A Gold credit card is usually preferred by credit card holders who have a high spending limit. Both Visa and MasterCard offer gold credit cards that are premium credit cards. These cards are accepted globally by both online and traditional merchants.
Gold Credit Cards: Features & Benefits
The features and benefits of the Gold credit cards vary according to the policies of the issuing bank or financial institution. Some of the common benefits and features include:
Instant card replacement in case of emergencies.
Emergency cash advance service.
Round-the-clock stolen or lost card reporting services.
‘Zero Liability’ feature, wherein the cardholders only pay for authorized card transactions.
- Emergency legal and medical assistance.
- Global assistance to locate ATMs.
- Availability of worldwide 24/7 emergency customer service in different languages.
- Car rental insurance that covers the car in case of collisions or damage.
- A minimum credit limit of $5,000.
Popular Issuers of Gold Credit Cards
Some examples of Visa gold credit card issuing banks:
- Canadian Imperial Bank of Commerce
- Royal Bank
- Citizens Bank
- ANZ
- Standard Chartered Bank
MasterCard gold credit card issuing banks include:
- Citibank
- HSBC
- Bank of Montreal
- Bank of America
- State Bank of India
The issuers of the Visa and MasterCard gold credit cards vary from one country to another.
Visa Gold Credit Cards: Restrictions
The ‘Zero Liability’ feature has been extended by both Visa and MasterCard to protect cardholders from fraudulent card transactions. This program covers both online and traditional card transactions. However, to benefit from the ‘Zero Liability program, a cardholder must have:
- An account with a good credit history.
- Exercised reasonable caution to protect the card from any type of fraudulent use.
- Reported only two events of unauthorized use in the span of the past 12 months.
Gold Credit Cards: Application Requirements
Only individuals who have reached the legal age of adulthood are eligible to apply for the Gold credit card. The legal age might vary from one country to another. Additionally, the applicants must have a good credit history. People who do not have a background of bankruptcy or delinquent accounts can apply for a Gold credit card.
At times, Gold credit cards are available at very low interest rates. This eventually results in multiple savings at every Gold credit card transaction.