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 6 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.
What to look for when choosing your first credit card, including insights and tips from Finder’s experts.
Get insights on how many people are part of supermarket and airline programs, how they redeem points and more.
Learn how to apply for a credit card when you're retired or on a pension and compare cards to find one that suits your needs.
Load funds to your card, spend in foreign currencies and earn rewards with a prepaid card.
Student credit cards can help you manage your money and build credit history for future loans. Learn more and compare student credit cards available in Australia here.
Learn how to apply for a credit card and increase your chances of approval with these 8 tips.
While there isn't one best credit card, you can find a card that suits your needs by comparing the features, deals and offers that are trending here.
Compare hotel credit cards and learn how you can use reward points to get free hotel stays all around the world.
Who is responsible for your credit card debt after you die? Discover strategies for managing finances after the death of a loved one here.
While a credit card is linked with a line of credit, a debit card is connected to your own money. Compare the differences between the card types in this guide.
I have had an ANZ gold/platinum visa card for many years.I have just purchased O/s travel tickets for a Sri Lanka holiday for the wife and I.Could you please send me details of how your complimentary travel insurance works eg. When & how does it become effective? What are your conditions? What does it cover etc? Thank you. Ramon.
Hi Ramon,
Here’s a guide that covers some general credit card travel insurance basics.
In a nutshell, the terms and conditions (which I’ve sent to your email) say, ‘Your cover is automatic as long as at least half of your prepaid travel expenses are paid for with your ANZ Gold Card. Where an ANZ Gold Card is not an acceptable means of payment, you will be covered if you pay using funds from any of your other ANZ accounts. Prepaid Travel expenses include the cost of transport, accommodation and other Travel itinerary items, including any taxes paid before departure. Your Family Travelling with you will also be automatically covered.’ See the policy document for further information on the cover provided.
Hope this helps.
Cheers,
Jacob.