Platinum or Premium rewards credit cards?
Important Notice
From 1 October 2026, we’re making changes to the Westpac Credit Cards Complimentary Insurance Policy. Find out more
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
- Annual card fees
- Bonus points on new cards
- Levels of complimentary insurance
- Benefits and bonuses
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.
Levels of complimentary insurance
Another feature that often gives premium cards an edge over platinum is the complimentary travel insurance that comes with your card. The Altitude Black card includes a longer period of International Medical Travel Insurance4 cover than the Altitude 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 compare your options further, take a look at our Altitude Rewards credit cards next to one another.
Want to learn more? Read about our three rewards programs, Altitude Rewards, Altitude Qantas and Altitude Velocity.
Things you should know
Westpac Credit Cards Complimentary Insurance Policy (PDF 721KB) – Effective 23 February 2023 (Where you have met the eligibility criteria prior to 1 October 2026)
Westpac Credit Card Domestic Complimentary Insurance Policy Information Booklet (PDF 513KB) - Effective 1 October 2026 (where you have met the eligibility criteria on or after 1 October 2026)
Westpac Credit Card International Travel Insurance, Product Disclosure Statements (PDF 1MB) - Effective 1 October 2026 (where you have met the eligibility criteria on or after 1 October 2026)
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.
Altitude Rewards: To earn and redeem points, you must be a member of the applicable rewards program. Additional fees may apply and vary by rewards program. See the applicable card's product page for details. For more information on the Altitude Rewards program, visit Altitude Rewards.
Altitude Qantas: To earn and redeem points, you must be a member of the applicable Frequent Flyer program. Annual Rewards Program fees apply and vary by rewards program. See the applicable card's product page for details.
Altitude Velocity: To earn and redeem points, you must be a member of the applicable Frequent Flyer program. Annual Rewards Program fees apply and vary by rewards program. See the applicable card's product page for details.
4. Complimentary travel insurance covers:
AWP Australia Pty Ltd ABN 52 097 227 177 AFSL 245631, trading as Allianz Global Assistance (AGA), under a binder from the insurer, Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 (Allianz), has issued an insurance group policy to Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714 (Westpac) which allows eligible persons to claim under it as third party beneficiaries. Access to the benefit of cover under the Credit Card Complimentary Insurance is provided to eligible Westpac cardholders by operation of s48 of the Insurance Contracts Act 1984 (Cth). If an eligible person wishes to claim any of these benefits, they will be bound by the eligibility criteria, terms, conditions, exclusions, limits and applicable sub-limits contained in the relevant Policy Information Booklet and/or Product Disclosure Statements which may be amended from time to time. This insurance is underwritten by Allianz. Westpac does not guarantee this insurance. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it.
On or before 30 September 2026 (where you meet the eligibility criteria on or before that date) the following Policy Information Booklet will apply: Complimentary Insurance Policy Information booklet (PDF 721KB).
From 1 October 2026 the following policy documents will apply: Policy Information Booklet (regarding the Domestic Travel Insurance and Rental Vehicle Excess Insurance in Australia) (PDF 513KB) and/or Product Disclosure Statements (for the Complimentary International Medical Travel Insurance) (PDF 1MB). The Target Market Determination for the Complimentary International Medical Travel Insurance is available at www.allianzpartners.com.au/policies/
Rewards Points: The earning and redemption of Altitude Points, Velocity Points and Qantas Points are subject to the Altitude Terms and Conditions (PDF 186KB). Purchases that are not eligible to earn Rewards Points are set out in the Altitude Terms and Conditions (PDF 186KB). You do not receive points if you have not paid the Minimum Payment Due in full and on time and in other circumstances. Points earnt for PartPay (PDF 96KB) Purchases are based on the full value of the purchase, and not on each instalment amount. Qantas and Velocity Points earned during a statement cycle are added to your respective Points balance on a monthly basis.
Concierge Services for Altitude Black. Concierge services are provided by a third party supplier. For further details including terms and conditions visit westpac.tenconcierge.com
Westpac is the credit provider and credit licensee under National Consumer Credit Laws.