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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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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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