Having a couple of gold or platinum credit cards is a great thing, similar to cherish a long drive in an expensive sports car or buying a luxurious mansion. You can always use the cards for a simple or major purpose. You may even get several outstanding benefits along with the cards.
Many gold or platinum cards comes with these important benefits:
1. Domestic and International travel insurance
Most gold & platinum cards offer this standard facility. Depending on the level of bank service and card’s annual fee, the insurance cover may vary. It’s a very convenient way to get travel insurance automatically rather than getting it by yourself. Make sure you carefully read the fine prints/terms of your policy as it may exclude your family from the coverage. It may also include some special clause regarding accident cases.
2. Travel inconvenience coverage
Several gold or platinum cards have “Transport Accident Cover” and medical insurance. These benefits are very important add-ons that increase the coverage of your insurance.
3. Rewards programs
Most gold and platinum card companies offer separate versions of their same card. For example, the ‘American Express‘ offers the Blue sky, Gold, and Platinum credit cards. Each consecutive card has a different level of annual fee, but a higher reward point conversion.
4. High credit limit
If you ever require an urgent credit, whether it’s for short-term investment or an emergency purpose, be prepared to get up to $100,000 of credit at your fingertips. Use your gold or platinum credit cards to get that urgent currency and use it accordingly.
5. Hotel and flight tickets
Some credit card providers offer complimentary free domestic flight tickets or free staying in a hotel (night) each year. Other providers may prioritize your tickets at the time of booking, pick up the best possible hotel suites and transportation facility.
6. International buy and return protection
If you buy anything from outside your country, some credit cards may offer up to 90 days and more buy and/or refund security.
7. 24/7 support service
At any time of the day, any place, you can connect with your card customer care executive and request for desired services. You can get any information regarding your card and change the billing cycle. You can also visit your card provider's website and get full support online.
8. Entertainment offers
You can get great discounts on booking tickets for movies, plays or any sports event. Card providers will often offer advance tickets or free tickets for a wide range of entertainment services and shows.
How to decide whether a Gold and Platinum credit card is suitable
Gold and platinum cards have numerous benefits – however, you’ll only achieve those true benefits if you use them wisely and as much as possible.
To get the full dollar value on your gold and platinum credit cards, you need to pay off your account balance fully to avoid the high-interest charges. You can also get the complete advantage in sectors like - travel (domestic and international), luxury purchases, and entertainment purpose. Go for a card that gives you enough advantages to make the relatively high annual fee worthy.