Macquarie Bank Credit Cards
The Macquarie Bank range of credit cards is designed to suit your personal needs. There is a credit card for everyone in their range with the choice from a feature-rich Platinum card, to a low rate credit card, all backed by Macquarie and their reputation for providing exceptional service to their customers.
Macquarie Bank Overview
The Macquarie Bank has developed over the years to become a leading force for financial solutions in Australia and worldwide. Read this article to learn about its beginnings and long journey towards international success.
Macquarie Bank is an investment bank that provides services and products throughout Australia in financial trade. It is a financial and international investment institution that is based in Sydney. Internationally, it provides a wider range of services catering to America, Europe, Africa and the Middle East. It prides itself on giving value to different businesses in several regions.
This banking institution has an outstanding management style and structure. Operations have access to a certain amount of freedom and the balance is met between management professional standards and risk balancing. This is its management approach, and it can be seen at all levels, including in their standard of entrepreneurship.
Strong management approach is combined with entrepreneurial culture and risk management. It does focus on the many risks of the market and industry it is a part of. Macquarie Bank also focuses on motivation at all levels, recruitment, professionalism, growth commitment and commitment to its clients. A lot of positive energy is put towards retaining their highly qualified staff by offering rewards to keep them on board.
Risk management is a very strategic part of this Bank and plays an important role in its very structure. It has remained successful and profitable for many years because it has been able to determine risks and work with them. The risks taken by the bank are always controlled and calculated.
Some of the major risks that the bank has to constantly deal with are legal compliance, documentation, market, operational, credit, equity and liquidity risks. Management and assessment of all of these risks are handled by their own Risk Management Group. Their duties include risk monitoring and assessment, giving prior approval to all activities related to business, prudential centralised management, and management principles of independence.
The bank has been operating successfully and profitably since 1992 on a consistent basis. Approximately 10,000 employees work for Macquarie Bank in different countries around the world. In March 31, 2007 the year-end report for income showed that 55% of it came from its international activities.
Operations are separated into seven different groups in marketing and production sectors. They include: the Funds Management Groups, Financial Services, Real Estate, Equity Markets, Banking and Security, Treasury and Commodities and the Investment Banking Group.
History of Macquarie Bank
Starting out with the name Hill Samuel Australia Limited in 1969, Macquarie Bank was a subsidiary of Hill Samuel & Co. This was a merchant bank in the United Kingdom, and at the beginning of its operations in 1970 there were only three staff running the company. In 1981, deregulation in the financial markets occurred, which led to HSA sending forth a proposal for it to be considered a trading bank. It changed its name to Macquarie Bank Ltd. in 1985, on February 28, when the Federal Treasurer gave it the license to be called the new name. It was only the second trading bank that was private privately owned and operated in all of Australia.
The bank started its operations in Australia when one branch opened in Sydney. Not long after, a new branch was opened in Melbourne for trading, followed by another trading branch in Brisbane.
By 29 July,1996, it was quoted in the Australian Stock Exchange, and in October of the same year it was listed in the All Ordinaries Index of the Australian Stock Exchange. At that point it had approximately $1.3 billion of market capitalisation. It has risen up the ranks to be considered a leader in financial and banking industries.
Services and products
Macquarie Bank provides services and products to different types of people and businesses. Everything from specialised products and services for government organisations, institutions, corporations, businesses to select personal products and services can be found at this bank.
It’s products and services include investment and personal loans, investment products, superannuation products and retirement funds, property products and cash management trusts. This banking institution offers credit cards including the Macquarie Bank Visa RateSaver Credit Card and the Macquarie Bank Visa Platinum Credit Card. It also provide full service for stock marketing broking and various specialized investment services and products. It is a full range financial institution that can meet the needs of both individuals and major companies and corporations.
Small business owners can also make use of the services provided by Macquarie Bank. For small businesses, an owner can make use of the venture capital funding, IT equipment financing, superannuation and investment services, business banking, financial marketing activities and property services.
Macquarie Bank has always valued their clients and strives towards offering the best solutions for both personal and business needs. Its risk management is second to none, and its history proves that they are a bank with a solid background. You can put your trust in Macquarie Bank and no longer worry about your future banking needs.
The Macquarie Bank was founded in 1969 and has since then become a global powerhouse in investment banking. Their credit cards are currently unavailable here for online application.
Understanding interests on your Macquarie Bank credit card
It can be quite difficult to understand how interest is calculated on your Macquarie Bank credit card. Hopefully this article will clear things up and you will understand the formula that is being used by the bank to set your charges. By understanding the behind-the-scenes aspects of credit card interest you will be better prepared to avoid it in the first place.
Payments made to your Macquarie Bank credit card account are based on the calculation of a minimum monthly spend amount. Payments are allocated to your account based on the priorities that different kinds of transactions receive.
How is Macquarie Bank credit card interest calculated?
Interest on your Macquarie Bank credit card is calculated on the amount of money you spend using the card. The calculated interest is then charged on the balance you have outstanding each day of the statement cycle.
Calculations are based on the Annual Percentage Rate or APR. The rate is displayed on each credit card statement that you receive. Interest is calculated daily, based off this annual rate. The formula used for this calculation is:
Daily percentage rate = APR/365 days
Interest rates vary over time and can change. Whenever an interest rate change occurs, you will be notified in writing and through advertisements in national newspapers. Your next credit card statement will also contain information about this rate change.
The calculation of interest depends on the kind of transactions you make, and the method in which you make repayments.
When must payments be made to my Macquarie Bank Credit Card account?
With every statement cycle you will be informed of a ‘minimum monthly payment’. This amount will appear on your statement, and you must pay this amount in full.
The minimum monthly payment is calculated as the greater of $20 or a percentage of your closing balance for the statement period. If your total balance is less than $20, you must pay the balance in full.
You may pay more than this minimum monthly payment if you choose to. In addition, you can make payments at any time. If your balance is more than your credit limit or you have an overdue payment outstanding, you should pay those off immediately.
A due date will be indicated on your statement. You should make payments by that date to avoid debt and high interest charges. To allow you to do so effectively, you should allow a few days for funds to clear.
How are payments allocated to my Macquarie Bank Credit Card account?
Payments are allocated to your Macquarie Bank credit card account in the following order:
- Interest charges
- Special promotions such as balance transfer offers: Special promotions include introductory offers such as 0% interest for the first 6 months on balance transfers. After the offer period expires, interest will be charged at the regular rate
- Other fees and charges such as the annual fee
- Purchases: Interest will be charged on retail spending, BPAY and direct debit transactions. You can receive up to 55 days interest free on these transactions.
- Cash advances
Understanding credit card interest can be quite difficult, and hopefully this article has helped you better understand your Macquarie Bank credit card interest calculations and payment requirements.
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