Credit cards are not created equal. At the top of the tier is the Platinum Card, which is mostly given to those with high minimum income. In the Philippines, such examples are the Metrobank Peso Platinum Card and the HSBC Platinum Visa. If you want to upgrade your existing credit card, you might want to consider applying for a Platinum Card. Here’s what you need to know:
How much should I be earning?
Definitely, you need to be earning more than the minimum to earn a Platinum card. This is why you usually see these cards on the managerial level employees or established businessmen. As such, it comes with a high level of perks befitting a person who can afford to pay more.
To be able to get a Platinum card, you should be earning at least PHP 500,000. Annual fees range from PHP 3000 to PHP 5000. This can be waived on the first year, depending on which card you have.
What are the benefits of using a Platinum card?
Platinum cards are linked to rewards programs just like the basic cards, but these programs are way better than the standard ones. Platinum cards offer better rates, which mean you can earn rewards faster. It also comes with complimentary insurance covers such as purchase cover, pricing scheme, and extended warranty. You also get international coverage, including insurance for interstate flight inconvenience and transit accident.
Other Platinum perks include a personal concierge service, which gives you access to round-the-clock assistance on travel, dining, business, and entertainment whenever you are.
What are the differences between Platinum cards?
Annual fees can be waived just like other card types, although the fees are generally higher than the lower-tiered cards. You can also compare the rewards program for store vouchers, flight tickets, flight upgrades, and cashbacks. These cards also come with varying interest rate offers and purchase rate offers. This enables you to pay zero to minimal interest on certain transactions for certain time periods.
Are you suited for a Platinum card?
Just because you earn high doesn’t mean the card is best for you. Lifestyle and spending habits should be considered in getting cards such as the AUB Platinum Mastercard. Since Platinum cards come with higher interest rates, you should be able to pay for your spending in full at the end of the month. If you are a frequent traveller, you should consider getting one since it comes with higher credit limit, which should come in very handy while abroad.
What are the pros and cons?
Platinum cards come with higher credit limits, better rewards program, and posh extras such as complimentary insurance and concierge service. But for these perks, you need to deal with higher interest rates and ongoing annual fees. This is why a better ability to pay is a major factor in the issuance of high-level credit cards.
If you think you have the income requirements and the spending discipline for a Platinum card, you should definitely consider it. Try applying for the Metrobank Peso Platinum Card and other cards in that range to enjoy the perks of a high-level card.