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31 JULY, 2023

Are you applying for a credit card but confused about which one to choose? Do you need a higher credit limit and more flexibility on your credit card? Well, the answer to these questions is a platinum credit card.

Traditionally, banks offer different credit cards to meet the customers' requirements. They are aware of the market demand and know every customer has different needs. While credit cards can be an excellent option for anyone looking for low to moderate expenditure, some people prefer credit cards with a higher credit limit along with several privileges that general credit cards do not offer. That is when a "platinum credit card" comes into action!

What is a Platinum Credit Card?

A Platinum credit card is a category that offers premium services to cardholders. As the name suggests, platinum cards hold more weightage, but at the same time, they come with some added responsibilities as well.

Benefits of using Platinum Credit Card

There are multiple advantages of using a platinum credit card since they offer many benefits compared to regular credit cards. Being in the premium category, you can enjoy several added benefits while using your credit card normally.

#1 Higher credit limit

One of the main benefits of a Platinum credit card is they offer a higher credit limit. Generally, credit cards offer a credit limit based on various factors. Before approving a platinum credit card, the banks do thorough background verification and check your credit score. Because of this higher credit limit, they are more flexible since you do not have to worry about exceeding your credit limit, which can negatively impact your credit score.

#2 Higher Reward Points

Compared to general credit cards offering users reward points on their expenditures, platinum credit cards offer a higher reward value. The rewards are based on per rupee expenditure, and the reward value of the platinum credit cards per rupee is higher than others. Since they allow the customers to spend more, they offer high-value redemption options too.

#3 Benefits while travelling

Platinum credit cards can be the best choice for you while travelling because these cards offer excellent services at airports. Many credit cards like Kotak's Mojo Platinum Credit Card offer airport lounge access to customers. Otherwise, these lounge accesses could cost a fortune, but with a platinum credit card, you can access these lounges for free. Apart from that, they tend to have tie-ups with airlines which provide great offers on flight bookings. In short, platinum credit cards provide a hassle-free travel experience to their users.

#4 Cash Withdrawal Benefit

In India, only a few cards offer cash withdrawal benefits to their users. Platinum credit cards are one of them. These credit cards allow users to withdraw an amount approved by the issuer. This enables the double-edged benefit of a credit card, which acts like credit and a debit card.

Read Also: Credit Cards in Electronic Purchases

#5 Charge Waivers

Platinum credit cards also provide several offers on charge waivers. A fuel charge waiver is one of them. If you are planning a long drive, having a platinum credit card can certainly benefit you. You will get attractive refuelling offers as your card offers fuel surcharge waivers. Kotak's Mojo Platinum Credit Card allows up to INR 3,500 fuel surcharge waiver annually! Some of these cards also provide railway charge waivers.

#6 One-stop solution for the corporate needs

The corporate world might need you to spend a lot of money within minutes to grab a beneficial opportunity. Here, Platinum credit cards can be helpful. A corporate platinum credit card can help you take care of all your corporate responsibilities and simplify your life. It lets you take care of various purchases, bills, and payments. With a platinum corporate credit card, these bills can be easily managed without worrying about late payments.

#7 Added benefits

Apart from these, platinum credit cards have offers on your favourite dining and staying locations. These can help you a lot while travelling both domestically and internationally. Even if you decide to shop, these cards have offers on shopping too!

Things to keep in Mind Before Getting a Platinum Credit Card:

Although these credit cards offer their users excellent deals, comfort, and flexibility, it is crucial to remember that because they are premium cards, banks tend to look for additional security before lending you one.

Things Required to Apply for Platinum Credit Card

  • You will need a CIBIL score above 750 to be eligible for a platinum credit card. Since these cards have a higher credit limit, banks will thoroughly check your creditworthiness and previous credit behaviour. It is to ensure that you will be able to repay the loan amount on time.
  • There might be a need for extra documentation to make sure that you are a credible person for such a high-value credit card. Since credit cards are a form of borrowing money, banks do not take any risks with them.
  • These cards will also need proof of your income because the banks need to be entirely sure about your credibility!

Apart from these, platinum credit cards tend to have higher interest rates and annual fees. Since the banks offer a high credit limit along with more flexibility and added advantages, these are extra charges you will have to pay! Platinum credit cards can be helpful for those who need high credit limits with more flexible expenditure options.

How to Apply for Platinum Credit Card?

You can apply for a Platinum Credit Card by visiting a bank or its official website that offers these cards. You will be asked to complete the application form and provide the necessary documents. After completing the form and completing all the formalities, you have to go through the Know Your Customer (KYC) process. Once this is done, you can expect to receive your Platinum Credit Card.

Platinum Credit Card Joining Fees

The joining fees for a Platinum Credit Card can vary depending on your chosen bank or financial institution. Some banks have zero joining fees, while some may charge joining fees from Rs. 499 - 999. It is advisable to visit the bank's official website or contact their customer service to obtain accurate and up-to-date information regarding the specific joining fees associated with the Platinum Credit Card you are interested in.

Read Also : क्रेडिट कार्ड की लिमिट

FAQs for Platinum Credit Card

Q1. How can I get a platinum credit card?

To get a Platinum Credit Card, apply online or in the bank branch. Before you apply, ensure your eligibility matches the card issuer’s requirements, meaning the criteria followed by the Platinum Credit Card provider. It is crucial to have a credit score of 750 or above. Banks carefully assess your creditworthiness through your credit history and other factors due to the higher credit limit associated with these cards.

Q2. How long does it take to get approved for a Platinum Credit Card?

After submitting the fully completed application form with all the necessary documents, the processing of your Platinum Credit Card application will commence within two weeks. Once the application is approved, you can expect to receive your credit card within the next seven working days.

Q3. What are the benefits of a platinum credit card?

  • One of the main Platinum Credit Card benefits is that it usually has higher credit limits than regular credit cards.
  • Many Platinum Credit Cards offer reward points or loyalty programs where you earn redeemable points for every rupee spent.
  • Platinum Credit Cards often include exclusive travel benefits like airport lounge access, concierge services, travel insurance, and lost baggage reimbursement.
  • Platinum Credit Cards typically offer purchase protections like extended warranties, returns, refunds, and product guarantees.

Q4. What is the annual fee for a platinum credit card?

The annual fee for a Platinum Credit Card can vary depending on the bank or financial institution you select. Generally, these fees can range from Rs. 299 to 2999. To get the most accurate and current information for the Platinum Credit Card, visit the bank's official website or contact their customer service directly.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.