Golden credit cards belong to the premium class of payment cards – but are now a mass product. You can read about the benefits of a Gold Card here.

Golden credit cards differ from conventional credit cards in that they have higher annual fees and extensive additional services. In the long run, Gold Cards can even save money – provided the credit card owner uses the advantages of the card correctly and knows how to avoid additional fees. For example, users of a gold card should avoid the option of a partial repayment with subsequent payment in installments for monthly or 14-day billing if possible.

In order for the high annual fees of the golden credit card to be worthwhile, it is particularly important that the services match the needs of the owner. These services are diverse and can also include travel and international insurance in addition to classic special services such as discounts and bonus systems. A gold credit card can be the right choice for frequent travelers in particular, as you can benefit from special travel services, access to exclusive hotels and higher limits for cashless payments. Exactly how these services work out depends on the card in question. Find out below whether the purchase is worthwhile for you and what requirements you have to meet.

A comparison is worthwhile to find out whether a gold credit card is the right choice for you. The FOCUS Online partner Cardscout gives you an overview of the services and conditions of over 100 credit cards. There you will find the best result for individual needs.

The requirements that those interested in a gold credit card have to meet hardly differ from the requirements of a standard credit card – despite the additional services and the higher card limit.

Generally, applicants must

The fact that, in theory, a comparatively large group of people can apply for a gold credit card does not mean that the cards are the right choice for everyone. The higher costs are only worthwhile if the cardholder uses the additional services regularly and generally pays frequently with the card. Otherwise, it’s a good idea to consider a standard credit card or a free credit card.

There is a large range of credit cards with different combinations of additional services – so anyone interested can find a suitable credit card for their personal needs. In general, however, it can be said that a gold credit card is particularly suitable for people who want to use their card regularly and a lot. A gold credit card can also be the right choice for business or private travelers, as many additional services are ideal for use abroad.

If you plan to use your credit card infrequently and you focus on withdrawing cash from ATMs or other cashless transactions, a gold credit card is probably not suitable for you. In this case, you can save yourself the high fees and use a free credit card. Although this does not offer extensive additional services in most cases, you can still participate in cashless payment transactions without any problems and ultimately avoid expensive fees.

You have to answer the question of whether a gold credit card is worthwhile for you. Look back at your own usage behavior and, based on this, weigh up whether the services and conditions can bring you any advantages.

Many gold credit cards offer insurance that protects holders while traveling. Providers lure with foreign health insurance, travel cancellation insurance or baggage insurance. It should be noted here that the insurance policies sometimes only take effect on the condition that the card owner has paid for the services with the golden credit card. Interested parties should also pay attention to the scope of insurance, which may have gaps. There is a chance that the credit card owner will have to bear a comparatively high deductible himself.

A selection of gold credit cards offering travel insurance:

The rental car insurance included in some golden credit cards is another advantage for cardholders who like to travel a lot. Liability insurance covers damage caused by the credit card owner to the rented car, while comprehensive insurance covers damage to the rental car. In order to be protected in the event of a judicial clarification of guilt after an accident, some credit cards include their own legal expenses insurance for rented cars.

A selection of gold credit cards offering one or more car rental insurance policies:

Whether it’s purchase insurance, Internet legal protection insurance or personal liability insurance – golden credit cards offer a wide range of insurance policies that give cardholders protection in different areas of life.

A selection of gold credit cards that offer additional insurance:

Many gold credit cards have a significantly higher credit limit than other “normal” credit cards. This gives you the opportunity to pay larger amounts at once and gain more financial freedom. The credit card limit in Germany for most Gold Card providers is initially up to 3,500 euros, but this limit can be increased over time. An exception is the American Express Gold Card, which does not prescribe a limit at all and thus offers maximum financial freedom. However, the money usually has to be repaid no later than 30 days later, so you should be careful not to spend money beyond your financial capabilities despite the high credit limit.

Credit card providers cooperate with various partner companies for discount campaigns and bonus programs. The cards include fuel and travel discounts or points systems in which cardholders receive points for payments made with their credit cards. The number of points usually depends on the amount of the payment. Cardholders can then exchange accumulated points for rewards.

A selection of golden credit cards that offer discounts and bonus schemes:

Like other premium-class credit cards, gold cards also offer a range of services that make everyday life easier for holders. For example, owners of some gold cards can lean back when booking travel. The credit card provider will book flights, rental cars and hotels on request. At the airport, holders often enjoy free access to lounges.

Some cards include credit card and document protection. If the card itself or another important document, such as a driver’s license or passport, is lost, the provider will take care of blocking, retrieving or replacing the documents. In an emergency, providers sometimes even provide cash. The special service also includes a 24-hour hotline, where you can clarify questions about your credit card around the clock.

A selection of gold credit cards offering such services:

It is important that you pay attention to the small print when it comes to insurance benefits, as these can vary greatly depending on the model. In the case of fully comprehensive rental car insurance or travel cancellation insurance, for example, it can be decisive that you used your golden credit card as the payment method for the service. The insurance benefit may not apply if an alternative payment method is used. In the case of services such as travel health insurance abroad, this criterion is usually not of great importance. Generally speaking, be aware of each condition and read through every last detail to avoid complications.

Gold credit cards usually have higher costs compared to other credit cards. On the one hand, this can include the annual fee, which is collected as a fixed amount annually. There are only a few providers who do not charge an annual fee – but then there are usually high debit interest rates. You also have to expect higher usage fees, which are incurred, for example, when using the card abroad to withdraw cash in a foreign currency. In addition, some domestic cash withdrawals may also incur fees. If you are interested in a partner card you have to reckon with an additional annual fee in most cases. In addition, replacement cards are sometimes not free in the event of theft or loss of the credit card.

The golden credit cards offer many advantages and additional services, but as the holder you should always be aware of the individual costs and fees of the card in order not to experience any nasty surprises. If you keep an overview and select a suitable provider for your personal needs, you can also save money with the help of the golden credit card.

Gold cards are also available as so-called free credit cards. At this point, however, “free of charge” does not mean that all fees are waived. There is simply no annual basic fee to be paid. However, performance has its price: interested parties must be prepared for the fact that free golden credit cards offer fewer benefits than golden credit cards with an annual fee.

The following golden credit cards are available without an annual fee:

Both the Advanzia Mastercard Gold and the TF Mastercard Gold score with free foreign assignments. For trips outside of Europe, they can therefore prove extremely worthwhile. Interested parties should, however, consider that both cards are associated with comparatively high borrowing rates. Withdrawing cash, which is free of charge, incurs high debit interest on the day of withdrawal. In addition, as with other credit cards, debit interest may arise when a loan is taken out. These are also relatively high in comparison.

In addition, some providers have credit cards in their range that are free from a certain annual turnover. If cardholders do not achieve this turnover, the annual basic fee will be charged.

The following credit cards work according to this model:

Gold credit cards rank above regular credit cards and below platinum and black credit cards in the credit card hierarchy. In the standard range, there are usually cheap credit cards with a few special services. Gold credit cards come with one or two extras and charge higher fees for them.

Platinum credit cards are a bit more exclusive, equipped with luxury services and the annual fee is a good deal more expensive than gold credit cards. Finally, the absolute luxury class are the black credit cards – above all the black Centurion credit card from American Express. Real black credit cards are often not freely available, but are only issued at the personal invitation of the credit card company. For consumers with an above-average income, platinum credit cards are particularly suitable in addition to the golden variant.