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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. How much do I need to earn to get a gold credit card?
A. Gold credit cards usually require you to meet: a minimum salary of £20,000 and to be aged 21 or over.
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A platinum credit card is a type of prestige credit card, and if you meet the eligibility requirements for this card you could enjoy a number of exciting benefits over and above the ones that you would receive with a classic credit card.
Some of the key differences between a classic credit card and a platinum credit card include:
- Increased borrowing power
- Preferential interest rates
- Greater benefits such as extended warranties
- Increased protection
- More stringent eligibility requirements
What are the benefits of a platinum credit card?
You will find a number of key differences between a classic credit card and a platinum credit card.
The increased borrowing power is a definite advantage, although your credit limit will ultimately depend on your earnings, outgoings, and various other factors.
You will also find that you can enjoy more competitive interest rates with platinum credit cards - because the credit limit is higher than with a classic credit card you can spend more, and therefore the lender can afford to be more generous with the interest rates.
Other benefits of these platinum credit cards include extended warranties, fraud protection, extended purchase protection, and a variety of rewards depending on the card. This could include rewards such as cash back, loyalty points, and discounts.
Are there any downsides to having a platinum credit card?
Some platinum credit cards can charge annual fees for holding the account - and as an added expense it's something to take into consideration when choosing a platinum credit card.
Generally annual fees tend to be limited to credit cards offering flyer mile reward schemes - and limited again to those cards paying out more miles per pound.
Will I be able to get a platinum credit card?
If you want to apply for a platinum credit card there are a number of credit card issuers that you will be able to go through.
However, before you spend time completing an application you should bear in mind that the eligibility requirements for these prestige credit cards can be very stringent.
For instance, platinum credit card issuers will be very hot on credit rating, and you will need to have a very good credit rating to apply and be successful. You will also need to meet the card issuer's criteria in terms of age, employment status, and financial status, earnings, etc.
You will normally need to be aged 21 - sometimes 25 - or over to qualify for a platinum credit card.
The amount that you need to be earning will vary from one lender to another, but you will need to meet the minimum income requirements as stipulated by the card issuer through which you are applying. This enables you to then enjoy the increased borrowing power that comes with a platinum credit card.
What if I do not meet the requirements for a platinum credit card?
There are platinum credit cards available that have less strict approval criteria - for example they will be available to people aged just 18 or over - though these cards can sometimes offer less benefits.
You can also look at gold credit cards - which tend to have lower age and income requirements to their platinum counterparts.
Similarly, if you shop around there are actually a fair few classic credit cards that still make for pretty good credit cards.
Remember all credit cards come with a standard level of protection for your purchases and against fraud. Plus, credit limits are based on your personal and financial circumstances and credit rating - so it's fairly likely if you could enjoy a decent credit limit on a platinum credit card, but you don't quite earn enough - you'd still be able to enjoy the same limit on a classic credit card.
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