Platinum Card (Suncorp Bank Rewards)
Balance Transfer0% interest for 14 months on Purchases, 0% p.a. on balance transfers for 14 months ; $49 Annual Fee for 1st year
- Last updated on 14 Aug 2020
for 14 months then 20.74%
Balance Transfer Rate
for 14 months then 21.99%
Max Free Days
- Balance Transfers Available
- Free domestic travel insurance
- Free international travel insurance
- Free supplementary cards
- Purchase protection insurance
- Extended warranty
Number free supplementary
Interest Free Days
Interest Free Days
Maximum credit limit
Late Payment Fee
Minimum credit limit
Over limit fee
Minimum repayment dollars
Duplicate statement fee
Minimum repayment percent
Supplementary card annual fee
for 14 months then 20.74%
Cash advance rate
Cash advance fee
3.5% or $3.5
Balance Transfer Rate
Balance Transfer Rate
for 14 months then 21.99%
of the approved credit limit
Balance Transfer Fee
Foreign Exchange Fee
3.4% on Visa
Estimated ATM Cost
for AU $300 withdrawal
Suncorp Bank Rewards Program
Gift Card, Cash Back
|1.25 points for $1 spent||Visa||uncapped||eligible transactions|
- FREE DOMESTIC TRAVEL INSURANCE
- FREE INTERNATIONAL TRAVEL INSURANCE Available when you use your Card or rewards points to pay for return international travel
- FREE SUPPLEMENTARY CARDS
- PURCHASE PROTECTION INSURANCE Covers up to $200,000 per year. Maximum payable per individual claim is the lesser of the value of the personal item of $5,000.
- EXTENDED WARRANTY
- Balance TransferPurchase Offers 0% interest for 14 months on Purchases, 0% p.a. on balance transfers for 14 months ; $49 Annual Fee for 1st year0% p.a. will apply to Retail Purchases (excludes Cash Advances) for 14 months from the date your account is approved. New Customers only. Minimum monthly repayments required. At the end of the promotional period, any outstanding Retail Purchase Balance and any new Retail Purchases will attract the variable annual Percentage Rate for Retail Purchases, currently 20.74% p.a. for a Suncorp Clear Options Platinum Credit Card. Interest rates are variable and subject to change. This offer cannot be used in conjunction with any other offer and is not available when closing/transferring from another Suncorp Credit Card. This offer is valid until 30 September 2019. Please note, if this promotion is combined with the 0% p.a. on balance transfers for 14 months promotion, the end dates for each promotion differ. The 0% purchase offer ends 14 months after account approval whilst the 0% balance transfer offer ends 14 months after the balance transfer was processed on your account. If there is a balance transfer ongoing at the end of 0% for 14 months purchases promotional period (i.e. 14 months after card approval), there will be no interest free days on retail purchases whilst there is a balance transfer ongoing.
Compare and review credit cards with similar features
ANZ Rewards Platinum
Bonus PointsEarn 60,000 bonus Reward Points and your 1st year annual fee waived with your new ANZ Rewards Platinum credit card when you spend $2,500 on eligible purchases in the first 3 months from approval
Suncorp is one of Australia’s largest banks. Based in Brisbane, it started as the Queensland State Accident Insurance Office in 1916, but since then has expanded rapidly, with several mergers and acquisitions.
Today, Suncorp offers a host of financial services including personal and business banking, insurance, wealth management and superannuation.
Across Australia and New Zealand, the Suncorp Group has about 13,500 employees, 9 million customers and is a top 20 ASX-listed company with $96 billion in assets.
The Suncorp Bank Platinum Card (Suncorp Bank Rewards) credit card offers a moderate number of interest-free days for a moderately high annual fee at a high rate of interest.
It provides access to the Suncorp rewards program with benefits such as complimentary insurances, extended warranties and bonus cash back.
A high credit limit is available for this Visa card, however the limit awarded is based on your credit rating and subject to confirmation that you earn a minimum of $35,000 per year.
Applicants can take advantage of the 0 per cent interest on balance transfers. And up to four additional cardholders can be included on the account at no extra cost.
