Prestige Credit Cards

Updated 14 August 2019

Prestige cards are designed to offer cardholders more than they would get from a classic credit card, with a tiered offering stepping up from gold to platinum to black. Providing more in the way of features, these cards could also offer cardholders the opportunity to earn more rewards, as well as the ability to spend up to a higher credit limit. When it comes to super prestige cards, these can offer certain status, especially on those cards that are invitation-only.

Types of Prestige Card

Gold Cards

When prestige cards were first introduced, the gold card was the card to have, offering all kinds of perks and extras. These days, however, gold cards have been superseded by platinum cards. While most banks have phased them out to focus on platinum cards and black cards, there are some gold cards still on offer.

Platinum Cards

Platinum cards were created as a step up from gold cards, offering even more features for the discerning cardholder. Today, with gold cards having been retired, platinum cards typically take the middle rung on the ladder, one up from the classic card, and one down from the black card.

Black Cards

Card providers started introducing black cards to their range after American Express launched its Black Card – also known as the Centurion Card – and it became something of a status symbol. Typically, the black card provides top tier perks, with the highest earn rate, the flashiest extras – and the highest income requirement.

Super Prestige Cards

These are the cards that are available by invitation-only, offered to the super rich to cover their excessively large spending habits. Annual fees on these cards tend to be in the hundreds, if not thousands of dollars, and offer in return an expansive array of extras. Note, American Express’s Centurion Card is in this pile, not the black card pile, as you might expect.

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Prestige Card Features

So, what can you expect from a prestige card? As you can see from the varying types of prestige cards, some will offer more than others. However, here are some of the more common features you will tend to find offered on prestige cards such as gold, platinum and black cards.

Higher Credit Limits

Prestige cards are designed to cater to bigger spenders, which means they offer a higher credit limit to allow for this. Prestige cards tend to have a higher minimum and maximum credit limit than classic cards, however, the credit limit you are approved for will depend on your own personal circumstances.

Higher Earn Rates

Prestige cards that earn rewards usually offer a higher earn rate than classic cards, allowing cardholders to earn points faster. It’s worth pointing out that as these cards also tend to charge a higher annual fee, you need to spend more to make that higher earn rate worthwhile.

Higher Points Caps

Card providers that impose a points cap on their cards will usually offer a higher points cap on their prestige cards, allowing cardholders to earn more points on their bigger spend. Like the points earn, points caps are usually tiered, so that the classic card has the lowest earn rate with the lowest points cap, the platinum offers a step up, and the black is another step up again.

Superior Service

Where cardholders with a classic card in their wallet have to put up with bog-standard service, prestige cardholders tend to enjoy specialised service catered to their needs. This could mean having a priority helpline for platinum or black cardholders only, or access to a personal concierge service. Concierge services on super prestige cards are thought to be able to make even the impossible possible.

Extravagant Extras

As prestige cardholders pay more in annual fees, they expect more in extras. These extras – and their extravagance – will depend heavily on the class of card and its annual fee. Some of the more accessible extras can include airport lounge access, hotel stays, flight and accommodation upgrades, insurance cover and airport limo transfers.

Cardholders Prestige Cards Tend To Suit

Cardholders Who Want More

Prestige cards can offer great value to cardholders who make good use of their extras. While they may pay more in annual fees, these cardholders can travel more comfortably, with access to airport lounges, limo transfers, upgrades and complimentary hotel stays.

Cardholders Who Want To Earn More Points

Cardholders who spend big want to earn big rewards in return. With a prestige card, these cardholders can enjoy a higher earn rate, often with a higher points cap in place. Balancing out the card’s higher annual fee, this higher points earn could provide some pretty serious rewards.

Cardholders Who Require Better Service

Offering a higher standard of service to all those busy and important cardholders, prestige cards can provide assistance where needed, making life run a little smoother. These concierge services can be particularly helpful to cardholders who travel a lot, and who need help with bookings, reservations and recommendations.

Cardholders Who Need A Higher Credit Limit

Whether they are looking to buy one big purchase or many, many smaller ones, cardholders who spend big don’t want to be limited by lower credit limits. Prestige cards offer higher credit limits, according to the income and credit worthiness of the cardholder.

Cardholders Who Don’t Mind Paying More In Fees

Prestige cards tend to have higher annual fees than classic cards. While this may not suit those who can’t afford higher annual fees or those who don’t make use of the features on offer, cardholders who don’t mind paying more in fees can find plenty of value in the right prestige card.

Cardholders Who Earn More

To be eligible for a prestige card, you will likely have to meet a higher minimum income requirement than if you were to apply for a classic card. Income requirements are usually tiered to suit the status of the card, but they will also vary according to the provider.

Think you would benefit from having a prestige card in your wallet? Check out the options to find a great range of platinum and black cards – and apply today.

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