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Betting closed for Macquarie Bank credit cards

Betting closed for Macquarie Bank credit cards

If you’ve been known to make the occasional cheeky bet, you soon may no longer be able to do so using a Macquarie Bank credit card.

Macquarie Bank has announced a series of changes to its credit card terms and conditions, including blocking credit card transactions registered under a gambling and lottery merchant code, and capping cash advance balances at $1000 from the end of August.

Macquarie Bank head of personal banking, Ben Perham, described these changes as a proactive effort to help customers manage their finances correctly and avoid problematic credit card debt:

“The blocking of transactions that are registered under a gambling and lottery merchant code, as well as capping cash advance balances, are just some of the important steps we’re taking to support the financial wellbeing of our customers when they bank with Macquarie.”

Macquarie Bank is making other changes to its credit cards to help improve the financial wellbeing of its customers, and to support customers travelling and making purchases online.

These changes include:

  • Removing the international fee of 3% charged on overseas cash withdrawals (the standard cash withdrawal fee will still apply)
  • Reducing the standard cash advance interest rate to match the standard purchase interest rate on Macquarie credit cards
  • Introducing (from late October) up to 55 days interest free on purchases made while customers have a balance transfer within the promotional period, so customers could pay less interest on purchases while retaining the promotional rate on their balance transfer.
  • Notifying customers on their monthly statements when they’re approaching the end of a promotional period on their balance transfer, making it simpler for customers to keep track of their credit card balance and stay on top of their repayments.

When choosing a credit card, it’s important to think about more than just the interest rate on purchases. Depending on how you plan to use your card, there may be any number of other features and benefits to consider when  making your credit card comparison, such as rewards points for frequent travellers.

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Fact Checked -

This article was reviewed by Property & Personal Finance Writer Nick Bendel before it was published as part of RateCity's Fact Check process.

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Learn more about credit cards

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 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.

Can I transfer money from my American Express credit card to my bank account?

If you’re an American Express credit card customer, you may not be able to transfer money from your credit card to your bank account. However, you may be eligible for cash advances, which involves withdrawing money through an ATM. 

To qualify for a cash advance, you’ll likely have to enrol for American Express Membership Rewards. Consider checking your online credit card account to see if you can withdraw a cash advance and, if so, the fees and charges you’ll incur for this transaction. 

You should remember that cash advances are different from balance transfers, which were available with some American Express credit cards earlier. Balance transfers allow customers to consolidate debt from high-interest credit cards to a credit card offering a lower interest rate. If you only recently applied for an American Express credit card, balance transfers may not be available irrespective of the card you own. 

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.