Macquarie Bank Visa RateSaver Credit Card – Rates & Fees

Information verified correct on September 28th, 2016

Enjoy competitive rates and fees along with 0% p.a. interest rate on balance transfers for the first 14 months.

With the Macquarie Bank Visa RateSaver Card, you can enjoy 14 months of 0% p.a. interest on balance transfers. Couple that offer with interest rates of 15.95% p.a. and low card fees, and you can stand to save money with this credit card.

You can also enjoy additional features like interest-free days, exclusive Visa services, strong security features, and more.

Product NameMacquarie Bank RateSaver Visa Card
Balance transfer rate (p.a.)0% p.a. for 14 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (15.95% p.a.)
Purchase rate (p.a.)15.95% p.a.
Annual fee$69 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)21.95% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$2,000
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$50,000
Minimum Monthly Repayment2% or $50 whichever is greater
Minimum Income$50,000
Card TypeVisa
Late Payment Fee$35
Foreign Currency Conversion Fee (VISA)3% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Income$50,000
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$2,000
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$50,000
Annual Fee$69 p.a.
Minimum Repayment2% or $50 whichever is greater
Late Payment Fee$35
Over Limit Fee$30
Cash Advance Fee$5 or 3% of the value of the transaction
Foreign Currency Conversion Fee (VISA)3% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$10 p.a.
BPAYYes
ChequeYes
Direct DebitYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Macquarie Bank Visa RateSaver Credit Card Review

The Macquarie Bank Visa RateSaver credit card offers competitive rates and fees, promotional rates on balance transfers and additional features like interest-free days. This card comes with an annual fee of $69. You’ll also be required to pay 15.95% p.a. interest rate on purchases and a 21.95% p.a. rate on cash advances. There is also a $10 fee if you’d like to add more than four additional cardholders to your account. Compare some of the features, benefits and costs of the card below to determine whether this is the right card for you.

Macquarie Bank Visa RateSaver Benefits

  • 15.95% p.a. interest rate. This low ongoing rate could help you keep your interest costs to a minimum in comparison to cards with a higher standard interest rate on purchases.
  • Promotional balance transfer offer. You could repay an existing debt on another card faster and without the cost of high interest thanks to the 0% p.a. for 14 months balance transfer offer. After 14 months you’ll revert back to the standard variable 15.95% p.a. rate.
  • Earn up to 55 interest-free days with the RateSaver Card. If you pay off your ending balance by the due date, you will receive up to 55 days of interest-free purchases. This means that you can buy any items you want without having to worry about the standard 15.95% p.a. interest rate on purchases for 55 days.
  • Visa Entertainment. Get exclusive offers for concerts, sporting events, and more with this service that includes presale ticket offers. This is only available to Visa cardholders.

Macquarie Bank Visa RateSaver Features

There are a number of other features that you can get when you apply for the RateSaver Card.

  • Annual fee. You’ll have to pay $69 each year for the life of the card.
  • Cash advance fee. When you withdraw cash using your RateSaver Card, you’ll be charged a 21.95% p.a. rate.
  • Round-the clock service. Enjoy 24/7 customer service as a RateSaver cardholder. Get your questions answered and your concerns addressed, whether it’s day or night.
  • Additional cardholders. You can choose to add an additional cardholder to your account for a $10 fee.
  • Global access and availability. Use your card anywhere Visa is accepted. This includes 200 countries, over 30-million merchants and over 2 million ATM locations worldwide.
  • Strong security features. You’ll receive online fraud protection through your card so you can make online purchases with confidence.
  • Zero liability policy. As a Visa cardholder, you’ll be protected under Visa’s Zero Liability policy. This 24/7 service monitors your account to protect you against fraudulent charges.
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How to apply for the Macquarie Bank Visa RateSaver Credit Card

Before you apply for this credit card offer you should make sure that you meet the eligibility requirements and have prepared the necessary documents:

Application criteria

              • You must be over 18 years old to be eligible for this offer
              • You have to be a permanent Australian resident or an Australian citizen
              • You must make at least $50,000 (taxable)
              • You have to have a good credit history without defaults or bad debt.

To make the application process go smoothly it’s recommended that you have the necessary documents handy:

Required information

              • To verify your identity, have a valid Australian driver’s license, passport, Medicare card, and/or an Australian birth certificate
              • To verify your income, you’ll need financial records, like payslips, available. If you have other income, like rent from an investment property, have that on hand, too
              • You’ll need details of your financial assets and liabilities for the bank to see
              • Have the full name and address of your employer ready along with their telephone number

If you’re self-employed or retired you can still apply for this offer you’ll just have to provide the bank with your accountant’s information. This will allow the bank to verify your financial information.

The Macquarie Bank Visa RateSaver Card offers you competitive rates and fees with beneficial additional features, including a promotional 0% p.a. interest rate on balance transfers. As this isn’t the only low fee card on the market, you should compare your options before applying.

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6 Responses to Macquarie Bank Visa RateSaver Credit Card – Rates & Fees

  1. Default Gravatar
    Emma | January 13, 2016

    Can I transfer the balance from my husband’s Wespac credit card (Which I am an additional card holder) to the Visa RateSaver Credit Card?

    • Staff
      Jonathan | January 14, 2016

      Hi Emma, thanks for your inquiry!

      Unfortunately transferring a balance between two separate primary cardholder names is not eligible even if applying as a current additional cardholder. Your husband may like to compare more balance transfer options here.

      I hope this helps.

      Cheers,

      Jonathan

  2. Default Gravatar
    annette | August 7, 2013

    we have 3 home loans with macquarie and we have 3 credit cards totalling 15,000 is there any way we can transfer all our cards over to u

    • Staff
      Shirley | August 8, 2013

      Hi Annette,

      Thanks for your comment.

      Please contact Macquarie directly as they can assess you against their lending criteria.

      Cheers,
      Shirley

  3. Default Gravatar
    Noel | November 8, 2011

    Would a dual pension
    be excepted ?
    Balance transfer of $10.000
    Thank you.
    Noel

    • Staff
      Jeremy | November 9, 2011

      Hi Noel

      I would suggest speaking to BoQ Customer Service to see if they can assist.

      Cheers

      Jeremy

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