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Platinum Rewards Credit Card



Electronic Wallet Service

Important Rates


Balance Transfer

Overseas spending



Earn Rates

RateCard TypeEarnsCondition
1 point for $1 spentMastercarduncappedeligible transactions
  • Free Domestic Travel Insurance Available for up to 14 days when you use your card to pay for return domestic travel
  • Free International Travel Insurance Cover lasts for 180 days per year
  • Free Supplementary Cards
  • Purchase Protection Covers up to $200,000 per year
  • Price Guarantee If you purchase personal goods in Australia and then find the same product advertised later in a printed catalogue at a cheaper price within 60 days of purchase, from a store within 25km of the store where the item was purchased, you can claim back the difference if it is more than $75.
  • Rental Car Excess Insurance
  • Concierge


The RACQ Bank Platinum Rewards Credit Card is a high-interest-rate card that offers customers access to the Card Services Rewards Program where cardholders can earn Card Services Reward points.

Platinum cardholders can earn 1 point per $1 spent on eligible transactions and triple points per dollar spent on eligible RACQ products and services like RACQ home and contents insurance.

Customers can earn an additional 30,000 bonus rewards points if $3,000 or more is spent within 90 days of approval.

This card offers a 0 per cent balance transfer for 14 months, which then reverts to a high cash interest rate once the promotional period ends.

In additional to a range of complimentary travel and purchase protection insurances, this platinum card offers access to a 24/7 concierge service.

This card offers a moderate amount of interest-free days, which is comparable to other cards on the market.

  • Complimentary insurances
  • Rewards points
  • Balance transfer offer
  • Annual fee charged
  • High interest rate
  • High overseas spending fees

Who is it good for?

The RACQ Bank Platinum Rewards Credit Card is best suited to existing RACQ customers. Being a Queensland-based organisation, customers outside Queensland will find little value in complementary RACQ roadside assistance and insurance products. Existing RACQ members who have other RACQ products may be eligible for discounts on the annual fee.

Cardholders can earn 1 point for each $1 spent on eligible purchases. However, RACQ members can earn triple points on additional RACQ products or services like home and contents insurance.

Customers who are not in the habit of paying the monthly balance in full won’t benefit from this card as the high interest rate may add hundreds of dollars in additional interest charges.

High rates and fees make this card less suitable for non RACQ members. Cardholders looking for rewards may be better off comparing their options and searching for a card that offers rewards points with fewer fees.

What RateCity says

The RACQ Bank Platinum Rewards Credit Card is packed with features and rewards, but they come at a cost. This card has a high interest rate, high annual card fee, high cash advance rate and high charges for overseas spending.

Existing RACQ members stand to gain the most from this platinum Mastercard with triple points offered on certain RACQ products and services and potential discounts on card fees. RACQ credit card holders get complimentary purchase cover insurance, international travel insurance, extended warranty insurance, transit accident insurance and are covered by a guaranteed pricing scheme.

The Card Services Rewards Program earns 1 reward point for every dollar spent on the card. These rewards never expire and can be redeemed for vouchers, merchandise, travel or transferred to a participating frequent flyer program.

Non-RACQ members and budget-conscious cardholders may benefit from shopping around and comparing their options.


To be eligible for the RACQ Bank Platinum Rewards Credit Card, you must be over 18, have a good credit rating and be an Australian citizen or resident. You’ll need to provide proof of employment and show that you earn at least $35,000 a year. You’ll also need to provide a list of any additional assets, liabilities and financial responsibilities. Applications can be made online and, if approved, you’ll receive your card within 10 business days.

About RACQ

In 1902, the RACQ (Royal Automobile Club of Queensland) was formed by 12 motoring enthusiasts. Today, the club operates as a mutual organisation and provides roadside assistance, car insurance, boat insurance, home and contents insurance and other services to its members in Queensland. Over the years, RACQ has expanded their offering to include banking and travel services as well. Considered Queensland’s largest club, RACQ has over 700 rescue vehicles, a 24/7 Queensland-based call centre and a network of retail outlets.


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.

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