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Platinum vs Gold Credit Cards and how they compare to Black options

Most gold credit cards in Australia have been replaced with platinum ones. Here's how to compare premium credit cards.

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Amy Bradney-George

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Name Bonus points Points per $ spent Purchase rate p.a. Annual fee
Qantas Premier Platinum
Qantas Frequent Flyer
Bonus points
100,000
Points per $ spent
1
Purchase rate p.a.
19.99%
Annual fee
$349 first year ($399 after)
Go to siteMore Info
 Earn up to 100,000 bonus Qantas Points. Plus, save with a reduced first-year annual fee and 0% p.a. for 12 months on balance transfers.
humm90 Platinum Mastercard
Bonus points
N/A
Points per $ spent
N/A
Purchase rate p.a.
25.8%
Annual fee
$0 first year ($99 after)
Go to siteMore Info
 Offers up to 110 days interest-free on purchases, 0% foreign transaction fees, $0 first-year annual fee and flexible instalment plan options.
ANZ Rewards Black Credit Card
Finder Award
ANZ Rewards Program
Bonus points
180,000
Points per $ spent
2
Purchase rate p.a.
20.99%
Annual fee
$375
Go to siteMore Info
 Get 180,000 bonus ANZ Reward Points (worth $800+ in digital gift cards) and $150 back when you spend $3,000 in the first 3 months.
Qantas American Express Ultimate Card
Qantas Frequent Flyer
Bonus points
60,000
Points per $ spent
1.25
Purchase rate p.a.
23.99%
Annual fee
$450
Go to siteMore Info
 Get 60,000 bonus Qantas Points when you spend $3,000 in the first 3 months. Plus, a yearly $450 Travel Credit.
ANZ Platinum Credit Card
Bonus points
N/A
Points per $ spent
N/A
Purchase rate p.a.
20.99%
Annual fee
$0 first year ($87 after)
Go to siteMore Info
 Get $300 back on your card when you spend $1,500 on eligible purchases in the first 3 months and a $0 first-year annual fee. Plus, complimentary overseas travel insurance.
NAB Rewards Platinum Card
NAB Rewards
Bonus points
100,000
Points per $ spent
1
Purchase rate p.a.
20.99%
Annual fee
$45 first year ($195 after)
Go to siteMore Info
 Get up to 100,000 bonus NAB Rewards Points (worth $480 in eGift cards): 80k points when you spend $1,000 in the first 60 days and 20k after 12 months.
American Express Qantas Business Rewards Card
Qantas Business Rewards
Bonus points
170,000
Points per $ spent
1.25
Purchase rate p.a.
0%
Annual fee
$450
Go to siteMore Info
(ABN holders w/ $75k revenue). Earn 170,000 bonus Qantas Points when you spend $6,000 in the first 3 months.
American Express Velocity Platinum Card
Velocity Frequent Flyer
Bonus points
100,000
Points per $ spent
1.25
Purchase rate p.a.
23.99%
Annual fee
$375
Go to siteMore Info
 Get 100,000 bonus Velocity Points when you spend $3,000 in the first 3 months. Plus a return domestic flight each year. Ends 15 May 2024.
St.George Amplify Signature
Amplify Rewards
Bonus points
150,000
Points per $ spent
1.5
Purchase rate p.a.
19.49%
Annual fee
$199 first year ($295 after)
Go to siteMore Info
 150,000 bonus Amplify Points (worth $675 in gift cards) when you spend $12,000 in the first 12 months. Plus, a first-year annual fee discount.
Kogan Money Card – Exclusive Offer
Exclusive
Kogan Rewards Program
Bonus points
N/A
Points per $ spent
1
Purchase rate p.a.
9.99% for 18 months, then 20.99%
Annual fee
$0
Go to siteMore Info
 Save with 0% p.a. interest on balance transfers (with a 2% BT fee) and 9.99% p.a. on purchases, both for 18 months, plus, an ongoing $0 annual fee.
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What's the difference between platinum, gold and black credit cards?

Platinum, gold and black credit cards are premium options that open the door to exclusive benefits. While they are all premium options that offer a range of benefits like rewards points, free flights, and concierge services, each represents a different level of status and service.

