How to Compare Platinum Credit Cards: part 2

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What to look for...

Choosing the right platinum credit card for you will depend upon what you are looking to get out of a platinum credit card, and this should be your main consideration.

- What is the typical APR, or interest rate on purchases?
As with any financial product the main consideration is the APR or the interest rate you will be charged on balances you carry over from month to month.

Unless you regimentally clear your balance in full each month, you should look and see what the typical APR on each platinum credit card.

The typical APR is the interest rate you will be charged on purchase balances plus any applicable annual fee.

- Increased purchasing power
If you are looking for increased purchasing power, then you should look and see what credit limit is offered by each card.

However, it is important to note that the credit limits quoted by each platinum credit card can be difficult to compare.

This is because some platinum credit cards quote a minimum credit limit, whilst others will quote a maximum credit limit. Also, the actual credit limit you are offered will depend upon your personal financial circumstances, and you may also not be offered the maximum credit limit straight away.

- Purchase security
If you are looking to take out a platinum credit card because you want added security for your purchases, then you should look to see what purchase security is offered by each platinum credit card as the insurances and services can differ.

Most platinum credit cards offer purchase protection insurance, which means that goods you buy with the card will be automatically covered against theft, loss and accidental damage for an initial period when they are newly purchases.

However, platinum credit cards can also offer other purchase securities too, the Natwest platinum credit card for example offers extended warranties - so you can get an extra year's warranty on household appliances.

- Travel services
If you love to travel, or perhaps travel frequently on business a platinum credit card can offer extra services that are on hand if you ever need help whilst abroad.

Platinum credit cards often offer worldwide assistance or travel helplines that can be on hand to help with emergency medical and legal problems whilst abroad.

Some platinum credit cards also offer emergency card replacement and emergency cash advance services if you ever lose your credit card in the UK or abroad.

What to watch out for...

- Do you meet the application requirements?
The first thing to consider when looking for a platinum credit card is the requirements for application. Many, but not all, platinum credit cards will request a minimum salary and can also have minimum age requirements higher than the standard 18 years.

Before applying for any credit card you should always make sure you meet the approval requirements, and it's just as important with a platinum credit card.

- Is there an annual fee?
Some platinum credit cards may charge an annual fee, which is a fee charged each year for holding the account.

Annual fees are often limited to frequent flyer mile reward credit cards, however it's important to know if the platinum credit card you are looking at charges an annual fee, as it is an added expense that should be considered.

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