Gold and Platinum cards with no annual fees

Gold cards and platinum cards have the reputation of being cards that charge high fees in return for very good service.  It seems like a strange idea to have prestige cards that does not charge an annual fee, but these cards do exist.

The main way to find gold and platinum cards are offered for no annual fee is to look for the “No Annual Fee” ranges of cards.  These are offered by a number of the large and medium sized banks.  These ranges will usually have a standard card and sometimes a no-frills card with a lower interest rate, but may also offer prestige cards – including gold and platinum cards.

These no annual fee prestige cards will typically need quite a high level of income and a good credit rating before the credit card is given out.  They will also have a higher level of interest compared to more standard credit cards that are offered in the range.  However they do tend to have many of the benefits of gold and platinum credit cards that make these cards so attractive to many people.

The no annual fee gold and platinum credit cards tend to differ quite markedly with the more normal gold card and platinum card offerings in that they do not tend to have good rewards programs.  Most gold cards not only have market beating rewards programs but they also offer the chance to personalise rewards programs which means that a vast number of rewards are on offer.  These do not tend to be on offer with the no annual fee versions of these cards.

The gold card services that are offered tend to be around the insurance that the gold credit cards can offer.  Gold credit cards tend to offer insurance on goods or services that are bought with the cards.  These can include travel insurance when a flight or hotel stay is paid for with the credit card.  This can extend to public transit insurance which is a form of life and disability insurance when travelling either on train or by plane.  There is also foreign medical insurance if the journey is abroad.

Purchase insurance is offered on goods that are bought with the credit card.  This covers against things such as theft and breakages.  There is also extended warranty, which means that if there is an existing manufacturer’s warranty on a good then this will be extended usually by a year if the good was bought using the card.