Platinum, black & gold credit cards

What's the difference between platinum, gold and black credit cards?

Platinum, gold and black credit cards are premium options that open the door to exclusive benefits. While they are all premium options that offer a range of benefits like rewards points, free flights, and concierge services, each represents a different level of status and service.

• Gold credit cards are a step up from standard credit cards. Many of the gold credit cards that used to be available in Australia have been replaced with platinum cards.
• Platinum credit cards are the next level up from gold and standard cards. Some premium cards that were considered "platinum" are now "black".
• Black credit cards are at the top of the pack. They offer features like higher (or unlimited) credit limits, more reward points and a huge range of complimentary extras. Black cards are typically suited to people who earn and spend a lot.

Platinum credit cards

Platinum credit cards are considered more premium than gold cards and offer a wider range of features and more flexibility. They are designed for people who want to get more value from regularly paying with plastic.

Some platinum credit cards may also provide other spending benefits for customers. For example, platinum Bankwest credit cards offer no international transaction fees for purchases made overseas or online with an international retailer.

Black credit cards

Black credit cards are considered the ultimate in premium credit cards, with the highest level of service and broadest range of benefits.

Black credit cards are designed for high earners who pay with plastic very regularly. As such, the minimum income requirements for these cards are usually a minimum of $35,000 to $75,000, sometimes more. You also need flawless credit history to get a black credit card.

Gold credit cards

Gold credit cards are the "entry level" option for premium credit cards and are designed to suit people who are interested in getting more features and benefits, but who don't want to pay much more than they would for a standard card.

But these days there are only a handful of gold credit cards left on the market. While all of the Big 4 Banks in Australia (ANZ, NAB, CommBank and Westpac) offer platinum cards, only CommBank offers gold credit cards for personal customers.

Our expert says: Gold credit cards in Australia

"The reality is most credit card providers now offer platinum cards or some other form of premium card with its own naming conventions. If you want to compare these cards in depth, forget the card names or colours and focus on 2 things: The rewards and benefits the card offers, and the cost of the annual fee."

Richard Whitten

Money Editor

What to consider before applying

The benefits of a platinum, gold or black credit card are only worth it if they offer more value than the annual fees, which can be hefty. Ask the following questions before choosing which type of card to get suits you best:

How often do you use your credit card?

Gold, platinum and black credit cards are designed for people who regularly use a credit card, and their annual fees and credit limits reflect that.

You also usually need to pay with the credit card to get value from the premium features and benefits, such as rewards, travel credit and complimentary insurance.

How much do you spend on your credit card?

If you choose a premium rewards card, make sure the value of the points you earn outweighs the cost of the annual fee. For bonus point offers, always check the spending requirements to make sure they are reasonable for you.

How much money do you earn?

Gold, platinum and black credit cards typically have higher income requirements than standard credit cards. And even if no minimum income amount is listed, you'll still need to show proof of a regular income that would be enough to manage the card's minimum credit limit.

How many premium credit card features will you actually use?

Rewards and extras can help offset the cost of a credit card, but only if you use them. Be realistic about which benefits you will use, so you can find a card with the right mix of features and costs.

Do you pay off your credit card balance in full?

Many gold, platinum and black credit cards have high interest rates for purchases, which can be expensive if you carry a balance from month to month. When that's the case, a platinum credit card with a low ongoing interest rate could help you save on interest charges.

How much are you willing to pay on an annual fee?

Premium credit cards typically have higher annual fees than basic cards. If you have an idea of the maximum annual fee you want to pay, you can use the filters on Finder's comparison table so you only see cards that fit within that range.

Do you have an excellent credit history and credit score?

These credit cards typically require a very good to excellent credit score.

If you have negative details on your credit report, such as late payments or defaults, you may not be eligible to apply for a gold, platinum or black credit card.

Frequently asked questions about premium credit cards

• What features should I compare when looking at gold, platinum or black cards?

  Whether you are looking at a standard credit card or a more premium gold, platinum or black card, it's important to compare the different features based on your situation and goals. Some of key features to look at when comparing premium cards include:

  • Bonus point offers. Introductory bonus point offers may differ between gold, platinum and black cards, with black cards typically offering the highest amount of bonus points when you sign up.
  • Complimentary extras. Complimentary extras may include travel and purchase insurances, concierge services and other travel perks like airport lounge access or travel credit. When comparing black, platinum and gold credit cards, make sure you consider how many of the perks you will use, as this can help you decide if the cost of the account is worth it for you.
  • Reward points per $1. Black cardholders usually earn the most rewards points per $1 spent, followed by platinum and then gold cardholders. As an example, a standard rewards card could offer 0.5 points per $1, with the gold version offering 1 point per $1, the platinum 1.5 points per $1 and the black card 2 points per $1 spent.
  • Reward point caps. If a reward credit card limits the amount of points you can earn per statement or year, the amount you can earn will increase with each level of card. This means a standard card would have the lowest points cap, followed by a gold card, then a platinum card and lastly a black card – giving the black card the highest point-earning potential.
  • Annual fees. When you're comparing cards from the same issuer, standard cards will have the lowest annual fees, followed by gold, then platinum and then black. Ideally, the value you get from the card's perks should balance out this cost.
  • Minimum income requirements. As a general guide, the more premium the card is, the higher the minimum income requirement. This means you will need to earn a higher income for black cards (and some platinum cards) compared to gold or standard cards.

• Are platinum and black credit cards only for people who earn a high income?

  Typically, yes. You'll need to earn a relatively high income to be eligible for a platinum or black credit card. Depending on the card, they can have minimum income requirements of between $30,000 – $70,000, although it can be even higher for the very top-tier cards.

• When will I know if I’m approved for a platinum, gold or black credit card?

  When you apply for the credit card, most issuers will let you know if your application has been approved or rejected within a minute. If you receive a pending response, this means the bank needs to spend more time assessing your application. In this case, you can usually expect a response within a week.

• Can I avoid my credit card's monthly frequent flyer points cap?

  While some gold and platinum credit cards do have point caps, they tend to be higher than the caps on standard credit cards. Most black credit cards, on the other hand, offer uncapped points.

Written by

Amy Bradney-George

Journalist

Amy is an experienced journalist with over 16 years of experience, contributing to major publications like Money Magazine, The Sydney Morning Herald, and ABC News Australia. Specialising in personal finance, she frequently appeared in media outlets and on radio. Amy holds a Bachelor of Arts in Journalism and Drama from Griffith University and earned RG146 certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, ensuring her expertise is grounded in current financial regulations. Amy was Finder's Senior Writer for Credit Cards from 2016 to 2024. See full bio

Amy's expertise

Amy has written 532 Finder guides across topics including:

• Credit cards
• Frequent flyer
• Credit score
• BNPL
• Money management
• Sustainability