Macquarie Bank credit cards give you the ability to earn rewards or take advantage of a low interest rate
Macquarie Bank, originally known as Hill Samuel Australia, began operations in 1969. The name Macquarie Bank Limited came into effect only in 1985 after receiving its Australian banking license. It also started offering stockbroking services in the same year. Establishment of Macquarie Bank International Limited, as well as its branch in United Kingdom, took place in 2008. Macquarie now operates as a global business, with its presence felt in 28 countries. In Australia, this bank offers its members an array of financial service and products, which include credit cards.
Macquarie Group recognised awards
- Money Magazine’s Best of the Best Awards 2014 - Cheapest Home Loan Package and Best Line of Credit Loan
- Global Banking and Finance Review 2014 - Best Investment Bank (Australia)
- Beaton Benchmarks 2013 - Five-star rating for overall satisfaction (Macquarie Life)
Compare credit cards from Macquarie BankRates last updated April 18th, 2015
Types of credit cards that Macquarie Bank offers
Macquarie Bank customers get to choose from a few different types of credit cards, meaning you’re able to choose a product that’s best tailored to your spending needs.
Low rate credit cards
A low rate credit card can be good to have if you don’t pay your balances in full each month. The Macquarie Visa RateSaver Card comes with a 0% p.a. balance transfer offer for nine months as well as up to 55 interest-free days on purchases. These low-cost features are offset by a nominal annual fee.
Rewards credit cards
If you like the idea of earning and redeeming reward points by paying a slightly higher annual fee and interest rate you can consider getting a rewards card. Similar to their low rate offering, the Macquarie Visa Gold Card comes with a 0% p.a. balance transfer offer for nine months and up to 55 interest-free days on purchases. This card comes linked to the Macquarie Bank Rewards Program, offering no points expiry and 1.00 point earned per $1 spent on purchases.
Platinum credit cards
Apart from offering rewards, a platinum credit card tends to offer extras as well, although you’ll have to pay higher annual fees. Depending on the card you apply for, using a Macquarie Visa Platinum Card enables you to earn Macquarie reward points, Qantas Points, or Hilton HHonors points. All Macquarie Bank Platinum cards offer complimentary insurance covers and access to a 24/7 concierge service, and you can take advantage of a 0% p.a. balance transfer offer for nine months.
Benefits of banking with Macquarie Bank
Banking with this institution allows you to have all your financial needs met under a single umbrella, be it through savings accounts, transaction accounts, term deposits, loans, online trading, specialist investments or financial advice. Getting a credit card through Macquarie comes with a number of advantages.
Irrespective of the credit card you choose you can access the Macquarie Bank service centre at any time of the day or night. Its team of specialists aims to deliver high levels of customer service.
Choice of reward points
If you’re applying for the Macquarie Visa Platinum Card you have the option to apply for the card with Macquarie reward points or Qantas Points, and you can also get a Hilton HHonors Macquarie Platinum Card through this bank. This card comes with automatic HHonors Gold status and enables you to earn HHonors points.
The Macquarie Visa Platinum Card with Macquarie reward points gives you access to MyChoice Travel, your personal travel agent. You can use this service to redeem your reward points and pay for part of or all your travel expenses, no matter where you’re going. This covers flight tickets, car hire, accommodation, tours, and the like.
These credit cards, owing to their Visa connection, find acceptance the world over. Visa Entertainment brings to you exclusive offers as well as access to upcoming sporting events, live shows, movies, and more. Visa’s Zero Liability policy offers protection to all cardholders, and 24/7 online account monitoring provides advanced fraud protection.
Applying for a Macquarie Bank credit card
You can apply for a Macquarie Bank Credit Card by visiting any of the bank’s branches, by speaking to a credit card specialist over the phone, or you can complete and submit your application online. To apply online, click on the ‘Go to Site’ button, just bear in mind you have to meet the following eligibility criteria:
- You’re older than 18 years of age
- You’re a permanent Australian resident
- You have good credit history
- You meet the minimum income requirements (which vary from card to card)
To complete the application you have to provide a variety of information. including:
- Applicant details - These include your complete name, date of birth, marital status, number of dependant children and driver’s license number.
- Identification details - This section requires your mother’s maiden name as well as the name and phone number of a friend or relative who does not share the same address with you.
- Contact details - Enter your residential address, time spent at this address, phone numbers and email address.
- Professional details - This section requires your employment status, occupation, name of your employer, time at current job, your employer’s contact details, your gross annual income and income from other sources.
- Expenses - Here, you have to provide details about rent, mortgage repayments, living expenses, your total available credit limit on existing credit cards and the minimum repayments towards other loans.
What happens next?
You might receive a call from a Macquarie Bank representative if the bank needs any extra information. If you let your employer’s payroll department know of an impending income verification call in advance, the process can move a little quicker. New Macquarie Bank customers have to go through an identity verification process, as stipulated by the Australian government. You might have to visit a branch to complete this formality.
Frequently asked questions
Listed below are a range of questions and answers about Macquarie Bank’s credit cards. To ask a question that isn’t listed below you can use the form at the end of this page.
How quickly can I complete the online application?
Keep all the information needed to complete the application nearby, and you can complete it in around 10 to 15 minutes.
How can I check my application’s status?
You can call Macquarie Bank directly to find out about the status of your application.
Can I add an additional cardholder?
With the platinum card, you can get up to four additional cards for free.
What complimentary insurance covers do platinum cardholders receive?
All Macquarie Visa Platinum cardholders receive complimentary extended warranty insurance, interstate flight inconvenience insurance and overseas travel insurance.
How do I earn reward points?
You earn rewards points when you use your gold or platinum card to make eligible transactions. With the gold card, you earn one Macquarie point for every dollar spent. The platinum card with Macquarie reward points offers 1.25 reward points for every dollar spent. If you opt for the platinum card with Qantas Points, every dollar spent earns one Qantas Point. With the Hilton HHonors Macquarie Platinum card you can earn up to Up to four HHonors bonus points per dollar spent.
How can I find out how many points I have?
You can find out how many points you have online, over the phone, or by going through your credit card statement.
Do Macquarie reward points expire?
As long as you keep your account open and operate it as per the given terms and conditions, your reward points don’t expire.
Is there a cap on the number of points I can earn?
Macquarie Visa Gold cardholders earn reward points on annual spending of up to $130,000, and it changes to $200,000 for Platinum cardholders.
Can I transfer my reward points?
No, you cannot transfer your reward points, and your points automatically cancel when your account closes.
How can I redeem my reward points?
You can redeem your Macquarie reward points through the Macquarie Rewards Program. Choose from an array of merchandise, gift cards, experiences, vouchers, and travel bookings. Qantas points are accumulated in your Qantas Frequent Flyer program account, and you redeem them like you would your regular Qantas Points. Redeeming HHonors points presents you with options such as staying at Hilton hotels, dining in their restaurants and making purchases.