Macquarie Bank

Macquarie Bank RateSaver Card

Purchase Rate

Purchase Rate

15.95

% p.a

Balance Transfer Rate

Balance Transfer Rate

0

% p.a

for 14 months then 15.95%

Annual Fee

Annual Fee

$69

Max Free Days

Max Free Days

55

Late Payment Fee

$20

Purchase Rate

Purchase Rate

15.95

% p.a

Balance Transfer Rate

Balance Transfer Rate

0

% p.a

for 14 months then 15.95%

Annual Fee

Annual Fee

$69

Max Free Days

Max Free Days

55

Late Payment Fee

$20

Quick credit card review

For RateSaver Card

These are the benefts of this credit card.

  • Lower than average ongoing purchase rate
  • Lower than average annual fee
  • Special events

These are the drawbacks of this credit card.

  • No reward program
  • Does not offer free supplementary cards

Credit card overview

For RateSaver Card

Details

Card Level

Standard

Card Type

Visa

Interest Free Days

Interest Free Days

55

Minimum monthly repayment

2% or $50

Minimum credit limit

$2k

Maximum credit limit

No set max

Free supplementary cards

Number free supplementary

0

Instant Approval

Fees

Annual Fee

Annual Fee

$69

Annual Fee Spend Waiver

Supplementary card annual fee

$10

Late Payment Fee

$20

Over limit fee

$30

Duplicate statement fee

$7

Electronic Wallet Service

Important Rates

Rates

Purchase Rate

Purchase Rate

15.95

% p.a

Cash advance rate

15.95%

Cash advance fee

3% or $5

Balance Transfer

Balance Transfer Rate

Balance Transfer Rate

0

% p.a

for 14 months then 15.95%

Transfer Limit

100%

Less $500 of total credit limit

Balance Transfer Fee

$0

Overseas spending

Foreign Exchange Fee

$0

Overseas charges

Overseas charges

Estimated ATM Cost

-

Rewards

Program name

Rewards Available

Eligibility

Minimum age

18

Minimum income

$50k

Eligibility conditions

Residency

Perks

  • SPECIAL EVENTS Provided through Visa entertainment and includes ticket pre-sales and exclusive offers

Other Restrictions

Not taking new applications

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FAQs

Does Macquarie Bank offer any credit card insurance?

Yes, Macquarie Bank may offer credit card insurance; it just depends on the type of Macquarie Bank credit card you have. There is a range of credit card insurance offers you can benefit from when you take out a Macquarie Bank credit card.

If you have a Macquarie Black or Platinum credit card, you have access to travel insurance for you, your spouse and any dependent children while travelling overseas. Under this travel insurance you receive:

  • Interstate Flight Inconvenience Insurance, which provides cover for meals and clothing, depending on the delay
  • Medical Emergency Expense Cover, which offers you unlimited cover for most medical expenses, and limited cover for dental treatment and emergencies caused by an act of terrorism
  • Baggage, Money and Documents Cover, which is subject to certain sub-limits mentioned in the terms and conditions

As a Macquarie Bank credit cardholder, you could be eligible for Extended Warranty insurance, which provides an extension to the manufacturer’s Australian warranty on certain products. To access this cover, you must have purchased the product using your Macquarie Bank credit card.

Select Macquarie Bank credit cardholders might also be able to take advantage of Rental Vehicle Excess Insurance. This insurance will cover you for any excess or deductibles that you’re liable to pay during the rental period.

Most Macquarie Bank credit cards also come with purchase protection insurance which protects you against fraudulent transactions. You should check the terms and conditions to find out more.

How to increase your Bendigo Bank credit card limit?

As a Bendigo Bank credit cardholder, you can avail a minimum limit of $500, but if you use your card regularly, you may want to consider increasing it. To increase your Bendigo Bank credit card limit, you can contact the bank’s credit card team on 1300 236 344 and talk to the bank directly.

You can also apply for a credit card limit increase through online banking, by logging into Bendigo Bank web portal or through the app on your phone or tablet. Once you’ve successfully logged in, you'll want  to send a secure message to Bendigo Bank asking them to increase your credit card limit. 

If you cannot access the online portal or the app, you can also apply to increase your credit card limit through the online enquiry form. Simply add relevant information in the required fields and click ‘Submit’. Once you have completed the application, Bendigo Bank should verify your details and analyse your current financial standing. Based on this assessment, the bank will either accept your application to increase your credit card limit or deny it. 

How do I transfer money from my Commonwealth bank credit card to my bank account?

Your Commonwealth bank credit card may include a cash advance benefit, but you won't be able to transfer money to your bank account. 

You can, however, withdraw cash from your credit card at an ATM. You should remember that you have to pay a fee for such transactions, and you’ll be charged interest from the day you withdraw the cash. 

Unlike other credit card transactions, you don’t get an interest-free repayment period for cash advances. Also, you may not be able to access your full credit card limit for a cash advance.

How do you apply for a credit card?