  • Gold credit cards are a step up from standard credit cards. Many of the gold credit cards that used to be available in Australia have been replaced with platinum cards.
  • Platinum credit cards are the next level up from gold and standard cards. Some premium cards that were considered "platinum" are now "black".
  • Black credit cards are at the top of the pack. They offer features like higher (or unlimited) credit limits, more reward points and a huge range of complimentary extras. Black cards are typically suited to people who earn and spend a lot.

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.

The features you can expect from a Gold credit card

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.

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
  • Airport lounge access
  • 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 $90 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 4 Banks in Australia (ANZ, NAB, CommBank and Westpac) offer platinum cards, only CommBank offers gold credit cards for personal customers.

Platinum cards also offer higher minimum credit limits than gold cards, which means they're only available to those who earn a certain, relatively high minimum income. The list of features and bonuses are usually greater than gold.

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.

The features you can expect from a Black credit card

As well as features offered on gold and platinum cards, a black card may offer:

  • The highest number of points per $1 for reward programs
  • Complimentary airport transfers
  • Travel credit or flight offers
  • 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 a minimum of $75,000 to $100,000, sometimes more. 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 annual fees, which can be hefty. Ask the following questions before choosing which type of card to get suits you best:

How often do you use your credit card?

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.

You also usually need to pay with the credit card to get value from the premium features and benefits, such as rewards, travel credit and complimentary insurance.

💡Tip: If you don’t use a credit card very often, you could look at a low rate or no annual fee option instead.

How much do you spend on your credit card?

If you choose a premium rewards card, make sure the value of the points you earn outweighs the cost of the annual fee. For bonus point offers, always check the spending requirements to make sure they are reasonable for you.

💡Tip: Not sure how much your points are worth? Finder's credit card points calculator will give you a quick estimate, plus more insights and tips on working out the value of points.

How much money do you earn?

Gold, platinum and black credit cards typically have higher income requirements than standard credit cards. And even if no minimum income amount is listed, you'll still need to show proof of a regular income that would be enough to manage the card's minimum credit limit.

How many premium credit card features will you actually use?

Rewards and extras can help offset the cost of a credit card, but only if you use them. Be realistic about which benefits you will use, so you can find a card with the right mix of features and costs.

Do you pay off your credit card balance in full?

Many gold, platinum and black credit cards have high interest rates for purchases, which can be expensive if you carry a balance from month to month. When that's the case, a platinum credit card with a low ongoing interest rate could help you save on interest charges.

How much are you willing to pay on an annual fee?

Premium credit cards typically have higher annual fees than basic cards. If you have an idea of the maximum annual fee you want to pay, you can use the filters on Finder's comparison table so you only see cards that fit within that range.

Do you have an excellent credit history and credit score?

These credit cards typically require a very good to excellent credit score.

If you have negative details on your credit report, such as late payments or defaults, you may not be eligible to apply for a gold, platinum or black credit card.

Frequently asked questions about premium credit cards

More guides on Finder

  • Platinum Credit Cards

    If you want to get more rewards, higher credit limits, complimentary insurance and many other perks, here's how a platinum credit card could work for you.
  • 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.
  • 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.

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37 Responses

    Default Gravatar
    RokoNovember 25, 2018

    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).

    Reply
      AvatarFinder
      JeniNovember 26, 2018Finder

      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

      Reply
    Default Gravatar
    GlendaNovember 18, 2018

    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

    Reply
      AvatarFinder
      JohnNovember 20, 2018Finder

      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

      Reply
    Default Gravatar
    KevinOctober 6, 2018

    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

    Reply
      AvatarFinder
      JeniOctober 8, 2018Finder

      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

      Reply
    Default Gravatar
    billJune 7, 2018

    GOOD MORNING.
    WHO IS OFFERING BLACK CARDS HERE IN AU.
    THANKS.
    BILL

    Reply
      Default Gravatar
      JoelJune 7, 2018

      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

      Reply
    Default Gravatar
    IrisOctober 6, 2015

    how to obtain a balance statement of current month

    Reply
      Default Gravatar
      ejayFebruary 24, 2016

      When will i know when i get it

      Reply
      AvatarFinder
      SallyFebruary 24, 2016Finder

      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

      Reply
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