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.
- 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.
- 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.