Credit Cards - Gold Platinum or Classic - What's the difference/point?

[stytagm]

I'm thinking of getting a credit card for the first time, I've always used debit cards in the past, but I want to buy stuff from the states and I'm fed up of borrowing my GF's card.

I've been looking at Natwest's credit cards and they come in normal three 'colours': Gold Platinum or "Classic" - what's the difference?

The only thing I've found is that to apply, you need to earn more. 10k for the classic, 20k for the gold and 25k for the platinum. Aprt from that they seem to be exactly the same.

The rates are the same, the fees are the same, even the stupid perks seem to be the same. So which is it to be? And why? Is it the same story for all the other companies?

Thank you in advance, Hexus, for your imparted wisdom. - Andrew.

[tiggerai]

[Clunk] The Point is a 10 screen cinema in central Milton Keynes [/clunk]

generally it'll be the amount you have to earn, and how much credit they'll give you. And of course the pretty colours.

[Butcher]

Time was the better cards had better rates. I guess that's not the case any more.
Also shop around - you can probably do better than Natwest.

[redlight]

There is no difference they are all evil.
They shine out at you and force you to buy high end PC parts on impulse.
Evil nasty things.

[chriswood_7]

Id go for Barclaycard personally, I get 5% cashback on mine on all purchases so at the moment im using to it pay for everything including my fuel etc so should have a good few quid at the end of the month.

Flexi-rate is pretty good too as the interest is as low at 10.9% if you pay more than 10% of the balance each month.

[Butcher]

I have a single MBNA mastercard with 6.9% APR, it serves it's purpose.

[Clunk]

[Clunk] The Point is a 10 screen cinema in central Milton Keynes [/clunk]

Anything good on?

[Brucelles]

It will be about the credit limit.

Mine is issued in Switzerland, so it's different, but with a basic card I would have a limit of CHF 3,000. With gold I would get 5,000 or 10,000 if I ask. With Platinum I get 10,000 default and can go up to 30,000. Since I was flying between Zürich and Brussels (at a cost of 1,400 CHF a shot) 4 or five times a month I needed the Platinum.

I could also have asked for a Diamond card (Ooooooh!) which compensates for having no dick at all, but that cost 300 CHF per annum and I have a dick.

[Funkstar]

It's pretty meanigless these days. I have a CapitolOne Platinum card that actually has a lover credit limit than others. The criteria for getting a 'platinum' card these days is rediculous too.

It's just a label.

I had an Amex gold for a while becuase they offered me a fee free deal. never used it, so i cancelled it. They then offered me a Platinum, but that was going to be £285 per anum so i said no.

I think Amex are the only ones whos gold/platinum/black cards are teired properly.

[rox0r]

Bit of a throwback to the 80's really, back when having a gold card meant you had to be some sort of stock broker or investment banker.

[Merlin4458]

why get a credit card cause u want to buy stuff when ur out in the states? I have a nationwide flexaccount (2 of em) and theres no charge, it works everywhere, and i get the best going rate. Credit cards jsut shout out debt to me tbh. Unless ur good at juggling the interest free. I.e when the 6th months runs out, switch over to another company with 6 months interset free again and so on.

[htid]

why get a credit card cause u want to buy stuff when ur out in the states? I have a nationwide flexaccount (2 of em) and theres no charge, it works everywhere, and i get the best going rate. Credit cards jsut shout out debt to me tbh. Unless ur good at juggling the interest free. I.e when the 6th months runs out, switch over to another company with 6 months interset free again and so on.

Think he meant buying stuff online from the states and his card isn't accepted so has to use his gfs.

[Funkstar]

My USA spend was all on my JohnLewis Partnership Card (not sure who runs it for them) and there were no transaction fees and the exchange rate was as high as $1.98. That's about as good as I've seen anywhere.

There is a lot to be said for using credit cards as opposed to cash or debit cards..... as long as you don't rack up unpayable balances. Yo do need some discipline

[stytagm]

Think he meant buying stuff online from the states and his card isn't accepted so has to use his gfs.

Spot on, I live in the UK, and so i've always been quite happy using switch and then Maestro, but US online stores don't support it.

WRT running up loads of debt, I'm not too worried, as I doubt I'll use it much and I'll definitely be paying it all off at the end of the month religiously, so no interest to pay at all hopefully. This is also the reason I'm happy to go with Natwest despite their mediocre rate, I already bank (in branch and online) with them, so it'll be dead easy to manage the credit card through the same online interface.

The other stimulus to getting a card in the first place, is that they say (whoever "they" are) that the best way to improve your credit rating is to be a good borrower (even more so than not being a borrower at all as far as I know). Apart from my student loan, I've never really borrowed more than the price of a pint off my brother! At some point in the future (5 10 years, who knows) Me and the Mrs will want to move into a decent place and get a Mortgage worth worrying about, and when that time comes I want the lenders to be beating a path to my door, not the other way around.

[Stoo]

spot on basically with the interest and the credit limits

Not sure what Natwest is up to, but everywhere else, the rates have been lower with the better cards (as someone else mentioned above..)

I've just switched over to the Lloyds TSB Airmiles duo account as it happens, as Natwest have discontinued their affiliation with Airmiles

I still get "pre-approved platinum" credit card offers through the door every few weeks, so my credit rating must be pretty nifty at the moment

[Kumagoro]

Credit cards are good because you are insured and they build up your credit rating.
I like the cash back thing especially when you buy air tickets and other expensive stuff.

You only get into debt if you are a tard.