Status Cards

The harsh reality is that you will not become wealthy by flashing around your gold or platinum card, especially as even platinum cards are becoming extremely easy to get these days.

Real financial wealth comes from earning a decent amount of money and then making sure that you spend less than that amount. It does not come from spending as much as you can on that nice shiny piece of plastic, just so you can impress your friends and earn a few extra Air Miles.

Traditionally, status come with a higher level of service, and in general, a lower rate of interest. However, banks have noted that people are eager for status cards, so have launched new products to cater for these ostentatious needs, without the accompanying benefits. For example, the Lloyds TSB Create card has a lower APR for purchases than the Lloyds TSB platinum credit card.

Another point to remember is that many of the best buy offers, such as Cahoot, only really offer one or two credit card products rather than the issuers that have a range of cards appealing to a broad spectrum of consumers, such as Barclaycard.

Issuers such as Lloyds TSB also tend to offer their lowest rates to their regular customers who have been with them for a long time, regardless of whether or not they have a gold or platinum card. We know of some cases where people have been offered a platinum card, but at an interest rate higher than the company's lowest standard rate.

As with anything, we always advise a thorough check of all the terms and offers which are available, rather than opting for the nicest-looking card which takes your fancy.