Credit cards (as we know them today) were first introduced in 1958 in the US by Bank of America. The first outside the US was the launch of Barclaycard in 1966 by Barclays Bank. A rival system to Bank of America called Mastercharge was created in 1967 and in the UK the Access credit card was first introduced in 1972 by a consortium of the other major UK banks. The Bank of America and Barclaycard payment systems have become the Visa network, while Mastercharge and the Access brand have become MasterCard. Any card issued in the UK today will generally include a Visa or MasterCard logo. With the exception of cards issued by American Express, which can only be used at establishments that accept their cards. There is a fourth smaller network in the US called Discover.
All major banks and some UK building societies offer cards to new and existing customers. Many offer Visa and MasterCard networks and it is quite common to have an account, with individual Visa and MasterCard cards.
In the 1980s, gold and platinum cards were introduced to the market. Initially, these were offered to clients who had high incomes. They often included a higher than normal credit limit. There was usually an annual fee attached to the card. Charging a fee allowed the issuer to offer special benefits, such as free travel insurance for the holder, as well as lower interest rates if the balance was not paid in full each month.
Nowadays, the difference between a gold or platinum card and a normal card has diminished. Simplistically, a gold card will offer the customer a reduced interest rate and a longer interest-free period for a balance transfer compared to a regular card. The platinum card will offer even better conditions than those available for a gold card. Some gold and platinum cards give the cardholder additional benefits, such as discounts for purchases through select companies. Most issuers have abandoned the practice of charging an annual fee for holding a gold or platinum credit card.
Applying for a gold or platinum credit card is easy. Set minimum income levels and typically better than average credit history are required before a card is issued to a customer. Minimum monthly payment requirements will typically be similar to a standard credit card. Some issuers still offer special discounts or other benefits to gold and platinum credit card holders, but this practice is much less common than in the days they were first introduced. The initial credit limit is often higher on a gold card than on a regular card, and with a platinum card it can be even higher.