What Is The Distinction Between Gold And Platinum Credit Cards?

Credit cards (as we know them as we speak) have been first introduced in 1958 within 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 launched 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 evolved into MasterCard. Any card issued within the UK at this time will normally embody a Visa or MasterCard logo. The exception being cards issued by American Categorical which can only be used in establishments that accept their cards. There’s a fourth smaller network within the USA called Discover.

All major banks and a few building societies within the UK supply cards to present and new customers. Many offer both Visa and MasterCard networks and it is quite frequent to have one account, with particular person Visa and MasterCard cards.

In the 1980s the gold and platinum cards were introduced to the market. Initially these have been offered to prospects who had a high income. They usually included a higher than regular credit limit. There was often an annual price connected to the card. The charging of a price enabled the issuer to supply particular benefits reminiscent of free journey insurance to the holder as well as decrease interest rates if the complete balance was not paid off every month.

Nowadays, the difference between a gold or platinum card and a traditional card has diminished. Simplistically, a gold card will provide the customer a reduced curiosity rate and longer curiosity free period for a balance transfer when compared to these of a normal card. The platinum card will provide even higher phrases than those available to a gold card. Some gold and platinum cards give the holder additional benefits equivalent to discounts for purchases by way of chosen companies. Most issuers have ceased the follow of charging an annual fee for the holding of a gold or platinum credit card.

Applying for a gold or platinum credit card is easy. Typically there are set minimum income levels required and usually a greater than common credit history before a card is issued to the customer. The minimum monthly repayment requirements will normally be similar to those of a typical credit card. Some issuers nonetheless supply special discounts or other benefits to the gold and platinum credit card holders, but this apply is way less common than the days that they have been first introduced. Typically the initial credit limit is higher on a gold card than for a traditional card, and with a platinum card it can be even higher.

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