When credit card designations first entered the scene, platinum cards were reserved for individuals who had earned a higher credit status thanks to their great payment history, stable jobs and higher incomes. Today, however, platinum cards have lost a little of their reserved status, being replaced by designations such as Diamond, Preferred or Black. But, the concept is still the same. Most Platinum Cards (not all), still tend to cater to better qualified customers, although the criteria aren’t as stringent as before. For some of our favorite cards, please check out the Platinum Cards below.
What is a Platinum Credit Card? Credit card issuers consider this card special for a number of reasons, such as the fact that they have a lower interest rate, few to no fees, a luxurious rewards program and many other attractive features. However, the main idea behind the designation is exclusivity. What this means is that the credit card issuer wants its cardholders to not only feel privileged, but to also have a credit card designed to show it off. Historically, the platinum designation was reserved for only the most qualified customers with the best credit scores, higher than average income levels and higher than average credit card bills. But, many issuers began to realize that platinum credit cards were highly sought after by the mainstream public due to the prestigious connotation, and began to offer platinum cards that were more accessible to the public. So now that you know what a platinum credit card is all about, here’s what one has to offer:
There are several great platinum credit cards in the market today and all of the top credit card companies offer one. Some of the more popular cards are listed above.
So, what makes a platinum credit card a better choice than other credit cards in the marketplace today? In most cases, these cards are cheaper to carry than other cards, many have nice credit card rewards programs linked to them, and many individuals like the prestige of being able to carry a card that is still somewhat more selective than others that are available today. The main point to make here is that choosing a credit card should be based on what the card has to offer you in terms of cost versus financial flexibility and not just on a card’s particular designation.