platinum credit cards

Platinum credit cards

Platinum credit cards offer the holder a touch of prestige because they come with higher credit limits, special rewards programs and exclusive concierge services. These benefits also mean typically higher interest rates, which means applying for a platinum card isn’t as easy as a regular card. You’ll need a clean credit history, low debt and high income. Start comparing platinum cards below.

Fact Checked

Platinum credit card comparisons on Mozo - last updated 21 May 2022

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  • Apply By 31 May 2022
    Mozo Expert Choice Badge
    American Express Platinum Edge Credit Card

    Enjoy $0 Annual Card Fee (usually $195) in the first year when you apply by 31 May and are approved. Offer extended. T&Cs apply. New Card Members only.

    Purchase rate
    20.74% p.a.
    Annual fee
    $195 $0 in the first year
    Rewards program
    Membership Rewards
    Privileges
    Extended Warranty,
    Account alerts by SMS,
    Card Purchase Cover ,
    Travel Inconvenience Cover
    Compare
    Details
  • Apply By 30 Jun 2022
    St.George Amplify Qantas Platinum

    Earn 60,000 bonus Qantas Points (min $3,000 spend in the first 3 months). New cards only, Eligibility criteria and T&Cs apply.

    Purchase rate
    19.49% p.a.
    Annual fee
    $99
    Rewards program
    Qantas Frequent Flyer
    Privileges
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Compare
    Details
  • St.George Amplify Rewards Platinum + Kayo Offer

    100,000 bonus Amplify Points, (min $3,000 spend within 90 days). 0% p.a. for 24 months on balance transfers requested at card application (1% BT fee). $29 First Year Card Fee ($99 2nd year card fee) + Score up to $27.50 per month cashback on Kayo access for 12 months. New cards only, Eligibility criteria and T&Cs apply.

    Purchase rate
    19.49% p.a.
    Annual fee
    $99 $29 in the first year
    Rewards program
    Rewards
    Privileges
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Compare
    Details
  • Apply By 30 Jun 2022
    Westpac Altitude Platinum

    Earn up to 130,000 bonus Altitude Points ($3k min. spend in the first 90 days on eligible purchases). 0% p.a. for 24 months on balance transfers requested at card application. 1% BT fee applies (rate reverts to the variable cash advance rate after). Discounted annual card fee of $49 for the first year ($150 thereafter). New Cards only. T&C's and exclusions apply.

    Purchase rate
    19.99% p.a.
    Annual fee
    $150 $49 in the first year
    Rewards program
    Altitude Rewards
    Privileges
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Compare
    Details
  • Mozo Expert Choice Badge
    American Express Velocity Platinum Card

    Receive 120,000 bonus Velocity Points when you apply online, are approved, and spend $3,500 on your new Card within the first 3 months. Available to new Card Members only. Enjoy a complimentary domestic return flight with Virgin Australia to selected cities, each year after your first card spend.

    Purchase rate
    20.74% p.a.
    Annual fee
    $375
    Rewards program
    Velocity Frequent Flyer
    Privileges
    Account alerts by SMS,
    Card Purchase Cover,
    Travel Inconvenience Cover
    Compare
    Details
  • Apply By 30 Jun 2022
    St.George Amplify Rewards Signature

    Earn up to 200,000 Bonus Amplify Rewards Points over 2 years (100k yr 1, 100k yr 2) when you spend $12k on eligible purchases each year. New cards only, Eligibility criteria and T&Cs apply. Offer ends June 30th 2022.

    Purchase rate
    19.49% p.a.
    Annual fee
    $279
    Rewards program
    Rewards
    Privileges
    Concierge,
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Compare
    Details
  • Apply By 30 Jun 2022
    Westpac Altitude Platinum

    Earn up to 75,000 bonus Qantas Points ($4k min. spend in the first 90 days on eligible purchases). 0% p.a. for 24 months on balance transfers requested at card application. 1% BT fee applies. $49 First Year Annual fee and Rewards fee. New cards only. T&C's and exclusions apply.

    Purchase rate
    19.99% p.a.
    Annual fee
    $200 $99 in the first year
    Rewards program
    Qantas Frequent Flyer
    Privileges
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Compare
    Details
  • Apply By 30 Jun 2022
    Bank of Melbourne Amplify Rewards Platinum

    130,000 bonus Amplify Points (min $3,000 spend within 90 days. 0% p.a. for 24 months on balance transfers requested at card application (1% BT fee). New cards only, Eligibility criteria and T&Cs apply.

