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Platinum Credit Cards
UK Platinum Credit Cards -- Practical Cards With Great Perks
UK platinum credit cards are available from a wide variety of providers. Would you rather have a low promotional interest rate or promotional cash back? As with any credit card, it's best to decide what you want before beginning a search.
Your income and credit score will determine your choices. With high income and excellent credit, you'll have your pick. With good credit and average income, you'll have plenty of options. With fair or adverse credit, your selection of platinum credit cards will be limited, if you qualify at all, and even a high income won't help.
If you do have good credit and average income, UK platinum cards typically offer a 0% promotional interest rate on balance transfers for up to fifteen months. Many platinum cards are also offering 0% promotional interest on purchases, typically for three months. Regular interest rates are usually around 15%, although you can find rates as low as 12.5%. Typically, there's no annual fee.With excellent credit, there are platinum cards that do not require a minimum income.
An advantage of platinum cards is that they usually have a 50-day interest-free period. If you transfer balances and pay them off before the promotional period ends, and always pay your purchase balances in full by the due date, you'll never accrue interest.
Some platinum cards allow you to transfer balances within 90 days after accepting the card, and still enjoy the full 0% promotional period. That means if you get a 0% balance transfer card with a 13 month promotional period, but wait three months to transfer a balance, you'll still get 13 months to pay it off.
If you'd prefer a cash-back promotional offer, you can get up to 5% cash back for three months, followed by 1.5% cash back thereafter, on all purchases. Cash-back cards often have higher interest rates, typically around 19%, but if you pay your balances in full by the due date, no interest will be charged Cash back cards offer great savings if you pay your balance in full every month. If not, the interest on the balance will offset the benefit of cash back.
Some platinum cards have rewards programs, but most focus on extended promotional rates for balance transfers and three-month promotional rates on purchases. If you want immediate savings, have good credit, and earn an average income, a platinum credit card will probably be right for you.