Macquarie Bank Platinum Visa Card

[PaulZ]

There is a new Platinum Card in town and it looks like it could be pretty good.

Rewards points are probably the most important feature for most.
According to the website you can earn 1.25pts per $1 spend (up to $200,000 annually).
The only question is whether they can be redeemed for Qantas Frequent Flyer Points. If so, I believe this card is FAR superior to CBA and Citibank Platinum Cards.

The fee is only $200.

You are able to get 4 cards on the account, which is a bonus if you want to give one to the kids.

Looks like you will be able to apply from 18/6/07. (And get some further details.)

See Introducing the Macquarie Bank Visa Platinum Card
Also Welcome to the Macquarie Bank Visa Platinum Credit Card - The New Form of Currency


Some of the features:

Become a Founding Member and enjoy these exclusive rewards:

• 0% for 4 months on balance transfers and purchases1
• Up to 55 interest free days
• A discounted interest rate of 17.50%p.a.
• A discounted annual fee of $200
• Up to 4 free additional cardholders
• 1.25 points for every dollar spent2
• 'Founding Member' embossed on your credit card

http://www.newformofcurrency.com

 

[Mal]

Looks ok at first glance, but will need to wait till the launch for full details.

I can't see a Points Transfer option - although you can buy flights using your points directly.

The Insurance cover looks promising, but will need fine print to confirm. It includes domestic (interstate) rental car excess cover which is unusual for Australian CC's.

It has the usual tie-in's with various airlines for oober cool airfare deals (cough).

At least will provide more competition in the Plat space to encourage Westpac/Commbank/Amex et.al to provide better service and features.

 

[NM]

Will be interesting to see where/how the points can be used. I can just imaging redeeming 10K points for a 3 hour parking voucher at SYD domestic terminal.

 

[oz_mark]

A $100 Macquarie Bank Rewards Universal Gift Card comes at a price of 16,575 points. They look incredibly like a Visa debit card

Macquarie Bank Rewards

 

[PaulZ]

Bad News Unfortunately!

It seems that you cannot transfer your points to Qantas FF.

They said maybe in the future, but not at the moment.

Obviously this makes the card less attractive.

 

[DTM1]

the other point that is conveniently not addressed is whether the discounted fee only applies for the first year. my guess is that that would be the case.

 

[Coathanger]

• 'Founding Member' embossed on your credit card

Wow!

Pity about the APA takeover bid, otherwise there would have certainly been QFF points on offer.

The card looks nice, but I like the all in one (credit and debit) card that I currently have.

 

[sparoy]

I was invited sometime last year for their paid market research on this card. Looks like they are implementing some of my suggestions such as better than 1:1 earning ratio and free additional cards but not the uncapped annual limit and no annual fee (at least for the first year).
Well you can't have it all

sparoy

 

[gregff]

Anyone got a pdf of the Terms and Conditions and/or Fees and charges?
Seems like they are not on the website?

 

[BiziBB]

What benefit is there above those already included in Gold cards?

Insurance from ACE - does anyone already have an ACE policy through another card?

Would existing premium Macquarie customers get a waiver on the annual fee (which I take the foundation fee to be $200pa until a fee 'change' once the intro period ends)?

Maybe June is a good time to get one, if the fee is tax-deductible?

 

[beardoc]

Will be interesting to see where/how the points can be used. I can just imaging redeeming 10K points for a 3 hour parking voucher at SYD domestic terminal.

Yes - it strikes me as interesting that they haven't included this information - after all the majority of people that would be applying for this card would be financially savvy persons who would actually be interested in earn:burn rates, etc.

 

[localknowledge]

Myself and my partner signed up for this card, I think it is the best looking card on the Aussie market (understanding there is much more to a card than what it looks like) however that is a crazy reason why we applied, reminded me of the black AMEX centurion, makes us feel rich . Cards arrived within 5 bus. days with the words 'founding member' embossed under our names which look cool. Not sure when or what happens when they would deem to end the 'founding members' benefits. Perhaps higher ann. fee / interest rate when regular accounts kick in, who knows? I think they also hold founding member functions with free drinks etc.

The rewards are good and i believe eventually will offer transfer to QFF. The card does seem geared for high earners i guess (which we are not yet). For example, purchase one business class airfare through the travel dept associated with the card and get the second fare at 1/2 price, terms and cond. would apply but sounds ok. Other travel stuff like int bus. class upgrades also exist. International and domestic travel insurance seems good also (four months coverage for platinum). The T&C include references to a gold card with a 1-1 earn ratio which may be due out soon.

Check it out here: Macquarie Bank Visa Platinum and Visa RateSaver Credit Card - Macquarie

To summarise, we mainly bought the card for the travel insurance as we always plan to do min 1 int personal trip each year, plus also for the looks.

Remember, any CC with rewards attached is essentially designed to make you spend more, if you are not in control of your spending, don't get one, get no frills card instead.

Hope this helps.

 

[beardoc]

The rewards are good and i believe eventually will offer transfer to QFF.

Can I ask, what leads you to believe this? Is it anything that they have said previously?

 

[localknowledge]

Can I ask, what leads you to believe this? Is it anything that they have said previously?

Hi, nothing official yet, just rumours. I read this in a forum on this website or somewhere else, cannot remember. Will have to wait and see.

 

[Mis5P]

Hello
I was thinking about applying for this card.
Any disadvantages to the card?

thanks

 

[vilemerchant]

Myself and my partner signed up for this card, I think it is the best looking card on the Aussie market (understanding there is much more to a card than what it looks like) however that is a crazy reason why we applied, reminded me of the black AMEX centurion, makes us feel rich . Cards arrived within 5 bus. days with the words 'founding member' embossed under our names which look cool.

Sounds like this card is perfect for you, ie/ designed for wankers.

 

[Oneworldplus2]

I agree with vilemerchant, if you mainly got the card for it's looks, what the? I hope you also have you Gucci hangbag and Versace sunnies...you know, just for looks...

But, you did point out that travel insurance was a determining factor for getting the card.
Most Gold and Plat cards come with travel insurance nowdays l believe.

 

[mitchy123]

Does any one know what the customer service is like with the Mac Bank Plat? Is it local or outsourced to o/s? Are they helpful?

 

[localknowledge]

Sounds like this card is perfect for you, ie/ designed for wankers.

We don't have this card anymore, didn't find it that good for flight reward redemptions, looking around for a no annual fee card.

Oh yeah... Thanks for your valued judgements 'vilemerchant'. Not that it matters now, however I was kinda joking when making those comments way back then. I appreciate your input though

 

[localknowledge]

Does any one know what the customer service is like with the Mac Bank Plat? Is it local or outsourced to o/s? Are they helpful?

From memory, customer service was pretty good, and did not appear to be outsourced to o/s. Although, I did not need to call them that much either. Insurance was very good, linked (at the time) to the same mob which does AMEX. Cheers.