Gold Credit Card: Advantages and How to Apply

The Gold tier is a popular option for those seeking extra benefits and perks with their credit card purchases. But after all, is this a good option for you?

In this content, you will understand what the Gold category credit card is, how it works, its benefits, and how to choose the best option for your needs. Keep reading and clarify all your doubts!

Gold credit cards: what are they, and how do they work?

Gold category credit cards offer more benefits when compared to traditional cards but may charge a higher annual fee.

Usually, they have benefits such as purchase protection insurance, extended warranty period, and offers at partner establishments, as well as rewards programs to exchange points for products or services.

To obtain a Gold credit card, it is generally necessary to have an income between R$2,500 and R$5,000 and a good credit history. In addition, banks and financial institutions may require you to open a checking account or other relationship with them.

What are the advantages of Gold cards?

The benefits of Gold credit cards may vary by credit card issuer and brand. Below is a list of the main advantages of the Mastercard and Visa Gold brands.

Mastercard Gold

  • Price Protection Insurance: if you buy a product with your Mastercard Gold card and find the same item at a lower price, you may receive the difference between the amount you paid and the lowest price found;
  • Protected Purchase Insurance: with the Mastercard Gold credit card, you have the security of purchasing a product and knowing that it is protected against accidental damage, theft, or aggravated theft;
  • Original Extended Warranty: Mastercard Gold increases the original warranty of the products you buy without having to pay anything for it;
  • Mastercard Surprise: with each purchase made with your debit, credit, or prepaid card, you earn 1 point that can be accumulated and exchanged for special offers;
  • Mastercard Global Service: 24 hours a day, 365 days a year, in any language;
  • Mastercard Special Offers: With Mastercard Gold, you get offers and discounts at partner stores.

What are the disadvantages of Gold cards?

Despite the good points, Gold cards can have some disadvantages that must be considered. Below is a list of the possible negatives of this category.

  • Higher Annual Fee: Most Gold credit cards have a higher annual fee than standard credit cards. Therefore, if you do not use the additional benefits and advantages of the card frequently, it may not be worth the cost of the annual fee;
  • Higher approval requirements: Gold credit cards generally require cardholders to have an income of between R$2,500 and R$5,000 and a good credit history;
  • Tempting to spend more: Since Gold credit card holders often have higher credit limits, spending more than necessary can be tempting. This can lead to indebtedness and other financial losses;
  • Late payment charges: If you are late in paying your Gold credit card bill, you may be charged additional interest and charges.

Gold credit card fees and interest

Best credit cards for students in this category charge an annual fee, among other interest rates. Below you can see the main charges:

  • Annual fee: Gold cards charge an annual fee of approximately R$300;
  • Revolving credit: can reach 15% am, or more, depending on your card;
  • Late fee: 2%;
  • Interest on arrears: up to 1%.

How to Choose the Best Gold Credit Card?

  1. Rates and interest compare interest rates and other charges between different cards to choose the one that best suits your budget and conditions;
  2. Benefits: evaluate the benefits offered by the card, such as cashback, rewards program, and insurance, among others, and choose the one that offers the best cost-benefit;
  3. Credit requirements: check the requirements demanded by the issuing bank to increase your chances of approval. Some Gold cards may require a higher credit score than others;
  4. Customer Service: Check out what the card-issuing bank’s customer service is like, and make sure they have a 24-hour support team available to help you should you need assistance.

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