Platinum CC's

LSmith4285

Just wondering what the minimum salary for platinum cards is?

I am hoping to get a platinum card with the best cashback offer, MBNA or Morgan Stanley. I have a platinum account with Lloyds TSB but I am not sure if I earn enough for a platinum, just wondered if anyone knows or has any idea what the minimum income they'd accept would be? My credit file looks good, no late payments etc.

Don't want to apply for it and it be a decline on my credit file.

Cheers

Clariman

The minimum salary varies from card to card. Why do you particularly want a platinum card ? Platinum is just a colour. What features and benefits of a card are you actually looking for ?

You mention a high level of cashback. You don't necessarily need a platinum card for that. In fact MBNA, who you mention, don't do cashback to the best of my knowledge.

You might find Martin's article on cashback cards useful, but it does not list minimum salary requirements. http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1087717218,37843,

The following list of cashback cards does give minimum salary requirements http://www.stoozing.com/cashback.htm

Clariman

aliasojo

There is a slight difference with the Tesco Platinum card....

• Extra Clubcard Points for purchases at Tesco.com.
• Exclusive offers on Tesco Finest and Tesco Insurance products.
• Higher credit limit.

So if you're over 21 and earn a minimum of £20,000 per year you may prefer the option of a Finest platinum credit card. Please note that convenience cheques are not available with the Tesco Finest Platinum Credit Card.


Not hugely important differences imo but I thought the main difference with Platinum cards generally was a higher credit limit?

Clariman

aliasojo wrote

Not hugely important differences imo but I thought the main difference with Platinum cards generally was a higher credit limit?

Sometimes, but not always. I guess the point I was trying to make is that we shouldn't assume that colour of the card actually means you get anything better. The colour and style of the card has more to do with the marketing of the card than anything else. The card issuers know that people like to feel that they have "status", so try to make posher sounding cards attainable for more people, because they know more people will be lured in. That is why it used to be that Silver cards were the thing to have. Then when they became devalued (from a marketing point of view), Gold cards became the thing. They then got replaced by Platinum cards (which look like silver ones to me !!). And, then of course there are the black cards.

So .... my point .... look at the features and benefits of the card, rather than its colour. Don't assume that a Platinum card from one company is any better than a classic card from another company.

Clariman

aliasojo

I see your point and completely agree.

When we decided to get a Platinum card though, it was based purely on the higher credit limit, rather than the name or the colour of the card, (which I agree is totally irrelevant and doesn't automatically mean there are increased benefits).

Having said that, I do think the cards have been 'dumbed down' a little as I saw one not so long ago which advertised their Platinum card being available to those who earned 10K or more. Huh? That'll be just a fairly normal card then. (Sorry, can't remember which one it was).

I do agree with Clariman when he says if cashback is the most important aspect to you then a Platinum card is not necessarily needed.

grumpyoldgit_2

If its higher credit limit you want rather than a "status card" try A&L - they increased my limit on the basis of a phone call - they give cashback, have interest free balance transfer, and a decent gap between use and payment.

All in all I think its a pretty good deal - especially linked to their current account which is detailed elsewhere on MSE

Cheers
GoG

YorkshireBoy

grumpyoldgit wrote:

...try A&L...they give cashback...

They don't appear to give cashback for new applicants - is yours an old account?

http://www.alliance-leicester.co.uk/creditcards/index.asp?page=home&ct=primarymenu

grumpyoldgit_2

YorkshireBoy wrote:

They don't appear to give cashback for new applicants - is yours an old account?

http://www.alliance-leicester.co.uk/creditcards/index.asp?page=home&ct=primarymenu

Nope - just got my first statement - they definitely give "MoneyBack" on their bog standard card - one of the reasons I took it out.

Cheers
GoG

LSmith4285

Sorry guys didn't mean MBNA I meant American Express, all of the cashback cards I have looked at have offered 2% cashback with platinum cards and 1% for regular ones.

If I see one with 3% and its bog standard I'll go for it.

Clariman

LSmith4285 wrote:

Sorry guys didn't mean MBNA I meant American Express, all of the cashback cards I have looked at have offered 2% cashback with platinum cards and 1% for regular ones.

If I see one with 3% and its bog standard I'll go for it.

Amex Blue and Amex Platinum each pay up to 2% cashback but do so in different ways. There is a lot of information on them on the links already posted above (here and the stoozing website) and on the American Express website (strangely enough ). Minimum salary for the Platinum card is £20K as any of those three sources would tell you.

When you refer to "3%", do you mean 3% cashback ? There is no chance. 2% is the best you'll get. If you find anything better let us all know !

Clariman

LSmith4285

I couldn't see it on the site...sorry

Yeah I know there isn't any with 3%, I was just saying if there was and it wasn't a platinum then I'd go for it.