Dear Dr. Don,
Please explain the different types of credit cards: gold, platinum etc. Is it the credit line? I need to switch from my platinum card to another credit card because of an announced rate hike. Should I stick with platinum? I only have the platinum card because of the low rate it offered at the time.

Thank you,
-- Mary Metals

Dear Mary,
The more precious the metal, the more exclusive the card; at least that was the marketing team's initial thoughts in coming out with gold and platinum cards. Don't get all hung up in platinum, titanium, gold, etc. Look for the terms you like with the features you need, not the color of the card.

Prestige cards went beyond the metals with the MasterCard World card, the Visa Signature card and the American Express Centurion card -- the only one of these three that is by invitation only. Bankrate's "Prestige credit card chart" has all the details on these cards.

Bankrate updates its national averages for credit cards on a weekly basis. It distinguishes among standard, gold and platinum cards. The table below shows average rates from a few weeks ago. As you can see, the platinum fixed rate cards had a lower average interest rate, but platinum cards actually averaged over half a percent more than gold for variable rate cards.

Bankrate national credit card rates

National credit card rates Fixed Variable Standard 13.44% 14.57% Gold 11.73% 13.24% Platinum 10.32% 13.77%

Card agreements, as you've learned, allow the credit card provider to change the interest rate after they've given the cardholders notice -- typically 15 days' notice.

You don't have to agree to the new rate. If you decline the new rate the card will be closed to new purchases. The cardholder agreement will stipulate what happens next in terms of payments, but in general the old rate remains the same as long as you make timely payments of at least the minimum payment and stay current on all your other accounts, too. The Bankrate feature, "When is a 'fixed' rate not fixed?" has more on declining the new interest rate.

Moving on to selecting a new card, you need to decide what features are most important to you. Annual fees, interest rates and other card features all play a role when deciding what card will fit just right in your wallet. Use Bankrate's credit card search to find your replacement card.

To ask a question of Dr. Don, go to the "Ask the Experts" page, and select one of these topics: "financing a home," "saving & investing" or "money."