Citi Rewards Card - Balance Transfer Offer
0% p.a. for 30 months on balance transfers
$49 first-year annual fee
Offer ends 28 February 2022
Eligibility criteria, terms and conditions, fees and charges apply.
Platinum vs Gold Credit Cards and how they compare to Black options
Most gold credit cards in Australia have been replaced with platinum ones - so they're pretty similar. Here's what to look for while you compare.
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Compare Platinum, Gold and Black Credit Cards
Platinum, gold and black credit cards are premium options that open the door to exclusive benefits. Many of the gold credit cards that used to be available in Australia have been replaced with platinum cards. And premium cards once considered "platinum" are now designated as "black". Designed for people who spend a lot on plastic, these cards are a step (or a few steps) up from standard offers, with features like higher credit limits, more reward points and a huge range of complimentary extras.
When comparing premium credit cards, make sure to look at bonus points offers, what you need to do to get them, and the ongoing earn rate.
What’s the difference between platinum, gold and black credit cards?
While they are all premium options, each represents a different level of status and service. Gold credit cards are a step up from standard cards, platinum credit cards are above gold, and black credit cards sit at the top of the pack.
Gold credit cards
Gold credit cards are the “entry level” option for premium credit cards and are designed to suit people who are interested in getting more features and benefits, but who don’t want to pay much more than they would for a standard card. Some of the most popular features of gold credit cards include:
The features you can expect from a Gold credit card
- Complimentary travel insurance
- Complimentary purchase protection insurance
- More reward points per $1 than standard cards
- Higher point caps than standard cards
- Annual fees similar to standard cards, or slightly higher
- Minimum credit limits typically starting from $4,000
Gold credit cards also have slightly higher income and credit history requirements than standard cards – but not as high as those of platinum or black cards.
Platinum credit cards
Platinum credit cards are considered more premium than gold cards and offer a wider range of features and more flexibility. They are designed for people who want to get more value from regularly paying with plastic. In comparison to gold options, platinum cards may include:
The features you can expect from a Platinum credit card
- Complimentary international travel insurance with higher covers, domestic interstate flight inconvenience insurance and car hire insurance
- Complimentary purchase protection insurance
- More reward points per $1 spent than gold cards and higher reward points caps
- Personal concierge services
- Higher annual fees than gold cards, typically ranging from $87 to $1,200
Some platinum credit cards may also provide other spending benefits for customers. For example, platinum Bankwest credit cards offer no international transaction fees for purchases made overseas or online with an international retailer.
Platinum vs gold credit cards in Australia
One of the biggest differences between platinum and gold cards in Australia is that there is a larger selection of platinum credit cards than gold cards. In fact, while all of the Big Four Banks in Australia – ANZ, NAB, CommBank and Westpac – offer platinum cards, only CommBank offers gold credit cards for personal customers.
In terms of other differences, platinum cards offer higher minimum credit limits than gold cards, which can be a bonus if you spend a lot on credit and can responsibly manage your credit card payments. Platinum cards also charge higher annual fees than gold cards offered by the same provider, and offer more perks. If you want to compare platinum and gold credit cards side-by-side, looking at the costs, features and your own circumstances can help you choose one that works for you.
Black credit cards
Black credit cards are considered the ultimate in premium credit cards, with the highest level of service and broadest range of benefits. In addition to the complimentary extras that you can find on gold or platinum cards, a black credit card may provide:
The features you can expect from a Black credit card
- The highest number of points per $1 for reward programs
- Complimentary airport transfers
- Flight upgrades
- Dedicated travel booking services
- A personal concierge service
- A personal shopper
- Invitations to exclusive events or promotions
- Higher credit limits (sometimes up to $100,000)
- Annual fees ranging from $349 to $700
Black credit cards are designed for high earners who pay with plastic very regularly. As such, the minimum income requirements for these cards are usually between $75,000 and $150,000. You also need flawless credit history to get a black credit card.
