How Do Gold Credit Cards Work?

Gold Credit Card Best Buys Gold Credit Card FAQ's Have a question? Send in your question and we'll do all we can to help answer it. Where appropriate user questions will be added to the FAQ's for future use. Most recent questions: What's the difference between a classic and a gold credit card? How much do I need to earn to get a gold credit card? More frequently asked questions »

What Do Gold Credit Cards Offer?

Gold credit cards work like any other credit card, but they come with extra benefits offering increased purchasing power, purchase security and travel features.

Not all gold credit cards offer every benefit and feature, so make sure you check the credit card terms and conditions to see what is on offer. When choosing a gold credit card you can look out for:

1. Increased purchasing power, with higher credit limits.
2. Purchase security, with purchase protection, extended warranties and fraud guarantees.
3. Travel features, with travel accident insurance and emergency travel assistance.

Increased Purchasing Power

Gold credit cards usually offer higher credit limits, offering you increased purchasing power, so you can buy larger items on your credit card.

Purchase Security

Some gold credit cards offer purchase security benefits without any additional cost to you. When you buy goods on certain gold credit cards you will receive free purchase protection, which will insure your goods against accidental damage, theft or loss for a period of usually around 3 months.

If you are buying household appliances on your gold credit card, you may also receive a free extended warranty, covering your appliance for a 2nd year after the manufacturer’s warranty expires.

Most gold credit cards also offer fraud guarantees, so you won’t be held liable for any fraudulent transactions made with your gold credit card. This is especially useful if you tend to shop on the Internet.

Travel Features

Some gold credit cards offer free travel accident insurance, which will cover you and your family against death or serious injury when you buy your flight and holiday with your gold credit card.

As a gold cardholder, you may also be able to benefit from emergency medical and legal help whilst travelling abroad.

What should you look for when choosing a gold credit card?

1. What is the typical APR? This is the annual percentage rate, or interest rate including any applicable fees that you will have to pay on outstanding balances.
2. Are there any extended gold cardholder benefits? Some gold credit cards may offer extra benefits, including:
• Higher credit limits
• Purchase protection
• Extended warranties
• Fraud guarantees
• Travel accident insurance
• Emergency travel assistance


3. Does it offer any additional rewards? Gold credit cards may also come with extra rewards, from cash back to air miles.
4. If you're switching cards, does it offer a good balance transfer deal? Gold credit cards will sometimes offer promotional balance transfer deals, allowing you to transfer an existing card balance and benefit from either fixed low rates or 0% rates. Read more about balance transfers.
5. What is the credit limit of the card? Gold credit cards tend to have higher credit limits, offering you increased purchasing power.
6. Is there an annual fee to pay, and if so, how much is it? Some credit cards charge an annual fee just for carrying the card.
7. What is the minimum needed income to qualify for the card? Gold credit cards often have a minimum income requirement, which is usually around £20,000 per annum.
8. What is the minimum age requirement? Most credit cards accept people aged 18 or over, however some gold credit cards may require you to be aged 21 or over.

Go for Platinum?

If you have a very good, or excellent credit rating and earn more than £25,000 per year, you might want to take a look at platinum credit cards, which offer even greater purchasing power and cardholder benefits.

Compare gold credit cards