What are platinum credit cards?
Choosing among the best platinum credit card offers
If you're confused about the various types of credit cards—you're not alone. Years ago, credit card choices seem to be limited to the classic (good), gold (better) or the exclusive platinum (best) level.
Today you can find prestige credit cards that are not just platinum card - but black, silver, clear, blue, green, plum, titanium and every hue in between.
The platinum credit card was once the preferred card level for status-conscious cardholders. Consumers who had high incomes and high credit scores were eligible for the lowest balance transfer and purchase APR offers, exclusive “members only” benefits and the best rewards programs.
Today, this status platinum credit card has become more of the status quo. Platinum credit cards have become more accessible to the average consumer—generally those who have a solid credit history.
Choosing the best platinum credit card offer for you.
With a little comparison shopping you can find the platinum credit card that offers you the lowest interest rates—and the highest rewards at places where you spend the most. Be sure to read the terms and conditions and understand how long your interest rate offer is available on purchases and balance transfers—and what the APR will be after the intro period.
- Find out what fees may apply. In addition to paying no annual fee, can you make same-day card payments for free? Are you charged for services that other card companies provide at no charge?
- What benefits of the platinum card are you interested in? Will they save you money?
- Are there benefits that save you time and help you track your spending so you can better control your finances?
- What unique benefits does your platinum card offers that another card might not?
- How do others rate their customer service?
- What security features are in place?
Though the types and terms of platinum credit cards may differ, they have one thing in common—they can provide you with a higher credit limit, a lower APR and valuable extra benefits than the standard classic or gold level cards. Having a platinum card is a reflection of your good credit rating and financial responsibility—and the rates, rewards and benefits are more attractive as befitting your higher credit rating.
Discover believes that consumers should be armed with the information they need to help them make informed financial decisions. In 1986, Discover introduced the first no annual fee platinum card that offered cash rewards on every purchase. Today, our platinum level card is called Discover More card. Check out the Discover More card benefits.
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To get the lowest interest rate possible from a platinum credit card, be sure you have a solid FICO credit score—above 650 is usually solid enough to secure the lowest interest rates. Learn more to find new way to improve your credit score