Signature/Platinum

[bs6054]

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?

[HiLine]

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.

[Anonymous]

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@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?

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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

[Anonymous]

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.

[Revelate]

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@Anonymous 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.

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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.

[navigatethis12]

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@Revelate wrote:

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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.

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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.

[bs6054]

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@navigatethis12 wrote:

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@Revelate wrote:

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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.

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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.

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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.

[RonDawg]

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@Anonymous 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.

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I have heard that as well. 

[Anonymous]

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

[JonStur]

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@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?

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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.