What it would happened if you had five gold stars in your trainer card in games ?

Do you get any privileges or something ?

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Nothing happens.The only thing that happens is your trainer card changes colour(The below colors are for HG/SS)no stars- red1 star- blue2 stars-green3 stars-pink4 stars-silver5 stars-black

this is how you get them:Defeat the Elite FourCollect 5 Shiny Leaves on one Pokémon and speak to Ethan/Lyra in New Bark TownDefeat the records on all 10 Pokéathlon eventsGet a 100-Streak in the Battle TowerComplete the National Pokédex. You need to capture all Pokémon other than Mew, Celebi, Jirachi, Deoxys, Phione, Manaphy, Darkrai, Shaymin & Arceus, giving you a total of 484 in your Pokédex.Also the nurse will start to say other things.source:http://www.serebii.net/heartgoldsoulsilver/trainercard.shtml

For other colors, check here:http://bulbapedia.bulbagarden.net/wiki/Trainer_stars

Nothing happens, but you’ve pretty much beat the game if you do.

However, some NPC’s talks are changed:>Although the Trainer stars and color changes are for the most part aesthetic, certain NPCs like the Pokémon Center Nurse change their greetings to acknowledge the player’s achievement of obtaining 4 or 5 stars.

I also extracted this:

The Trainer card will change color when each star is obtained, and the stars can be earned in any order after the game has been started..

Source