A gold credit card, historically, has been an indication of an individual’s superior credit rating, high income and the ability to charge a great deal of money on their credit cards. A gold credit card is a symbol of an individual’s financial success.
American Express was one of the first credit card companies to offer a gold credit card, offering it to some of their clients with higher yearly incomes. The gold credit card would cost more in terms of an annual fee, but would also have a number of additional benefits. The gold credit card reward program would be substantially better than that of the regular American Express card and the card holder would be able to receive superior customer service as another benefit.
Today, many credit card companies offer a gold credit card to consumers. Some will simply make blanket “pre-approved” gold credit card offers to potential customers after reviewing their credit record and past card usage. Others will be far more selective and require the consumer to come to them requesting an application instead of the other way around.
With so many companies now offering their version of a gold credit card, consumers should look closely at the options each gold credit card offers. Some of these cards offer low fixed interest rates for all purchases, well below that of regular cards. Others will make offers like free, no-interest balance transfers, allowing the user to transfer money to the credit card and not pay any interest on the amount, which could save them a tremendous amount of money over the long term.
Some gold credit cards are best known, however, for their rewards programs. Gold credit cards can allow customers to accrue points or travel miles at a greater rate than with normal credit cards, allowing them to reach their goals of free purchase or free trips far faster. In some cases, points or miles with gold credit cards accrue at a rate of 3 to 4 points (or miles) per dollar spent.
Though there are now platinum and titanium cards available on the market, gold credit cards are still considered by many to a strong indication of an individual’s financial success.