Take advantage of global acceptance and exclusive perks with a Mastercard credit card.
A large number of credit card issuers in Australia provide credit cards that come with a Mastercard connect. Mastercard, by itself, is not an issuer of credit, but functions as a third party payment processor.
It is not very different from its main competitor, Visa, given that credit cards affiliated with both find acceptance in most countries around the world.
The kind of Mastercard that is right for you depends on your particular requirements, and if you don’t pay attention to key aspects, you could end up regretting your choice. This is simply because Mastercard features with tend to have a bearing on the interest and fees you end up paying.
Mastercard Credit Card Comparison
What types of credit cards can I get with Mastercard?
Mastercard has also issued a new card called the MasterMoney account in the United States. This is an innovative card that combines features of both a debit card and a credit card. It is likely to be launched in Australia soon.
- ANZ Low Rate - Low Interest Credit Card
- Bankwest Breeze Mastercard - Low Interest Credit Card
- Bankwest Breeze Gold Mastercard - Prestige Credit Card
- Bankwest Zero Mastercard - No Annual Fee Credit Card
- Bankwest More Mastercard - Rewards Credit Card
- Bankwest More Gold Mastercard - Rewards Credit Card
- Bankwest More Platinum Mastercard - Rewards Credit Card
- Bendigo Basic Black Mastercard - Low Interest Credit Card
- Bendigo Red Mastercard - Credit Card
- Emirate Citibank World Mastercard - Credit Card
- Coles No Annual Fee Mastercard - Credit Card
- Coles Rewards Mastercard - Credit Card
- Commonwealth Bank Low Rate Mastercard - Low Interest Credit Card
- Commonwealth Bank Awards Mastercard - Rewards Credit Card
- Commonwealth Bank Gold Mastercard - Rewards Credit Card
- Commonwealth Bank Platinum Mastercard - Rewards Credit Card
- Commonwealth Bank Student Mastercard - Student Credit Card
- Latitude Low Rate Mastercard - Low Interest Credit Card
- Latitude Mastercard - Credit Card
- Latitude 'GO' Mastercard - Rewards Credit Card
- Latitude Coles Mastercard - Rewards (Petrol) Credit Card
- Latitude Coles Platinum Mastercard - Rewards (Petrol) Credit Card
- ME frank Mastercard - Low Interest Credit Card
What are the benefits of using a Mastercard?
Mastercard is accepted in hundreds of countries and millions of locations around the world. You can use your Mastercard wherever the Mastercard symbol is displayed, including at ATMs, EFTPOS terminals and online.
Just about all newly issued Mastercard credit cards make use of this technology that enables cardholders to make contactless payments for purchases under $100.
You can contact Mastercard's 24/7 customer service team on 1800 120 113 within Australia. This service can help you with the reporting of lost or stolen cards, it can provide emergency replacement cards and cash advances, it can help you find the nearest Mastercard or Cirrus ATM, and it can provide information related to your account.
With Mastercard World, cardholders can take advantage Mastercard wine privileges at participating restaurants, complimentary meals at partnered hotels plus exclusive dining and travelling experiences.
Mastercard Priceless Cities
Mastercard Priceless Cities offers cardholders access to a variety of unique and exclusive experiences ranging across realms like dining, shopping, entertainment, travelling, and golfing.
When you use your Mastercard overseas, you don’t have to worry about making confusing currency conversion calculations. When you use your Mastercard to make a payment, it pays the merchant in the local currency, and bills you in Australian dollars.
What are the features of a Mastercard credit card?
- Easy access to funds. While you can use your Mastercard to make in-store, online, and over the phone purchases, you can also use it for cash advances at ATMs and supporting financial institutions.
- Mastercard SecureCode. This online program provides additional security when your credit card details make it to the online marketplace, minimising the possibility of unauthorised usage. Close to 600,000 online merchants support transactions made using SecureCode.
- Zero Liability. Mastercard’s Zero Liability policy protects cardholders from unauthorised and fraudulent charges made using their cards. You can receive protection though this policy if you meet certain criteria, which include exercising due diligence in keeping your card safe, and reporting theft, loss, or unauthorised use as soon as you find out.
How can I compare Mastercard credit cards?
- Fees. The fees you end up paying depend on the credit card issuer you choose to go with as well as the card you get. While a basic no-frills Mastercard might require you to pay little or no annual fees, you might have to pay a noticeably higher annual fee if you get a gold or platinum Mastercard.
- Interest rate offers. As well as standard purchase or cash advance rates, you can also compare Mastercard products based on any promotional interest rates that can help you cut costs with 0% purchase and balance transfer offers.
- Credit card issuer. Mastercard products are available through a variety of Australian credit card issuers. As they determine many of the features and fees that come with the card, it's important to consider which company issues the card when comparing your options.
- Rewards. While Mastercard does not provide a rewards program, you can find several Mastercard credit cards linked to various rewards and frequent flyer programs. This is something you should consider if you're looking to earn points as you spend.
- Complimentary insurance covers. Some Mastercard products offer complimentary insurance covers including transit accident insurance, interstate flight inconvenience insurance, international travel insurance, purchase cover insurance, and extended warranty insurance.
While Mastercard products offer a variety of benefits, it's important to compare the different products offered by Australian issuers to find the right card for you.
History of Mastercard
Mastercard began operations in the late 1940s, at a time when a number of American banks gave their customers specially issued paper that they could use in the form of cash at local establishments. Mastercard issued its first batch of credit cards in California, to serve as direct competition to the Bank of America card that later went on to become Visa.
With time, a number of franchises evolved in several cities, and in 1966, one such group formed the Interbank Card Association (ICA). No single bank dominated the running of this organisation and member committees came into effect for this very purpose. ICA went on to become Mastercard in 1979.
History of Mastercard in Australia
By the late 1960s, ICA started spreading its wings outside the US, and its initial affiliations were with Banco Nacional in Mexico and the European Eurocard. Japanese members entered the picture in the same year. By the late 1970s, it had members from Japan and Africa. A further expansion in the 1980s saw it entering Asia, Latin America, and Australia.
As of now, Mastercard has over 30 offices around the world, with a particularly strong presence in the Asia-Pacific region. Its Australian headquarters is in North Sydney, NSW. The ‘big four’ banks all offer credit cards affiliated to Mastercard, as do a number of other smaller and regional banks.
Frequently asked questions
How can I apply for a Mastercard credit card?
You can apply for Mastercard credit cards through the issuing institutions online or in-branch. Just make sure you've compared your options and confirmed you meet the eligibility requirements before apply.
How long does it take to apply and how soon will I receive my card?
If you begin the application process with all the required information nearby, the application should take no more than 10 to 15 minutes to complete. After the card issuer approves your application, it can take up to 10 business days for you to receive your card.
What eligibility criteria to I have to meet to apply for a Mastercard?
You should be at least 18 years old, may need to be a permanent resident of Australia, and will need to have a good credit history.
How can I make repayments?
This depends on the credit card issuer, and your options can include direct debits, cash, cheques, BPAY, and Australia Post outlets.