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Benefits of a Platinum Credit Card

Even though the irresponsible use of a credit card can have some unpleasant and serious consequences, if you use it wisely, there are many benefits to owning and using a platinum credit card. All it takes is making sure you pay your monthly instalments in full each and every month, and being careful not to spend money you can’t afford to pay back.

Perfect for building a stellar credit history

One of the greatest benefits of using a platinum credit card is that you increase your chances at getting finance applications approved. Whether you apply for a loan, for a dream holiday or your first home, when you have a sound credit history, you will be seen as a low risk client. Conversely, apart from not being able to get a loan, bad credit history can have a negative effect on various other aspects of your life. It can hinder you in getting the things you need on a day-to-day basis, it can result in you having to pay higher insurance premiums and it can even cause trouble when it comes to finding employment. The importance of a sound credit history is often overlooked, and using a credit card responsibly can make an enormous difference.

Enables you to get great rewards

Rewards are another great benefit of being a platinum credit card holder. Basically, the more frequently you swipe your card, the more points you earn, which can be exchanged for air miles, cash back on day-to-day purchases and discounts on travel related expenses, which will be described in more detail in the next section. All these rewards translate into extra cash in your pocket! To earn as many points as possible in the shortest possible time, use your platinum credit card to pay for your daily expenses such as groceries and when filling up at the petrol station. Credit cards are also very useful when paying online and for large purchases such as furniture for your new home or for booking an exotic holiday, and with large purchases you can get a lot of points in one go.

Can give you many benefits while travelling

You can look at your platinum credit card as a welcome, even essential, travel partner. One of the challenges when travelling abroad is getting foreign currency. These challenges are easily overcome with a platinum credit card, even if it means incurring some extra charges because these fees, in comparison with international ATM fees and traveller’s cheques, are minimal. Some other travel related benefits include discounted accommodation and car hire, concierge services, access to luxury airport lounges, emergency assistance, lost baggage insurance as well as cancellation and flight delay insurance.

In closing

In order to get more information about what a platinum credit card can do for you, check the websites of different banks and other financial institutions. This will allow you to make comparisons in terms of benefits and costs so that you can choose the platinum credit card that best suits your interests, lifestyle and other requirements.