Southern Cross Credit Union Platinum MyCard Review

Information verified correct on September 29th, 2016

Pay 0% p.a. for up to 14 months on balance transfers and purchases, and get a bunch of insurance covers for free.

The Southern Cross Credit Union MyCard Platinum Rewards Mastercard comes with a special introductory interest rate offer where you don’t have to pay any interest on purchases and balance transfers for the first 14 months. Purchases you make using this card receive complimentary insurances, and you can also make use of various complimentary travel insurances. This card comes linked to a rewards program, enabling you to earn rewards as per your spending. Access to a platinum concierge service is free, and you can keep paying a discounted annual fee for life if you apply in time.

Product NameSouthern Cross Credit Union MyCard Platinum Rewards MasterCard
Rewards ProgramCard Services Rewards Program
Balance transfer rate (p.a.)0% p.a. for 14 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.74% p.a.)
Balance Transfer Limit80% of available credit limit
Purchase rate (p.a.)20.24% p.a.
Offer end date31 January 2017
Annual fee$159 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.)21.74% 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
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.
$30,000
Minimum Monthly Repayment2% or $30 whichever is greater
Minimum Income$35,000
Card TypeMasterCard
Late Payment Fee$10
Complimentary Travel InsuranceYes
Complimentary Travel Insurance Cover0 months
Available To Temporary ResidentsNo
Minimum Income$35,000
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
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.
$30,000
Annual Fee$159 p.a.
Minimum Repayment2% or $30 whichever is greater
Late Payment Fee$10
Overseas Cash Advance Fee$1.50
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders4
Rewards ProgramCard Services Rewards Program
Bonus Points on Sign-up20,000
Rewards Points per $ (VISA/MC)1.25
Points ExpiryNever

Southern Cross Credit Union MyCard Platinum Rewards MasterCard Review

You can save a tidy sum in the form of interest if you use this card for balance transfers, and the fact that purchases don’t attract any interest in the first 14 months can lead to further savings. The ability to earn rewards in different forms is a plus, as is access to a round-the-clock concierge service. You can also make use of its various complimentary insurance covers in different situations.

Benefits of the Southern Cross Credit Union MyCard Platinum Rewards MasterCard

    • Introductory interest rate offer. You can make use of this card’s introductory rate of 0% p.a. for 14 months to transfer balances from existing cards, and you don’t have to worry about paying any interest on purchases for the first months.
    • Bonus points. Enjoy more introductory points with Southern Cross Credit Union MyCard Platinum Rewards Mastercard if you apply before 31 January 2017. Earn triple points within 3 months after activating your card and you can earn points up to 20,000.
    • Rewards. This platinum card comes linked to the Card Services Rewards Program, and you earn 1.25 reward points for every dollar spent on eligible purchases. Redeeming reward points presents options like using them as cashback, using them to book flight tickets, transferring them to a frequent flyer program account, or exchanging them for store and travel vouchers.
    • Complimentary insurances. This card provides a number of complimentary insurance covers, which include guaranteed pricing scheme, purchase cover insurance, transit accident insurance, interstate flight inconvenience insurance, and international travel insurance.
    • Platinum concierge service. This global 24/7 service can help you make travel plans, reserve tables at restaurants, books tickets for different kinds of events, organise gifts, and much more.

Southern Cross Credit Union MyCard Platinum Rewards MasterCard Features

  • Annual fee. Apply before a certain date, and keep paying a discounted annual fee of $159 for as long as you keep your account active.
  • Interest rate offer. For the first months from the date of the card’s approval, balances from purchases and balance transfers don’t attract any interest.
  • Reward program. Your platinum card enables you to earn up to 100,000 points in every 12 months cycle, and these points don’t expire for as long as your account remains in good standing. You get a host of options when it comes to redeeming your points.
  • Interest-free days. You can make use of up to 55 interest-free days on purchases, provided you pay your account’s closing balance in full every month.
  • Complimentary insurances. This platinum card offers various travel and purchase insurances for free.
  • Concierge service. A multilingual 24/7 platinum concierge service can provide assistance in matters relating to travel, entertainment, and business.
  • Additional cardholders. You can get as many as 4 additional cards linked to your primary card, and spending on these cards earns rewards as well. Additional cardholders should be at least 16 years old.
  • PayPass. You can make contactless payments of under $100 at merchants who support this technology.
  • Card security. Fraudshield monitors your account activity to detect suspicious transactions, and notifies you of the same immediately. In the online world, SecureCode provides an added layer of security.
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How to apply for the Southern Cross Credit Union MyCard Platinum Rewards Mastercard

Applying online should take around 10 to 15 minutes, or you can visit any Southern Cross Credit Union branch to apply. If you want to apply online, start by clicking on the ‘Go to Site’ button. Make sure you meet the following eligibility criteria before you begin:

Eligibility Criteria

        • You’re over 18 years of age
        • You’re a permanent resident of Australia
        • You earn at least $35,000 p.a.
        • You have good creditworthiness

Required documents

Applying for this card requires that you provide different kinds of information, so prepare to part with the following:

          • Copy of your Australian driver’s license, passport, or Medicare card
          • Copies of your last two payslips
          • Copies of recent credit card and loan statements

While this card seems like a good one to use, take into account that you can find features it offers in other cards as well, so take some time to compare a few before applying.

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Rates last updated September 29th, 2016
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