    Purchase rate
    19.49% p.a.
    Annual fee
    $99 $29 in the first year
    Rewards program
    Rewards
    Privileges
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Compare
    Details
  • Great Southern Bank Platinum Credit Card

    0% p.a. balance transfer for 25 months, $0 annual fee for the first year and also receive 1 rewards point for every dollar spent. Purchase protection insurance. Mozo Experts Choice Balance Transfer Platinum Credit Card Winner 2021^.

    Purchase rate
    19.99% p.a.
    Annual fee
    $149 $0 in the first year
    Rewards program
    Great Southen Bank Platinum Rewards
    Privileges
    Travel Insurance,
    Purchase Protection
    Compare
    Details
  • Apply By 29 Jun 2022
    David Jones American Express Platinum Card

    Receive $450 back when you apply online by 29 June 2022, are approved and spend $1,500 outside David Jones on your new Card within the first 3 months. Available to new David Jones American Express Platinum Card Members only.

    Purchase rate
    20.74% p.a.
    Annual fee
    $295
    Rewards program
    Qantas Frequent Flyer
    Privileges
    Concierge,
    Extended Warranty,
    Account alerts by SMS,
    Card Purchase Cover ,
    Travel Inconvenience Cover
    Compare
    Details
  • HSBC Platinum Credit Card

    0% p.a. on balance transfers for 36 months with no balance transfer fee. Terms and Conditions apply. Mozo Experts Choice Premium Rewards and Balance Transfer Platinum Credit Card Winner 2020.

    Purchase rate
    19.99% p.a.
    Annual fee
    $129 $29 in the first year
    Rewards program
    Rewards Plus
    Privileges
    Concierge,
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Compare
    Details
  • Apply By 29 Jun 2022
    David Jones American Express Platinum Card

    Receive $450 back when you apply online by 29 June 2022, are approved and spend $1,500 outside David Jones on your new Card within the first 3 months. Available to new David Jones American Express Platinum Card Members only.

    Purchase rate
    20.74% p.a.
    Annual fee
    $295
    Rewards program
    Membership Rewards
    Privileges
    Extended Warranty,
    Account alerts by SMS,
    Card Purchase Cover ,
    Travel Inconvenience Cover
    Compare
    Details
  • Apply By 30 Jun 2022
    Bank of Melbourne Amplify Rewards Platinum

    Earn 60,000 bonus Qantas Points (min $3,000 spend in the first 3 months). 0% Balance Transfer for 24 months (1% BT fee). New cards only, Eligibility criteria and T&Cs apply.

    Purchase rate
    19.49% p.a.
    Annual fee
    $99
    Rewards program
    Qantas Frequent Flyer
    Privileges
    Travel Insurance,
    Extended Warranty,
    Purchase Protection
    Compare
    Details
  • NAB Qantas Rewards Signature Card

    NABs fastest way to earn Qantas Points. 120,000 bonus Qantas Points when you spend $3,000 on everyday purchases within 60 days of account opening and keep the card open for 12 months. Access to 6 complimentary insurances when you make eligible purchases.

    Purchase rate
    19.99% p.a.
    Annual fee
    $395 $295 in the first year
    Rewards program
    Qantas Frequent Flyer
    Privileges
    Concierge,
    Extended Warranty,
    Purchase Protection,
    International Travel Insurance,
    Transit Accident Insurance,
    Interstate Flight Inconvenience Insurance,
    Rental Vehicle Excess in Australia Insurance
    Compare
    Details
Search now

^See information about the Mozo Experts Choice Credit cards Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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FAQ

Platinum Credit Cards

If you are looking for some card bling for your wallet, a platinum card could deliver the goods. There was a time when gold cards had all the executive status, but in recent years platinum cards have taken over and now make up the bulk of the premium card market.

Sitting at the top of the credit card pile are black and diamond cards. These cards have higher credit limits, more lucrative rewards programs and stricter eligibility criteria.

Most banks and credit card providers in Australia will have a platinum credit card range and like other card types, there is no standard criteria for what makes up a platinum card. But as platinum cards do generally have higher fees and interest rates than standard credit cards you’ll want to make sure you’re getting more value out of the card than just the thrill of flashing platinum coloured plastic about.

Let’s start with the basics.

What is a platinum credit card?

A platinum card works the same as other credit cards. You get to make purchases on credit and repay them at a later date. Platinum cards differ from other basic credit cards in that they will have added features like complimentary insurance and personal services like concierge. Many Platinum cards also have rewards programs attached which have better point earning rates than standard rewards cards.

Who can get a platinum credit card?

A platinum credit card is a premium level credit card offered to people with good credit history and higher income level (usually over $60,000 p.a.).

As platinum cardholders need to meet higher eligibility criteria, the credit limit on platinum credit cards is also much higher.

