Electronic Wallet Service
|1 point for $1 spent||Visa||Up to $4,000 monthly||eligible purchases|
|0.5 points for $1 spent||Visa||uncapped||eligible purchases|
- Free Domestic Travel Insurance Available when you use your card to pay for return domestic travel. Covers up to $3000 for the entire cost of your return flights.
- Free International Travel Insurance Available when you use your Card to pay for return international travel
- Free Supplementary Cards Supplementary cardholder must be over 16 years of age
- Purchase Protection Covers up to $2,500 per item and $25,000 per year. Item must be new and unopened.
- Extended Warranty Warranty is extended for the same duration as the original warranty up to 1 year.
- Rental Car Excess Insurance Covers up to $5,000 per covered person or family, subject to $250 excess
- Special Events Provided through Visa entertainment and includes ticket pre-sales and exclusive offers
- Airport Lounge Access to overseas airport lounges (excludes airport lounges in Australia.). Services charges apply.
Similar credit cards
NAB Qantas Rewards Signature Card
The Macquarie Bank Black credit card has high interest rates and a moderate interest-free period. While the card has a moderate, discounted annual fee in the first year, the annual fee is high in ongoing years. This card charges a high late payment fee, as well as a dishonour fee.
The Macquarie Bank Black credit card comes with Qantas Rewards. This reward program allows card holders to earn Qantas Points on eligible purchases. Customers earn 1 Qantas point for every $1 spent on eligible purchases up to a specific threshold. After the threshold is met within one statement period, the card earns 0.5 Qantas points per $1 spent for the remainder of the statement period.
In addition to Qantas points, the Macquarie Bank Black card also offers access to overseas airport lounges, three complimentary insurances and an airport concierge service.
- Four free additional cardholders
- 0% balance transfer offer
- Earns Qantas points
- High annual fee
- High interest rates
- Charges international transaction fee
Who is it good for?
The Macquarie Bank Black credit card is best for those who spend regularly on their card, value travels benefits and always pay their bill in full each month. The Qantas Rewards program relies on a high purchase frequency in order to earn a reasonable amount of points. The card’s high interest rates also make this card better suited to those who pay their entire bill each month.
This credit card may not be a good fit for budget card holders. Those to struggle to clear their credit debt each month may find the high interest rates problematic. In addition, the high late payment fee can add up over several months.
While the Macquarie Bank Black card offers several travel benefits, including Qantas points and airport lounge access, it is not designed as a travel card. As such, it charges an international transaction fee.
What RateCity says
The Macquarie Bank Black credit card may be a reasonable choice for frequent Qantas travellers. However, for most, the benefits will not make up for the high annual fee and high interest rates. Although the annual fee is discounted in the first year, card holders are still required to pay a high fee in each year thereafter. For most budget card holders, these fees and rates will not be feasible.
While the Macquarie Bank Black card earns Qantas points on purchases, the rate of 1 Qantas point per $1 spent is capped, which means many high spenders will reach the threshold and earn at a lower rate for the remainder of the statement period.
For those who want rewards but are not willing to pay high fees and rates, there are cards that offer Qantas points and have a lower annual fee than the Macquarie Bank Black card.
Potential card holders can apply for the Macquarie Bank Black card online or over the phone. To be eligible, you must be at least 18 years old and hold either Australian citizenship or permanent residency status. You must have a good credit rating and earn a minimum taxable income of $70,000 per year. To complete the application form, you’ll need financial details including gross annual salary, monthly expenses and your current employer.
About Macquarie Bank
Macquarie Bank’s predecessor organisation, Hill Samuel Australia, was founded in 1969 in Sydney. In 1985, Hill Samuel Australia obtained a banking licence as Macquarie Bank Limited. More than three decades later, Macquarie Bank now operates in over 25 countries around the world. Macquarie Bank offers products and services to consumers, businesses, corporate entities and advisers. For individuals, Macquarie Bank has credit cards, bank accounts, home loans, vehicle loans, investments and financial advice.
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Credit cards offering rewards can be great if you know you’ll use the card enough to get significant rewards points, and use the rewards you earn.
They can also come with high annual fees that may end up nullifying the rewards, so think how often you use the card to decide whether the benefits outweigh the extra cost for you. A card with a lower annual fee might require a lot of spending to get any useful rewards, while another card with a higher annual fee might need fewer purchases to get a reward.
Also, think about the types of benefits you’d like. There’s no point in getting a card with rewards for retailers you never visit, or travel you don’t have time to use.