Card name types-Platinum, Gold, Preferred-what do they mean?

[Reighn9]

I'm confused by all the types of cards out there and tatrget area.  I don't know what is good, better, or best.  Could someone please explain the differnce in types issued and basic eligibily, initial limit, benefits.  I understand rewards cards and cash back cards. It's the rest like Platinum, Gold, Silver, Preferred, Signature, Freedom, Classic, etc. I don't understand and each seem to have separate rules.

[DaveSignal]

It depends on the lender.

They don't specifically mean anything.

[Crashem]

Obviously lenders has its own designations.  However VISA/MC have their own "levels" that come with certain minimum requirements and benefits that cut across all visas/mc.  Although it looks like VISA might have restructured how they do things.

For VISA (I believe):

Gold, Platinum, Signature, and Infinite (only Overseas for now).

For Mastercard:

Standard, Gold, Platinum, World, World Elite

Actually just looked up VISA.  Looks like they have reworked their tiers:

Traditional, Traditional with rewards, and Signature.  Infinite is still overseas only.  Not sure where Preferred Signature fits in or is it just marketing buzz.

[Crashem]

BTW, for those "higher" VISA/MC levels, it seems cardholders don't seem to take advantage of them as much as they should.  Probably because they don't have a "direct' relationship with VISA/MC vs. the bank that issued their card.

Things like events, VISA/MC Concierge, Hotel programs, and that the purchase protection stuff like free extended warranty, theft/damage protection, etc.).

[takeshi74]

Freedom is just a Chase card.  It's not a tier.

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@Reighn9 wrote:

Could someone please explain the differnce in types issued and basic eligibily, initial limit, benefits.

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They're not always universal.  Eligibility, initial limit and benefits can vary.  With some digging you can find benefits provided by the network (Visa or MasterCard) on the payment network's own site.  For specific card benefits you'd have to verify directly with the company issuing the card.

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@Reighn9 wrote:

I understand rewards cards and cash back cards. It's the rest like Platinum, Gold, Silver, Preferred, Signature, Freedom, Classic, etc.

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They're not mutually exclusive.  A rewards or cash back card can be any of the latter as well.