A platinum credit card is different than the classic, silver and gold cards but mainly, it is only a difference in credit limit, member fees and income restrictions that sets each card apart from one another. Basically, the best kind of card is mostly thought to be a platinum credit card because they are typically associated with the highest credit limits and top reward programs, which are heavily known for their perks.
Aspiring to be a platinum credit card member is no easy task as you will have to meet vigorous and strict standards in order to be granted such a line of credit. Your credit score and income will mean the most at the time of application for a platinum card and you must meet or exceed the creditor’s standards of how high your credit score and income should be, in order to be approved.
A platinum credit card requires a high credit score and steady high income because they offer such high amounts of credit and in many cases the limit for platinum is considered unlimited! Now, keep in mind that with any banking or credit institution there truly is no definition for classification of any kind of funds being unlimited, which stands true in the real world as well.
Therefore, a technical limit will be in the fine print but the amount is so ridiculous that many agree it is okay to call it an unlimited line of credit. Other cards including classic, silver and gold cards range in various small ways when compared to the platinum credit card but to some, these small changes are what allows them to obtain any credit card, platinum or not!
Classic cards are the easiest to be approved for because they typically only require an average amount of income and a fair credit score for anyone to be approved. There are secured cards too that supply small amounts of credit the more often you use their card with funds you loaded previously.
Gold and silver cards basically range between amount of credit extended and what it takes to be approved which again, has everything to do with how much income you earn and your credit score. Also, membership fees vary from card to card and this includes any platinum credit card so, pay attention to how much the fees are going to cost before you sign anything!
Credit card points, regardless of the specific program or card you are using, can be a confusing subject when not thoroughly researched. The basic process includes either online or over the phone redeeming of the points through your credit card company but most choose to phone in their point requests so that they can discuss all of their options with whomever is handling their request at the time. Learning how and what you can spend your credit card points on is a huge part of this research but luckily for you, here is a guideline to the basic rewards available for most reward points programs.
- Airline miles are probably the most well known reward for the points collected on your credit card account. In fact, airline miles are the most commonly thought of when someone thinks about rewards programs and related services.
- Savings on gas, groceries and other small purchases are quite the bonus to many people turning in their credit card points, especially when considering the always rising cost of fuel and food in our current economy.
- Travel accommodations including discounted lodging at even the highest rated hotels and clubs in the world. Many of those seeking rewards have come to love the discounts involved with travel as most credit charges are related to traveling costs.
- Cash rebates are one of any credit card users favorite rewards for cashing in their credit card points and more cardholders everyday are setting their sights on cash rebates over most other rewards available to them.
- Event admission and entertainment perks are more often involved in rewards programs than one might think. Sometimes, certain cardholders of specific cards or card types are allowed premiere, exclusive or backstage clearance that non-cardholders are not allowed to experience, which puts you in a position of exclusivity: extra bonus!
- Various other rewards are always readily available but the only way to know is to review your credit agreement or view the card company’s website for further details about what specific rewards they offer for your credit card points.
Additionally, redemption of your credit card points should be done with care and knowledge. There are many foolish rewards that aren’t worth the trade but there are also plenty of ways to strategically turn in your points while yielding the highest value. As always, with a little research and some growing point-spending experience, strategies will come as long as you are trying to figure one out.