The ultimate credit card: Diamond awards

There is a heavy-weight player in the Australian credit card market – the diamond awards card. A step up from the platinum credit card, the diamond awards card is the creme de la creme of rewards for big spending credit card holders.

Diamond cards were introduced in the early part of 2011 in Australia, at a time when credit card spending overall had slowed but spending on premium cards was steadily growing. Credit card providers at the time were keen to capture a greater share of the premium market and competition heated up.

Diamond credit cards are a step up from Platinum credit cards, but share some features, namely rewards programs that operate with a points system. With every dollar spent using their platinum or diamond credit card, the cardholder earns a certain number of points.

Points accrue over time and can often be redeemed for almost any goods or service, even cash. In some cases a cardholder can purchase an item and then instruct the bank to pay for it using the points.

One of the first Diamond credit card providers in Australia was the Commonwealth Bank, which offers a Diamond Awards Credit Card through either American Express or MasterCard.

The perks

The types of rewards that can be claimed as a diamond credit cardholder include travel deals, personal shoppers and special access to some international websites that are not available to other Australian credit cards, to name few.

Just be aware that the downside to most high-end cards such as platinum and diamond credit cards is the often exorbitant fees and above average interest rates.

This may not be an issue for cardholders who are diligent in repaying their balance each month, but for others less likely to pay off debt a diamond credit card can be an expensive option.

So before you get swept up in the idea of free flights, restaurant vouchers and a concierge on speed-dial, bear in mind that credit cards cost money to own and run and can often rack up bills even if you don’t use them.

Some of the extras you get when you move up from platinum to diamond

• Earn more award points for every dollar spent on your credit card
• Earn a higher total amount of award points each year
• You can redeem your points for almost anything
• Higher minimum credit limit

Want to do your own credit card comparison? Go onto the RateCity credit card comparison page and compare your favourite credit cards to find a great deal. 

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