Will a platinum card be a good choice for me?

There is a reason why there are so many different types of credit cards now available - we all have different spending habits and lifestyle needs. Because platinum cards generally have higher interest rates and annual fees they are best for people who:

  • Pay off their balance in full each month. If you carry any kind of balance on your platinum card you could be paying more in interest than you get in benefits.
  • Travel. As platinum cards generally come with inbuilt overseas travel insurance, if you do more than one trip a year the cost of the card’s annual fee is likely to be cheaper than taking out a standalone travel insurance policy.
  • Love live events. One of the perks of a platinum card is getting exclusive discounts and pre-sale offers through either the Visa Premium or Mastercard Privileges programs. The programs cover everything from shopping, travel, entertainment, sports and dining so you’re bound to find an experience that will suit your interests.

How do platinum cards compare with standard credit cards?

Interest rates: The ongoing purchase interest rate of platinum cards tends to be much higher than on standard credit cards.

Annual fee: Annual fees of platinum cards with rewards programs are generally higher than basic cards.

Interest free days: You will get between 44 and 55 interest free days with a platinum credit card, which is the same as standard cards.

Foreign exchange fees: Most banks charge around 3% for foreign credit card transactions, so if you travel overseas or shop at international online stores frequently a platinum card with no foreign exchange fees, like our Experts Choice winners, could help you to save on these fees.

Insurance: Most platinum cards will include complimentary overseas travel insurance, though you must meet the eligibility criteria. Usually you will have to pay for your flight or a portion of your upfront travel costs on the card. Platinum cards also have extra insurances such as extended warranty, price protection and purchase cover insurance.

Rewards: You could accrue rewards points faster with a platinum card than a standard credit card. The points per dollar earning rate could be higher or you may get more bonus points on your purchases. Check out platinum rewards cards here.

Extras: You will have access to concierge services with a platinum card which could include discounts to special events or bookings. Standard cards don’t have this service.

Are there extra fees for Platinum cards?

Platinum credit cards have the same set of fees that come with regular credit cards. These include:

  • Annual fee. Some cards don’t have annual fees but most platinum cards range from $80 - $300 a year.
  • Cash advance fee. You will be charged a fee if you make a cash withdrawal using your credit card. This will be a percentage (between 2-3%) of the withdrawal amount or a flat fee depending on which one is higher.
  • Foreign exchange fee. The standard foreign exchange fee is around 3% on overseas credit card transactions.
  • Late payment fee. These fees can be as high as $30 if you make a neglect to pay the monthly minimum repayment amount before the due date.

A word on frequent flyer programs:

If the platinum credit card is direct linked to an airline frequent flyer program such as Qantas Frequent Flyer or Velocity Frequent Flyer you may have to pay a fee to join the airline program when you sign up for your card.

What information will I need to apply for a platinum credit card?

You’ll be able to apply for a platinum card online and in most instances you will be able to verify your identity online. Some of the identification information you might need will include:

  • passport
  • drivers licence or proof of identity card
  • medicare card
  • utility bill

In addition to this information you will need to provide information which confirms your income, current assets and liabilities.

Picture of JP Pelosi
JP Pelosi
Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

Credit Card Reviews

ANZ Credit Card
Overall 7/10
Good, but there could be more.

I find ANZ a very middle ground bank. They have been good to me, although I felt like when I was hacked, I needed to prove that I was not in 3 states at once. ANZ is basic, and I have heard many people say they need to jump through hoops to achieve anything with them.

Read full review

I find ANZ a very middle ground bank. They have been good to me, although I felt like when I was hacked, I needed to prove that I was not in 3 states at once. ANZ is basic, and I have heard many people say they need to jump through hoops to achieve anything with them.

Price
5/10
Features
3/10
Customer service
9/10
Convenience
8/10
Trust
9/10
Less
Zoe, Tasmania, reviewed 24 days ago
American Express Qantas Discovery Card
Overall 9/10
Easy to earn points

The discovery card makes it really easy to earn Qantas points for my everyday expenses. No fee makes it even better

Read full review

The discovery card makes it really easy to earn Qantas points for my everyday expenses. No fee makes it even better

Price
10/10
Features
9/10
Convenience
10/10
Trust
9/10
Less
Gianni, Queensland, reviewed 24 days ago
NAB Credit Card
Overall 9/10
Great service

Trustworthy bank. Very happy with their customer service.

Read full review

Trustworthy bank. Very happy with their customer service.

Price
6/10
Features
9/10
Customer service
9/10
Convenience
10/10
Trust
10/10
Less
Samantha, Victoria, reviewed about 1 month ago

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