What is different about gold credit cards?

difference in gold credit cardsIn today’s active credit markets, few companies still offer standard or silver credit cards. Most banks and other credit card companies have turned to gold or platinum cards, which offer more benefits, premiums, and additional services than their traditional standard counterparts do.

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In the 1970s and 1980s, gold, and eventually platinum credit cards were sold as premium cards to a bank’s best customers. These cards featured the best rates; highest credit limits and offered a number of additional services to exceptionally qualified customers.

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In decades past, having a silver, gold, or even platinum MasterCard or Visa credit card in your purse or wallet was a sign of prestige. The color of your card indicated specific member rights and privileges other cardholders did not enjoy.

Today, according to Forbes Magazine, gold cards loaded with premium rewards and other benefits are still available for well-qualified consumers.

What are the advantages of a gold credit card?

Gold credit cards often include benefits that consumers may not be aware of according to MSN Money, such as return protection for purchases made with the card.

Other gold card benefits often include:

  • Higher credit limits
  • Lower, preferred interest rates
  • Purchase protection and extended warranty programs
  • More reward points and other premiums

Jump to the next level, platinum, and card issuers will generally extend the benefits listed above to include:

  • Emergency roadside assistance
  • Travel and accident insurance
  • Frequent flier mileage
  • Cash back advantage programs
  • Rental car insurance coverage
  • Entertainment discounts

In the past, qualifying for a gold or platinum card was more stringent and only larger incomes were considered. A gold card might have a $5,000 credit limit, while platinum credit cards would carry a minimum of a $10,000 or $20,000 credit line!

Can I get the special services and premiums of a gold credit card if I have poor credit?

gold credit cardYes! Many of the qualifying differences and customer distinctions between credit cards have all but disappeared. A consumer, whose bankruptcy discharged just last month, can apply for and receive a platinum credit card!

However, at least initially, a customer with poor credit or no credit history will pay dramatically higher rates and fees and only be eligible for a small credit line, usually a few hundred dollars. The other benefits associated with a gold or platinum credit card will still be available.

Are there many differences between gold and platinum credit cards?

Similar benefits are offered by gold and platinum credit cards, though the benefits on platinum credit cards are often greater than those offered to gold customers, especially when it comes to rewards points and other special card programs. Many credit card issuers use free front-end bonus points as an enticement to apply for their cards.

A number of banks offer both gold and platinum versions of their Visa or MasterCard logo credit cards. Some gold credit cards offer free travel insurance, and card issuers such as NAB even offer VIP lost card protection. Gold cards usually offer higher credit card limits than standard credit cards, but approved limits are typically lower than platinum cards.

Titanium, platinum, and gold are still heralded as premium credit cards. Titanium, one of the newer credit cards on the market, offers many benefits to cardholders along including personalized customer service. These new prestige credit cards may feature higher fees and service charges that top drawer customers are eager to bear.

It’s important to remember that whatever the color or stripe of your credit card, what matters most are the interest rates and other fees you’re being charged and the limits and other terms of your credit card holder agreement.

What are the newest premium credit card offers like?

In addition to titanium, there are now several exceptional and distinctive credit card opportunities for high-end clientele. Among the most exclusive and most difficult to obtain is the American Express Black Centurion Card.

You must be invited to apply for the Centurion card and Amex requires a $5,000 initiation fee and a $2,500 annual membership fee with your application! You must also be willing and able to spend at least $250,000 per year using this prestigious card. Both personal and business credit card accounts are available.

What special services does the American Express Centurion Card provide?

Centurion customers enjoy a variety of premium services, discounts, and special programs including the service of not one, but two credit card concierges, one for travel and the other who will see to your personal needs.

Centurion customers receive upgrades on air travel and are also given elite status at the world’s finest inns and hotels. Other benefits include retail and entertainment perks and a package Amex refers to as financial solutions.

While the special services American Express offers it’s Centurion customers are nice, few of us can afford to spend a quarter of a million dollars to get them! Gold and platinum card services however, are available to pretty much everyone who applies for a credit card and can maintain the account in good standing.

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