5 Factors to Help You Decide Whether a Platinum Credit Card Works for You or Not


Considering switching your regular credit card for a platinum card? Check out the benefits, advantages, and other terms and conditions of a platinum card, to decide whether it’s the right fit for you.

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As the name implies, a platinum card is a top-tier credit card that offers plenty of benefits compared to regular credit cards. Credit card companies often borrow the nomenclature of precious metals to distinguish the different classes of cards. Classic, silver, gold, and platinum are some of the common credit card tiers.

And, just like precious metals, a credit card with the prefix “platinum” is considered an elite card, that offers better benefits and a range of features compared to gold and silver credit cards.

What Sets Apart Platinum Cards?

Platinum cards generally come with larger credit limits and are suited for people who make huge expenses on their cards. A platinum card is valued for its array of premium extras like – concierge services, competitive reward points earning rates, insurance covers, access to airline and hotel reward programs with faster-earning reward points ability, airline lounge access, travel credits, and several other perks.

With that said, the annual fee for renewing your platinum card membership is significantly higher than regular credit cards. Plus, you have to consider the other facts like higher interest fees, stricter eligibility requirements and more.

Here, in this guide, you can check out the factors that help you decide, whether a platinum card is a right fit for you or not.

Factors to Consider While Deciding whether you should Avail a Platinum Credit Card or Not:

Different platinum cards boast a range of perks. Here are the top factors you should consider while deciding whether a platinum card is worth it or not.

        Annual Fee

This is the fee you have to pay every year, to continue your membership of the card. Most platinum cards charge an annual fee that costs thousands of rupees. So, before you sign up for a platinum credit card, make sure to evaluate whether the features outweigh the annual fee so that you get the most value from the product.

        Interest Rates

While there are a few platinum cards that offer interest-free purchases, the standard interest rates of these cards are significantly higher than regular credit cards. The general rule of thumb is that you can opt for a platinum card if you have the habit of paying your credit card balances in full, and before the due-dates. On the other hand, if you have a practice of delaying credit card payments, then the high-interest rates of a platinum card may end up wrecking your finances.

        Reward Points and Signup Bonuses

One of the biggest perks of platinum cards is that they help you earn reward points at one (or more) reward programs. While choosing a platinum card, make sure to understand the earning rates – the number of points you earn for every 1 INR you spend on the card.

Additionally, most platinum cards offer a large number of reward points as a signup bonus. However, some cards require you to spend over a particular threshold before you can avail this bonus. So, make sure to check out the terms and conditions, while evaluating platinum cards.

        Reward Programs

This is an extension of the above factor. Make sure to choose a platinum card that helps you earn mileage for your preferred reward program. For instance, if you are a frequent flier, then getting an airline co-branded platinum card accelerates the air miles you earn. On the other hand, if you are a particular hotel chain loyalist, then getting a hotel stay co-branded platinum card works out better for you.

        Other Perks and Features

As mentioned above, platinum cards generally offer an array of extra features. Make sure to consider whether these perks suit your lifestyle before signing up for a platinum card. For instance, if you are a frequent flier, then you may prefer a card that offers complimentary airline lounge access. On the other hand, if you are someone who dines out frequently, then you may prefer a card that offers discounts at popular restaurants. Make sure to evaluate all the bonus features a platinum card offers to get the most benefit out of it.

Platinum Cards open an Array of Exciting Rewards and Perks

With that said, they need to be treated with caution. If you miss paying the bills, you could be charged with a high penalty. So, make sure to evaluate all the perks and benefits offered by the card, consider your average spends and lifestyle, and then decide whether you should go for it or not.

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