on accuracy, reliability and timeliness; helping you make informed financial decisions with confidence and the most of your hard-earned money.

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