Reply
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Signature/Platinum

 

I was wondering why some (Visa) cards are issued as Signature and some as Platinum.  Is there some advantage to the bank for example not to have signature.  Looking at my Visas in order of decreasing CL (highest is 30K, lowest is 15K)

 

Capital One No Hassle, platinum,

Chase Amazon,  Signature,

Penfed, Platinum

Capital One Plat, platinum

Citi AA Visa,, Signature

US Bank Cash Plus, Signature

 

So it doesn't seem related to CL or when I got the card (Penfed and US Bank in the last two weeks for example).  And also not just the issuer, as Cap One does have signature cards as well.  (Although it looks like Penfed doesn't).

 

Any ideas?

 

Blogger
HiLine
Posts: 2,870
Registered: ‎10-19-2012
0

Re: Signature/Platinum

That's a great question. I'm curious about this too. When I applied for a BofA card through my banking associate, he said I would likely be approved for a Visa Signature as a preferred customer. I thought this was roughly the standard for all creditors, but clearly, if a creditor approves a 15k limit, you must be a great customer with them too.

Established Contributor
ccnewcc
Posts: 560
Registered: ‎09-29-2012
0

Re: Signature/Platinum


bs6054 wrote:

 

I was wondering why some (Visa) cards are issued as Signature and some as Platinum.  Is there some advantage to the bank for example not to have signature.  Looking at my Visas in order of decreasing CL (highest is 30K, lowest is 15K)

 

Capital One No Hassle, platinum,

Chase Amazon,  Signature,

Penfed, Platinum

Capital One Plat, platinum

Citi AA Visa,, Signature

US Bank Cash Plus, Signature

 

So it doesn't seem related to CL or when I got the card (Penfed and US Bank in the last two weeks for example).  And also not just the issuer, as Cap One does have signature cards as well.  (Although it looks like Penfed doesn't).

 

Any ideas?

 


I think that the issuing bank probably has to pay a premium for the premium cards. 

 

Much like a bank that offers cards with the PayPass feature in MC.  PayPass is an optional feature.  So I am sure that the issuer has to pay a premium in order to give their bank customers that option.

 

Visa's pecking order goes something like this:  Visa Standard, Visa Gold, Visa Platinum, Visa Siggy

New Contributor
Omri
Posts: 86
Registered: ‎10-29-2012
0

Re: Signature/Platinum

I have heard that the banks rake in higher swipe fees for Visa Signature cards than for regular Visas, so there's a benefit for them to issuing Signature cards.

Recent FICO scores: TU - 755 (mortgage lender pull)
Moderator
Revelate
Posts: 8,894
Registered: ‎12-30-2011
0

Re: Signature/Platinum


Omri wrote:

I have heard that the banks rake in higher swipe fees for Visa Signature cards than for regular Visas, so there's a benefit for them to issuing Signature cards.


Actually it's a higher merchant fee which goes on to the transaction network (Visa / MC in the World Elite case) is my understanding it.

 

Platinum used to mean something, but now it's basically the standard card.  Signature has requirements (5K minimum CL) and also comes with additional benefits. That's really about it, other than some Signature cards don't get their CL's reported but fortunately there's fewer lenders that do that every year.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Valued Contributor
navigatethis12
Posts: 1,916
Registered: ‎01-24-2012
0

Re: Signature/Platinum


Revelate wrote:


Actually it's a higher merchant fee which goes on to the transaction network (Visa / MC in the World Elite case) is my understanding it.

 

Platinum used to mean something, but now it's basically the standard card.  Signature has requirements (5K minimum CL) and also comes with additional benefits. That's really about it, other than some Signature cards don't get their CL's reported but fortunately there's fewer lenders that do that every year.


True about platinum. I was watching a television show from some years back and the girl thought it was awesome her parents had a platinum visa. Visa Signature has become meaningless as well. 5000 is way to low for a supposedly high ranking card. It would be better to be 15 or 20. I would lose the ones I have, but oh well. Creditors give them out like nothing these days.

