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Our verdict

Offers a low interest rate and 0% foreign transaction fees on purchases, with a $69 annual fee.

As the name suggests, the Macquarie RateSaver is designed to give you low-cost access to credit. If you’re making new purchases, the 0% foreign transaction fees on this card could help you save on costs when you’re overseas or shopping online with retailers that are based overseas. Meanwhile, the 15.95% p.a. interest rate is lower than some cards on the market – but not as competitive as some other low rate cards.

Pros

Low interest rate of 15.95% p.a. on purchases
0% international transaction fees on purchases
Up to 55 days interest-free on purchases

Cons

No rewards program linked to this card

From 1 July 2024, your existing annual fee will be updated to the current fee of $69 (if you aren’t on this fee already).

The Macquarie RateSaver Card can be added to digital wallets including Apple Pay and Google Pay and offers worldwide acceptance through the Visa card network. You can also get up to 55 days interest-free on purchases if you pay off the closing balance in full by the due date on your statement.

Details

Product details

Product Name	Macquarie RateSaver Card
Purchase rate p.a.	15.95%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	15.95%
Min credit limit	$2,000
Card type	Visa

Eligibility

Available to temporary residents	No
Minimum income	$50,000
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	$69
Minimum monthly repayment	2% of the closing balance or $50, whichever is greater
Late payment fee	$20
Foreign currency conversion fee	0%
Cash advance fee	3% or $5, whichever is greater
Additional cardholder fee	$0
Number of additional cardholders	4

How to apply

Macquarie Bank credit cards are currently only available as part of a Macquarie home loan package or for Macquarie Private Bank or Business Bank clients that meet certain criteria. You'll also need to meet the following eligibility requirements and have all the required documents and details to complete your application.

Eligibility criteria

Minimum income. You must earn a minimum taxable income of $50,000 per year.
Residency. You must be an Australian citizen or permanent resident.

Age. You must be at least 18 years old to apply.
Credit rating. You must have a good credit rating.

Required documents

Personal details. This includes your full name, date of birth, email address, phone number, residential address, marital status and number of dependents. You also need to provide a valid form of ID, such as your driver's licence number.
Employment details. As well as your pre-tax annual salary, you need to provide details such as your job title, length of employment and your employer's contact details. If you're self-employed or retired, you need to include your accountant's contact details.
Financial details. This includes your monthly expenses, such as rent or mortgage payments, utility bills, transport and grocery costs. You also need to provide details about any existing debts or liabilities, as well as any savings or other assets.

Card benefits

No foreign transaction fees. The Macquarie RateSaver offers a 0% foreign transaction fee when you use your card overseas or online with a retailer that's based overseas. This can help you save on costs compared to cards that charge fees for currency conversion.
Low interest rates. This card has a variable rate of 15.95% p.a. that will apply to your purchases when you're not eligible for interest-free days. If you use this card to withdraw cash or make any other cash advance transactions, the same interest rate will apply from the date of the transaction. Note that cash advances are not eligible for interest-free days.

Mobile payments. Make payments straight from your compatible phone or device by adding this card to your Apple Pay, Google Pay, Fitbit Pay or Garmin Pay accounts.
Visa Offers + Perks. Visit the Visa Australia website to get access to exclusive retail, travel, dining and entertainment offers around the world.
Security features. This card offers 24/7 account monitoring and support services, as well as a zero liability policy to help protect you against fraudulent transactions.

Rates & fees

Annual fee. This card has an annual fee of $69 p.a. for the primary cardholder, which is charged when the account is first opened and then each year around the anniversary of that date.
Additional cardholders. Add your partner or a loved one to this account for a $0 annual fee per additional card. Note that you will still be responsible for keeping the account in good standing.

Interest-free days. If you pay off the closing balance in full by the due date on your statement, you can get up to 55 days interest-free on purchases.
Cash advances. A fee of $5 or 3% of the value of the transaction applies for cash advances.

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Amy Finder

Editor

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Emma

January 13, 2016

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

Jonathan Finder

January 13, 2016

Hi Emma,

Thanks for your inquiry!

Transferring a balance between two separate primary cardholder names is not eligible even if

you are applying as a current additional cardholder. Your husband may like to compare more balance transfer credit cards

Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.

I hope this helps.

Cheers,

Jonathan

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annette

August 07, 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

Shirley Finder

August 08, 2013

Hi Annette,

Thanks for your comment.

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

Cheers,

Shirley

Noel A

November 08, 2011

Would a dual pension

be excepted ?

Balance transfer of $10.000

Thank you.

Noel

Jeremy Finder

November 09, 2011

Hi Noel

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

Cheers

Jeremy

Macquarie RateSaver Card

Pros

Cons

How to apply

Eligibility criteria

Required documents

Card benefits

Rates & fees

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