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What Is The Distinction Between Gold And Platinum Credit Cards?

Credit cards (as we know them at present) had been first launched 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 Mastercharge was created and within the UK the Access credit card was first introduced in 1972 by a consortium of the other main UK banks. The Bank of America and Barclaycard payment systems have advanced into the Visa network, whilst Mastercost and the Access brand have evolved into MasterCard. Any card issued within the UK right this moment will usually embrace a Visa or MasterCard logo. The exception being cards issued by American Specific which can only be used in institutions that accept their cards. There’s a fourth smaller network in the USA called Discover.

All main banks and a few building societies within the UK supply cards to existing and new customers. Many supply each Visa and MasterCard networks and it is quite frequent to have one account, with individual Visa and MasterCard cards.

Within the Eighties the gold and platinum cards were launched to the market. Initially these had been offered to customers who had a high income. They typically included a higher than regular credit limit. There was normally an annual charge hooked up to the card. The charging of a price enabled the issuer to supply special benefits reminiscent of free travel insurance to the holder as well as decrease curiosity rates if the complete balance was not paid off each month.

Nowadays, the distinction between a gold or platinum card and a standard card has diminished. Simplistically, a gold card will offer the customer a reduced interest rate and longer curiosity free period for a balance switch when compared to those of a normal card. The platinum card will offer even better terms than these available to a gold card. Some gold and platinum cards give the holder additional benefits such as reductions for purchases through selected companies. Most issuers have ceased the observe of charging an annual price for the holding of a gold or platinum credit card.

Making use of for a gold or platinum credit card is easy. Generally there are set minimal earnings ranges required and normally a greater than common credit history earlier than a card is issued to the customer. The minimal monthly repayment necessities will usually be just like those of a standard credit card. Some issuers still provide particular discounts or other benefits to the gold and platinum credit card holders, but this follow is much less widespread than the times that they had been first introduced. Often the initial credit limit is higher on a gold card than for a standard card, and with a platinum card it might be even higher.

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