Personal Finance Tips

Platinum credit cards are normally offered to those with high credit ratings and an earning of around $20000 or more per year.

A platinum credit card generally offers a higher credit limit than the lower rank credit cards. They are hard to get as well. You have to show a good credit score to get this platinum credit card since it offers more features than other credit cards. The amount of allocated credit by the card issuer directly determines the required credit score. As the credit limit of a platinum credit card is much higher than most cards, the card issuing company must verify that the owner will repay the balance timely. Though platinum credit cards have a lot more features and benefits than gold or standard credit card, if offers a very low rate of interest in comparison with others.

The main difference is you may award with reward points when you purchase a product through platinum credit cards depending on the amount of transaction. Normally, you will get 1 reward point for spending 1 dollar through platinum card. Whereas, others will offer you a fixed reward point whatever the amount of purchase would be. The platinum card holder may have some other advantages like travel accident insurance, auto rental insurance and more. Some of the platinum credit card related advantages are, as stated before: higher credit limits with lower interest rates, frequent increase of credit limit, more benefits, rewards and savings, no yearly fee, fraud protection service, regular flier miles and cash back plans. Platinum credit cards offer such excellent rewards as the issuers are providing them to people with tremendous credit rankings.

Platinum credit cards are normally promoted through newspapers, televisions, telephone solicitations or direct mails. Most of the platinum credit card offers goes to the consumers who usually make large amount of purchase using their credit card. If you use your credit card frequently for your daily or special purchase and repay the total amount at the end of every month then a platinum card will be the best selection for you.

You can manage your daily purchases through this superb financial tool. With high credit limits, great features and low interest rates, the platinum credit card has become the most desirable credit card for most card holders.

The lowest in the hierarchy of precious metal named credit cards, silver credit cards have been around since the conception of credit cards in the mid-1950s. Today silver cards have been surpassed in prestige by gold credit cards and platinum credit cards and so have more commonly come to be known as ‘standard’ or ‘basic’ credit cards.

Advantages of silver credit cards

The advantages that silver credit cards have over other types of cards include:

* lower annual membership fees (if any)

* lower threshold salary which you need to earn if you want to apply

* the same credit limit as other credit cards if you have a good credit history or manage your card sensibly

* 0% interest for between 6 – 9 months when transferring your account balance from one credit provider to another

The simple fact is, if you are not that fussed over the ‘image’ you portray when you are out shopping with your credit card, and are more concerned with how you manage your credit card debit, then silver credit cards are certainly more favourable than any other credit cards on offer.

Disadvantages of silver credit cards

* lower cash withdrawal limits

* less rewards in rewards promotion packages, such as a lower percentage rate cash back return with cash back credit cards or lower airmiles with airmile credit cards

* less travel perks – for example, if you have a gold or platinum card you may be entitled to automatic upgrades when travelling, but as there are far more standard silver credit cardholders, it is unlikely this benefit will be afforded to you as well

* less prestige, which may mean retailers are less willing to give you the same service as they may provide to gold and platinum cardholders.