Credit Card Center Advertiser Disclosure†
03-25-2009 07:00 AM
While there are supposed to be some benefits, I think it's more of a marketing thing. Just like they still have Gold for people who don't qualify for platinum, and they have Classic for people who don't qualify for Gold.
03-25-2009 07:08 AM
When you are 19, broke and have no credit, and Capital One gives you a Platinum card...
When you are 22, still broke and bad credit and Capital One gives you another Platinum card...
When you are 24, see the error of your ways and begin to get back on track with credit, and BOA gives you a 99/500 card that is a "Platinum Plus"...
Obviously the word means nothing. Unless - I suppose - it is for an AMEX.
03-25-2009 03:27 PM
03-25-2009 03:36 PM
In the beginning, Platinum was prestige, higher limits and reserved for "those" people. And soon marketing realized that they could "sell" platinum packages which were merely Platinum in name only to the masses who wanted to "keep up with the rich Jones". Heck, now adays you can get a Platinum anything starting out with a $300 limit.
In the beginning, GOLD cards usually indicated a $5k or greater limit. Platinum usually indicated $10k or greater. These "minimums" varied, but they were substantially more than standard credit cards and were reserved for elite clients, high incomes, etc.
That's why the BLACK card came out, etc....to create a new distinction of prestige. Now this is also accomplished by outrageous annual fees ranging from $450 to $1500 a year.
03-25-2009 05:10 PM