Suncorp Bank Credit Cards
Suncorp Bank Credit Card Comparison
This overview of Suncorp provides information about the history of the company and how it developed into the leading financial banking it has become. Read this article to find out all about the then and now of Suncorp.
Suncorp is one of the top providers for insurance in Australia and is the sixth largest bank in the country. It is also the third largest company as a general insurance provider in Australia. It provides personal, commercial, employee compensation and compulsory third-party insurance.
It is a leading Corporation that is based in Brisbane in the financial district. Its services include insurance, investments, banking, superannuation and company pension plans for applicants that qualify. It services medium and small scale entrepreneurs as well as retail customers.
The firm has managed over $13 billion of investment funds and has proven itself as a strategic and outstanding bank for managing investments and wealth.
Suncorp was originally an agricultural bank and its history can be traced back to 1902. It began working with insurance businesses in 1916 when it was called the State Accident Insurance Office. Soon after, it expanded and became the State Government Insurance Office, which offered more than just accident insurance. It also covered compulsory third-party, general and life insurance. It continued its growth and began to offer superannuation plans and financial and social building.
While the Suncorp Company was growing and becoming more well-known, there was another insurance office that had also started in 1902 called the Queensland Agricultural Bank that was doing very well also. It started as a business financier in rural areas before beginning to lend money to medium and small size businesses.
The Queensland Industry Development Corporation and Suncorp merged with the Metway Bank in December of 1996. Metway was operating out of New South Wales and Queensland and was the biggest banking firm locally based. The three companies merged so they could provide insurance services and banking that was more competitive with a higher level of quality. The corporation was known as Suncorp-Metway Limited.
When the three companies merged, QIBC had assets worth $3 billion, Suncorp had $10 billion and Metway had $7.1 billion. The combination of these three firms was based on a decision to provide better services, meet the demands of its customers and be able to serve a wider market. In Queensland, Suncorp-Metway Limited is the largest financial institution and a great contributor to the economy of the country and state.
Suncorp Metway was given the Australian general insurance interests of Amp in July of 2001, which provided a $2 billion increase to its yearly premium income. It also went on to merge with the Promina Group in March, 2007.
Suncorp services and products
Suncorp has always treated their clients as a top priority and have continued to offer a great selection of products and financial services to keep their customers happy. Their products and services include home loans, insurance, banking, superannuation, financial planning and investments. All of these services are also structured so that individual needs are met by all.
Internet banking has been introduced at Suncorp so that Australians can use the convenience of online banking in their own homes. Accounts are very accessible and debit cards are offered as an added benefit. Credit cards are also available through American Express and Visa. Some of the credit cards Suncorp offers include:
- Suncorp Clear Options Standard Credit Card
- Suncorp Clear Options Gold Credit Card
- Suncorp Clear Options Platinum Credit Card
- Suncorp Clear Options Business Credit Card
The Suncorp Clear Options Standard Credit Card
This product doesn’t offer a low rate balance transfer rate so those looking to save money on existing debt may not benefit, however it is one of the most affordable credit cards anywhere with a tiny interest rate of just 12.74% p.a..
The cash advance rate is 21.99% p.a. so if you can help it you should avoid cash transactions or withdrawals with this card altogether. They currently run a special deal on the annual fee, with new cardholders only having to pay $55 p.a..
You must be 18 years of age or older to apply, and you must be earning at least $25,000.
On the whole this is a very good standard credit card, and ideal for those who want to reduce the amount they pay in interest. The cards low rate means this is a card you can actually use for shopping without having to worry too much about additional charges increasing your debt.
The Suncorp Gold Credit Card
This credit card is aimed at consumers who like to travel, and who like being rewarded for their spending. With no promotional rate of interest, this isn’t a card for those interested in debt reduction.
The standard rate of interest from the off is 20.50% p.a., with a cash advance rate of 20.74% p.a. making this a more expensive card to use regularly. However, cardholders have up to 55 days interest free, meaning over a month to pay for any purchases before any interest is charged.
You do need to be quite organized to use a credit card in this way, but if you are it’s an excellent way to have the equivalent of monthly interest free loans.
The biggest draw of the Suncorp gold card is the rewards programs linked to the account. Users will earn 1 Suncorp point for every dollar they spend (no matter what they spend it on) and can then “cash in” those points for something from the Suncorp range of rewards.
As an additional bonus cardholders receive complimentary travel insurance, and purchase insurance. Ideal for keeping your family protected whilst abroad.
The annual fee for this card is $120 p.a., and you must be earning at least $30,000 a year in order to apply.
The higher earning requirement is reflected in the availability of a higher potential credit limit. Those who meet the criteria can be offered up to $25,000 in credit.
The Suncorp Platinum Card
This is Suncorp’s most prestigious card, and is really geared towards higher earners who use their credit card everyday.
The interest rate isn’t that much higher than the gold version of the card at 20.74% p.a. and 20.74% p.a. for a cash transaction, but there is the benefit of up to 55 days interest free to give you time to repay your monthly balance.
You also have access to the Qantas Frequent Flyer scheme, and the Suncorp Reward scheme so you’ll earn points every time you use your card. An additional annual fee of $49 will apply to join Suncorp Bank Qantas Frequent Flyer rewards program. Savvy customers will use their card every time they make a purchase, ensuring the balance is repaid before interest is charged.
There’s the free travel and purchases insurance enjoyed by gold cardholders, but also a host of other entertainment related benefits. You’ll have access to sport, theatre, and cinema tickets before anyone else so you can be first in line the next time your favourite band come to town.
You will need to be a high earner with $40,000 a year being the minimum requirement, but this is due to the credit limit being a potential $30,000.
As you can see Suncorp really do offer a credit card suitable for every pocket. Before you apply you need to work out what your spending personality is, and how you intend to use your card.
Are you looking for a debt reduction solution, or something that offers you rewards for money you were going to spend anyway?
Once you’ve got this figured out you can start the application process. You can apply instantly online and may even get an acceptance on the same day. Head to the Suncorp website and see which of their attractive credit card deals is right for you.
The bank helps their clients with international transactions and has a currency calculator available. Competitive rates are offered for foreign exchange on currency.
Suncorp understands that people want more than a house, they want a home that they can use for years to come. Home loans are offered with flexible and affordable rates so that clients are given more options to consider when purchasing a home. Mortgage consultations are available to help people figure out which mortgage strategy they should use, and applying for one is made as simple as possible. Refinancing is also a choice at Suncorp.
Insurance is offered for car, home, life, Caravan, CPT along with transit insurances. Claims are processed quickly and easily and payment terms can be made.
It can be difficult finding the right investment opportunities these days, but Suncorp is ready and willing to help with the process. It has cash and savings investments, property, share trading, margin lending, property investments, superannuation and investor directed portfolios. Everything you could need when it comes to making plans for your investments has been covered by Suncorp.
Financial planning is also a major part of the Suncorp business. The company knows that people need help planning for the future and are willing to help by offering consultations with professional financial planners.
Suncorp is a strong force in the Australian financial markets and is here to stay for many years to come. It is a wise choice to invest money in a company that can be trusted and has proven itself reliable over so many years.
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