Related FAQ's
Q. How much do I need to earn to get a platinum credit card?
A. Income requirements for platinum credit cards do vary, and while some platinum credit cards have no written minimum income levels at all - others may require an income of at least £10,000 to £25,000 a year.
Q. What's the difference between a classic and a gold credit card?
A. If you meet the criteria for a gold credit card, the benefits offered over classic cards can include increased purchasing power with higher credit limits (subject to status), improved purchase protection in terms of warranties and insurance, greater security against fraud, preferential interest rates, additional benefits depending on the card issuer, and various discounts.
Q. What's the difference between a classic and a platinum credit card?
A. A platinum credit card is a type of prestige credit card, and offer a number of exciting benefits over and above the ones that you would receive with a classic credit card.
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GOLD credit cards reward consumers who have a good credit history and a decent salary with more exclusive benefits and services.
As prestige cards, gold credit cards often have stricter approval criteria – including set minimum age and salary requirements.
Generally speaking - although the actual requirements do vary between card issuers - gold credit cards usually require you to meet:
- A minimum salary of £20,000
- A minimum age of 21
And of course, all the standard credit card criteria applies as well, including criterions such as:
- A good credit history
- UK resident
- Hold a current bank account
Gold credit card benefits
If you meet the application criteria there are a number of benefits to holding a gold credit card over a standard credit card.
Gold credit card benefits can include increased borrowing power – with higher credit limits, added purchase securities and fraud protection, extended warranties on certain purchases, selected discounts and travel services, as well as various other services and benefits based upon the gold credit card you choose to take out.
Available gold credit cards
Gold credit cards are available from a number of credit card providers, and you should make sure that you compare a number of gold credit cards in order to find out which card offers the most useful benefits and services for you and also to make sure you meet the eligibility requirements of the card.
Amongst the eligibility requirements that lenders have in place for applicants that want gold credit cards are minimum income limits.
In order to qualify for a gold credit card you will need to be earning a minimum annual income, and the individual credit card company will specify this.
The earning requirements for a gold credit card can vary from one card issuer to another. You will also need to check other eligibility requirements, such as the minimum age requirement, which is normally around 21 years for most gold cards – although you can find gold cards available for people aged 18 or over.
Gold credit cards are only available to people with a good credit history, and therefore anyone with poor credit should also avoid applying for this type of card. If you do have a poor credit history you may want to look at getting a poor credit history credit card instead – they may not be quite as attractive, but used well they really can help to improve or rebuild your credit score.
If you are eligible for a gold credit card you should make sure that you compare various factors before making a commitment, such as the interest rate, the benefits, and any annual fee that is charged on the card.
If you earn more than £20,000 you may also want to look at platinum credit cards - which, although they can have higher minimum salary and age requirements, offer even enhanced purchasing power and cardholder services.
What if I don't meet the requirements for a gold credit card?
If you don’t earn enough or you're under 21, there are still gold credit cards available without minimum salary requirements and to people aged only 18 or over.
There are many standard credit cards that also offer really excellent cardholder benefits and services.
Also, remember all credit cards offer a certain level of purchase security, fraud protection and often come with added extras.
Decide what is most important to you, e.g. purchase security, rewards, etc. and then look for a suitable credit card that is likely to accept your application.
If you meet the eligibility requirements for a card you can go ahead and apply for the credit card if it is suited to your needs in terms of benefits, interest rate etc. However, if you do not meet the eligibility requirements you should not make an application for the card, as too many rejected credit applications can adversely affect your credit rating.
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