Platinum credit cards were once considered the elite card to have and were only offered to only those with perfect credit scores and a high level of income. They have since become more mainstream and available to the average consumer provided they have a solid, good credit history. Many companies now offer other prestigious cards to their top-tier customers.
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Platinum cards are available through all the major credit card companies including American Express, Visa, MasterCard, and Discover. Most have favorable credit card APRs and the added benefit of reward programs.
If you’re looking for exclusivity, then you need to go straight to the source, which means going directly to the Visa, MasterCard, American Express, or Discover websites to see their exclusive card offerings. In addition, consider banking institutions that cater to the wealthy such as Morgan Stanley, Coutts & Co., Smith Barney and more.
If you want to know what company consumers choose as the best credit card company, then you need to visit JDPower.com and look at their 2011 Credit Card Satisfaction Study. This study reveals that surveyed consumers agree that American Express is the best credit card company in the country.
High End Credit Card
There are different levels of exclusive credit cards. There are credit cards that anyone can apply for, but only for which the wealthy will qualify. Bank of America offers the Accolades American Express credit card, which boasts a maximum credit limit of $595,000,
On the other side you have the Visa Black Card, which is offered from Visa, rather than a banking institution, that is a by invitation-only credit card and doesn’t have a max credit limit. However, according to Reuters Money, this credit card is one of the worst credit cards on the market because of its high annual fee and high interest rate of 14.99%, and not for someone with perfect credit and incredibly high income.
Other Exclusive Credit Card Offers
- AMEX Platinum – offered by American Express, this card has a $450 a year annual fee, and some amazing perks. This credit card can be applied for by anyone, but you must have perfect credit in order to qualify.
- American Express Centurion – this by invitation only credit card is offered by American Express and has an annual fee of $2500.
- Bank of America Accolades – available only to private banking customers of Bank of America that have at least $100,000 in assets can apply for this credit card.
- Coutts & Co. World Card – offered by Coutts & Co. and available only to the super wealthy, this card has a $700 annual fee and no maximum credit limit. This card is available by invitation only.
- Merrill + – this credit card is available to anyone who qualifies, has no maximum credit limit and if you spend more than $100,000 a year, the annual fee is waived.
- Smith Barney Chairman’s Card – this credit card is offered by Citigroup and anyone can apply. It has a $400 annual fee and requires pristine credit in order to qualify.
The credit card companies that offer these credit cards typically offer great benefits that you can’t get with any other kind of credit card. For example, 24-hour personal concierge service or using collected points to book a private jet. Regardless, the average person won’t be able to qualify for these credit cards.
Bad Credit and Platinum Cards
You will find that in most cases you will be able to a credit card to rebuild your credit from most creditors. In some cases, it will be a secured credit card only, while in other cases; it will be a high interest, low credit limit credit card.
An ethical credit card company will increase your credit limit over time and decrease your APR, as your credit score improves. You should avoid companies that charge you to evaluate your credit for a credit increase. If after a year of on-time payments you don’t get a credit increase, call the credit card company and ask why you haven’t gotten an increase.
Establishing credit means that you are not only paying your credit card debt on time, but that creditors trust you more with a higher debt threshold. If this doesn’t happen, then your credit score will be slower to improve.
If you have bad credit, you need to work to improve your credit score and having a platinum credit card can help. However, if you’re thinking about those high-end credit cards when you’re working toward your credit goal, you need to remember that in addition to a perfect credit score, these credit cards also require you to have a certain amount of wealth as well, which the average person simply doesn’t have.
Apply now for the American Express Platinum Card to start earning credit today!
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- Ameriprise Bank, FSB Platinum Card from American Express
- American Express Centurion Bank American Express Platinum
- American Express Rewards Plus Gold Card
- American Express Optima
- American Express Centurion Bank American Express Centurion
- American Express Centurion Bank American Express Senior Gold
- American Express Green Card