Tuesday, May 30, 2023

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

Status: envy of others

Undoubtedly, Silver Credit Cards, Gold Credit Cards, and above all Platinum Credit Cards give the cardholder an idea of ​​status like a luxurious car, a yacht, expensive clothes, jewelry and other enormous assets.

There is nothing wrong with that, but one may wonder whether this is reason enough to request a financial product or pay substantially more money for it. If there is no other useful feature, or as we want to explain in this article, there is a tendency to reduce the difference between these products in terms of real financial benefits, we are inclined to pay exorbitant issuance costs and maintenance fees. We see no reason for this because of the color or material of the credit card.

credit limit

At the beginning of credit card history, the main difference between these credit cards was the vast difference in the amount of money you could spend with them. The Platinum Credit Card had a credit limit like a Classic Credit Card, the Gold Credit Card had a higher limit and the Platinum Credit Card claimed to have no limit (we say claim because there was and is no limit Although, to be honest, the credit limit is pretty high for that claim to be true.)

However, recently the limit for Platinum Card and Gold Card has come so close that the difference can be considered negligible. Thus, there seems to be no reason to pay the Gold Card’s higher fees if that is the only difference between them. Also, as both the limits keep rising and reach substantial amounts, platinum credit cards and their no limit feature start to become less attractive.

income implication

Since there were income requirements to qualify for these credit cards, being a cardholder of a silver credit card meant that you had a fixed income, being a holder of a gold credit card meant that you had a higher income and so on. This can be an easy way for others to know how much you earned without having to talk about it. Store card accounts can be opened without credit check etc.

However, the gap in eligibility requirements has also been narrowed and even platinum credit cards, where one type of credit card can only be obtained by invitation, are now offered to anyone who qualifies for it. And qualifying is not as difficult as qualifying for one. Sleep Credit Card,

subscription fee

The only substantial difference between these credit cards is the membership fee, renewal fee, issuance fee etc. Thus, as stated above, it looks like you are paying a higher amount, to make it clear that you can pay a higher amount. The benefits of having a high grade credit card had vanished and thus one may be advised to think twice before accepting an offer from a bank which includes this type of card.

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