WAW MyCard Platinum Rewards MasterCard Review

Information verified correct on October 23rd, 2016

Earn points for every dollar you spend and receive complimentary insurance with the WAW MyCard Platinum Rewards MasterCard.

The WAW Rewards Platinum MasterCard is a mid-range platinum rewards credit card linked to Citigroup’s Card Services Rewards Program. This card gives you one point per dollar spent, a comprehensive insurance package that includes travel insurance, and a long-term interest free balance transfer offer.

Product NameWAW 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.
Purchase Rate (20.24% 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.
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.
Minimum Monthly Repayment2% or $30 whichever is greater
Card TypeMasterCard
Complimentary Travel InsuranceYes
Complimentary Travel Insurance Cover0 months
Available To Temporary ResidentsNo
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.
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.
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.
Annual Fee$159 p.a.
Minimum Repayment2% or $30 whichever is greater
Overseas Cash Advance Fee$5.00
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders4
Direct DebitYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
Rewards ProgramCard Services Rewards Program
Rewards Points per $ (VISA/MC)1
Rewards Points per $ (VISA/MC) Cap100,000
Points ExpiryNever

WAW MyCard Platinum Rewards MasterCard review

This card is all about rewards and complimentary insurance packages, of which there are six. Notably, the travel insurance options cover you for both overseas and domestic travel options, while items you buy with the Platinum Rewards MasterCard are covered by various insurance options.

When it comes to rewards, you can earn up to 100,000 points every year with this card. Card Services isn’t the biggest loyalty program in Australia, but it does offer similar rewards redemption options to many other programs, with an extensive range of flight and non-flight rewards.

The annual fee is 0% p.a. To put this in perspective, you’d need to spend approximately $26,000 every year to get a $100 gift card (17,900 points to redeem) through the rewards program. If your annual credit card spending is below this amount, it may be worth looking at a no annual fee rewards credit card.

Benefits of the WAW MyCard Platinum Rewards MasterCard

  • Balance transfer rate. Transfer a balance when you apply and pay 0% p.a. for the first 14 months. Offer ends 31 January 2017.
  • Interest free days. Pay your account in full by the statement period and get up to 55 days interest free on purchases you make with the WAW MyCard Platinum Rewards MasterCard.
  • Free extra cards. You can add up to four additional cardholders to your Platinum Rewards account for no extra charge. Additional cardholders share the same credit limit as the primary cardholder. Each additional card has a different card number so you can identify where charges to the account are coming from.
  • Platinum concierge. A platinum concierge service is available at any time of the day or week, from anywhere in the world.
  • Comprehensive complimentary insurance package. Get automatically covered by insurance policies such as travel and purchases when you meet the activation requirements.

Features of the WAW MyCard Platinum Rewards MasterCard

  • Annual fee. The WAW MyCard Platinum Rewards MasterCard has an annual fee of $159.
  • Purchase rate. The ongoing purchase rate is 20.24% p.a. (variable).
  • Card Services Rewards. Get one Card Services Rewards Point per dollar spent on eligible purchases. Eligible purchases exclude balance transfers and cash advance transactions. Card Services Rewards Points can be redeemed for homewares, technology, fitness and outdoor gear and travel rewards.
  • Travel insurance. Purchase your overseas travel ticket using your WAW MyCard Platinum Rewards MasterCard and you’re covered for the following:
    • Hospital and medical expenses
    • Theft and damage to your personal belongings
    • Loss of income if you’re injured on holiday and can’t work.
  • Interstate flight inconvenience insurance. Provides cover for delayed flights, lost bags and flight cancellations when travelling on a domestic flight.
  • Transit accident insurance. Pays a benefit up to $500,000 if you die travelling as a passenger on a public vehicle. Cover is automatic when you purchase the travel tickets using your Platinum Rewards MasterCard.
  • Purchase cover insurance. Purchase an item with your WAW Platinum Rewards MasterCard and get up to 3 months cover for damage, loss and theft anywhere in the world.
  • Guaranteed pricing scheme. If you buy an item and within two months you see the same item on sale for cheaper, this insurance refunds you the difference in price.
  • Extended warranty insurance. Gives extra warranty for goods purchased with your Platinum Rewards MasterCard in Australia up to one year.
  • Credit limits. The WAW MyCard Platinum Rewards MasterCard has a minimum credit limit of $6,000 and maximum credit limit of $30,000.
  • Minimum repayment. You’re required to pay 2% of the outstanding card balance by the statement due date each month. A late payment fee of  is charged every week if you miss the minimum monthly repayment.
  • No liability for unauthorised transactions. The MasterCard Zero Liability Guarantee gives you a full refund if you’re the victim of credit card fraud.

How to apply for the WAW MyCard Platinum Rewards MasterCard

You can apply online for the WAW MyCard Platinum Rewards MasterCard and the application process should take less than 15 minutes.

Eligibility requirements

Make sure you meet the following eligibility criteria before applying:

  • Age. You must be 18 years of age or older.
  • Residency. You must be a permanent Australian resident.  
  • Credit rating. You must have a good credit rating.
  • Income requirement. You must earn $30,000 or more every year.

Required documents

As well as your personal and contact information, you’re required to provide details about your finances and employment. Also include information for additional cardholders if you want to add a second person to your account.

  • Employment. You may be required to submit your last two or three payslips to WAW to complete your application. If you’re self employed, you can provide tax returns for the last two years. You’re also required to provide your employer’s contact information if applicable.
  • Financials. Include any information about your assets such as property, investments and savings. You’ll also need to provide details of expenses, including mortgage payments, credit card debts and child support payments.
  • Identification. You can use your driver’s licence, passport or medicare card to verify your identity with WAW.

The WAW MyCard Platinum Rewards MasterCard features a competitive 0% balance transfer offer and includes both rewards and complimentary insurance options. But keep in mind that you would need to spend a lot on this card for the rewards to outweigh the $159 p.a. annual fee, and the ongoing purchase rate of 20.24% p.a. will add to your debt if you get a balance transfer or carry a balance from month to month. If you’re looking to pay down a credit card debt through a balance transfer, compare balance transfer credit cards here.

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Rates last updated October 23rd, 2016
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