Gold credit cards are a step up from standard credit cards and typically offer more perks, rewards and higher maximum credit limits. They also typically have higher annual fees.
Yes, according to the Finder database there are currently 7 gold credit cards on the market, including personal, business and corporate cards.
Some gold-level credit cards also have other names. For example, the Qantas American Express Premium Card has gold artwork on the card but doesn't include the word in its name.
While many gold card options have been replaced with platinum cards, you can still get a gold credit card if you want one. As with any credit card, you'll just need to weigh up the features and costs to decide if it is worth it.
As with any card, the value you get from gold credit card benefits should be worth more than the costs associated with it. Here are the key details to keep in mind:
To get approved for a gold credit card, you need to meet the eligibility requirements. These are different for each card but usually include:
These documents can usually be attached to the application, submitted later via a secured web form or posted to the bank, and are essential for the application to be processed.
If you want to get a gold credit card, there are 3 important questions that will help you find a card that works for you:
The more you use a gold credit card (both for spending and for the other perks), the greater the value you can get out of it. This value needs to be weighed against the cost of the annual fee if you want to save more than you spend on your credit card.
For example, let’s say you got a gold reward credit card with a $100 annual fee. The goal would be to earn enough reward points to get at least $100 value out of the reward program (i.e. a $100 gift card).
So if you knew you would spend an average of $2,000 per month, and earned 1 point per $1, over a year you would get 24,000 reward points. You can then check the redemption catalogue or website for the card’s reward program to make sure that those points will get you at least $100 value in rewards so that the annual fee is worth it.
Rewards, complimentary insurance, lounge passes and other perks only add value if you use them.
For example, if you get a card with travel insurance but never use it, this benefit will be worthless to you. On the other hand, if you knew you would use that travel insurance regularly, you could save hundreds of dollars compared to buying insurance directly, which would help offset the cost of the annual fee.
Gold credit cards can have higher annual fees and minimum credit limits than standard cards. So think about what you're willing to pay for the account and what's manageable for you right now.
If the cost is too high, you can always compare other credit cards to find the features you want with an annual fee that suits you.
With the credit limit, keep in mind that a higher limit can increase the risk of more interest charges and debt if you don't pay it off each month. When you apply for a credit card, you can request a specific credit limit but it will need to be at least the minimum limit listed – which could be higher on a gold credit card than a standard one.
By reducing your interest rate you could save $231 a month. But there's a way to save even more than that in the long term.
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I have a Gold Commonwealth Bank MasterCard, I have used the travel insurance very often I am 80 years old now. How can I find out if there are extra charges when I travel again?
Hi Harry,
Thanks for your inquiry.
Unfortunately, the complimentary international travel insurance is only applicable to cardholders aged up to 79 years old. Since you’re now 80 years of age, you may need to apply for an upgraded policy but still needs the approval of Allianz Global Assistance (AGA), which is the insurer of CBA credit cards.
As per CBA’s terms and conditions, purchasing an Upgrade Policy lets them receive a commission which is a percentage of your premium. You may need to contact CBA at 13 3982 or AGA directly at 1800 837 177 to confirm the costs and processes of purchasing an upgraded policy.
For more information, you may read thorough our complete guide for Commonwealth Bank’s complimentary travel insurance for credit cardholders.
I hope this helps.
Cheers,
Debbie
I am intending to travel to England and then onto usa new york and across to la. Where can I find out where to obtain information on travel insurance?
Hi Jan,
Thanks for your question.
You may obtain more information on our guide to credit cards with complimentary travel insurance or get a quote on our travel insurance page.
Please make sure to read the eligibility criteria, features, and details of the policy, as well as the relevant Product Disclosure Statement of the policy before making a decision and consider whether the product is right for you. If necessary, speak to the insurance brand to verify any details.
I hope this has been helpful.
Thanks,
Jonathan
Please advise if Gold Visa transaction fees incl GST?
Thanks
Hi Catie, thanks for your inquiry!
GST is a value added tax on most goods and services within Australia. As a result transaction fees with credit cards generally do not include GST charges.
Cheers,
Jonathan
My husband and I are taking a couple of short cruises along the coast of Australia and to Vanuatu. My husband has just turned 80. Can we pay an excess to cover him or must we insure him separately?
Hi Maureen, thanks for your inquiry!
To allow me to assist you further could you please clarify which Gold credit card you are using?
Cheers,
Jonathan
Hi John,
Re my question about insurance for husband who is 80.
My card is a Commonwealth Bank Paypass Gold Mastercard.
Hope this helps.
Regards,
Maureen
Hi Maureen,
Thanks for your inquiry.
Commonwealth’s complimentary travel insurance policy is only eligible for individuals 79 years or younger. For more information on travel insurance and comparison of insurance brands, please see our Travel Insurance homepage. Please make sure to read the eligibility criteria, features and details of the policy, as well as the relevant Product Disclosure Statement of the policy before making a decision and consider whether the product is right for you. If necessary, speak to the insurance brand to verify any details.
Cheers,
Jonathan
We have booked a cruise on Cruise ship Pacific Dawn booking number W503. This was paid for in full using out Gold Credit Card the total being $2598.00. Unfortunately my Vera is sick and been to see the doctor this morning and has a letter stating the situation. How do I make a claim against the ticket price having used the Gold Credit Card.
Yours in anticipation
Joe
Hi Joseph,
Thanks for your question.
Would you mind telling me the name of the card you have? Then I’d be happy to tell you how to go about submitting a claim. Generally though, if you get in contact with your card issuer they should be able to tell you about the claims process.
I hope this has helped.
Thanks,
Elizabeth