How To Upgrade Your Credit Card To Platinum

If you own a classic or standard credit card, consider upgrading it to a more prestigious platinum card. There are strict requirements to be met when applying for a platinum card upgrade. You must have a stellar credit history and meet the minimum income requirement at the time of application.

The minimum Income amount requirement varies depending on issuing banks. Full-time employees might find it easier to apply, but you can still get a platinum card as a self-employed or a retired pensioner, provided you are able to show proof of regular income. Find out how you can upgrade your credit card to platinum:


  • Identify the requirements, benefits and features of the card. The requirements, benefits and features of a card may vary depending on the issuing banks. Some of the extra benefits for platinum cardholders may include balance transfer deals, reward schemes which enable you to collect air miles or earn cash back upon making purchases, platinum dining programmes, travel benefits like zero foreign transaction fee, lower interest rates, added purchase protection, and higher credit limit. To unlock benefits like these, you also have to meet certain requirements that a classic or standard credit card don’t require. Get a card that best fits your situation. It’s better if your card comes with complimentary insurances. Find out more about platinum credit cards in Malaysia.istock_credit_card
  • Contact the credit card issuer. It may take time for the credit card issuer to grant you an upgraded card, as you have to prove to them that you are eligible and met all of their requirements. Contact them first to let them know of your plans to upgrade your credit card. Your credit card issuer will advise you on the next steps to follow.writing-application-form
  • Fill out an application form if necessary. Another way is to fill out an application form online, or go directly to the credit card issuer of your choice and submit the form in person. Applying in person could be better in case they need you to answer some questions and to seek clarifications regarding your financial situation for verification. Aside from meeting the requirements, you’ll also need to prove that you’re a responsible credit card owner with good credit history. This will further boost your chances of getting your application accepted. If one issuer rejects your application, you can try another credit card issuer with different application requirements.

If you upgrade with your current credit card issuer, there may be special discounts. While an upgraded credit card rewards you with many benefits and features, it also comes with several downsides, including higher annual fees. Do a little research online to see what additional costs that come with a card of your choosing.

Before you start making the applications, make sure that you have no bad credit history, outstanding debts, and other things that may decrease your chances of getting your application accepted. In addition, ask yourself whether upgrading your current card to a platinum one is all worth it. Be careful with certain deals that could trap you financially, and be wary of blowing your budget. Having a platinum credit card with higher credit limit may encourage you to spend more than you intend to.

Foreign Exchange Trends: Will The Dollar Drop Post-US Election?

With the US presidential election quickly approaching, many in the financial and banking industries try to gauge its potential impact to the country’s currency. The big question is: will the dollar drop in value or will it be stronger, when a new leader is installed at the White House? There is no clear answer but there’s one thing that financial experts agree on. And that is the dollar is expected to fluctuate during and after the election. With that said, people who plan on investing in foreign currencies need to be aware of this expected fluctuation so that they can make informed decisions as well as minimize their investment risks.


A Lesson From The Previous Elections 

You can learn a lot from what happened to the dollar during the last two elections. In the aftermath of the 2012 elections, the dollar actually weakened and it took some time for it to recover. However, this was not the case during the 2008 elections where the dollar rose in value when Barack Obama was first elected into office. From these two examples, we can safely make the conclusion that anything can happen in the upcoming polls when Americans get to choose between Hillary Clinton and Donald Trump.


What To Do If You Want To Invest In Foreign Currency 

As we mentioned earlier, there’s no way to accurately determine what would happen to the dollar after the polls. You should always keep this in mind especially if you are going to put some of your money into foreign currencies either now or in the coming months. It’s highly advisable that you choose a foreign currency fixed deposit account. Since this account is longer in duration, it won’t be subjected to a lot of risk. When the account matures, it’s likely that the dollar has already stabilized and freed itself from the fluctuations caused by the election. If you are still not sure if now is the right time to invest in foreign currency, it’s recommended that you consult with a knowledgeable financial expert.


The Monetary Policies Of The Democratic And Republican Parties 

The financial policies of the two political parties are also major factors on whether the dollar will drop or rise in value post-election. Of course, both parties want a stronger dollar. However, their proposed means of achieving that differ. As an investor, you need to look into their policies and make your investment decisions based on these policies. Basically, the Republican party proposes national debt reduction and job creation through the private sector. On the other hand, the Democratic party proposes increased government spending and job creation centered on the public sector. What you need to do is base your investment decisions on the policies of the party that is leading in the surveys. As of this time, Hillary Clinton of the Democratic party is the favorite to win the polls.


A Piece Of Advice For Foreign Currency Investors 

You should put your money in a fixed deposit account that has a longer duration. The longer the maturity date, the better. The idea behind this technique is that you will minimize the risks associated with fluctuations during and after the election. The dollar has always recovered and stabilized as the dusts of the election settled. On maturity date, your account should be back to normal as far as value and interest earnings are concerned.