What are the rewards of a gold credit card?

Not quite ready for a platinum account but want more rewards than your standard credit card? A gold credit card could be what you’re looking for.

This mid-level card comes with more perks than a standard credit card, but not as many of the fees that are associated with platinum cards. Depending on the rewards on offer, a gold credit card could prove an excellent travelling companion or shopping buddy.

What makes gold credit cards ‘gold’? 

Compared to low rate cards and platinum credit cards, a gold card is something of an in-between, often offering a generous credit limit and a reward program, but without some of the premium fees.

Before you commit to a flashy gold card, you should be aware that they typically come with higher interest rates and higher ongoing annual fees than standard credit cards. However, these are also typically lower than those of a platinum card, and you can often get a similar number of interest-free days as a standard card. 

But the real benefits of going gold are often the rewards.

What are gold credit card rewards? 

Different gold credit cards may offer different types of rewards, depending on the card provider and the reward program. Some of the most common gold card rewards can include:  

Insurance

Upgrading to a gold credit card could mean your travel insurance needs will automatically be covered. With more Australians returning to overseas travel post-pandemic, this could potentially save you hundreds a year.

Even if you’re not travelling, many gold credit cards also offer free extended warranty and purchase security insurance, which covers repair or replacement of most purchases that are lost, damaged or stolen within a particular time period after purchase.

Point rewards

You may be able to earn extra reward points every time you use your gold card. These points can be redeemed for gifts, cash, travel or shopping. You can also trade in your points for other travel programs such as Qantas Frequent Flyer points.

How to compare gold credit cards

Much like comparing other credit cards, it’s important to consider more than one factor when comparing gold credit cards, so you can be confident that you choose a card that offers the best value to suit your financial situation and personal goals.

Some of the credit card features to compare include:

• Interest rates: Gold credit cards are likely to have higher interest rates than standard credit cards, but not as high as platinum-tier credit cards. The main interest rate to compare is the purchase rate – some cards will charge interest at higher rates for cash advances, balance transfers and the like.
• Fees and charges: These could include an annual fee, ongoing fees, and other miscellaneous charges. The more features and benefits a credit card offers, the higher the fees it may charge.
• Interest free days: The number of days you’ll have each billing cycle to clear your credit card balance before you start being charged interest on your purchase.
• Features and benefits: These may include access to rewards programs, complimentary insurances, access to special discounts or rebates, cashback offers, and more. Gold cards typically don’t offer as many rewards as platinum cards, but more than standard credit cards.

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