Advantages of Gold and Platinum Credit Cards

Credit Card companies are clever. They know how to pamper to someone's ego and make them feel special by offering them gold or platinum credit cards. They will often contact high income earners with promotions for a gold credit card and an attached application form that they've already been pre-approved for – quite how they know what you earn is a matter for debate! It's all in the name of making you feel "special" or "exclusive" and a cut above the rest. If however you are searching yourself for the best deals in a gold credit card you'll probably head over to a personal finance site. There they will list all the deals from the banks, financial institutions and credit providers and you can compare them for features like annual fee, interest free period, APR, cash advance rate and balance transfer rate, as well as reward programs. This allows you to really do your homework before applying for anything. It pays to do this so that you can get the card that offers you the best rates and fees schedules and also the best perks. Gold and Platinum credit cards are renowned for the great perks and offers that usually accompany them, like free domestic or international travel insurance, , a concierge service, airport lounge access, purchase insurance or free home contents insurance. These offers are all waved in front of you to entice you to choose their card over another's because every company likes a high roller as their customer! You will notice with these cards that the annual fees can be higher than with standard credit cards – they have to pay for those perks somehow! When you are comparing cards you should balance the advantages of the perks with the increased fees – are they worth it? Will you use the perks? If you’re a frequent traveler who is looking for free travel insurance and a concierge services then great , but you won't want to pay a high fee if you are rarely going to use your card or do any traveling. Another feature of gold and platinum credit cards is that they have a high credit limit and low interest rate. The card companies want you to use your spending power to spend large and pay interest, as you represent a low credit risk, because of your high income and excellent credit history. Sometimes there will be no credit limit at all. If you haven’t already been contacted by your bank and pre-approved, in order to qualify for a gold credit card or a platinum card, you will have to demonstrate an exemplary credit history and evidence of your income during your application. For more information regarding gold credit card, platinum credit card and business credit cards, please visit: www.lowerbills.com.au