Macquarie Visa Platinum - 40,000 points for $5000 spend - $99 1st Yr Fee

[Cruiser Elite]

Not as self employed but close, I own my own company (sole director). They asked for last years tax return (mine not the companies).

Thanks - same boat - if I can get to that stage will be home and hosed but previously have been flatly rejected.

 

[Bazzi]

Thanks - same boat - if I can get to that stage will be home and hosed but previously have been flatly rejected.

I am also sole director of my own company, have good financials albeit on a modest income, no reckless spending, credit cards paid out every month, have a small mortgage by today's standards and no other debt but I am still a perceived credit risk AND I can't find out why.

 

[Images]

I applied for a Mac Platinum Visa as soon as the offer was announced as the benefits of QANTAS FF points and no fee were worthwhile. I have been a Mac Bank client for over a decade and use them for banking and also for share trading with my S.M.S.F. I was asked to provide copies of pay slips, when I informed them that I was retired and that my income came from a S.M.S.F. I was asked to provide a number of years tax returns. I refused to send tax returns or for them to contact my accountant as I would not accept paying him to confirm income details. I insisted they contact my Macquarie broker for my financial information. Within a few weeks the black envelope arrived!


My card will be up for renewal soon so I contacted Mac call centre to explain that 1QFF point per 1$ was not worth the renewal fee. My options were:


To cancel the card.
To be given a reduced fee for the card.
To downgrade to a lesser card.
In the event that Mac increase their points I could change from my present cards of choice,
A.N.Z. AM EX 1.5 QFF per 1$
Citi Business Visa 1.25 QFF per 1$
I did not want to have to reapply for a Mac card.


I have just been contacted by Mac's Philippines call centre saying they do not allow a move to a lower card, I must cancel my Platinum card and reapply for a new card! So it looks as though a long standing Macquarie customers with considerable funds invested through Mac. Will not be keeping their card next year.

 

[Berlin]

Does anyone know what exactly [FONT=Arial, Helvetica, Verdana, sans-serif]"new applicants" [/FONT]means to Mac? I know that the JQ Mastercard is issued by them and I had one of these last year but long cancelled that one. Am I eligible for this totally different (and Mac branded) offer or would they argue that I'm an "old" customer who's returning?

I'd love to take up this offer but just wanna make sure I don't end up with yet another credit card and not even get my bonus points...​

 

[Newk]

Has anyone applied for this card as a self employed person and, if so, how was proof of income confirmed - financials, call to your accountant?

I'm self employed and have failed before.

This time I understated my income (no idea why but someone here suggested it might work) and I said I was "employed" by my office. I got them to ring the "payroll office" (actually one of the account staff) and BINGO.

Could all be a fluke. I'll never know.

 

[burmans]

I am also sole director of my own company, have good financials albeit on a modest income, no reckless spending, credit cards paid out every month, have a small mortgage by today's standards and no other debt but I am still a perceived credit risk AND I can't find out why.

Have you pulled your credit file from Veda, you can do this for free (though there are a few hoops), there may be something on there you are unaware of (or is just plain wrong)

 

[burmans]

Does anyone know what exactly "new applicants" means to Mac? I know that the JQ Mastercard is issued by them and I had one of these last year but long cancelled that one. Am I eligible for this totally different (and Mac branded) offer or would they argue that I'm an "old" customer who's returning?

I'd love to take up this offer but just wanna make sure I don't end up with yet another credit card and not even get my bonus points...​

Well I was actually working for Mac Bank a few years ago and had a Visa Platinum then (amusingly as a Foundation member and it still says that) but they regarded me as "new" again a few years later.

 

[Bazzi]

Have you pulled your credit file from Veda, you can do this for free (though there are a few hoops), there may be something on there you are unaware of (or is just plain wrong)

Thanks for the advice Burmans and I found the link to 'the hoops'. I am confident that I don't have any black marks on my file but I suspect a contributing factor may be that the combined available credit limits on my/our existing credit cards is twice my yearly income. I have only once asked for an increase of $500 to my limit 12 years ago (and the bank gave me $5k!) other the limit increases have been automatically done by the cc providers. Despite the fact that I can provide years of statements to prove that my cards are paid out each month, I was once told by a bank officer that I could go on a shopping spree at anytime and max out the cards - not so sure he would have said that to a male client! We recently changed our loan facility to another product with the same institution and one of the conditions they tried to impose was a reduction of the cc limits to one tenth of what they were. We flatly refused to do this and they backed off.

