What Are The Differences Between Silver, Gold And Platinum Credit Cards?

Status: Making others envious

Undoubtedly, Silver credit cards, gold credit cards, and above all Platinum Credit Cards bestow an idea of status to the cardholder much like a luxurious car, a yacht, expensive clothing, jewels and other onerous possessions.

There is nothing wrong with that, but one may wonder if that is sufficient reason for requesting a financial product or paying substantially more money for it. If there is no other useful feature, or as we want to point out in this article, there is a tendency to reduce the differences as to real financial advantages between these products, we see no reason to pay excessive issuing costs and maintenance fees just because of the color or material of a credit card.

Credit Limit

At the beginning of the credit cards' story, the main difference between these credit cards was that the amount of money you could spend with them differed substantially. Platinum Credit Cards had a credit limit much like a classic credit card, gold credit cards had higher limits and Platinum Credit Cards claimed to have no limits at all (we say claim because there was not and there isn't such thing as no limits. However, to be honest the credit limit is high enough to consider that claim to be true.).

However, lately the limits of platinum cards and gold cards have come close enough to judge the difference insignificant. Thus, it seems to be no reason to pay the higher charges of gold cards if that is the only difference between them. Moreover, as both limits are increasing and reaching considerable amounts, platinum credit cards and their no limit feature begins to be less appealing.

Income implications

Since there were income requirements to qualify for these credit cards, being a cardholder of a silver credit card meant you had certain income, being a gold credit card holder meant your income was higher and so on. This could be an easy way for others to know how much you made without you talking about it. Store Card accounts could be opened without credit checks, etc.

However, the qualification requirements' differences have also been reduced and even platinum credit cards which where a type of credit card that could be obtained by invitation only are now offered to anyone who can qualify for it and qualifying is not that harder than qualifying for a gold credit card.

Membership Fees

The only substantial difference between these credit cards seem to be the membership fees, renewal fees, issuing fees, etc. Thus, as stated above, it seems as you are paying higher amounts just to make it clear that you can pay higher amounts. The benefits of having a higher grade credit card seemed to have banished and thus it might be advisable to think twice before accepting an offer from a bank that includes this kind of cards.

Sarah Dinkins is an Expert Loan Consultant in the financial industry that helps people to repair their credit and get approved for home loans, unsecured personal loans, student loans, consolidation loans, car loans and other types of loans and financial products. At her website www.badcreditfinancialexperts.com/article/ she is continually adding new finance articles useful for those in need of professional advice.

Silver, Gold and Platinum Credit Cards

Aside from all being precious metals; silver, gold and platinum also signify the difference between the various strata of credit cards available to cardholders. So, what's the difference between you having silver, gold and platinum credit cards?

Besides the kudos of having a metallic covered card in a stratum higher than the one below it, with silver being considered the lowest, gold next and platinum at the peak, these days there really is little difference between each of these cards. Two noticeable exceptions are:

Spending Limit

Although the cards are supposed to signify a higher credit limit and spending power, in fact what they do is act as a signal as to you supposed income. This is because as you go up in the line of colors, so (supposedly) should your income - and thus your spending limit. The only problem with this is that while the platinum card used to be an 'invite' only card, these days the qualifying salaries for each of these cards are set so close together that you do not really need to earning that much in order to qualify for a platinum card!

Membership Fees

These days the amount you need to pay in annual membership fees to card providers is the biggest difference between these types of credit cards. In part due to kudos element, card issuer feel at liberty to charge cardholders of platinum cards far more than they do to those who hold silver cards, which may, indeed, even be free of a membership fee!

So, while your spending limit may not be that significantly higher having a platinum card rather than a silver card, your membership fee almost certain will. The decision that you have to make, assuming you qualify, is whether you are willing to pay that extra amount in membership fees to have a higher ranking card. And by adopting a policy of silver, gold and platinum credit cards, the issuers are banking on you doing wanting just that!

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What Is the Difference Between Gold, Silver, and Platinum Credit Cards?

What is the difference between gold, silver, and platinum cards?

It's said that there are three causes why people need products: Because of their beauty, because of their utility and because they do other people envious.

There is a lot of relative incidence of the third reason when it comes to these kinda cards, but there are really some useful features to take into account likewise.

Gold, and platinum CC are recognised as prestige cards. They are generally more expensive than standard credit cards, but in return they provide a superior degree of service. Although on the surface they may look the like, there are some characteristics that mark them.

Gold cards tend to be the most usual, with silver cards being to a lesser extent expensive and offering up a lower level of service, and platinum cards offering a higher level of service, but at an eminent cost. This won't be the same with all cards offered by all suppliers, but it is a general rule. But there can be gold cards from one provider offer higher quality services than platinum cards from another.

These cards come in ranges, with each provider offering gold, silver, and platinum cards to dissimilar customers, depending upon income and credit history.

Platinum Credit Cards.

Platinum cards oft have many fringe benefits useable to their members, due to the fact that the cardholders normally have really high or great credit scores. Platinum cardholders work their way up the ranks by paying up and establishing better credit for themselves. Some of the great rewards that may be connected with platinum credit cards are:

Low interest rates.

Higher credit limits and more frequent credit limit increases.

No yearly fee.

More benefits, savings amp; rewards, including:. - travel accident insurance. - fraud protection service. - cash back programs. - frequent flier miles.

Platinum plastics offer up such great rewards because credit issuers are trying to ply to people with first class credit. If a CC company understands that you have prominent credit they are going to want to keep your business, which is why so many offer platinum CC to set you aside from the people with merely good credit. Being offered a platinum CC is a company's style of honouring you for having great credit, while at the same time assaying to attract your business.

Thus, while your spending limit may not be that significantly eminent having a platinum card instead than a silver card, your membership fee almost sure will. The decision that you have to make, assuming you qualify, is whether you are willing to pay that additional amount in membership fees to have a higher ranking card. And by taking in a policy of silver, gold and platinum CC, the issuers are trusting on you doing wanting just that.

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