Bank of Sydney Visa Platinum Card Review

Information verified correct on April 28th, 2017

Pay an introductory rate on purchases, 0% p.a. on balance transfers for 6 months, and earn cash rewards that don’t expire.

The Bank of Sydney Platinum Credit Card lets you earn cash rewards for the purchases you make. You'll be able to enjoy a low introductory rate on purchases as well as 0% p.a. interest balance transfers for the first 6 months. Travel accident insurance provides cover to you and your family members.

Product NameBank of Sydney Credit Card Platinum
Balance transfer rate (p.a.)0% p.a. for 6 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (18.49% p.a.)
Purchase rate (p.a.)6.99% p.a. for 6 months (reverts to 18.49% p.a.)
Annual fee$129 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.)19.49% 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.
Minimum Monthly Repayment2% or $10, whichever is greater
Minimum Income$50,000
Card TypeVisa
Late Payment Fee$10
Complimentary Travel InsuranceYes
Available To Temporary ResidentsNo
Minimum Income$50,000
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.
Annual Fee$129 p.a.
Minimum Repayment2% or $10, whichever is greater
Late Payment Fee$10
Additional Cardholder Fee$0 p.a.

Bank of Sydney Platinum Credit Card review

While a number of credit cards that offer rewards have limitations when it comes to redeeming reward points, this is definitely not the case with the cash rewards that this platinum card offers. A 0% p.a. balance transfer rate allows you to transfer balances from other cards and you'll also have access to complimentary travel insurance that offers cover in different situations. Up to 55 interest-free days are there for the taking as well.

Benefits of the Bank of Sydney Platinum Credit Card

  • Balance transfer offer This card charges a 0% p.a. interest on balance transfers, and this rate stays in effect for 6 months from the card’s approval date.
  • Interest rate offer A low purchase rate of 6.99% p.a. applies for the first 6 months. At the end of this period the rate changes to a standard 18.49% p.a. purchase rate.
  • Cash rewards Every $1,000 you spend on eligible purchases earns you 0.008 in cash rewards. As long you your account is in good standing, your rewards won’t expire.
  • Complimentary insurance When you use your Bank of Sydney Platinum card to book travel tickets, you and your immediate family members receive complimentary travel accident insurance, with cover of up to $500,000 available.
  • Platinum concierge service Use this round-the-clock global service to book tickets for events, make travel plans, locate restaurants, send gifts, translate business documents and more.

Features of the Bank of Sydney Platinum Credit Card

  • Annual fee - The Bank of Sydney Platinum Credit Card attracts an annual fee of $129.
  • Credit limit - The minimum credit limit of this card is $6,000.
  • Balance transfer offer - If you use this card for balance transfers, you get to keep paying 0% p.a. interest on the transferred balance for the first 6 months.
  • Introductory interest rate - For the first 6 months, this card charges a low introductory purchase rate of 6.99% p.a.
  • Rewards - You earn cash rewards in accordance to your spending on eligible purchases, and your cash rewards credit automatically to a linked Bank of Sydney savings account.
  • Interest-free days - If you pay the account’s outstanding balance in full before each due date you can get up to 55 interest-free days on purchases.
  • Complimentary insurance - Use this card to book travel tickets and you'll get complimentary travel accident insurance.
  • Additional cards - You can get an additional card for anyone over 18 years of age linked to your Bank of Sydney Platinum card, and you don’t have to pay any additional card fee.
  • Visa benefits - This payWave enabled card gives you the ability you to make contactless payments for purchases under $100, while Verified by Visa provides additional security in the online world.

How to apply for the Bank of Sydney Platinum Credit Card

Visit your nearest Bank of Sydney branch to apply, or download an application and once it’s complete you can mail it, fax it, or drop it at any Bank of Sydney branch. You have to meet certain eligibility criteria to apply, which  are as follows:

  • You’re at least 18 years old
  • You’re an Australian resident
  • You earn a minimum of $50,000 p.a.

The application requires that you provide different types of information, which comprises the following:

  • Personal details like your complete name and driver’s license number
  • The name and contact details of a relative or friend who does not live with you, to serve as reference
  • Your employer’s name and contact details
  • Financial information comprising of your income, liabilities, and assets

Getting this platinum credit card provided by the Bank of Sydney can make sense if you want to earn cash rewards or use it for balance transfers, but given that certain other cards come with similar features, take some time to compare it with others before you apply.

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Credit Cards Comparison

Rates last updated April 28th, 2017
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Earn 2 Velocity Points on top of the standard earn rate per $1 spent within the first three months. Plus, save with a long-term balance transfer offer and a reduced annual fee in the first year.
20.74% p.a. 0% p.a. for 18 months with 1.5% balance transfer fee $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months. Also, enjoy an annual fee waiver in the first year.
0% p.a. for 3 months (reverts to 19.74% p.a.) 0% p.a. for 12 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info
NAB Premium Card
An introductory rate of 0% p.a. for 24 months on balance transfers combined with premium benefits such as travel insurance covers.
19.74% p.a. 0% p.a. for 24 months with 3% balance transfer fee $90 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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