Banking organisations offer different types of credit card to cater different strata’s of consumers. While on one hand, there are standard cards, which are basically no-frill cards, we also have Gold & platinum card which cater to a different market. Gold and platinum cards target those customers who are in a high income bracket. While they are expensive than standard cards, they also offer more facilities than the standard cards

There are several features which Gold or Platinum card offers. Many cards offer free travel insurance. The features of the cover differ from card to card. Nevertheless, it eliminates the hassles involved in arranging a separate cover. Many cards also come with reward programs, which generously give points for your every expenditure through your card. These cards also allow you to spend more as they have a higher spending limit than other cards. At some places, the card holder is also given preference while booking a seat on a flight or a hotel room. They also ensure security over your purchases and give refund assurance. Many of the card providers also provide some other services such as, ordering taxi, discount on restaurant meals, free or discounted tickets for entertainment shows, etc..

Because of the extra facilities they provide, owning a Gold or Platinum card has become a status symbol. However if you are not using all the facilities provided by your card, your money is probably being wasted, as most of these cards come with high annual fee and interests rates. There are so many organisations offering a gold/platinum card that it becomes a bit confusing to select the best deal. The thumb rule is to avoid those organisations which offer to modify or remove your bad credit history. Do not trust any offer without analysing it in detail. Go through the brochures, read the fine prints, and ask as many questions as you want to, which can clear your doubts. Double check on all the promises the card provider is making, also try to find out if there are any hidden cost involved which you have to pay later. Compare the offerings of different organisations. If your card is offering you any kind of insurance, try to know what the extent of the cover is and whether you are eligible for it.

Owning Gold or Platinum card can be a double edged sword. Though these cards offer innumerable benefits, if you do not use all the facilities provided, then probably your money is being wasted. To get the most of your card, it’s important that you pay your dues on time, to avoid paying high interests, and avail all the benefits given by your card provider, to get the full value for your money