a lot of credit cards out there have platnium status...is that somethign they thrown as a label..or does it mean u are truly at "platnium" status? what is the average credit score for having usch a card i currently have 3 of them. thanks
2007-03-19 13:50:08 · 7 answers · asked by nycgreekguy004 1 in Business & Finance ➔ Credit
Basically... a platinum credit card is a regular credit. In the past, 'platinum cards' were reserved for a select few who had extremely high credit scores (and incomes). They received better features such as lower APR's, higher credit limits, longer grace periods and other perks.
Today, most people with good credit can get a 'platinum' card. Although your credit score still determines the type of benefits you'll receive-- there are many different levels of status that all fall under the 'platinum' title.
Platinum really doesn't mean anything anymore...
Hope this helps...
2007-03-19 14:09:33 · answer #1 · answered by Anonymous · 0⤊ 1⤋
I just got approved for a Capital One Platinum card despite the fact that other credit card companies decline me because I have a charge-off. So that rules out the "good credit myth"
They say the credit limit will be between $300 and $2000, which rules out the myth that platinum cards have "high credit limits".
There is a $39 "membership fee" (I guess to be in the platinum club)
The only perk I see is that there is a 0% intro APR for 6 months. However, the credit card offer actually said, "..take advantage of exclusive Platinum benefits like rental car insurance, extended warranty protection, and travel assistance services...", but I think my regular card does those stuff too. Which makes me think "Platinum" is just an empty title.
To be honest I would prefer a regular card that is free than a platinum one with fees.
2007-03-19 21:35:46 · answer #2 · answered by Leroy S 1 · 0⤊ 0⤋
Platinum is really just a label now. Generally it gives you perks that the normal ones don't, such as rental insurance or other features. In the past it meant something, but is now really a marketing ploy by companies. Although several companies such as American Express still treat Gold Cards and Platimum cards as a higher status. It really depends on the company as to the weight the platinum status gives you.
They do not necesarily mean you have a higher credit limit. I have a seen "Platinum" MasterCards with only a $300 limit.
2007-03-19 21:08:58 · answer #3 · answered by SweetGurl 1 · 1⤊ 0⤋
Platinum cards offer more because your credit score is generally alot better then the "average joe". Also,keep in mind that when you have a card like a platinum,etc. the issuer
i.e. bank etc. usually makes alot of money off of you as a cardholder.READ THE ADDENDUM CAREFULLY!!! That is the statement that is always issued with a credit card saying what the terms and agreements are.There is always a catch
to extending credit,so be careful!
2007-03-19 20:59:37 · answer #4 · answered by Myra 1 · 0⤊ 0⤋
They both report your consumer spending the same way. The only difference is that platnium gives you more rewards than the regular. But, keep this in mind they are all design to keep you in depth. The platnium sometime is given to prestigious club member. Good luck chosen.
Rogue.
2007-03-19 21:00:43 · answer #5 · answered by Anonymous · 0⤊ 0⤋
usually if you have platinum all it means is that there are rewards they may offer or better limits or terms and conditions.
no matter what, credit card companies are out to make money on you so be very careful!!!
2007-03-19 20:59:32 · answer #6 · answered by aemerson82 1 · 0⤊ 0⤋
yesit is better, they have higher credit lines, which offer you a better credit score, without explaining everything, if you kept the same balance on your plat card that you would on your reg credit cardit would show that you have credit available but you restrain yourself from doing it, blah blah blah
2007-03-19 21:04:58 · answer #7 · answered by Sundown 3 · 0⤊ 0⤋