Platinum Credit Cards- Selecting the Best Option

Platinum credit cards offer larger rewards to well deserving card holders, but not all are the same. If you are considering the options and wondering which credit card is right for you, take the time to learn as much as you can about these unique cards.

What Are They?

There are several key reasons to invest in platinum credit cards as your source of borrowing funds. These credit cards have become a symbol of prestige. Having one to make purchases with helps to signify you are a high income earner, since these cards are often only available to those with a high income. They are also often associated only with those who have a high credit rating. As such, having one means you are likely to make wise financial decisions.
Because you are such a good credit user, companies want to give you something back for your business. With platinum credit cards, these companies often offer some nice benefits. With lower interest rates and better features, those who have these cards are often in a much better financial position. They work like any other credit card, but often offer a few lucrative benefits in the process.

Why Use Them?

One of the ways that platinum credit card companies lure individuals in (and rightly so) is that they often offer some nice rewards and incentives. Though each company is different from the next, you will find some outstanding reasons to work with these companies if you want a new credit card. That includes the following benefits.

Lower Interest Rates

Many platinum cards offer lower interest rates on the purchases you make than other forms of credit cards. This means you will pay less for the purchases you make. If you qualify, it makes sense to switch. You could save money by investing in these credit cards instead of others.

Rewards Benefits

Many offer frequent flyer or rewards points accumulation. Use these to purchase free airline tickets or to cash in on the various other types of benefits the company offers. There are numerous types of rewards. Each company offers their own type as well as how much you can earn with each purchase you make. Often times, though, these rewards or points are at a higher level than those you will find through traditional credit card offers. There may also be fewer fees associated with these cards.

Protection Services

Some of the platinum credit cards also offer protection services and added value services as a part of the credit card offer. For example, you may benefit from the following:

  • Some offer purchase protection insurance. This gives you some level of protection over the purchases you make with the card. If the purchase is defective, for example, the company will pay you back what you invested.
  • Fraud and identity theft protection is another common feature of some of the best platinum credit cards. This gives you the ability to use your credit card as you would like to without the actual risk of someone stealing your identity. This protection may refund any funds to your account should someone fraudulently use the card.
  • Emergency service may be available as a part of the card's offering, too. If you are in need of help when you are overseas or when you are otherwise unable to access funds, the company may be able to offer you the support you require.

The extent at which these services are offered does range. Consult the user agreement about the details of the offer.

Travel Benefits and Features

Another benefit some premium or platinum credit cards offer involve travel. If you do a great deal of travel, you will benefit the most from these features. They may include the following features.

  • International travel insurance may be a part of the offer. This provides the card user with protection should they need to cancel a trip at the last moment. Some forms of these insurance products also provide protection from lost luggage or problems associated with the hotel.
  • Rental car excess insurance coverage is another benefit some of these cards offer. This provides a level of protection associated with the use of these vehicles. Instead of purchasing insurance coverage from the rental car company, you already have this protection built into your credit card.
  • In some cases, the platinum credit card will offer commission free travellers cheques. This is a simple way to use your credit card in this form without any risk. That's a nice benefit when you are travelling.
  • You may gain access to airport lounges just by having these credit cards. Any layover is much more enjoyable in these luxury settings.

Keep in mind that the terms and conditions of these offers do range widely. Fees and other limitations may be in place.

Other Offers and Benefits

Some credit card companies provide users with special incentives to purchase from specific retailers or partners. For example, some companies may offer a nice percentage off at selected restaurants. You may receive a bonus in rewards points for using one company instead of another.
Other features you may be able to find from these credit cards include:

  • Improved customer service features and services
  • Memberships to area gyms and spas
  • Specialised service

Are These the Cards for You?

Individuals who have a platinum credit card often must have an established, positive credit rating. Ensure your credit history is stellar prior to applying. Keep in mind, though, that some of these cards do have hefty fees associated with them, including up to $300 in annual fees. It is best to compare several of these card offerings carefully to determine if they are a good option for your specific needs prior to investing in them. Doing so can help to reveal which one is the best overall good choice for your current needs. Use them wisely. When you do, you may be able to benefit from the rewards and added bonuses these cards offer the most.