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The Accessibility Of Platinum Credit Cards

by Howard Montague

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?

Platinum credit card holders usually have a very high credit rating and there are many benefits offered to these users, to reflect the level of risk that they represent to lenders, which is minimal. Credit card companies want to keep the business of those with good credit ratings and so offer these people a number of benefits or rewards, which also acts as an incentive for the user to stay with that credit card company.

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.

Platinum credit cards offer perks for those who are able to attain them. You can be offered deals on shopping, balance transfers, air-miles, mobile phones and petrol – to name but a few. This is on top of the lower interest rates and attractive APR you may find yourself wanting to enjoy, along with the added security features that your card may have: protection against fraud, theft and card loss are almost standard features as the competition for custom becomes fiercer.

So what do you get for your plastic? In Motley Fool’s online comparison site (www.fool.co.uk) three platinum credit cards have made it into their ‘top ten’: the Barclaycard Platinum Credit Card, the Capital One Platinum Credit Card and the Barclaycard Platinum Cash-back Credit Card. For a 2.5 % fee, the Barclaycard Platinum Credit Card offers 0% interest per annum on balance transfers for 14 months, 0% interest on new purchases for 3 months, an APR of 14.9% and deals on things including flights, holidays, films, music, games, mobile phones and computers. The Capital One card offers 0% interest on balance transfers for a 1.7% fee, 0% on new purchases until the 1st November, a 9.9% APR but no loyalty scheme rewards. Barclaycard’s other Platinum Card, the cash-back version, offers 0% on balance transfers for 12 months for a 2.5% fee, no introductory rate, 14.9% APR and its loyalty scheme includes 2% cash-back on petrol and supermarket spending and 0.5% cash-back on other spending.

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.

About the Author:
Check out Howard Montague’s report about the best Platinum Credit Cards in the market place. His talents as a finance writer are best demonstrated in buying online Credit Card applications
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