You can apply for a credit card online, over the phone or in person at the bank. Once you’ve compared the current credit card offers, the application process is quick and easy. Before you get your application started, you’ll need to gather your personal information like proof of ID, payslips and bank statements, proof of employment and details of your income, assets and liabilities. To be eligible for a credit card, you’ll need to be an Australian citizen over 18 and earn a minimum of $15,000 each year. Once you’ve applied for a credit card, you should get a response fairly instantly. If your credit card application has been approved, you should receive a welcome pack with your new credit card within 10-15 days.

Are there credit cards for students?

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.

How do credit cards work?

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.

How do you use credit cards?

A credit card can be an easy way to make purchases online, in person or over the phone. When used properly, a credit card can even help you manage your cash flow. But before applying for a credit card, it’s good to know how they work. A credit card is essentially a personal line of credit which lets you buy things and pay for them later. As a card holder, you’ll be given a credit limit and (potentially) charged interest on the money the bank lends you. At the end of each billing period, the bank will send you a statement which shows your outstanding balance and the minimum amount you need to pay back. If you don’t pay back the full balance amount, the bank will begin charging you interest.

What is the lowest monthly repayment on my credit card?

As a rule of thumb, this tends to be around 2-3 per cent of the outstanding balance. You can choose how much you want to repay each billing period as long as it is higher than this minimum required amount.

How long does it take to get a credit card?

There are a few stages you need to go through to get a credit card; each one takes a different length of time.

Applying for the card online, over the phone or in person is the fastest step. This usually takes around 15 minutes, provided you have all of your documents handy.

After submitting your application, it usually takes between one to 10 business days for the lender to assess your eligibility. Some lenders offer instant approval, although you will need to send supporting documents before it is official.

Once your application has been approved, expect to wait between one to 14 days to receive your card in the mail. Keep in mind that delays can happen during busy periods, such as if the lender has launched a special deal.

What is a credit card?

A credit card is a payment method which lets you pay for goods and services without using your own money. It’s essentially a short-term loan which lets you borrow the bank’s money to pay for things which you can pay back – potentially with interest – at a later date. Credit cards can also be used to withdraw money from an ATM, which is known as a cash advance. Because you’re borrowing money from a bank, credit cards charge you interest on the money you use (unless you repay the entire debt during the interest-free period). When you apply for a credit card, the bank gives you a credit limit which sets the maximum amount you can borrow using your card. Credit cards are one of the most popular methods of payments and can be a convenient way of paying for goods and services in store, online and all around the globe.

What should you do if your credit card is compromised?

Credit card fraud is a serious problem. If your credit card is compromised and you’re wondering what to do, here are a few precautionary steps to take.

Contact you credit provider – Get in touch will your credit card provider. If you feel your card has been compromised, you should be able to lock or block it.

Monitor your accounts – Keep an eye on your credit card accounts. Any unauthorised transactions could be a sign your credit card has been compromised.

Check your credit rating – It’s also important to check your credit rating, to ensure you’re not a victim of identity theft or some other financial mischief.

How does credit card interest work?

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.

Can we pay stamp duty by credit card?

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.

How to pay a credit card from another bank

Paying or transferring debt from one lender to the other is called a balance transfer. This involves transferring part or all of the debt from a credit card with one lender to a credit card with another. As part of the process, your new lender will pay out the old lender, so that you now owe the same amount of money but to a new institution.

Many credit card providers offer an interest-free period on balance transfers to help new applicants better handle their debt. During this period, cardholders are not required to pay interest on the debt they brought over from the other card. This can be a great opportunity for consumers to pay off credit card debt with no interest. There are often fees associated with balance transfers; normally, these are a percentage of the amount transferred.

So make sure you read the terms and conditions of the card before transferring any debt across.

How to calculate credit card interest

Credit card interest can quickly turn a manageable balance into unmovable debt. So being able to understand how interest rates translate into dollars is an important skill to acquire.

The common mistake people make is focusing on the credit card’s annual percentage rate (APR), which often sits between 15 and 20 per cent. While the APR does provide a rough idea of how much interest you’ll pay, it’s not entirely accurate.

This is because you actually accrue interest on your balance daily, not annually. So, you need to work out your daily periodic rate (DPR). To do this, divide your card’s APR by the number of days in a year (e.g. 16.9 per cent divided by 365, or 0.05 per cent). You can then apply this figure to the daily balance on your credit card.

How to get a free credit card

There's no such thing as a free lunch. All credit cards come with associated costs when used to make purchases, even if it’s simply the cost of making repayments.

However, many lenders offer incentives for customers such as a $0 annual fee or 0 per cent interest on purchases during an introductory period. Additionally, paying off your balance in full during an interest-free period means you could only have to pay back the cost of purchases without interest. You could also be eligible for additional rewards such as cashback during that time, saving you more money.

How do you use a credit card?

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.

How to get a credit card for the first time

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.

What is a balance transfer credit card?

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. 

How easy is it to get a credit 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.