Platinum Credit Cards Are More Accessible Than You First Thought

What are Platinum credit cards? Who can use them? For many of us, the thought of owning a Platinum credit card seems way beyond our means and is something that will probably never happen. But you may be surprised to find that they are probably more accessible than you first thought. Platinum credit cards aren't just the preserve of the super rich - in fact, many consumers who may not consider themselves as high earners could actually be eligible for this highly rated card. The question is are platinum cards really worth all the hype or is it just an aspirational epithet designed to lure in consumers?

In fact, while it's generally thought that earnings is the main guide for lenders when awarding platinum credit cards, in fact they are generally offered to consumers with a good credit rating or, in some instances, consumers with no credit score at all. The latter is because, at the time of application, there would be no previous debt issues even though there is no display of the consumer's ability to manage credit; your credit rating actually improves if you borrow money and meet the repayments on time, rather than having a credit-free history.

In general, benefits associated with this type of credit card can be: a complete absence of an annual fee, lower interest rates, higher credit limits and a more frequent increase to that limit, travel accident insurance, a fraud protection service, cash-back deals, and free air miles.

But what are the criteria that will allow you to apply for or be offered a platinum credit card? Of course, it varies from lender to lender but, generally speaking, an existing customer of the credit card company would be expected to have a monthly income of at least 15,000 - 25,000 - making it much more accessible than you might expect. Some banks will offer this service if you have savings in excess of 5,000, a loan with that bank in the region of 5,000 or more or a mortgage with them at around 50,000 or more. Houses, cars, life insurance policies and pensions are also things that can secure you a platinum credit card deal. Barclays bank currently has over 600,000 Platinum Banking customers; 40% of this number earns less than 20,000 per year.

To reap the benefits of your platinum card, you need to be a consumer with good credit, who regularly uses the card on day-to-day purchases, with the occasional 'big spend' thrown in. That way, you can take advantage of the discounts and deals available and also use the benefits of interest-free borrowing to help you with the odd extravagance. But it is then important that you pay the balance off - in full - each month. One missed payment can impact negatively on your credit rating and affect your potential for borrowing in the future.

As with any credit card, there are a few things you need to have considered, the most important of which is whether you can meet the repayments. If the benefits don't exceed the amount you pay for this facility, then perhaps you should consider another type of credit card.

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