Visa Signature and Platinum

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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CarefulBuilder14
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Visa Signature and Platinum

Postby CarefulBuilder14 » Sun Jun 01, 2014 7:53 pm

I was wondering what makes Visa Signature cards so popular when compared to regular Visa cards? Is it the higher / more flexible credit limits? Better support when you dispute a charge?

Is it true they report as consumer finance loans on credit reports? Is there any real significance to that?

Also, I've read mentions of 'Platinum Visas' on here. Does the word 'Platinum' have some universal meaning across all Visa cards the way (I think) Signature does? Or does each issuer that provides Visa cards use the term differently?
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Battery111
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Postby Battery111 » Sun Jun 01, 2014 10:32 pm

This page gives a basic breakdown of the difference in benefits for the different tiers of visa: http://usa.visa.com/personal/card-benefits/credit-card/index.jsp

Aside from these, each bank is free to add more benefits, but a signature card will always have these benefits.

As far as how a signature reports, that seems to vary by bank. I know mine report their credit line, but others have reported that some banks don't, so the credit line listed on the credit reports is the highest reported balance. This stems from the fact that a visa signature will allow you to go over your credit limit. How much will depend on your bank and how they feel about you, similar to how an amex charge card varies from day to day sometimes how high of a charge you will be approved for. However, any time you exceed your limit any balance over your limit is due at the next statement.
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thom02099
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Postby thom02099 » Mon Jun 02, 2014 10:08 am

CarefulBuilder14 wrote:I was wondering what makes Visa Signature cards so popular when compared to regular Visa cards? Is it the higher / more flexible credit limits? Better support when you dispute a charge?

Is it true they report as consumer finance loans on credit reports? Is there any real significance to that?

[color="red"]Also, I've read mentions of 'Platinum Visas' on here. Does the word 'Platinum' have some universal meaning across all Visa cards the way (I think) Signature does? Or does each issuer that provides Visa cards use the term differently[/color]?


Platinum used to mean something; anymore, it's subjective, outside of AMEX. There used to be a "pecking order" for cards, sort of like GM autos in the olden days, when the car pecking order was Chevy/Pontiac/Oldsmobile/Buick/Cadillac. Each brand was a step up from the previous one and credit cards were no different, though usually fewer choices. There were basic cards, classic cards, premium (or some variation) cards, and platinum cards. AMEX still uses that GM pecking order, or at least consumers of their products seem to. The chargers are Green/Gold (and variations)/Platinum/Centurion -- Green is the Chevy, Centurion is the Caddy!

Does it really mean anything anymore? Not likely. Just something of a historical perspective.
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takeshi
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Postby takeshi » Mon Jun 02, 2014 1:23 pm

CarefulBuilder14 wrote:I was wondering what makes Visa Signature cards so popular when compared to regular Visa cards?

From the creditor's perspective: higher swipe fees.

CarefulBuilder14 wrote:Also, I've read mentions of 'Platinum Visas' on here.

It's another Visa tier. In some other countries there's also Visa Infinite. On the MasterCard side you have Platinum, World, World Elite, etc. Looks like there may still be some Gold cards out there as well.



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