What to consider before applying
The benefits of a platinum, gold or black credit card are only worth it if they offer more value than the costs that come from any interest charges or annual fees. Asking the following questions before choosing which type of card to get will help you find options that work for you.
- How often do you use your credit card? Premium gold, platinum and black credit cards are designed for people who regularly use a credit card, and their annual fees and credit limits reflect that. Many of the complimentary extras available on these cards, such as travel insurance, also require you to pay with plastic to activate them. If you don’t use a credit card very often, you might want to consider a low rate or no annual fee option instead.
- How much do you spend on your credit card? If you’re considering a rewards option, you should make sure the value of the points you earn outweighs the cost of the annual fee. For more information, check out our guide on calculating the value of rewards points.
- How much money do you earn? Gold, platinum and black credit cards typically have higher minimum income requirements than standard credit cards.
- How many premium card features will you actually use? Complimentary extras can help offset the cost of a credit card, but only if you use them. When considering different cards, make sure you’re realistic about which benefits you will use so that you can find a card that provides value based on your spending habits and circumstances.
- Do you carry a credit card balance? Most gold, platinum and black credit cards have high standard interest rates. This means you could end up paying hundreds of dollars in interest every year when you carry a balance on one of these premium cards. If you don’t pay your account off in full each month, you may want to consider a premium credit card that has a low ongoing interest rate.
- How much are you willing to pay on an annual fee? Premium credit cards typically have higher annual fees than no-frill options. While the value you get from a card's benefits can justify this cost, make sure you consider whether or not the cost of a card's annual fee seems reasonable based on your circumstances.
- Do you have an excellent credit history and credit score? These credit cards all require good to excellent credit history. If you have black marks on your credit file, such as late payments or defaults, you may not be eligible to apply for a gold, platinum or black credit card.
Frequently asked questions
What features should I compare when looking at gold, platinum or black cards?
Whether you are looking at a standard credit card or a more premium gold, platinum or black card, it's important to compare the different features based on your situation and goals. Some of key features to look at when comparing premium cards include:
- Bonus point offers. Introductory bonus point offers may differ between gold, platinum and black cards, with black cards typically offering the highest amount of bonus points when you sign up.
- Complimentary extras. Complimentary extras may include travel and purchase insurances, concierge services and other travel perks like airport lounge access or travel credit. When comparing black, platinum and gold credit cards, make sure you consider how many of the perks you will use, as this can help you decide if the cost of the account is worth it for you.
- Reward points per $1. Black cardholders usually earn the most rewards points per $1 spent, followed by platinum and then gold cardholders. As an example, a standard rewards card could offer 0.5 points per $1, with the the gold version offering 1 point per $1, the platinum 1.5 points per $1 and the black card 2 points per $1 spent.
- Reward point caps. If a reward credit card limits the amount of points you can earn per statement or year, the amount you can earn will increase with each level of card. This means a standard card would have the lowest points cap, followed by a gold card, then a platinum card and lastly a black card – giving the black card the highest point-earning potential.
- Annual fees. When you're comparing cards from the same issuer, standard cards will have the lowest annual fees, followed by gold, then platinum and then black. Ideally, the value you get from the card's perks should balance out this cost.
- Minimum income requirements. As a general guide, the more premium the card is, the higher the minimum income requirement. This means you will need to earn a higher income for black cards (and some platinum cards) compared to gold or standard cards.
Are platinum and black credit cards only for people who earn a high income?
Typically, yes. You'll need to earn a relatively high income to be eligible for a platinum or black credit card. Depending on the card, they can have minimum income requirements of between $30,000 – $70,000, although it can be even higher for the very top-tier cards.
When will I know if I’m approved for a platinum, gold or black credit card?
When you apply for the credit card, most issuers will let you know if your application has been approved or rejected within a minute. If you receive a pending response, this means the bank needs to spend more time assessing your application. In this case, you can usually expect a response within a week.
My credit card now caps the amount of frequent flyer points I can earn per month. Are there options I can choose to avoid this?
While some gold and platinum credit cards do have point caps, they tend to be higher than the caps on standard credit cards. Most black credit cards, on the other hand, offer uncapped points.
