Electronic Wallet Service
|1 point for $1 spent||Visa||Up to $1,000 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
Similar credit cards
American Express Velocity Platinum Card
The Macquarie Bank Platinum Card (Qantas Rewards) comes with a high purchase interest rate, a moderate annual fee and a high late payment fee. It also has a moderate interest-free period and a moderate minimum credit limit.
Customers can earn Qantas Points for eligible purchases as part of the card’s Qantas Frequent Flyer rewards program. Points can be redeemed for flights, upgrades and other rewards with Qantas and their airline partners. Bonus points can also be earned if the card’s spending threshold is met during a specified timeframe.
This card’s balance transfer deal offers 0 per cent interest for a limited time. Four additional cardholders are also allowed at no added cost.
There are a range of complimentary insurances included with the Macquarie Bank Platinum Card (Qantas Rewards), including overseas travel insurance for the cardholder, their spouse and children, interstate flight inconvenience insurance and extended warranty insurance.
- Qantas Frequent Flyer program
- Complimentary insurances
- Balance transfer offer
- High interest rate
- High late payment fee
- Overseas spending fees
Who is it good for?
The Macquarie Bank Platinum Card (Qantas Rewards) may be a good option for current Qantas Frequent Flyer members (or those looking to join a frequent flyer program) who are comfortable spending regularly on their credit card and paying it off each month.
This credit card’s introductory balance transfer offer may also be an attractive option for people looking to switching credit card providers or pay off debt interest-free over a limited period.
While the card’s range of complimentary insurances also offer peace of mind for travellers, it’s not especially appropriate for use while overseas due to its overseas spending fees.
Additionally, this credit card’s high interest rate means it’s probably not the best choice for people on a tight budget or those who don’t always pay their bill on time.
What RateCity says
This card comes with a range of benefits for platinum cardholders – including the ability to earn frequent flyer points, complimentary insurance, a balance transfer offer and free additional cards.
As such, the Macquarie Bank Platinum Card (Qantas Rewards) is likely to appeal to a wide range of customers who are looking for a high-level card and aren’t too concerned about the high interest rate. The moderate annual fee – which is lower than some other platinum cards – is also an incentive.
However, as with all high-rate cards, the risk of accumulating debt is increased – so it’s important to weigh up this card’s potential benefits against your ability to clear your card balance regularly.
With this in mind, if you’d prefer to minimise unnecessary costs, it may be worth shopping around some more to see if you can find a card that offers better value for money.
To be eligible for the Macquarie Bank Platinum Card (Qantas Rewards) you must be at least 18 years old and an Australian permanent resident. You also need to have an Australian address, email and mobile number. When you apply, you will be asked to provide proof of ID, personal details and information about your income, assets and liabilities (such as payslips and bank statements). Applications typically take around 10 minutes to complete, and can be filled out online or in-branch.
About Macquarie Bank
Founded in 1969, Macquarie Group Limited (commonly known as Macquarie Bank) today employs more than 14,000 staff in over 70 office locations across 28 countries. The bank is headquartered in Sydney. Macquarie Bank provides personal finance products such as credit cards, bank accounts, savings accounts and personal loans, in addition to business, corporate and advisory services. Banking services are available through the online banking portal, mobile app, phone line or by visiting a branch.
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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.