Gold credit cards are a step up from standard credit cards and typically offer more perks, rewards and higher maximum credit limits. They also typically have higher annual fees.
Yes, according to the Finder database there are currently 7 gold credit cards on the market, including personal, business and corporate cards.
Some gold-level credit cards also have other names. For example, the Qantas American Express Premium Card has gold artwork on the card but doesn't include the word in its name.
While many gold card options have been replaced with platinum cards, you can still get a gold credit card if you want one. As with any credit card, you'll just need to weigh up the features and costs to decide if it is worth it.
As with any card, the value you get from gold credit card benefits should be worth more than the costs associated with it. Here are the key details to keep in mind:
To get approved for a gold credit card, you need to meet the eligibility requirements. These are different for each card but usually include:
These documents can usually be attached to the application, submitted later via a secured web form or posted to the bank, and are essential for the application to be processed.
If you want to get a gold credit card, there are 3 important questions that will help you find a card that works for you:
The more you use a gold credit card (both for spending and for the other perks), the greater the value you can get out of it. This value needs to be weighed against the cost of the annual fee if you want to save more than you spend on your credit card.
For example, let’s say you got a gold reward credit card with a $100 annual fee. The goal would be to earn enough reward points to get at least $100 value out of the reward program (i.e. a $100 gift card).
So if you knew you would spend an average of $2,000 per month, and earned 1 point per $1, over a year you would get 24,000 reward points. You can then check the redemption catalogue or website for the card’s reward program to make sure that those points will get you at least $100 value in rewards so that the annual fee is worth it.
Rewards, complimentary insurance, lounge passes and other perks only add value if you use them.
For example, if you get a card with travel insurance but never use it, this benefit will be worthless to you. On the other hand, if you knew you would use that travel insurance regularly, you could save hundreds of dollars compared to buying insurance directly, which would help offset the cost of the annual fee.
Gold credit cards can have higher annual fees and minimum credit limits than standard cards. So think about what you're willing to pay for the account and what's manageable for you right now.
If the cost is too high, you can always compare other credit cards to find the features you want with an annual fee that suits you.
With the credit limit, keep in mind that a higher limit can increase the risk of more interest charges and debt if you don't pay it off each month. When you apply for a credit card, you can request a specific credit limit but it will need to be at least the minimum limit listed – which could be higher on a gold credit card than a standard one.
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I have a current ANZ Visa Gold Qantas Frequent Flyer card. I recently purchased an overseas trip with it. Am I covered for travel insurance and if so what are the terms and condition’s of the policy
Hi Gregory.
Thanks for your question.
Among other things, if you pay for a minimum of $250 of your prepaid travel expenses (including flights), you’re covered under this policy. Please have a read of the policy document for further information – I’ve sent it to your email.
Hi. Every time the bank offered me to apply for a credit card and when I apply, they declined me showing the reason of Veda credit report agency but I don’t have any idea about that and I don’t think I did not pay any bill so why is this happening and what is the easiest way to get credit card, please?
Hi Denish,
Thanks for your inquiry.
Your credit file has information on your previous credit applications and credit defaults. If there is an issue that’s stopping you from getting approved for a card, it will be listed on your credit file.
You can find information on your credit file and get your free copy of your credit score and report from Finder.
I hope this helps.
Cheers,
Jacob
I have a gold visa credit card and have paid airfare and 1000 dollars accommodation. I want to use my gold card for travel insurance, but don’t know if I have to do anything further to get the insurance active.
Hi Nick. Thanks for your question. You will have to tell us the name of the card issuer if you would like specific information about what you need to do to be covered by the insurance policy. Generally speaking, card issuers require that you pay for the cost of your return international airfare with your card, or pay for a certain amount of your pre-paid travel expenses to be covered – once you do this the cover is automatic. This information is listed in your provider’s complimentary international travel insurance policy document. Hope this helps. Jacob.
Can retirees get a gold credit card?
We have already booked and paid for train and accommodation in Darwin, can we still get a gold credit card?
Hi Anne. Thanks for your question. If you’re referring to the complimentary international travel insurance benefit offered with gold and platinum credit cards, you must pay for the international tickets or prepaid travel expenses using the card. You can still apply for a gold credit card, provided you meet the minimum eligibility requirements, but if you have already book your travel and accommodation within Australia, you won’t be eligible for the insurance benefit – it also applies for international trips only too. Jacob.
I’m moving OS and would like to get a gold card with travel insurance that covers me for travel that does not originate or terminate in Australia. The cards I’ve looked at seem to imply that flights need to start or end in Australia. Are there any cards that have travel insurance for flights between non-Australian countries
Hi Kym. Thanks for your question. This is not offered. The international travel insurance policies offered with credit cards requires that the journey begin and end in Australia. You may have to take out a policy that is not an included credit card benefit. Jacob.