Platinum credit cards
A platinum credit card can offer higher credit limits and greater benefits and perks. But they also typically come with higher interest rates and fees.

A platinum credit card can offer higher credit limits and greater benefits and perks. But they also typically come with higher interest rates and fees.
What is a platinum credit card?
A platinum credit card is a premium card that offers more benefits and perks than a standard credit card. For example, it may offer higher credit limits, the ability to earn rewards points at a higher rate, complimentary insurances and airport lounge access. Because of this, platinum credit cards tend to have higher interest rates, annual fees and minimum income requirements.
Canstar Research notes that there’s no standardisation when it comes to platinum credit cards, meaning a card you get from one provider could be totally different to another.
All the figures below are based on the personal credit cards on Canstar’s database at the time of writing.
What is the highest credit card colour?
Platinum credit cards typically offer higher benefits and features than gold and silver credit cards. However, they generally sit below black, diamond and titanium credit cards.
Just over a quarter of the credit card products on Canstar’s database have a colour-based name, which indicates its level of rewards or special features. However, providers aren’t as strict with their credit card colour hierarchy as they were previously.
What are the pros and cons of platinum credit cards?
Pros
- Higher credit limits: Platinum credit cards have maximum credit limits ranging from $20,000 to $500,000, which can be useful for larger purchases.
- Rewards: Many platinum credit cards come with a rewards program (i.e. Qantas Frequent Flyer, Velocity Frequent Flyer, Emirates Skywards etc.) where you can earn reward points per dollar spent. Platinum credit cards may also earn rewards points at higher rates than other more entry-level rewards credit cards.
- Complimentary insurances: Platinum credit cards may offer complimentary insurances such as travel insurance, purchase protection insurance and extended warranty insurance.
- Other perks: Platinum credit cards can come with benefits like airport lounge access or travel credits.
Cons
- Higher annual fees: Platinum credit cards have an average annual fee of $193, but can be as high as $440.
- Higher interest rates: Platinum credit cards have an average purchase rate of 20.65% p.a.
- Stricter eligibility criteria: Platinum credit cards may have higher minimum income requirements than less premium cards.
- Potential to restrict you from accessing other forms of credit: Lenders take all of your credit limits into account when assessing applications, and may view these limits as large potential debt.
Is a platinum credit card right for me?
You may find a platinum credit card suitable if you:
- Pay your balance off in full each month: Platinum credit cards typically come with high interest rates, so if you’re likely to carry debt on your card, the interest you’re charged will likely outweigh any benefits you receive. Your repayment history, including any missed or late repayments, can also impact your credit score.
- Use your credit card frequently: You may get more use out of the higher credit limit available, provided you can pay the balance off on time. You may also benefit from the ability to earn reward points, often at a higher level, on eligible purchases.
- Travel frequently: Platinum credit cards often come with complimentary travel insurance and may offer other perks like free airport lounge access or travel credits.
How can I choose the best platinum credit card?
The best platinum credit card for you will ultimately depend on your needs and financial situation. It’s important to consider if the perks and rewards points you earn with this type of card would outweigh the associated fees and potential interest charges you could accrue.
How do I qualify for a platinum credit card?
To qualify for any credit card, you’ll usually need to be:
- at least 18 years old
- an Australian citizen, permanent resident or hold an eligible visa
- have a good credit history
- meet any minimum income requirements specified.
Platinum credit cards have an average annual income requirement of $32,385, but this could be higher for certain cards. They may also come with additional eligibility requirements depending on the card and provider, which is why it’s important to read all relevant documentation, such as the Key Facts Sheet and Target Market Determination (TMD), before you sign up.
Can you increase or decrease your credit limit on a platinum credit card?
This will ultimately depend on your credit card provider and whether they allow you to increase or decrease your credit limit once it’s set. If you wish to increase your limit, your provider may ask for information about your current financial situation before approving your request, to comply with Australia’s responsible lending laws.
If your credit limit isn’t already at the lowest offered limit, you can typically lower it. You can usually do so online via your provider’s website or app, over the phone or in writing.
This article was reviewed by our Deputy Finance Editor Alasdair Duncan before it was updated, as part of our fact-checking process.

Nick’s role at Canstar allows him to combine his love of the written word with his interest in finance, having learned the art of share trading from his late grandfather. Nick strives to deliver clear and straightforward content that helps the everyday consumer navigating the world of finance. Nick is also working on a TV series in his spare time. You can connect with Nick on LinkedIn.
- What is a platinum credit card?
- What is the highest credit card colour?
- What are the pros and cons of platinum credit cards?
- Is a platinum credit card right for me?
- How can I choose the best platinum credit card?
- How do I qualify for a platinum credit card?
- Can you increase or decrease your credit limit on a platinum credit card?
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