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Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.
More guides on Finder
- Best Platinum Credit Card: How to find the right one for you
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- High Credit Limit Credit Cards
If you want to buy big-ticket items or consolidate debt with a credit card, compare high credit limit options and weigh up the pros and cons here.
- Gold Credit Cards
Gold credit cards are a step up from basic cards, with more perks like rewards, complimentary insurance and airport lounge invitations.
- Visa Platinum Benefits
From entertainment offers, concierge and travel services to travel insurance and more, cardholders can enjoy many different platinum perks. Read on to find out all about the benefits of being a Visa Platinum cardholder.
- What is the most exclusive credit card?
Discover the luxurious perks, extensive benefits, and often high fees that can come with prestigious credit cards.
If my application is unsuccessful, will I be offered an alternative limit card or will I need to reapply? This could impact my credit score (having to reapply).
Hi Roko,
Thank you for getting in touch with Finder.
We recommend that you only apply for one credit card at a time and ensure your eligibility before submitting your final application. This way you can avoid credit enquiries on your file. If you can, contact first the issuing bank and discuss your options and chances of approval before you send anything final for your application. Please note that every time you make an application for credit, like applying for a credit card, it’s listed on your credit file as a “credit enquiry”. It will be listed regardless of whether the application is approved or not. Making too many credit enquiries in a short space of time can have a negative impact on your credit score.
You may refer to our credit card application tips to know how to increase your chances of approval.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
We have a black credit card, and have just read on your site we could be eligible for flight upgrades. Could you please tell me how to go about asking for and receiving upgrades. Many thanks
Hi Glenda,
Thank you for leaving a question.
Depending on the Black credit card you have as well as the frequent flyer club this card is affiliated on, you would need to register via the website of the frequent flyer club to be a member. Once that is done, you may check the benefits as well as the features that you could get via the card that you have as well as the points you have earned. Hope this helps! You may contact us real time via the chat button located at the lower right of our page.
Cheers,
Reggie
Commbank is closing their Amex cards on 1st of November. I pay them $300 p.a. for a bundle Amex and Mastercard credit card linked account. For Qantas and travel insurance, I might as well change to another bank and their bundle CC and earn some extra bonus points at the same time. Can you suggest a suitable option i.e. who has the best deal on finder right now? Please suggest no more than your best 2 suppliers.
Thanks.
Kevin
Hi Kevin,
Thank you for getting in touch with Finder.
You can learn more about companion or dual cards like yours from Commbank. As per the said page, having a companion credit card account allows you to earn a high rate of reward points when you can pay for something on your American Express credit card. If a merchant informs you of a surcharge or doesn’t accept Amex, you can pull out your Visa or Mastercard and use that so you still earn points for your spending. The great thing about the whole arrangement is that you only have one account to manage, one credit limit, one set of interest rates, one statement to look at, and you also only pay one annual fee, albeit a higher one.
If you are looking around for cards with frequent flyer points and complimentary travel insurance, you can use our comparison table to compare your options. You can press the “Go to site” button of your preferred card if you’d like to apply.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
GOOD MORNING.
WHO IS OFFERING BLACK CARDS HERE IN AU.
THANKS.
BILL
Hi Bill,
Thanks for leaving a question on Finder.
We have a list and comparison of black credit cards that you can apply for in Australia.
You can click the link above to compare black credit card offers and features, including those with introductory bonus points. You can also find out what features set black credit cards apart, whether or not you should apply for one, and how to get the most out of a black credit card when you use it.
Once you have chosen a particular card, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with your application or get in touch with their representatives for further assistance.
Cheers,
Joel
how to obtain a balance statement of current month
When will i know when i get it
Hi Ejay,
Thanks for your question.
When you apply for the credit card, most issuers will let you know if your application has been approved or rejected within a minute. If you receive a pending response, this means the bank needs to spend more time assessing your application. In this case, you can usually expect a response within a week.
I hope this has helped.
Cheers,
Sally