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The top credit cards in the credit industry are denoted with terms like gold credit cards or platinum credit cards to enhance their marketability and appeal to the precious metals that everyone can relate to. Most people with good credit get barraged with credit card applications and the marketing departments of the card companies have found ways to play on our emotions in deciding which card to choose. Gold has a long and storied history throughout the world.

Gold credit cards are usually issued with many extra advantages as they are meant to impart a sense of prestige. These credit cards are marketed to people who make a lot of monthly purchases, travel a lot and pay in full their monthly bill. The market research suggests that this group has a higher monthly income. Gold credit cards usually require an applicant to have an income in excess of $50,000 a year in addition to a stellar credit record.

You may find it of interest to know that gold credit cards often come with generous cash back rewards and special insurance coverage. If you are in the market for this type of card and have the credit to qualify, compare the different credit card applications paying particularly attention to these features:

1) High interest rates. All benefits and bonuses have a price, and gold credit cards fit the standard. Because of the lavish rewards on these credit cards they have high interest rates. Commonwealth Bank’s 20.74% ARP is an example of the rates of gold credit cards and most will be close to this percentage. It is assumed by the card companies that you will be paying off your balance each month so a high interest rate is a non-issue, except if you happen to be late on a payment.

2) High annual fees. Gold credit cards generally charge high annual fees in the range of $90-$150. It is easy for you to regain this fee if you are strict about following the rules on full monthly repayments of your balances, which will save you interest, and by taking advantage of the large rewards and benefits packages.

3) High credit limit. A gold card credit limit will be significantly higher than a standard credit card. Many begin with a $5,000 credit limit and those companies that charge the higher annual fees may provide a $25,000 limit. There are even cards that have no preset spending limits. This type of card can be helpful particularly if you are on a protracted trip overseas.

4) Additional special insurance. Most gold credit cards come with no-cost overseas accident and travel insurance coverage for you and your complete family. The conditions vary from card to card and you need to read the fine print to understand the differences. Some cards will even cover any type of emergency medical care, costs sustained because of trip cancellations, delayed flights, missed connections, and luggage delays. To be afforded these benefits card companies normally require you to pay a large amount of your travel package using their card.

5) Warranty coverage – Purchase protection. Most purchases made with gold credit cards have warranties for an additional 12 months beyond the manufacturer’s warranty. Also, the cards will provide protection on new purchases of items that are stolen, lost, or damaged by accident within a 3-month time period.

6) Protection against fraud. The card should protect you from unauthorized or fraudulent charges, particularly when used on Internet e-commerce sites. You have some responsibility to inform the card company within a reasonable time period that you think your card is being used inappropriately.

There can be additional perks such as concierge benefits and added reward points on particular card usage. In summary, gold credit cards will be well worth their costs (in interest rates and yearly fees), as long as you use and manage them carefully.

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2. Credit Cards For People With Poor Credit Ratings
3. Getting A High Limit Credit Card
4. Excellent Credit Score Credit Cards
5. Best Cash Back Credit Cards