Bank of Sydney is a financial institution that has been operating in Australia under a full banking licence since April 2001. Bank of Sydney has branches in Sydney, Melbourne and Adelaide, with their headquarters operating in Sydney. The bank employs over 170 people across the country.
Bank of Sydney offers a range of personal credit cards, including both classic and platinum options. Bank of Sydney credit cards are backed by Mastercard.
Bank of Sydney credit cards rates
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- Earn cash rewards
- Access to Priceless Cities
- Very low introductory interest rate
- No frequent flyer rewards
- Annual fee charged
- Late payment fee charged
About Bank of Sydney credit cards
Bank of Sydney offers classic and platinum credit cards backed by Mastercard. While their range of cards does not include a travel or frequent flyer rewards card, customers can sign up for cash rewards. Bank of Sydney does not offer a designated low-rate or no-annual-fee credit card.
Bank of Sydney credit cards offer a very low special introductory rate. After the initial rate has expired, Bank of Sydney credit card rates tend to be moderately low to moderately high. Some Bank of Sydney credit cards also have an introductory balance transfer offer.
In general, Bank of Sydney credit cards have a moderate number of interest free days and moderate credit limit. The annual fee on these credit cards range from moderately low on classic cards to moderately high on platinum cards.
Bank of Sydney credit card review
Bank of Sydney offers a simple range of credit cards that may be suitable for budget spenders and reward-seekers alike. Their classic card offering charges a moderately low annual fee, which may be attractive to budget customers, while the credit cards earn cash rewards that satisfy high spenders.
Bank of Sydney credit card rates tend to start very low, with an introductory offer for the first six months. After the deal has ended, customers are charged rates that range from moderately low to moderately high.
Bank of Sydney credit card fees tend to be moderate. Classic credit cards charge a lower annual fee than platinum options. All Bank of Sydney credit cards charge a low late payment fee.
Because Bank of Sydney credit cards are backed by Mastercard, customers gain access to Priceless Cities. Priceless Cities provides one-of-a-kind experiences in cities all over the world.
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If you’re wondering about how to make a credit card online application, here are some steps to follow:
- Test the market. Many credit card options are available online. Compare providers by fees, interest and perks to ensure you’re getting the best deal.
- Complete the application. Once you’ve selected a card, head to the provider’s website and complete the online credit card application form. Forms vary by providers.
- Provide details. Most cards require you to meet age, residency, income and credit status condition, and you need to provide details like a bank account statement to prove this.
- Review details. Ensure the information you’ve entered is correct.
Yes, as credit card providers look at your annual income amount as well as your occupation. Minimum income requirements tend to be between $30,000 – $40,000 for standard and rewards credit cards, however low income credit cards can have minimum income requirements as low as $15,000 per year.
In Australia it is impossible to get a credit card without the provider performing a credit check first. This is for your benefit, as it helps to prevent you from falling into avoidable debt.
Generally, when we talk about credit card interest, we mean the purchase interest rate, which is the interest charged on purchases you make with your credit card.
If you don’t pay your full balance each month (or even if you pay the minimum amount), you are charged interest on all the outstanding transactions and the remaining balance. However, interest is also charged on cash advances, balance transfers, special rate offers and, in some cases, even the fees charged by the company.
The interest rate can vary, depending on the credit card. Some have an interest-free period, otherwise you start paying interest from the day you make a purchase or from the day your monthly statement is issued. So avoid interest by paying the full amount promptly.
Different states also have different rules about whether you can pay stamp duty with a credit card. Check the payment options for stamp duty on your local state revenue office website.
Some allow payments only from a savings or chequing account, whereas others allow payment through BPAY using your credit card. Also read the fine print to see if BPAY payments on your credit card are considered cash advances, as this could attract a higher interest rate.
Yes, there are credit cards available with students in mind. These can help young Australians to build their credit report and learn crucial life skills around budgeting and managing personal finances.
It is possible to get a credit card as a pensioner. There are some factors to keep in mind, including:
- Annual income. Look for credit cards with minimum annual income requirements you can meet.
- Annual fees. If high fees are a concern for you, opt for a card with a low or $0 annual fee.
- Interest rate. Make sure you won’t have any nasty surprises on your credit card bill. Compare cards with a low interest rates to minimise risk.
It’s important to cancel your old cards to avoid any additional fees. Unless you’re doing a balance transfer, you’ll need to pay the outstanding balance before you cancel your credit card. If you’ve opted for a card with reward points, make sure you redeem or transfer the points before you close your account. To avoid any bounced payments and save yourself an admin headache, redirect all your direct debits to a new card or account. Once you’ve done all the preparation, call your bank or credit card provider to get the cancellation underway. Once you receive a confirmation letter, destroy your card and make sure the numbers aren’t legible.
Banks and merchants usually will not allow you to access cash without a physical card, because doing so would open up opportunities for fraudulent activities. Even most non-cash credit card transactions (such as shopping online) require you to know the expiry date and CVV on your credit card in addition to the card number.
However, some banks offer cardless cash for transaction accounts. Using a secure app installed on your mobile phone, you can log onto an ATM and withdraw the money you need. This could be a practical and secure solution if you don’t have a card and need cash.
Yes, some lenders will provide credit cards to Australians with bad credit scores. It depends on the provider's individual lending criteria and whether you’ve presented your personal finances to show you’re an ‘ideal’ applicant.