Platinum Credit Cards

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.

1

U.S. Bank Visa® Platinum Card

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Intro APR Intro Period Regular APR
0% on transfers; 0% on purchases 15 billing cycles on transfers; 15 billing cycles on purchases 9.99% - 23.99%* (Variable)
Annual Fee Balance Transfers Credit Needed
$0* Yes Excellent Credit
See Terms for U.S. Bank Visa® Platinum Card
2

Simmons First Visa Platinum

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Intro APR Intro Period Regular APR
N/A N/A 7.25% (Variable)
Annual Fee Balance Transfers Credit Needed
$0 Yes Excellent Credit
See Terms for Simmons First Visa Platinum
3

Simmons First Visa® Platinum Rewards

apply
Intro APR Intro Period Regular APR
N/A N/A 9.25% (Variable)
Annual Fee Balance Transfers Credit Needed
$0 Yes Excellent Credit
See Terms for Simmons First Visa® Platinum Rewards
4

The Business Platinum Card® from American Express OPEN

apply
Intro APR Intro Period Regular APR
None N/A N/A [You must pay your balance in full each month]
Annual Fee Balance Transfers Credit Needed
$450 N/A Excellent
See Terms for The Business Platinum Card® from American Express OPEN

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A Look At Platinum Credit Card Features

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:

  1. Low Introductory Interest Rates: While platinum credit cards are more accessible to mainstream America, they still tend to cater to more creditworthy individuals. Because these customers have a wide range of credit card products they can choose from, issuers of platinum credit cards are quick to offer extremely low introductory rates, some as low as 0%, on purchases and balance transfers. The low interest rates will eventually rise to a more average interest rate after the introductory period has elapsed.
  2. Higher Credit Limits: Issuers will still take creditworthiness into account when assigning credit limits to their platinum credit card customer accounts. Platinum cards typically have a slightly higher credit limit than a standard or gold credit card. The reason for this is because the target demographic for this card type has a slightly higher credit score and income level.
  3. Low Fees: As with the interest rates, normal account fees such as annual fees, maintenance fees, and such are either extremely low or eliminated altogether in order to attract the best customers.
  4. Various Rewards Programs: As you can see from our diverse list above, you'll find a good number of cards that are rewards credit cards. From travel and hotel cards to student credit cards and generous cash back credit cards, you'll find many cards that are branded as Platinum.

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.