What is a platinum credit card?

A platinum credit card is a so called prestige credit card.  It is aimed at having an exclusive reputation and the claim of many providers is that it is “beyond gold”.

Gold cards were originally offered in the 1960s as a way of attracting and retaining the top credit card customers.  They were offered a superior level of service in return for higher annual fees and interest rates.  The cards were invitation only and were only open to people who had a very good credit rating and high income.

Over time the gold cards became less exclusive as they started to be issued to anyone who applied for a gold card and in the 1980s platinum cards were offered.  They were portrayed as credit cards that emulated the original idea of the gold card with both a very high level of service and exclusivity.

American Express first offered platinum cards in 1984.  These were first offered to their best customers as invitation only credit cards in much the same way as the early gold card was offered.

At the start American Express insisted that the invitees had to be an American Express member in good standing for at least two years.  They also had to have an excellent payment history and a high level of spending.  It offered a very good level of service in return for a high fee.

American Express was soon joined by VISA and MasterCard.  Unlike American Express, VISA and MasterCard offer platinum cards through third party providers such as banks and non-bank lending institutions.
Due to the expansion in the offering of platinum cards they now allow applicants, and so are no longer invitation-only cards.  Black cards such as the VISA signature card and American Express Centurion card have now taken the place of platinum cards as the invitation only cards.

However despite their increased availability, platinum cards still insist on a good credit history and a high level of income before the card is approved.

One of the most important services offered by platinum cards is the concierge service which is a bank of telephone based personal assistants who are able to deal with a number of routine and time consuming tasks such as booking concerts and restaurants.  Platinum cards also offer insurance on goods and services that are bought on the card including extended warranty and travel insurance.