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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 in the USA by the Bank of America. The primary outside the USA was the launch of Barclaycard in 1966 by Barclays bank. In 1967 a rival to the Bank of America System called Mastercharge 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 advanced into MasterCard. Any card issued in the UK today will normally embody 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’s a fourth smaller network within 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 common to have one account, with individual Visa and MasterCard cards.

In the Nineteen Eighties the gold and platinum cards were introduced to the market. Initially these had been offered to prospects who had a high income. They usually included a higher than regular credit limit. There was normally an annual price attached to the card. The charging of a payment enabled the issuer to supply particular benefits reminiscent of free journey insurance to the holder as well as decrease interest rates if the full 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 supply the shopper a reduced curiosity rate and longer interest free interval for a balance switch when compared to these of a traditional card. The platinum card will offer even better phrases than those available to a gold card. Some gold and platinum cards give the holder additional benefits reminiscent of reductions for purchases via chosen companies. Most issuers have ceased the practice of charging an annual payment 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 minimum earnings ranges required and often a better than common credit history before a card is issued to the customer. The minimum month-to-month repayment necessities will usually be much like those of a regular credit card. Some issuers nonetheless provide particular reductions or different benefits to the gold and platinum credit card holders, but this practice is way less frequent than the days that they had been first introduced. Usually the initial credit limit is higher on a gold card than for a standard card, and with a platinum card it will be even higher.

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