I only want the Mac Bank card to top up our QFF points. Might give Mac Bank a call and see what they require re docs and go from there.

Might take a lead from Newk and apply as MD and give my partner the honorary title of CFO for them to confirm fins.

 

[blu]

Does anyone know what exactly "new applicants" means to Mac? I know that the JQ Mastercard is issued by them and I had one of these last year but long cancelled that one. Am I eligible for this totally different (and Mac branded) offer or would they argue that I'm an "old" customer who's returning?

​

No problems, did that myself (many others probably have too).

 

[Coops1]

I'd love to take up this offer but just wanna make sure I don't end up with yet another credit card and not even get my bonus points...​

Same boat with a cancelled JQ card, just had my first statement for the card, checked QFF online and the 1st of the 20,000 pts posted as JQ platinum bonus even thought its the Mac card...... Lol.

Will easily make the $5000 spend for the extra 20k, with minimal pts missed by using Mac Visa instead of Wpac Black Amex 3pts/. $ for some transactions. Won't be keeping it longer than 11.5mths

 

[burmans]

Thanks for the advice Burmans and I found the link to 'the hoops'. I am confident that I don't have any black marks on my file but I suspect a contributing factor may be that the combined available credit limits on my/our existing credit cards is twice my yearly income. I have only once asked for an increase of $500 to my limit 12 years ago (and the bank gave me $5k!) other the limit increases have been automatically done by the cc providers. Despite the fact that I can provide years of statements to prove that my cards are paid out each month, I was once told by a bank officer that I could go on a shopping spree at anytime and max out the cards - not so sure he would have said that to a male client! We recently changed our loan facility to another product with the same institution and one of the conditions they tried to impose was a reduction of the cc limits to one tenth of what they were. We flatly refused to do this and they backed off.

I only want the Mac Bank card to top up our QFF points. Might give Mac Bank a call and see what they require re docs and go from there.

Might take a lead from Newk and apply as MD and give my partner the honorary title of CFO for them to confirm fins.

It is certainly true that most banks treat your card limit as being "available" for use in credit decsioning regardless of whether you actually use it, same for redraw capability on your home loan. If you do want to apply for more credit cards you may consider reducing your limits, you would also notice from a credit file that it only has applications over last two years I think and there is no oindication of limit. Use that info as you wish.

 

[Bazzi]

Thanks again Bermans, I'm loathe to reduce the limits simply because I would probably never qualify for them again, and I will use that information.

 

[Plat_Flyer87]

Financial institutions cannot see the limit of your credit cards. They do however know how many current credit providers you have - this is listed on your credit file under the heading 'consumer credit information'.

 

[Nizar]

Financial institutions cannot see the limit of your credit cards. They do however know how many current credit providers you have - this is listed on your credit file under the heading 'consumer credit information'.

Does this file get updated when a card is cancelled ?

 

[DeKa]

Does this file get updated when a card is cancelled ?

No, it stays there as an application for 5 years.

 

[burmans]

No, it stays there as an application for 5 years.

Actually to be pedantic they are enquiries not applications. What some dont know is that if you get a loan via a broker is they may enquire at multiple financial orgs on your behalf but only end up making final application at one. Each of these will make an enquiry on your bureau file, so enquiries do not necessarily mean you ended up with credit. There is a seperate part of your credit report (current credit provider) which does mean you actually have an account but not all credit providers use this.

 

[coles525]

Actually to be pedantic they are enquiries not applications. What some dont know is that if you get a loan via a broker is they may enquire at multiple financial orgs on your behalf but only end up making final application at one. Each of these will make an enquiry on your bureau file, so enquiries do not necessarily mean you ended up with credit. There is a seperate part of your credit report (current credit provider) which does mean you actually have an account but not all credit providers use this.

I can vouch for everything said, all the banks/providers mainly listed are enquiries, saying you have contacted them for a quote (ie: some include amount & reason of like $45,000 for joint loan maby).

The other area I have is that ONLY 2 of my credit card providers are listed as current credit (ff cards!) providers.

No one else can see what's not on your file

Always wise to get updates though, as banks/cc providers can always add themselves as a current active provider.

 

[k3nnis]

I see that you can earn bonus points with this card. i.e. at Intercontinental , JB Hifi etc, does it apply to Qantas opt in customers or only for customers choosing Macquarie rewards?

 

[The Rok]

The credit score will mean more than the applications.

 

[Nizar]

The credit score will mean more than the applications.

How is the score determined ?