The Suncorp Clear Options Platinum credit card lets you make purchases and payments using Visa payWave and Samsung Pay.
The credit card is protected by a range of security features including Verified by Visa, FRAUDSHIELD and Visa Zero Liability.
- Extra cardholders at no cost
- Rewards program
- 24/7 customer service
- Annual fee charged
- Late payment fee charged
- High interest rate
Who is it good for?
The Suncorp Bank Platinum Card (Suncorp Bank Rewards) might be a suitable option for existing Suncorp Bank customers wanting a credit card that links to a bank account for convenience.
If you’re not already with Suncorp Bank, but like to travel, this Visa card offers a range of privileges including complimentary domestic and international travel insurances.
This credit card also gives you 24/7 access to a personal concierge service where you can get assistance with travel, event and hotel bookings.
If you prefer using a credit card over cash for everyday purchases, the Suncorp Bank Platinum Card (Suncorp Bank Rewards) could help you maximise the points you earn.
Points can be redeemed via the online Suncorp Bank Rewards website, or transferred to a variety of local and international travel loyalty programs.
Compatible partner programs include Emirates Skywards, Singapore Airlines KrisFlyer and Velocity Frequent Flyer.
What RateCity says
The Suncorp Bank Platinum Card (Suncorp Bank Rewards) has a range of platinum privileges and features, including 18 months’ interest-free on balance transfers for new applicants.
Its moderately high annual fee is balanced by a competitive offering compared to more expensive cards on the market.
The provision for up to four additional cardholders at no cost has no annual fees attached. Many credit cards charge an annual fee for every person on the account.
Cardholders have the option to transfer reward points across to third-party partner programs, whereas some providers require points to be redeemed within their program.
Visa Entertainment is available at no extra cost, providing access to exclusive pre-sales, offers and competitions.
The card also comes with complimentary security features and convenient methods of use including Visa payWave and Samsung Pay.
You can apply for a Suncorp Bank Platinum Card (Suncorp Bank Rewards) over the phone, online or in a Suncorp Bank branch. To be eligible, you must be 18 years old, have a good credit rating and an annual income of $35,000. You must provide proof of identity in the form of an Australian driver's licence, Medicare card, passport or Australian birth certificate. Ensure you have information about your income and employment on hand, including details of your financial commitments.
About Suncorp Bank
Suncorp Bank started as the Queensland Agricultural Bank in 1902, and is now part of the Suncorp Group, with its head office in Brisbane. Suncorp Bank is an ASX-listed company with $97 billion in assets. It employs more than 13,000 people and serves close to nine million customers across Australia and New Zealand. Suncorp Bank’s products include credit cards, savings accounts, transaction accounts, home loans, personal loans, car loans, term deposits and margin loans.
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
The reason Equifax, Experian and Illion use different scores is because they are independent companies with their own different methodologies. As a result, a score of, say, 700 would mean different things at different credit reporting bureaus.
However, the one thing they have in common is that they divide their scores into five tiers. So if you receive a tier-two credit score from one bureau, you will probably receive a tier-two score from the others, as well.
Yes, as credit card providers look at your annual income amount as well as your occupation. Minimum income requirements tend to be between $30,000 – $40,000 for standard and rewards credit cards, however low income credit cards can have minimum income requirements as low as $15,000 per year.
If you have a bad credit score, you might encounter two main problems. First, the lower your credit score, the more likely you are to be rejected when you apply for a loan or any other credit product. Second, if your application is accepted, the less likely you are to qualify for the lowest interest rates.
There are two reasons you should check your credit rating: so you have a better understanding of your financial position, and so you can take action (if necessary) to improve your credit rating.
Lenders use credit ratings or credit scores to assess loan applications. The higher your score, the more likely you are to get approved, and the more likely you are to be charged lower interest rates and lower fees. Conversely, the lower your credit score, the less likely you are to get approved, and the more likely you are to be charged higher interest rates and higher fees.
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.
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.
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.
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.
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.
Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.
Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.
Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.
Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.
Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.