Macquarie Bank credit cards. Great Value

Macquarie Group Limited is a successful financial services corporation listed on the Australian Stock Exchange.  As the owner of Macquarie Bank Limited, an authorized deposit taker, its operations are regulated by APRA, the Australian banking regulator.  The banking arm enjoys an Australian government guarantee on all its borrowings.

Credit cards are part of the banking operations of the group. Two credit cards are offered – a ‘Rate-Saver’ Visa card and their Platinum Rewards Visa card. If you think that one of the Marquarie credit cards are for you once reading below, feel free to use the easy application tools at Credit Card Application – simply navigate to the card of your choice and click the “apply now” button to fill out your online application.

Macquarie ‘Rate-Saver’ Visa card.

This card offers good value.  If the interest-free period of up to 55 days on purchases does not apply, their standard interest rate – currently 11.95% – is in the ‘sweet-spot’ pricing for low-rate credit cards.  As an inducement to become a Macquarie client, they are offering four-months interest-free on all credit card balances transferred from other card issuers.  That’s almost as good as you can get at the moment (except perhaps, for their second card, the Platinum Rewards Visa – see later).  On a balance transferred of say $3,000, the savings over the four months could be over $180 compared with a card with a 17.99% purchases interest rate.

Their annual fee of $55 and their cash advance rate currently 18.95% per annum, are both at the low end of the scale.

Platinum Rewards Visa Card.

Rewards cards are variations of the plain-vanilla credit card.  The Macquarie Platinum Rewards Visa card has 55 days interest-free like its low-cost cousin.  Its interest rate of 18.95% is around the mark for this type of card – the extra interest and fees help cover the cost of the rewards services they enjoy.

The Platinum card offers a six months totally interest-free term on balance transfers before the rate is reset to the standard rate for this card.  The annual fee ($200) is quite hefty, but the savings and rewards more than offset this.

Back to our earlier $3,000 balance transfer example.  Over six months, you could save over $270 in interest based on your old 17.99% card.  Assuming your current annual fee is $50, after pre-paying the $200 Platinum Rewards card fee you’re still about $120 ahead for the six months.  A Macquarie Platinum Rewards card then costs only $2.50 a month more than your current card.

So what do you get for the extra $2.50?

•    Earn 1.25 Reward points for every dollar spent on the card
•    For bookings made via their travel channel, Rewards accrue an extra 2 points per dollar
•    Spending with some fabulous partner businesses also attracts bonus Rewards points
•    The points do not expire and there is no limit to the number you can accrue
•    All travel and merchandise purchased with your card is automatically covered with  their complimentary insurance
•    Exclusive access to Macquarie Group’s trusted adviser articles and research
•    For a limited time, access to exclusive founding members events like invitations to specially organised fashion shows, arts, sporting and other monthly VIP events and special offers.  Among the events planned for June 2009 are the Wallabies vs. Barbarians clash viewed from a private suite, a luxury spirits appreciation event.  In July, there’s a high tea party in Brisbane, a Lindt chocolate appreciation evening and a wine odyssey experience – all the things you probably don’t need and may involve a cost, but would be good fun all the same!
•    Four free additional cardholders – others limit this to two, or charge extra

Redeem your points for a range of flights, gift cards, merchandise and special experiences.

The Macquarie Visa credit cards have appeal to people with different lifestyles and preferences.