How to earn points on everyday spending with Suncorp Bank’s Rewards program
The Suncorp Bank Rewards program earns points for everyday spending that you can then redeem for rewards such as travel, merchandise and gift cards. Here we look at how the Suncorp Bank Rewards program works, what rewards you can get, and the range of Suncorp credit cards that give you access to this program.
What does this insurance policy cover?
- How does the Suncorp Bank Rewards program work?
- Which credit cards earn Suncorp Bank Rewards?
- What rewards can I get with a Suncorp Bank Rewards credit card?
- How do I redeem Suncorp Bank Rewards?
- What are the other factors to consider before choosing a Suncorp Bank Rewards card?
- Frequently asked questions
How does the Suncorp Bank Rewards program work?
Credit cards enrolled in the Suncorp Bank Rewards program earn points for every $1 spent on eligible transactions. When you have earned enough points, you can redeem them for a range of rewards available through the Suncorp Bank Rewards website.
Suncorp Bank Rewards program terms and conditions
Some of the key details for this credit card rewards program include:
- Points expiry. Suncorp credit card Rewards program points don’t expire, allowing you to save them up for larger redemptions.
- Points caps. Your Suncorp Bank Rewards card will have a limit on how many points you can earn each statement period or year. You can work out if this cap will affect you by considering your average monthly spending and the amount of points you would earn. For example, the Clear Options Gold credit card has a points cap of 1,500 per statement period. If you typically spend more than this amount on credit each month you will be affected by the points cap.
- Rewards program fee. Suncorp Bank Gold and Platinum personal credit cards offer complimentary membership for the Rewards program. Suncorp business credit cards that give the option of signing up for Suncorp Bank Rewards charge a fee of $20 for Standard Rewards membership and $69 for Premium membership. This fee is charged every year and is per cardholder that is registered to earn rewards.
- Ineligible purchases. While most everyday purchases earn you points, there are a few types of transactions that are exempt from the Rewards program, including:
- Cash advances
- Balance transfers
- Payments to loan accounts (e.g. your mortgage)
- Purchases of foreign currency and travellers cheques
- Government charges
- Payments to the Australian Taxation Office
- Purchases in excess of limits on the account
You can refer to the Suncorp Bank Rewards program Terms and Conditions booklet on the Suncorp Bank website for more information about requirements for earning and redeeming points.
Which credit cards earn Suncorp Bank Rewards?
You can earn Suncorp Bank Rewards with any of the following credit cards:
|The Suncorp Clear Options Gold||The Suncorp Clear Options Platinum||The Suncorp Clear Options Business|
What rewards can I get with a Suncorp Bank Rewards credit card?
The Suncorp credit card Rewards program allows you to redeem your points for a variety of rewards, with popular options including:
- Travel. If you have a Suncorp Bank Clear Options Platinum or Business Rewards credit card, you can redeem your points for flights, hotels, rental cars and holiday packages directly through the Travel Centre. Clear Options Gold cardholders, on the other hand, can redeem points for a wide range of travel accessories via the Suncorp Bank Rewards website, but can’t redeem points through the Travel Centre.
- Frequent flyer point transfers. Platinum and Business cardholders also have the option of transferring points to the Velocity or KrisFlyer frequent flyer programs. The transfer rate is 2.5 Suncorp Bank Rewards points for 1 frequent flyer point or mile, with a minimum transfer or 25,000 Suncorp reward points.
- Gift cards. The Suncorp Bank Rewards program offers gift cards for a variety of retailers, including David Jones, Myer, Bunnings Warehouse, iTunes, Hoyts and Woolworths, ranging from $50 to $500.
- Account credit. You can convert your points into either a statement credit or to pay for your card’s annual fee. Statement credit redemptions start from 20,000 points for $50 cash back, while annual fee redemptions range from 18,000 to 48,000, with dollar values between $45 and $120.
- Technology. Tech items and gadgets include GPS systems, cameras, phones and computers, as well as a wide range of accessories.
- General merchandise. Reward options in this category include jewellery, sporting goods, cookware, beauty products and toys.
