What are platinum credit cards?

 

Metal ball reflects cityscape

Platinum credit cards were the natural progression for issuers wanting to offer something a little more exclusive than the once popular "Gold card". However, the term ‘platinum card’ has never been explicitly associated with any particular card features or benefits. And, since platinum cards are available in practically every credit card category, the term has long since lost much of the cachet associated with it.

That said, although platinum is not a protected term, it is used sparingly by card issuers, and tends to be reserved for their most prestigious offering(s). So if you're keen to get a card from a particular issuer, and your preferred card has a platinum label, you can be relatively certain it is one of their strongest products.

Which credit card categories are platinum cards available in?

Given that the use of the term 'Platinum' is not regulated, you can find platinum cards in many different and diverse credit card categories, including:

Should I get a platinum card?

Certainly, but you should not be fixated on the term platinum. In some instances, a platinum card may be the most suitable card for you, but in others, you'll find that the cards with no metallic pretensions are equally attractive. It really comes down to what you are going to use the card for, what cards you'll be accepted for, and what your future financial prospects hold.

Before applying you should know what you intend to use your card for and what cards you're likely to be accepted for (you should always check your credit score before applying for credit). However, very few of us have absolute certainty about our likely future finances, so you should always approach credit with caution. Deteriorating personal finances can lead to once manageable debts becoming rapidly overbearing.