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The word "Platinum"

Regular Contributor

The word "Platinum"

When it comes to Credit cards does the word "Platinum" really mean anything or is it just marketing? I would enjoy reading responses to this question.
Message 1 of 9
8 REPLIES
Valued Contributor

Re: The word "Platinum"

Platinum is a precious, malleable metal.  In credit card co. terms, it means "we'll hammer on him 'til we get the gold".

 

 

Message 2 of 9
Valued Contributor

Re: The word "Platinum"

Platinum Visa and Mastercard credit cards have a list of benefits they are supposed to come with.

Mastercard Benefits guide
Message 3 of 9
Senior Contributor

Re: The word "Platinum"

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.

 

 

Here we go again...
Message 4 of 9
Regular Contributor

Re: The word "Platinum"

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.

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Message 5 of 9
Valued Contributor

Re: The word "Platinum"

Although originally it was designed to show differences between levels of credit and had special benefits associated with it, over the years and today it seems to have become more of a marketing gimmick and means very little unfortunatley. Too bad, there was a time these titles meant something.

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Message 6 of 9
Established Contributor

Re: The word "Platinum"

I agree, I have a Citi Platinum and while the name sounds great, the rewards even aren't that good.  My AMEX TrueEarnings card is much better.
Message 7 of 9
Senior Contributor

Re: The word "Platinum"

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.

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
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Message 8 of 9
Valued Contributor

Re: The word "Platinum"

Yeah I have cards that are labeled Silver that are better than the ones that say Platinum Smiley Happy Its all playing with names and you need to just focus on the card and the benefits it has and not so much on how it looks or what it says. Back to the concept of content/quality over looks/flash.

Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


Message 9 of 9