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Gold & Platinum Cards - Debt Creators With No Credit Advantage

The Gold and Platinum credit cards offered today offer more in the way of status symbol than they do actual practicality. Many people do not understand this, and instead consider the status of having a gold card to be a superb message of power and wealth, despite what the actual facts may say. This is very similar to having a large luxury SUV or expensive jewelry - while it means so much to so many people, it really adds little to your lifestyle. But if you do want to obtain a gold or platinum card beware: because this kind of card has typically had high standards before you could become accepted, their symbol has become powerful and affluent to the point where it has attracted con artists and frauds. Unfortunately, this means that there is a criminal element looking to exploit you, especially if you are looking for that elusive gold credit card.

The Scams

When it comes to getting a gold or platinum card, there are quite a few standards which still must be achieved. One of these is to have a clean, blemish-free credit report. As a result of this particular standard, a lot of the population is excluded from obtaining such a card. This is one of the prime reasons why con artists have targeted those who have been refused a gold card. Obviously, we tend to want the things we cannot have, and these scammers ensure that you get it - at a price. Beware of salesmen who tell you that applying for a gold or platinum account and receiving approval will mean that your credit is improved. This is simply not the case. As well, many claim that if you can obtain a gold card, you will automatically have lower interest rates, which will lower your overall debt obligations you have with other credit cards.

The Truth Behind The Con
Many Gold and Platinum cards which are offered to those who would not normally qualify them are what is called "secured credit cards". This fact may be disclosed upon application, but in some cases is not. With a secured credit card, you must deposit money into an account before you can even use the card, effectively "securing" the card and your right to use it. These cards do NOT fix your credit, nor will they improve your credit in any other way or better enable you to get an unsecured credit card. The credit level you have with these cards typically fluctuates, and typically you may only be able to purchase from the store you received the card from, which is clearly not the way a credit card should work at all. And as a final kick in the pants? These Gold or Platinum cards will almost always feature high fees, including both an application fee as well as an annual fee.

Don't let an unscrupulous operator convince you that a gold or platinum card can help you repair your credit or make your financial problems go away. The sad fact is, you will not even get the satisfaction of status with these cards, as they are practically worthless. The fact is, nothing is free, and if it's too good to be true, it probably is. Take that advice with you wherever you go, and you'll avoid scams like this.

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