How to Compare Gold Credit Cards: part 2

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Gold credit cards work in just the same way as any other credit card, except that they can offer cardholders increased purchasing power as well as extra purchase securities, fraud protection and travel services.

You will find that there is a range of gold credit cards available on the market today, and by comparing the different gold credit cards and the deals on offer you can find the right prestige card for you.

What to look for...

As with any other type of credit card there are a number of thing that you should look out for when selecting the right gold credit card for you.

You should also decide exactly what you want out of your gold credit card, whether it's increased purchasing power, added purchase security or fraud protection, or travel services - when you've decided, this should be your main consideration when comparing gold credit cards.

Increased purchasing power
If you want a gold credit card so that you can pay for large items on credit, you'll want to look for a gold credit card offering a high maximum credit limit.

Most gold credit cards will offer a credit limit of up to £10,000 - however, it's important to bear in mind you may not be given the maximum straight away, and usually you will need to hold the account for a few months before you can request a limit increase.

If you do want an extended credit limit, remember to keep on top of your spending, your credit card issuer is more likely to offer you an increase or fulfill your increase request if you're account history looks good, e.g. repayments on time!

Purchase security
With your extended credit limit to buy large items, you'll want to keep them protected too.

Some gold credit cards offer extra purchase security, often called 'purchase protection insurance'. These insurance policies will be automatically applied to most items you buy on the gold credit card.

If an item is covered, it will usually be protected against theft, loss and accidental damage during the first few months you own it.

Remember that as with all insurance policies, they differ, terms and conditions and exclusions usually apply - so check the policy thoroughly first.

Fraud protection
If you have a gold credit card, or want one, with a higher credit limit than most classic credit cards you won't want your card details getting into the wrong hands.

However, fear not the fraudster - if you pick the right gold credit card.

Some gold credit cards will offer extra fraud protection, like an Internet fraud guarantee - that will promise to not hold you liable for any fraudulent activity made online with your credit card - as long as you follow precautions and have not given your knowledge or consent.

Travel regularly?
If you travel regularly, you may want to look for a gold credit card that offers travel services.

While not as comprehensive as a travel service credit card, gold credit cards sometimes offer travel accident insurance policies when you pay for your trip on the card, and the card issuer will sometimes offer emergency assistance whilst you're abroad.

If you come unstuck, and you've got the right gold credit card account, emergency assistance means your credit card issuer (a big bank or building society) will be on hand to offer emergency medical and legal help, as well as being able to help with other less life-or-death scenarios.

What to watch out for...

Rates and fees
If you do not always repay your balance in full, you'll want to check the rates and fees charged by each gold credit card.

While some gold credit cards offer 0% introductory rates on purchases, when this period ends, or for the cards that don't, it's important to repay your balance in full each month.

If you don't always repay your balance in full, you may save yourself more money with a low interest rate credit card.

Eligibility requirements
It's vital that you meet the requirements of the gold credit card you want to apply for. If you don't, you'll most likely be turned down and this can damage your credit score.

Make sure you meet the minimum salary and age requirements before you fill out the application form.

Comparing gold credit cards

When you've decided exactly what you want from a gold credit card, you can begin comparing the different cards available and find the right one for you.

Comparing gold credit cards is pretty easy and convenient, check out our gold credit card comparison page, and you'll be able to see exactly what's on offer quickly and find the right gold card for you!

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Compare gold credit cards