Platinum credit cards
Platinum credit cards can offer higher credit limits and greater benefits and perks than standard credit cards. But the trade-off is that they often have higher interest rates and fees.

Platinum credit cards can offer higher credit limits and greater benefits and perks than standard credit cards. But the trade-off is that they often have higher interest rates and fees.
What is a platinum credit card?
A platinum credit card is a type of premium credit card that offers more benefits and perks than a standard credit card. For example, it may offer higher credit limits, rewards points, complimentary insurances and airport lounge access. Because of this, platinum credit cards tend to have higher interest rates, annual fees and minimum income requirements compared to less premium cards.
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.
Nearly half of the credit card providers on Canstar’s database have credit cards with 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.
How do I qualify for a platinum credit card?
It depends on the specific credit card, but platinum credit cards typically have stricter eligibility criteria than standard credit cards. This includes higher minimum income requirements.
Platinum credit cards have an income requirement of $52,600 on average, based on credit cards on Canstar’s database. But they can go as high as $150,000 for some platinum cards.
To qualify for any credit card, you will 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.
What are the pros and cons of platinum credit cards?
A platinum credit card can offer benefits like high credit limits, rewards, complimentary insurances and other perks. But they can also have higher annual fees and interest rates, as well as stricter eligibility criteria compared to less premium cards.
How can I choose the best platinum credit card?
By weighing up the pros and cons, you can choose the right platinum credit card for your individual circumstances.
Pros
- Higher credit limits. Platinum credit cards have maximum credit limits ranging from $20,000 to $100,000, based on cards on Canstar’s database.
- Rewards. Many platinum credit cards come with a rewards program where you can earn reward points per dollar spent.
- 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. Annual fees are around $200 on average, but can be as high as $700.
- Higher interest rates. Platinum credit cards have an average purchase rate of 20.8%, based on cards on Canstar’s database at the time of writing.
- Stricter eligibility criteria. Platinum credit cards may have higher minimum income requirements than less premium cards.
Is a platinum credit card right for me?
Platinum credit cards can come with greater benefits and perks, but they also charge higher annual fees and interest rates than some less premium cards. So, they may suit you if:
- You pay your balance off in full each month. Platinum credit cards typically have higher interest rates than standard credit cards. So if you are likely to carry debt on your card, the interest you are charged will likely outweigh any benefits you can get with the card. Your repayment history can also have an impact on 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 on eligible purchases.
- Travel frequently. Platinum cards often offer complimentary travel insurance and may offer other perks like free lounge access or travel credits. This could suit people who travel frequently and help justify the higher annual cost.
Compare Rewards Credit Cards with Canstar
The table below displays some of our referral partners’ rewards credit cards for Australian’s spending around $3000 per month and redeeming points for cash/vouchers. The results shown are sorted by highest Star Rating, then alphabetically by provider name. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s credit cards comparison selector to view a wider range of credit cards. Canstar may earn a fee for referrals.
Get 40000 Rewards Points once you spend $3,000 on eligible purchases on your new American Express Essential Rewards Credit Card within the first 3 months of card approval. Offer available until 27-JAN-2026. See provider website for full details. Terms and conditions apply.
Get 90000 Rewards Points once you spend $3000 on eligible purchases within 90 days of approval and an extra 30,000 points after eligible purchase in year 2. Offer available until further notice. See provider website for full details. Terms and conditions apply.
Save $76 with a first year card fee of $99. Annual ongoing card fee is $175. Offer available until further notice. See provider website for full details. Terms and conditions apply.
Get 130000 Rewards Points once you spend $6,000 on eligible purchases within 120 days of approval and an extra 50,000 points on eligible purchase in year 2. Offer available until further notice. See provider website for full details. Terms and conditions apply.
Save $95 with a first year card fee of $200. Annual ongoing card fee is $295. Offer available until further notice. See provider website for full details. Terms and conditions apply.
Get 100000 Rewards Points once you spend $4,000 on eligible purchases on your new American Express Explorer Credit Card within the first 3 months. Offer available until 02-DEC-2025. See provider website for full details. Terms and conditions apply.
Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular credit card product. If you decide to apply for a credit card, you will deal directly with a financial institution, and not with Canstar. Rates and product information should be confirmed with the relevant financial institution. For more information, read Canstar’s Financial Services and Credit Guide (FSCG), detailed disclosure, important notes and liability disclaimer. Products displayed above that are not “Sponsored or Promoted” are sorted as referenced in the introductory text and then alphabetically by company. Canstar may receive a fee for referral of leads from these products. See How We Get Paid for further information.
Cover image source: William Potter/Shutterstock.com
This article was reviewed by our Editor-in-Chief Nina Rinella before it was updated, as part of our fact-checking process.

Get 70000 Qantas Points once you spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months. Plus, an additional 20,000 bonus Qantas Points when you spend min $1 on your Card within 90 days of paying your second year annual Card fee. Offer available until 13-JAN-2026. See provider website for full details. Terms and conditions apply.
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