The Bank of Sydney Platinum Mastercard is a cashback rewards card that offers $8 back for every $1,000 of eligible spending, which is equivalent to a 0.8% cashback rate. It also offers a 6.99% p.a. interest rate on purchases for the first 6 months, which goes to 18.49% p.a. after that. Its $129 annual fee is competitive with other cashback and platinum cards but unlike most credit cards on the market, it’s only available to new or existing Bank of Sydney home loan customers.
Bank of Sydney Platinum Mastercard Credit Card
- Balance transfer rate for 6 months with no balance transfer fee
- 0% p.a.
- Purchase rate for the first 6 months (reverts to 18.49%)
- 6.99% p.a.
- Annual fee
- $129 p.a.
- Interest-free on purchases
- Up to 55 days
The Bank of Sydney Platinum Mastercard offers both cashback rewards and platinum perks for current or new home loan customers of the bank, including complimentary insurances. If you have some big-ticket items to buy, the introductory 6.99% p.a. purchase rate gives you a way to save on interest for the first 6 months. The 18.49% p.a. interest rate that applies after that is on par with other similar credit cards. But if you think you’ll carry-over a balance, keep in mind that some other credit cards offer 0% interest on purchases for 6 months or more.
Introductory 6.99% p.a. purchase rate for 6 months
Competitive cashback rate of $8 per $1,000 of eligible spending
Only available to new or existing customers
3% foreign transaction fee
|Product Name||Bank of Sydney Platinum Mastercard|
|Balance transfer rate p.a.||0% for 6 months, then 18.49%|
|Balance transfer limit||95% of available limit|
|Purchase rate p.a.||6.99% for 6 months, then 18.49%|
|Interest-free period||Up to 55 days on purchases|
|Cash advance rate p.a.||19.49%|
|Min credit limit||$6,000|
|Minimum monthly repayment||3% of the closing balance or $10, whichever is greater|
|Late payment fee||$10|
|Foreign currency conversion fee||3%|
|Cash advance fee||3% or $3, whichever is greater|
|Additional cardholder fee||$0|
How to apply
If you're a new or existing home loan customer, you can apply for a Bank of Sydney Platinum Mastercard by filling in an enquiry form online. Alternatively, you could visit a branch or call 13 95 00.
If you're eligible, you'll need to provide some key documents and details as part of the application, including:
- Bank of Sydney home loan details
- Personal details and ID
- Financial details
- Cashback rewards. This card offers an equivalent cashback rate of 0.8%, which is earned as $8 per $1,000 of eligible spending.
- Introductory 6.99% p.a. purchase rate. Purchases made with this card in the first 6 months will attract a relatively low introductory rate of 6.99% p.a. After the introductory period, an 18.49% p.a. interest rate applies to purchases.
- Balance transfer offer. Request a balance transfer with Bank of Sydney and you'll get an introductory 0% p.a. balance transfer rate for the first 6 months. After the introductory period, any remaining balance will attract the card's purchase rate.
- Interest-free days. You'll get up to 55 days interest-free on purchases made with this card when you meet the repayment requirements listed on your statement.
- Complimentary insurances. This card gives you access to complimentary transport accident insurance when you travel overseas, as well as purchase security insurance and extended warranty cover.
- Digital wallets. You can add this card to Apple Pay and make payments straight from your iPhone, iPad or Apple Watch.
Rates & fees
- Annual fee. This card has a $129 annual fee.
- Purchase rate. Outside of any promotions, there is a 18.49% p.a. interest rate for purchases.
- Cash advances. If you use this card for cash advance transactions, such as withdrawing cash from an ATM, a 3% cash advance fee will apply. You'll also be charged a 19.49% p.a. cash advance interest rate straight away.
- Foreign transaction fee. A 3% fee applies for transactions made overseas or online in a foreign currency.
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