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Gold Credit Cards

The standard silver credit cards were initially releases around the mid-1950s, but at the same time, credit card companies felt that they needed to take out a credit card that could reflect the financial standing of their customers. Soon after the gold credit cards were introduced and since then the Gold credit cards has carved their niche in the world of credit cards.

There are various advantages of credit cards and these advantages will help you to compare Credit Cards UK online. You can choose your gold credit card based on the various advantages like:

  1. The cash withdrawal limit is higher
  2. The credit limit is higher. You will need to show a higher income level while applying for the gold card
  3. The interest rate is 0% and is applicable for 6 to 9 months. This is a good deal if you are thinking of doing a balance transfer or transfer from the gold card to another card or vice-versa.
  4. The rewards and points promotional packages are attractive. There is a higher rate of cash back and discounts on the Gold cards. Some gold cards also offer air-mile rewards.
  5. The travel perks are much better, which means that you might get an automatic upgrade while traveling
  6. There is a prestige that is associated with this card and this means that all retailers will accept it and give you more attention.

There are different disadvantages of gold credit cards also and some of them are:

    • Some Gold cards have a higher annual membership fee
    • There is a minimum income that you need to earn to be a gold card holder and your income needs to be higher than people applying for any standard credit card.
    • It has almost the same credit limit as other credit cards because the credit limit is set on the basis of your income level and the ability to pay back and of course your credit history. So even if you are earning a higher income but if your past records show that you have not been able to manage your debts in the past then your credit limit will not be too high. Your credit card limit might even be lower than the credit limit of a standard cardholder.

There was a time when the Gold credit card stood out from a standard credit card or a silver card holder but today anyone earning a decent income can have a gold credit card. As a result some of the financially strong people feel that the gold card is no different from a standard credit card today. The privileges, the advantages, the credit limits, the APR rate etc are almost the same as that of a standard card member.

At the end of the day, the Gold credit card still has some impact on people, retailers and markets. In spite of the disadvantages, people feel that the Gold credit card belongs among the elite of credit cards.

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