What Is The Difference Between Gold And Platinum Credit Cards?
Credit cards (as we know them today) had been first introduced in 1958 within the USA by the Bank of America. The first outside the USA was the launch of Barclaycard in 1966 by Barclays bank. In 1967 a rival to the Bank of America System called Mastercost was created and within the UK the Access credit card was first introduced in 1972 by a consortium of the opposite major UK banks. The Bank of America and Barclaycard payment systems have evolved into the Visa network, whilst Mastercharge and the Access model have advanced into MasterCard. Any card issued within the UK at the moment will usually embody a Visa or MasterCard logo. The exception being cards issued by American Express which can only be used in establishments that accept their cards. There's a fourth smaller network in the USA called Discover.
All major banks and some building societies in the UK supply cards to existing and new customers. Many offer each Visa and MasterCard networks and it is quite widespread to have one account, with particular person Visa and MasterCard cards.
In the Eighties the gold and platinum cards had been launched to the market. Initially these were offered to prospects who had a high income. They often included a higher than regular credit limit. There was often an annual payment hooked up to the card. The charging of a charge enabled the issuer to offer special benefits resembling free journey insurance to the holder as well as decrease curiosity rates if the complete balance was not paid off every month.
Nowadays, the difference between a gold or platinum card and a standard card has diminished. Simplistically, a gold card will provide the shopper a reduced interest rate and longer interest free interval for a balance switch when compared to those of a normal card. The platinum card will supply even better terms than those available to a gold card. Some gold and platinum cards give the holder additional benefits such as discounts for purchases through chosen companies. Most issuers have ceased the follow of charging an annual charge for the holding of a gold or platinum credit card.
Applying for a gold or platinum credit card is easy. Usually there are set minimal revenue ranges required and often a better than common credit history earlier than a card is issued to the customer. The minimal monthly repayment requirements will usually be much like these of a normal credit card. Some issuers still supply special reductions or different benefits to the gold and platinum credit card holders, but this practice is far less common than the times that they have been first introduced. Usually the initial credit limit is higher on a gold card than for a standard card, and with a platinum card it can be even higher.
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All major banks and some building societies in the UK supply cards to existing and new customers. Many offer each Visa and MasterCard networks and it is quite widespread to have one account, with particular person Visa and MasterCard cards.
In the Eighties the gold and platinum cards had been launched to the market. Initially these were offered to prospects who had a high income. They often included a higher than regular credit limit. There was often an annual payment hooked up to the card. The charging of a charge enabled the issuer to offer special benefits resembling free journey insurance to the holder as well as decrease curiosity rates if the complete balance was not paid off every month.
Nowadays, the difference between a gold or platinum card and a standard card has diminished. Simplistically, a gold card will provide the shopper a reduced interest rate and longer interest free interval for a balance switch when compared to those of a normal card. The platinum card will supply even better terms than those available to a gold card. Some gold and platinum cards give the holder additional benefits such as discounts for purchases through chosen companies. Most issuers have ceased the follow of charging an annual charge for the holding of a gold or platinum credit card.
Applying for a gold or platinum credit card is easy. Usually there are set minimal revenue ranges required and often a better than common credit history earlier than a card is issued to the customer. The minimal monthly repayment requirements will usually be much like these of a normal credit card. Some issuers still supply special reductions or different benefits to the gold and platinum credit card holders, but this practice is far less common than the times that they have been first introduced. Usually the initial credit limit is higher on a gold card than for a standard card, and with a platinum card it can be even higher.
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