MyState offers two types of credit cards – do you want one linked to a rewards program or one that attracts a low interest rate?
Comparison of MyState Credit Cards
Types of credit cards that MyState offers
MyState offers two credit cards and they differ in terms of interest, fees, and features, so choose one in accordance to your needs.
Low rate credit cards
While a typical low rate credit card does not offer too much in the form of features, its low interest rate is what works in your favour. You can apply for a low rate MasterCard through MyState, and in addition to its low interest rate you can get up to 55 interest-free days on purchases. You can use this card for balance transfers and take advantage of an introductory rate. In addition, cardholders receive peace of mind through the card’s guaranteed pricing scheme and purchase cover insurance.
Platinum credit cards
A platinum card is ideal for individuals who wish to complement their lifestyles with premium rewards. The Platinum MasterCard that MyState offers rewards you in accordance to your spending, and it also offers a number of complimentary insurance covers. Cardholders get access to a free platinum concierge service as well. This card comes with a special introductory rate for balance transfers and purchases, and you can get up to 55 interest-free days on purchases.
Benefits of banking with MyState
Both credit cards that MyState offers come with their share of advantages, and here’s what you can look forward to as a cardholder:
Complimentary insurance covers
The Low Rate MasterCard offers cardholders protection through the guaranteed pricing scheme and purchase cover insurance. While these are standard with the Platinum MasterCard, this card also offers additional cover through complimentary international travel insurance, interstate flight inconvenience insurance and transit accident insurance.
Platinum concierge service
If you have the Platinum MasterCard you can access round-the-clock platinum concierge service that can assist you in various ways. For example, it can help you with pre-trip information regarding flight and hotel availability as well as help you make bookings. Some of the other services you can expect include pet services, conference services, interpretation services and even assistance with restaurant reservations.
The low rate credit card comes with a discounted interest rate for balance transfers, which stays in place for nine months. The platinum card, on the other hand, offers a 0% p.a. promotional interest rate for six months, and this applies to balance transfers and purchases.
Given the MasterCard connection, you can use both these cards globally. Both these cards make use of PayPass technology, enabling you to make contactless payments for purchases less than $100. Fraudshield is also in place to monitor and detect irregular transactions.
How to apply for a MyState credit card
To apply for a MyState credit card you can call their customer service centre or walk into your nearest MyState branch. You can also complete your application online, and to get started simply click on the ‘Go to Site’ button located next to the credit card of your choice. Establish if you meet the following criteria before you apply. You need to:
- Be over 18 years old
- Be a permanent Australian resident
- Not have poor creditworthiness
- Meet minimum income requirements ($25,000 for the low rate card, and $35,000 for the platinum card)
- Have a valid email address
The application requires you to part with different types of information, which includes the following:
- Personal details. This include your name, date of birth, nationality, marital status, number of dependents, residential address, phone number and email address.
- Employment details. Your employment status, occupation and industry, as well as your employer’s name and contact details will be required.
- Income and expenses. Provide income details from all sources. Expenses include your share of general living expenses and any other recurring expenses. You also have to provide details about existing credit cards, store cards, loans and overdrafts.
What happens next?
After you submit your application, you can expect a phone call in case the MyState requires any more information. An income verification call will then be made to your employer. Upon approval, individuals who are not existing MyState customers have to undergo an identity verification process, as mandated by the Australian government, and to do this you might have to visit a MyState branch.
Frequently asked questions
Here are answers to frequently asked questions about MyState credit cards, and if you have a question of your own you can use the form at the end of the page to ask.
How much time does it take to complete the online application?
If you begin with all the required information close at hand the process should take around 10 to 15 minutes.
Can I check the status of my application?
Yes, you can check the status of your application by visiting the Card Services website.
What is the credit limit and can I request for an increase?
The minimum credit limit of the low rate card is $2,000, and for the platinum card it's $6,000. The maximum limits for the low rate and platinum cards at the time of initial approval are $25,000 and $35,000, respectively. You can apply for an increase in your credit limit, but keep in mind you have to fulfil certain criteria.
What happens to the interest rate when the introductory period is up?
At the end of the introductory period (six months for the platinum card and nine months for the low rate card) any outstanding balance from a balance transfer attracts the card’s cash advance rate. In the case of the platinum card, any outstanding balance from purchases will attract the card’s purchase rate.
Is there a maximum limit for balance transfers?
Yes. You cannot transfer balances exceeding 80% of your card’s credit limit.
Can I apply for an additional cardholder?
You can apply for as many as four additional cardholders.
How do I earn reward points?
The Platinum MasterCard comes linked to the Card Services Rewards Program. When you use your platinum credit card to make in-store, online, or over-the-phone purchases, every dollar you spend earns 1 reward points. These points accumulate in your Card Services Rewards account.
How do I find out how many points I have?
Your credit card statement tells you just how many points you have. You can visit the Card Services website to check how many points you have and you can also call MyState directly.
Do my reward points expire?
No, your reward points don’t expire as long as you keep using your card and you account remains in good standing.
Is there a cap on the number of reward points I can earn?
With the platinum card you can earn up to 100,000 reward points in every 12-month cycle, which begins from the time you enrol in the rewards program.
How do I redeem my rewards?
One way is to visit the Card Services website, and another is to call them directly.
What rewards options do I have?
You can use your reward points to get airline tickets, hotel vouchers, store vouchers and a range of merchandise. You also have the option to transfer your reward points to popular frequent flyer programs like Velocity, KrisFlyer and Emirates Skywards.
Who can redeem my reward points?
While you and the first additional cardholder have authority to redeem reward points, you can grant this same authority to the other additional cardholders as well.