What Is The Difference Between Gold And Platinum Credit Cards?

Credit cards (as we know them as we speak) were first introduced in 1958 in the USA by the Bank of America. The first outside the USA was the launch of Barclaycard in 1966 by Barclays bank. In 1967 a rival to the Bank of America System called Mastercost was created and in the UK the Access credit card was first introduced in 1972 by a consortium of the other main UK banks. The Bank of America and Barclaycard payment systems have evolved into the Visa network, whilst Mastercharge and the Access brand have developed into MasterCard. Any card issued within the UK right this moment will often include a Visa or MasterCard logo. The exception being cards issued by American Specific which can only be used in establishments that settle for their cards. There is a fourth smaller network in the USA called Discover.

All major banks and some building societies within the UK supply cards to current and new customers. Many offer both Visa and MasterCard networks and it is quite widespread to have one account, with individual Visa and MasterCard cards.

Within the 1980s the gold and platinum cards have been introduced to the market. Initially these have been offered to clients who had a high income. They typically included a higher than normal credit limit. There was usually an annual charge connected to the card. The charging of a charge enabled the issuer to offer special benefits such as free journey insurance to the holder as well as lower curiosity rates if the total balance was not paid off each month.

Nowadays, the distinction between a gold or platinum card and a traditional card has diminished. Simplistically, a gold card will provide the shopper a reduced interest rate and longer interest free period for a balance switch when compared to those of a traditional card. The platinum card will offer even better terms than those available to a gold card. Some gold and platinum cards give the holder additional benefits such as discounts for purchases by selected companies. Most issuers have ceased the apply of charging an annual fee for the holding of a gold or platinum credit card.

Making use of for a gold or platinum credit card is easy. Usually there are set minimal revenue ranges required and often a greater than average credit history before a card is issued to the customer. The minimum monthly repayment requirements will usually be much like these of a standard credit card. Some issuers nonetheless supply particular discounts or different benefits to the gold and platinum credit card holders, however this follow is way less frequent than the times that they had been first introduced. Usually the initial credit limit is higher on a gold card than for a traditional card, and with a platinum card it will be even higher.

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