How do I redeem Suncorp Bank Rewards?
Reward options start from as little as 3,900 points and can be redeemed by following the steps below:
- Log in to your Suncorp Bank Internet banking account.
- Go to “Credit Card Services”.
- Click on “Rewards” and follow the prompts to get to the online catalogue.
- Browse the catalogue or search using specific terms you’re interested in (for example, “gift cards”).
- Select your reward, click “Add to cart” then follow the prompts to complete your redemption.
Alternatively, you can call Suncorp Bank’s Rewards department on 13 11 75 and follow the prompts.
What if I don’t have enough points for my chosen reward?
If you haven’t earned enough points to redeem the reward that you want, you may be able to use a combination of points and cash. This “points plus pay” option is available for any reward that lists it. It’s also available for all Travel Centre redemptions. This allows you to get the rewards you want with a combination of points and cash, for more flexibility.
What are the other factors to consider before choosing a Suncorp Bank Rewards card?
If you’re interested in getting a Suncorp Bank credit card to earn rewards, make sure you also consider the following factors.
- Annual fee. All the Suncorp Bank credit cards that offer rewards charge annual account fees between $45 p.a. and up to $169 p.a. Ideally, the value of the rewards you get should outweigh this yearly cost.
- Additional cardholders. You can boost your points balance by sharing your credit account with a partner or family member. Both the Suncorp Bank Clear Options Gold and Platinum cards offer up to four additional cardholders at no extra charge. The Suncorp Bank Clear Options Business credit card offers up to 99 additional cardholders and charges an annual fee of $45 per cardholder.
- Interest rates. Interest charges will apply if you carry a balance on a Suncorp Rewards credit card. For example, say you had a $2,000 debt on the Suncorp Clear Options Platinum card, which has a standard variable purchase rate of 20.74% p.a. If you carried this balance for a month, you would pay around $34.50 in interest. If you only made minimum payments on this card, it would take 28 years and 7 months to clear this debt, at a total cost of $8,967. Make sure you consider these costs before choosing a credit card so that you can find one that is affordable for you.
- Overlimit fee. While the possibility of earning points can make it tempting to use your card more often, if you max out your Suncorp Bank credit card you’ll have to pay a fee of $0. This charge is debited to your account on the date your credit limit is exceeded and on each statement date in subsequent statement periods if your account remains over its limit.
- Cash advances. You won’t earn rewards if you use your credit card to get cash out, or for other cash advance transactions. You will also be charged a cash advance fee and the cash advance interest rate from the time a purchase is made, making it an expensive way to use your card.
- Complimentary extras. Suncorp Bank Rewards credit cards come with a variety of unique perks, ranging from a best-price guarantee service on the Clear Options Gold credit card to international travel insurance on the Clear Options Platinum card. The Business credit card also includes a range of features to make financial management easier.
The Suncorp Bank Rewards program is designed to offer you more benefits for paying with a Suncorp credit card, with competitive earn rates and flexible reward redemptions. Now that you know more about this program, you can compare it to other rewards credit cards to find an option that suits your needs.
Frequently asked questions
Can I transfer my Suncorp reward points to Qantas frequent flyer points?
No. Qantas is not a partner of the Suncorp credit card Rewards program. But if you have a Suncorp Clear Options Platinum credit card you can choose to opt in to Suncorp Qantas Frequent Flyer for an additional annual fee of $49. This option earns you 0.5 Qantas Points for every $1 spent, which will automatically be transferred to your frequent flyer account at the end of each statement period.
Can I earn Qantas points if I have a Suncorp Clear Options Gold credit card?
No. The Suncorp Bank Qantas Frequent Flyer option is only available to Suncorp Clear Options Gold cardholders that enrolled before 31 October 2011.
Where can I find my points balance for the Suncorp credit card Rewards program?
You can check your points balance and account details by logging in at www.suncorpbankrewards.com.au. Once you’re signed in, go to “Home”, then “My Account”, and then select the “Points Balance” option.
This will display details about your transactions for the current month, including when you earned points or if you redeemed them. It also has options for viewing transactions and balances for previous months.