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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.

Levels of complimentary insurance 4

Another feature that often gives premium cards an edge over platinum is the complimentary insurance 4 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 Altitude Black, learn how complimentary concierge is at your service.


Things you should know

Consumer Credit Cards - Conditions of Use (PDF 305KB)

Altitude Terms and Conditions (PDF 2MB)

New simplified Credit Card Terms and Conditions and Altitude Terms and Conditions will take effect from 2nd November 2020. See notice of changes (PDF 26KB) for more details.

Westpac Credit Cards Complimentary Insurance Policy (PDF 297KB)

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: 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

Altitude Qantas: In order to earn and redeem points, you must be a member of the Qantas Frequent Flyer program. An annual $50 Qantas Rewards fee applies for customers who choose to earn Qantas Points through Altitude Qantas rewards program.

6. Rewards Points: The earning and redemption of Altitude Points and Qantas Points are subject to the Altitude Terms and Conditions. Purchases that are not eligible to earn Rewards Points are set out in the Altitude Terms and Conditions. You do not receive points if your card account is in arrears for 2 consecutive statement cycles and in other circumstances. Refer to the Altitude Terms and Conditions for information on how you earn points on transactions. Qantas Points earned during a statement cycle are added to your respective Points balance on a monthly basis.

Concierge Services are provided by a third party supplier. For further details including terms and conditions visit

4. Complimentary insurance covers: AWP Australia Pty Ltd ABN 52 097 227 177 AFSL 245631 (trading as Allianz Global Assistance) under a binder from the insurer, Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 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 Westpac cardholders to claim under it as third party beneficiaries. Any advice on insurance is general advice only and not based on any consideration of your objectives, financial situation or needs. The terms, conditions, limits and exclusions of the group policy are set out in the Westpac Credit Cards Complimentary Insurance Policy (PDF 297KB) which may be amended from time to time. Westpac does not guarantee this insurance.

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