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Platinum or Premium rewards credit cards?

So you’ve decided you’d like more than a basic rewards card, but do you go platinum or step it up to the premium card? Here are some of the differences to help you decide whether you could benefit by paying more for a premium option like the Altitude Black credit card, which is Westpac’s most rewarding card.

 

Earn rates for rewards points

Premium cards can help you get to your rewards faster than platinum cards, as they often have the highest possible earn rate on points of all cards on offer at your bank. This may include giving you multiple points for every dollar you spend on your card with certain merchants. One such card is the Altitude Black credit card, which is Westpac’s highest earn rate card.

Annual card fees

The big difference between a platinum card and a premium card is often the annual card fee – you’ll usually pay a higher fee for the privilege of having a premium card. This higher fee reflects the added value you get with a premium card, so it’s up to you to check out the benefits and decide whether you’ll get your money’s worth.

 

Other than that, platinum and premium cards often have the same interest rates and fees on most things including cash advances, late payments and duplicate statements.

Bonus points on new cards

Some rewards cards offer bonus points when you take out a new card – these can translate into great benefits through your nominated rewards program. Again, platinum and premium cards tend to have different offers – you might find that you score more bonus points when you take up the premium card than when you take up the platinum card.

Caps on points you can earn

It’s not uncommon for platinum cards to cap the points you’re allowed to earn in a billing cycle, whereas many premium cards have no points cap. So if you’re a big points earner, you might want to find and choose the card that doesn’t place restrictions on the number of points you earn.

Levels of complimentary insurance

Another feature that often gives premium cards an edge over platinum is the complimentary insurance that comes with your card. Premium cards offer cover that’s for greater amounts or longer periods than other cards. For instance, the complimentary overseas travel insurance on the Altitude Black card covers you for twice as long compared to Altitude Platinum. Similarly, the amount of complimentary transit accident insurance cover you’re entitled to with the premium card may be more than that of the platinum card.

Benefits and bonuses

As you’d expect, a premium card can also give you more privileges and perks than a platinum card. You may be entitled to more of those nice-to-have extras like complimentary airport lounge passes and additional benefits when you travel.

 

All told, it’s a lot to consider – and a platinum card might offer you plenty of value for the annual card fee. If you’d like to read more, take a look at our Altitude Rewards credit cards next to one another.

 

And if you’d like to read more about a great feature available on both  Altitude Platinum and Altitude Black, learn how complimentary concierge is at your service.

 

Things you should know

Consumer Credit Cards - Conditions of Use (PDF 7MB)

Altitude Rewards Terms and Conditions (PDF 213KB)

Westpac Credit Cards Complimentary Insurance Policy (PDF 297KB)

Westpac Rewards Credit Cards Concierge Service Terms and Conditions (PDF 917KB)

Credit criteria, fees and charges apply.

Be credit savvy: Before applying, consider a realistic credit limit and check all conditions, interest rates, fees and charges on your selected card.
This information does not take into account your financial needs, individual circumstances or objectives. Read the terms and conditions before making a decision and consider whether the product is appropriate for you.

Rewards points: Depending on your choice of rewards program, you can earn Altitude Points or Qantas Points on your eligible purchases. The earning and redemption of Altitude Points and Qantas Points is subject to the Altitude Rewards and Altitude Qantas Terms and Conditions. You do not receive points if your card account is in arrears for 2 consecutive statement cycles and in other circumstances. You do not earn Altitude Points or Qantas Points on payments to the Australian Taxation Office. A points cap per statement cycle applies to the Altitude and Altitude Platinum Cards. For details, see the Rewards tab on the Altitude or Altitude Platinum product page.

Altitude Rewards: You must be a member of the relevant frequent flyer program to redeem Altitude Points for frequent flyer points. The Altitude Rewards Terms and Conditions and the terms and conditions of the relevant frequent flyer program apply. A joining fee may apply. Availability of Reward flights may be limited. For more information on the Altitude Rewards program, visit altituderewards.com.au.

Altitude Qantas: In order to earn and redeem points, you must be a member of the Qantas Frequent Flyer program.

Complimentary insurance covers: Under a binder from the underwriter Allianz Australia Insurance Limited (ABN 15 000 122 850, AFSL 234708), AWP Australia Pty Ltd (ABN 52 097 227 177, AFSL 245631, of 74 High Street, Toowong, QLD 4066, trading as Allianz Global Assistance) has issued an insurance group policy to Westpac Banking Corporation (ABN 33 007 457 141 AFSL, Australian credit licence 233714 [Westpac]) of 275 Kent Street, Sydney, NSW 2000 that allows eligible Westpac account holders and cardholders to claim under it as third party beneficiaries. The terms, conditions, limits and exclusions of the group policy are set out in the Westpac Credit Cards Complimentary Insurance Policy which may be amended from time to time. Westpac does not guarantee the insurance. You can get a copy of the policy booklet by downloading the Westpac Credit Cards Complimentary Insurance Policy.

Concierge: Concierge Services are subject to the Westpac Rewards Credit Cards Concierge Service Terms and Conditions available at westpac.com.au.

 

Westpac is the credit provider and credit licensee under National Consumer Credit Laws.