FEATURES SUMMARY

• Annual fee: $250/$280
• Purchase rate:
• Cash Advance rate:
• Balance Transfer rate: 5.99% p.a. first 5 months (20.74%)
• Interest-free days: Up to 55
• Extras:
  • Apply online
  • Cash back

• Airfare Deals
• Extended Warranty
• Purchase Security
• MasterCard Moments
• MasterCard Applause
• Transit Accident Insurance
• Platinum 24/7 Concierge Service

For a platinum credit card this one from Commonwealth is pretty standard in most areas, but it does have a wide range of features in order to cater well for a wider range of people.

It comes with all the same benefits as the gold card but with longer time periods and greater values (International travel insurance for trips up to 12 months, extended warranty for up to a year longer than the manufacturer’s warranty, purchase security for up to 90 days and transit accident insurance), plus a few other features just to set it apart.

The card’s annual fee is $280, but if you happen to be applying for (or already have) a Commonwealth Bank home loan or bank account then the annual fee of your credit card will be waived. Or, if you are an existing Commonwealth credit card customer then (depending on which credit card you have) your annual fee will be either waived or reduced (to $250).

Bank account or home loan – Annual fee is waived
Awards Card – Annual fee is reduced
Gold Card – Annual fee is reduced
Platinum Card – Annual fee is reduced
Low Rate – Annual fee is reduced
Low Rate Gold – Annual fee is reduced
Low Fee – Waived when you spend $1000 or more per year on your credit card
Low Fee Gold – Waived when you spend $10,000 or more per year on your credit card

This includes a 24/7 platinum concierge service*, a comprehensive annual summary* (which will help at tax time) and a guaranteed pricing scheme*, so if you a find a product you’ve bought for a cheaper price (in print) than what you paid, Commonwealth will pay you the difference.

And now for the Awards program – with every dollar you spend on your Commonwealth platinum card you’ll get one Awards point. You can also get extra points by using the Commonwealth Travel Plus service, or by shopping at selected Bonus Partners.

These points can be redeemed for all sorts of goodies including cash back (which is credited back to your account), entertainment, shopping, merchandise and also travel. You can choose to have your awards points converted to frequent flyer points for your choice of Virgin Blue or Qantas airlines (you must be a member of your airline of choice’s frequent flyer program). Also, if you happen to be flying business or first class on a flight you’ve bought with your platinum credit card with Air Tahiti Nui, Japan Airlines or Air Pacific you’ll be eligible for companion airfare deals.

While this is probably a good deal, we thought there might be some kind of other benefit to really set it apart from the Gold and standard credit cards (not to mention other platinum rewards credit cards). But for an annual fee of $200 we still think it’s a really good deal, which is why it takes out the #3 spot in the Platinum credit card category and #2 in the Frequent Flyer credit card category. Adding to this cards prestige (in our eyes) is the fact that we also named it the #3 place getter in the Editor’s Choice – Rewards Credit Cards category.

The interest rate offered is more reasonable on the platinum credit card than on its lower value counterparts with the same rate, at * on purchases and p.a.* on cash advances, along with up to 55 days interest free*. If you have a credit card balance that you need to transfer to a lower interest rate then you can transfer it onto this card for just 5.99% p.a.* for the first 5 months. After this time any balance remaining from your transfer will be charged * interest.

But to sum up, the Commonwealth Platinum credit card definitely holds its own in the platinum credit card market with its variety of features and it’s standard pricing. It would be ideal for those who fly regularly with Virgin or Qantas and plan on using their rewards credit card regularly for retail payments each month.