 

Not every issuer offers a Visa Signature card either. To me it does not really matter. Going over the limit is nice, but the concierge was worthless when I tested it.

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: Signature/Platinum


navigatethis12 wrote:

Revelate wrote:


Actually it's a higher merchant fee which goes on to the transaction network (Visa / MC in the World Elite case) is my understanding it.

 

Platinum used to mean something, but now it's basically the standard card.  Signature has requirements (5K minimum CL) and also comes with additional benefits. That's really about it, other than some Signature cards don't get their CL's reported but fortunately there's fewer lenders that do that every year.


True about platinum. I was watching a television show from some years back and the girl thought it was awesome her parents had a platinum visa. Visa Signature has become meaningless as well. 5000 is way to low for a supposedly high ranking card. It would be better to be 15 or 20. I would lose the ones I have, but oh well. Creditors give them out like nothing these days.

 

Not every issuer offers a Visa Signature card either. To me it does not really matter. Going over the limit is nice, but the concierge was worthless when I tested it.


Yes, things change!  I remember, back in the 80's, I got my first Gold Mastercard, and some people were impressed.  Don't think that would do so much these days.

But thanks everyone for the answers, good possible explanations for why Signature vs Platinum seems not to be too correlated with CL (over the $5K minimum for signature) or level of rewards.

 

Contributor
RonDawg
Posts: 322
Registered: ‎10-19-2012
0

Re: Signature/Platinum


Omri wrote:

I have heard that the banks rake in higher swipe fees for Visa Signature cards than for regular Visas, so there's a benefit for them to issuing Signature cards.



I have heard that as well. 

AMEX Platinum, AMEX Blue cash (10k), AMEX Delta (10k), US Bank Premier Line (14.5k), US Bank Cash + (7.5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (9.5k), Chase Sapphire Preferred (8k), Alerus Financial Visa Signature issued by Elan (10k), BofA Cash Rewards (10k), Citi Thankyou Pref (6.5k) TU FICO Score = 807, EQ FICO Score = 780, EX FICO Score = 780,
CreditKarma score = 785, CreditSesame score = 773, Vantage = 903
Regular Contributor
jnkp2001
Posts: 135
Registered: ‎01-04-2012
0

Re: Signature/Platinum

at our CU, standard visa is 2500, gold is 5000 and platinum is 10000

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!

Established Contributor
JonStur
Posts: 904
Registered: ‎12-25-2010
0

Re: Signature/Platinum


bs6054 wrote:

 

I was wondering why some (Visa) cards are issued as Signature and some as Platinum.  Is there some advantage to the bank for example not to have signature.  Looking at my Visas in order of decreasing CL (highest is 30K, lowest is 15K)

 

Capital One No Hassle, platinum,

Chase Amazon,  Signature,

Penfed, Platinum

Capital One Plat, platinum

Citi AA Visa,, Signature

US Bank Cash Plus, Signature

 

So it doesn't seem related to CL or when I got the card (Penfed and US Bank in the last two weeks for example).  And also not just the issuer, as Cap One does have signature cards as well.  (Although it looks like Penfed doesn't).

 

Any ideas?

 


It's based on the level of service you receive.  Signature Card holders are privy to a 24/7 Concierge service that should assist you in restaurant reservations, travel bookings, tickets at sporting events, and some may even assist in daycare for a pet while traveling. It also doesn't hurt to ask if there are any available discounts for travel or fine dining, and getting tickets to a popular or sold out event. Also unlike a Platinum card, there is no over limit fee.


Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

BCE $12.5K, 5/3 Sig $10K, Wally Discover 10K, Cash+ $9K Sam's Discover 10K, Freedom $6K, Zales $5.5K, More $5K, Cap one $5K, Barclay 2.5K, Household Plat $1.5K, Household Gold $1.5K, Credit One $1K, First Premier Plat $.675K First Premier Gold $.65K

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+