Platinum Rewards Mastercard
Bonus Points0% p.a. balance transfer for 14 months and earn 20,000 reward points when you spend $3,000 in the first 3 months. Offer ends 31 January 2019.
- Last updated on 11 Aug 2020
Balance Transfer Rate
for 14 months then 21.74%
for 12 months then $129
Max Free Days
- Balance Transfers Available
- Free domestic travel insurance
- Free international travel insurance
- Free supplementary cards
- Purchase protection insurance
- Price guarantee
- Extended warranty
Number free supplementary
Interest Free Days
Interest Free Days
for 12 months then $129
Maximum credit limit
Late Payment Fee
Minimum credit limit
Over limit fee
Minimum repayment dollars
Duplicate statement fee
Minimum repayment percent
Supplementary card annual fee
Cash advance rate
Cash advance fee
3.5% or $3.5
Balance Transfer Rate
Balance Transfer Rate
for 14 months then 21.74%
of the approved credit limit
Balance Transfer Fee
Foreign Exchange Fee
3.4% on Mastercard
Estimated ATM Cost
Card Services Rewards
Gift Card, Cash Back
An email address that can be provided upon application
|1 point for $1 spent||Mastercard||Up to $100k annually||eligible transactions|
- FREE DOMESTIC TRAVEL INSURANCE Available for up to 14 days when you use your card to pay for return domestic travel
- FREE INTERNATIONAL TRAVEL INSURANCE Available when you use your Card to pay for return international travel. Covers for the loss or damage of personal or business items and for unexpected medical expenses.
- FREE SUPPLEMENTARY CARDS
- PURCHASE PROTECTION INSURANCE Covers up to $20,000 per item
- PRICE GUARANTEE
- EXTENDED WARRANTY Warranty is extended for the same duration as the original warranty.
- Bonus PointsBalance Transfer 0% p.a. balance transfer for 14 months and earn 20,000 reward points when you spend $3,000 in the first 3 months. Offer ends 31 January 2019.
$0 annual fee for home loan customers
Compare and review credit cards with similar features
ANZ Rewards Platinum
Bonus PointsEarn 60,000 bonus Reward Points and your 1st year annual fee waived with your new ANZ Rewards Platinum credit card when you spend $2,500 on eligible purchases in the first 3 months from approval
IMB Bank has provided financial services for Australians since 1880 and has branches in Illawarra, Sydney, NSW South Coast, the ACT and Melbourne.
IMB Bank offers a limited range of credit cards in addition to other personal finance products such as savings accounts, insurance products, financial planning, term deposits and loans.
Members can access their accounts through their mobile device or 24/7 phone banking from a locally based call centre.
The IMB Bank Platinum Rewards Mastercard provides customers with a generous selection of perks and benefits. This card comes with a 24/7 concierge service and a number of complimentary insurances, including international travel, purchase cover, interstate flight inconvenience, as well as guaranteed pricing scheme.
As well as offering the ability to earn reward points for every dollar spent on eligible purchases, there is also a bonus points offer up for grabs when you spend over a particular amount in the first three months. IMB Bank are also offering a no-interest balance transfer for the first 14 months for new cardholders.
The interest rate on this credit is in the high range, with an additional moderately high annual fee, which is discounted in the first year to a more moderate fee.
- Earn rewards points
- Complimentary insurances
- Balance transfer offer
- Moderately high annual fee
- High interest rate
- Foreign exchange fees
Who is it good for?
The IMB Platinum Rewards Mastercard is yet another rewards credit card that incentivises spending on credit for cardholders’ everyday purchases. As with all rewards cards, the more you spend, the more points you earn, so this card is more suitable for moderate-to-big spenders who are already putting the majority of their expenses on a credit card.
It will also pay to already be in the habit of paying your credit card off in full each month if considering this card. With the typical high interest rate of a rewards credit cards, interest could quickly stack up on this card if you’re only used to paying off the minimum.
Current IMB Bank home loan customers may find additional value with this card. If you currently have a home loan with IMB Bank, you can apply for the IMB Platinum Rewards Mastercard in your local branch and have the annual fee waived.
What RateCity says
The IMB Platinum Rewards Mastercard has a number of benefits and free extras that could provide value for money to customers who choose it. With up to four complimentary insurance products, including travel and purchase protection, this credit card is aimed at customers who make travel and retail purchases frequently.
The discounted annual fee in the first year does not do much to offset the fact that this card falls within the higher range for rates and charges. However, current IMB home loan customers could take advantage of the no-annual-fee offer on this card, and potentially enjoy the perks and benefits for free.
Although a generous 14-month, no-interest balance transfer offer is also available, new customers should take care when considering this. After 14 months, any remaining balance will revert to the IMB Platinum Rewards Mastercard’s standard high interest rate on cash advances.
To apply for the IMB Platinum Rewards Mastercard, you must be at least 18 years old and have a good credit history. You must also meet a minimum income requirement, as well as any other serviceable criteria. You can apply in person, or online in five steps. When applying online, you will be asked to provide information on your finances, employment, as well as contact details so that your identity can be verified.
About the lender
IMB Banking & Financial Services, commonly known as IMB, is a building society founded in 1880 as the Illawarra Mutual Building Society. IMB is actually the oldest building society in New South Wales, and is currently headquartered in Wollongong. IMB offers products in credit cards, insurance, bank accounts, term deposits, business banking, personal loans, home loans and financial planning. Customers can contact IMB via phone during both standard and extended business hours.
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
The reason Equifax, Experian and Illion use different scores is because they are independent companies with their own different methodologies. As a result, a score of, say, 700 would mean different things at different credit reporting bureaus.
However, the one thing they have in common is that they divide their scores into five tiers. So if you receive a tier-two credit score from one bureau, you will probably receive a tier-two score from the others, as well.
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.
If you have a bad credit score, you might encounter two main problems. First, the lower your credit score, the more likely you are to be rejected when you apply for a loan or any other credit product. Second, if your application is accepted, the less likely you are to qualify for the lowest interest rates.
There are two reasons you should check your credit rating: so you have a better understanding of your financial position, and so you can take action (if necessary) to improve your credit rating.
Lenders use credit ratings or credit scores to assess loan applications. The higher your score, the more likely you are to get approved, and the more likely you are to be charged lower interest rates and lower fees. Conversely, the lower your credit score, the less likely you are to get approved, and the more likely you are to be charged higher interest rates and higher fees.
Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.
A credit card can be a useful financial tool, provided you understand the risks and can meet repayment obligations.
If you’re a credit card first-timer, review your options. Think about what kind of credit card would suit your lifestyle, and compare providers by fees, perks and repayments.
Once you’ve selected a card, it’s time to apply. Credit card applications can generally be completed in store, online or over the phone.
When you apply for a credit card for the first time, you must meet age, residency and income requirements. As proof, you must also provide documentation such as bank account statements.
A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card.
For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.
Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.
Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.
Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.
Think of credit cards as a short-term loan where you use the bank’s money to buy something up front and then pay for it later. Unlike a debit card which uses your own money to pay, a credit card essentially borrows the bank’s money to fund the purchase. When you apply for a credit card, the bank assesses your income and assigns you a credit limit based on what you can afford to pay back. At the end of each billing cycle, which is usually monthly, the bank will send you a statement showing the minimum amount you have to pay back, including any interest payable on the balance.
Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.
Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.
Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.
Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.
Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.