What are Platinum Credit Cards?
Platinum credit cards compliment your status, and as such there are strict criteria to be met by potential applicants:
- You must be 25 or over
- You must earn £25,000+
- You must have an excellent credit history
What are the Benefits of a Platinum Credit Card?
Most Platinum credit cards offer a free identity theft service, and rewards such as 0% balance transfers, 0% interest on purchases and cash back. Bonus incentives include such diversities as access to exclusive wine and travel clubs.
What else should I know about Platinum Credit Cards?
- Beware of cards that offer 0% on purchases deals in conjunction with 0% balance transfer deals. The point of transferring the balance is consolidation, not to facilitate more spending.
- Interest on cash withdrawals is high, sometimes up to 25%.
- Prestige credit cards are exclusive, and if you don’t meet the specified criteria then the likelihood of having your application for a platinum card accepted is minimal.
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