See all our top picks in the Editors Choice category

FEATURES SUMMARY

• Annual fee: $295
• Purchase rate: 18.99% p.a.
• Cash Advance rate: 20.24% pa.
• Balance Transfer rate: 2.99% p.a. first 6 months (18.74% p.a.)
• Interest-free days: Up to 55 days
• Extras:
  • Apply online

• • Concierge Service
  • Extended Warranty
  • Phone/Internet banking
  • Overseas Medical Insurance
  • Up to 9 additional cardholders
  • American Express/Visa Entertainment benefits

The ANZ Frequent Flyer Platinum credit card is the top dog of the ANZ Frequent Flyer cards, so as well as being the #1 credit card in the Frequent Flyer category, it also takes out the #2 spot in the platinum credit card category.

Being the next step up from the Gold Frequent Flyer card, it has a number of benefits that are exclusive to Platinum credit card holders and are very beneficial for a regular traveler.

The core features of this airline rewards credit card remain the same as the other frequent flyer cards offered by ANZ (interest, balance transfer, interest free period). However the inclusion of travel insurance benefits makes this card much more valuable than the rest.

With this card you will receive extended warranty on purchases*, 90-day purchase security on lost/stolen/broken products*, not to mention overseas medical insurance*. Safety measures such as these can often be expensive and a major hassle to organize, so if you do fly regularly then the inclusion of these features is very convenient.

Using your Platinum American Express credit card will earn you 1.5 points for every dollar spent (up to $2500 a month), and like the lower level frequent flyer cards, 1 point for every $2 spent on the Frequent Flyer Platinum Visa. ANZ Frequent Flyer Platinum cardholders also benefit from the concierge booking service*, which adds another level of convenience to your international travels.

The annual fee for this card burns a hole in your pocket at $295 a year, so if it is mainly frequent flyer points you’re looking for then we recommend the ANZ Frequent Flyer Gold credit card as this offers the same rewards benefits with a much cheaper annual fee. Otherwise, the ANZ Frequent Flyer credit card comes very highly recommended.

See all our top credit card picks in the Editor’s Choice category

FEATURES SUMMARY

• Annual fee: $99
• Purchase rate: 11.49% p.a.
• Cash Advance rate: 20.99% p.a.
• Balance Transfer rate: 0.99% p.a. first 6 months (20.99% p.a.)
• Interest-free days: Up to 55

• Extras:
  • Apply online
  • Fraudshield
  • Extended warranty
  • Purchase protection
  • Phone/Internet banking
  • International Travel Insurance

The Citibank Clear Platinum credit card is one of a number of premium credit cards available from Citibank, but when you compare it to most others on the market it doesn’t really seem like a platinum card at all.

This odd choice of name from Citibank has potential to confuse customers. Platinum credit cards tend to be more costly than the Citibank Clear Platinum card, which means those in the market for a cheap credit card may overlook it without realizing just how affordable it is.

Citibank is one of only two banks in Australia that offer a platinum credit card at less than $100 a year! Most of these premium cards cost anywhere between $100 and $300. This credit card usually has an annual fee of $99, however if you apply before March 31st 2010, so you can receive a discount of more than 50% off your annual fee for the first year, bringing the annual fee down to just $49! Bargain!

Despite the confusion, it is in fact a really good credit card. It takes out the #1 spot for platinum credit cards, #2 for cash back credit cards and #3 for interest free credit cards in the Editor’s Choice category.

The standard interest rate is low at just 11.49% p.a.* on purchases* and 0.99% p.a. for the first 6 months on balance transfers*. The one downfall that can be seen on this card is its cash advance and default balance transfer rate – 20.99% p.a.* At that rate you’d only want to use cash advances in a real emergency.

Other benefits of this credit card also include international travel insurance, purchase protection and extended warranties on all products purchased with the credit card. And who could forget the rewards. With over 40,000 rewards partners in over 30 countries around the world, your rewards will follow you anywhere you go.

The main requirement that Citibank has for this card is that you must earn $50,000 or more per year. With up to 55 days interest free*, it is an impressively cheap credit card (when you avoid getting out cash) with great travel and reward benefits that you are unlikely to get anywhere else at such an affordable rate.

See all our top credit card picks in the Editor’s Choice category