Mortgage Choice Platinum Card – Rates and fees

Information verified correct on September 26th, 2016

Pay 0% p.a. balance transfer rate for the first 9 months and earn rewards as you spend with the Mortgage Choice Platinum Card.

Every time you use your Mortgage Choice Platinum Card you will accrue a 1% Cashback credit, which can be credited to your Mortgage Choice Home Loan or back into your Mortgage Choice Platinum Card. The card also comes with a special balance transfer rate of 0% p.a. for the first 9 months. A discounted annual fee of $99 is also available for the first year.

Product NameMortgage Choice Platinum Card
Balance transfer rate (p.a.)0% p.a. for 9 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (19.99% p.a.)
Purchase rate (p.a.)19.99% p.a.
Annual fee$99 p.a. annual fee for the first year ($129 p.a. thereafter)
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.)21.74% 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.
$6,000
Minimum Monthly Repayment2.5% of the closing balance (rounded up to the nearest dollar) o
Minimum Income$30,000
Card TypeVisa
Late Payment Fee$35
Foreign Currency Conversion Fee (MC)3% of transaction value
Complimentary Travel Insurance Cover0 months
Available To Temporary ResidentsNo
Minimum Income$30,000
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.
$6,000
Annual Fee$99 p.a. annual fee for the first year ($129 p.a. thereafter)
Minimum Repayment2.5% of the closing balance (rounded up to the nearest dollar) o
Late Payment Fee$35
Over Limit Fee$30
Cash Advance Fee$5 or 3% of the value of the transaction, whichever is the greater
Foreign Currency Conversion Fee (MC)3% of transaction value
Additional Cardholder Fee$29 p.a.
BPAYYes
ChequeYes
Direct DebitYes
Phone BankingYes
Internet Banking TransfersYes

Mortgage Choice Platinum Card review

If you’re after a card with a low balance transfer rate and a beneficial rewards system, the Mortgage Choice Platinum Card could be of interest. With a promotional balance transfer rate that stays in place for 9 months and a discounted annual fee for the first year, this card could help you save on interest and fees. The rewards system will allow you to earn 1 Cashback credit per $100 you spend. Once 100 credits are accrued, they will be credited back into your nominated Mortgage Choice account.

Benefits of Mortgage Choice Platinum Card

  • Balance transfer offer. A competitive 0% p.a. balance transfer applies on transferred balances for the first 9 months, which could lead to savings in the form of interest. This rate will then revert to the standard variable interest rate for purchases, which is currently 19.99% p.a.
  • Interest-free days. If the account is paid in full by the due date each month, you can enjoy up to 55 interest-free days on purchases.
  • MasterCard benefits. The Mortgage Choice Platinum Card can be used anywhere MasterCard is accepted, meaning over 35 million locations, including two million ATMs, in over 210 countries. The card also comes with 24/7 access to a personalised concierge service and assistance for a number of lifestyle services including travel assistance, car rental plus sports and entertainment.
  • Rewards system. The Cashback rewards system allows cardholders to earn 1% Cashback credit on every dollar spent, meaning that you can receive 1 credit point per $100 spent. Once your Cashback credit reaches 100, it will automatically be debited into your selected Mortgage Choice account. You can earn rewards for up to $100,000 of your spending each year, and can earn rewards even faster with additional cardholders.
  • Security. If fraudulent transactions are made using the Mortgage Choice Platinum Card, cardholders are provided with peace of mind under MasterCard’s Zero Liability policy. The card is also embedded with a security chip and comes with a MasterCard SecureCode for additional safety.

Mortgage Choice Platinum Card features

  • Annual fee. For the first year, cardholders pay a lower annual fee of $99, then an ongoing fee of $129 and an extra $29 for additional cardholders. However, if your Mortgage Choice Platinum Card is linked to your mortgage, there is no annual fee on the credit card.
  • Cash advance fee. Every time a cardholder applies for a cash advance, they will be charged a fee of $5 or 3% of the value of the transaction, whichever is the greater.
  • Dishonour, late payment and overlimit fees. Each time a payment to the account is dishonoured, a $10 fee will be debited to the account. If payments are not made by the due date, the cardholder will be unable to claim up to 55 interest-free days on purchases and will incur a penalty fee of $35. There is also a $30 fee if the balance of your account exceeds your credit limit at any time during a statement period.
  • PayPass. This technology allows you to shop with convenience and make contactless payments for purchases under $100 – all you have to do is look for the PayPass symbol.
  • Online services. Cardholders can manage their Mortgage Choice accounts anytime and anywhere through Mortgage Choice Online Services. The online portal can be used to check your balance, review recent transactions, pay your bills using BPAY and view your rewards information.
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How to apply for the Mortgage Choice Platinum Card

You can apply for your Mortgage Choice Platinum Card online. To get started, simply click on the ‘Go to Site’ button, but make sure you meet the following application criteria first:

  • 18 years old or over
  • Permanent resident of Australia
  • Good credit rating
  • Earn a minimum taxable income of $30,000 per annum.

If you meet the above criteria, you will need to provide the following information during your application:

  • Gross annual salary
  • Monthly expenses
  • Details of your current employer including address and phone number
  • If self-employed or retired, your accountant’s details
  • Australian driver’s licence number
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Rates last updated September 26th, 2016
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