Standard vs. Gold Credit Card

The financial market offers very diversified products. First of all, all financial products are classified depending on the suggested possibilities of the client. Therefore, there are three major types of bank cards:

  • standard;
  • gold;
  • platinum.

These three types were developed for different kinds of clients. Standard is the most basic card, and platinum is considered to be the most beneficial in many aspects. The majority of people use either standard or gold cards.

What Type of Clients Opens Standard and Gold Plastics

Banks understood that different clients prefer certain specific types of plastics depending on their aims and possibilities. Therefore, they developed multiple financial products. Standard card is the one every person gets when he asks a bank to open the plastic. This plastic is for:

  • clients who do not earn a lot. Actually this card is designed primarily to deposit money on it or take an advantage of small credit lines. That is why the clients that use it are usually professionals who earn very basic salary.
  • clients that avoid rewards and different bonus programs offered by financial establishments. That is why the standard plastics offer very little rewards.

The gold credit card, on the contrary, is designed for people:

  • with medium or high level of income. Such clients can enjoy big credit and they are able to pay it back by the monthly payment due date.
  • who count on bank cards’ benefits. Actually having a good gold plastic can be truly beneficial. The clients can get cash back or other type of fine bonuses and rewards.

The gold plastic is used by quite a lot of people. It is considered the most moderate bank card. It offers good bonuses, but annual fee for it is still less than for platinum plastic.

Main Characteristics of Standard and Gold Cards

Here are some basic features that characterise standard and gold cards.

  1. Standard cards are easy to open. Your financial history will hardly get checked if you decide to open these cards. The banks usually open two cards: standard debit and credit plastics.
  2. They offer very little bonuses. The users of such plastics can’t get the majority of rewards that banks offer. So, no air miles, cash back or discounts. These plastics are designed only to keep small sums of money on them.
  3. Gold cards, on the contrary, are not that easy to open. The client either needs to have a good financial history, or to prove the bank that he has a good income.
  4. Gold plastics usually require annual fee. However, it is not that high as the fee for platinum plastics.
  5. Gold card offers great bonuses. Usually, gold cards give the clients cashback on every purchase and enable people to get the discounts in the shops.

These features characterise standard and gold plastics. If the client has a medium or high income, he is advised to open a gold card. If not, standard is perfectly fine.

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