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Heritage Bank credit card rewards program

Maximise the rewards earned on your Heritage credit card by learning how the Heritage Credits rewards program works.

When you have a Heritage Classic Credit Card or Heritage Visa Platinum Credit Card, or if you hold more than three Heritage Bank products, you automatically gain access to the Heritage Credits rewards program. This allows you to earn Heritage Credits that you can redeem for gift cards or merchandise across several categories, including homeware, jewellery, technology, lifestyle products or experiences.

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How does the Heritage Credits rewards program work?

If you have a Heritage Bank rewards card, you’ll automatically earn Heritage Credits on your spending. You may also earn bonus credits for shopping at nominated bonus partners and during special promotions.

Holding products from more than three of the following Heritage banking product categories also gives you membership to the Heritage Credits program:

  • Savings/access accounts
  • Term deposit accounts
  • Credit card accounts
  • Personal loan accounts
  • Home loan accounts
  • Business loan accounts

Each year you remain a member of the bank and have a qualifying account (or accounts), you’ll earn an increasing number of Heritage Credits. You’ll receive 1 credit per anniversary year if you maintain your membership for 2-4 years, 2 credits per year for maintaining your membership between 5-7 years and 3 credits per year for maintaining your membership for 8 years or longer. The bank will allocate your credits on your account anniversary date.

Which Heritage Bank credit cards earn credits?

There are currently two cards that offer Heritage Credits:

  • Heritage Bank Classic. This is the bank’s basic rewards credit card and offers 1 Heritage Credit for every $1,300 spent in a calendar month. It also offers a competitive annual fee of $55.
  • Heritage Bank Platinum. The platinum card earns 3 Heritage Credits for every $1,500 spent per calendar month and comes with complimentary extras including insurance and concierge services. It also has a low promotional balance transfer rate of 0% p.a. for 12 months, but charges a higher annual fee of $125.

Note: Both cards offer an annual fee waiver when you meet a spending requirement for the year on eligible Visa purchases: $25,000 for the Classic credit card and $35,000 for the Platinum card.

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How to earn more Heritage Credits

As well as earning Heritage Credits for your credit card spending and for membership anniversaries, you can boost your reward balance with the following options:

  • Additional cardholders. Adding an additional cardholder to your account will increase the spending on your card account, which translates into more credits earned. Heritage cards allow additional cardholders at no extra cost.
  • Bonus points. Bonus partners may offer ways to earn additional Heritage Credits, and the program will inform you periodically about these limited promotions. Recent promotions include earning 1 credit for spending over $1,000 per calendar month at RentalRewards.com.au.
  • Promotional credits. You may also be able to earn promotional credits as a result of performing transactions on your Heritage accounts or from using Heritage’s services. The program offers these promotions periodically.

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Using Heritage Credits

When you have earned at least five Heritage Credits, you can use them to redeem a variety of rewards that change seasonally. You can find your reward options in catalogues on the Heritage Bank website or via your Internet banking account. Some popular options include:

  • Gift cards. You may redeem 13 Heritage Credits for a $20 gift card, 32 Heritage Credits for a $50 gift card or 64 Heritage Credits for a $100 gift card. Participating retailers include David Jones, Myer, Target, Woolworths, JB Hi-Fi, Harvey Norman and Priceline.
  • Jewellery. The range of jewellery available varies, but as a recent example, you could get a pair of Swarovski Gentleman Cufflinks for 75 credits.
  • Homewares. A DeLonghi Nespresso Essenza Mini Coffee Machine & Aeroccino costs 148 credits while a BREVILLE Perfect Press costs 78 credits.
  • Technology. You could trade in 80 credits for a Google Chromecast Ul or 90 credits for a White 4GB Kindle 6” Wi-Fi eReader.

How to redeem Heritage Credits for rewards

To browse current offers and make a redemption, follow the steps below:

  1. Log into your online account at heritage.com.au
  2. Click on "Services" then select "Rewarding You". The following page will show your Heritage Credits balance and any current offers.
  3. Browse the available rewards and make your redemption online. Note that shipping charges apply for merchandise redemptions.

If you are short of credits, the program may allow a Credits+Pay redemption, which means you can use a combination of credits and card payment. The Credits+Pay option isn’t available for all redemptions, and where available the credit card payment component must be greater than $5. The entire redemption process may take up to 28 days.

Other key details of the program:

  • Minimum credits. You must have and use at least five Heritage Credits for a reward redemption.
  • Reward options. Reward options vary periodically and are available for a limited time only. You may discover current offers via your online account at any time.
  • Program manager. The program manager will assess all redemption requests and may outline other specific requirements that you need to fulfil to redeem a reward.
  • Limited availability. Rewards are also subject to availability, and your request to redeem a certain quantity of the same redemption item may be limited.
  • Voucher expiry and conditions. If your redemption item is a gift voucher, the voucher will have an expiry date and conditions governed by the issuing store. If you don’t satisfy those conditions or don’t use the voucher before it expires, you will lose these credits.

How to compare Heritage Bank reward cards

If you’re interested in a Heritage Bank credit card that offers membership to this rewards program, make sure you consider the following factors:

  • Earn rate. A card’s earn rate determines the speed at which you earn points and redeem rewards. With the Heritage Platinum credit card, you earn three times as many credits as the Heritage Bank Classic card, but card costs differ.
  • Annual fee. A card’s annual fee represents its biggest administrative cost. Make sure your chosen credit card has benefits that outweigh its costs.
  • Interest rate. Since interest fees represent the other major cost component of a credit card, they are a critical consideration. This is especially important if you tend to carry a balance on your credit card.
  • Interest-free days. Both of these Heritage credit cards offer up to 55 days interest-free on eligible purchases if you pay your balance in full by the due date on each statement. This feature lets you avoid extra charges when you pay with plastic and maximises the value of your rewards.
  • Complimentary extras. These are the extra perks that generally come with rewards credit cards. They include free travel and purchase insurance covers and concierge services, which the Heritage Platinum credit card provides.
  • Other fees and charges. When comparing, you may also wish to consider other fees and charges like the cash advance fee, international transaction fee, ATM fee or late fee.

Heritage Bank credit cards

Mistakes to avoid with a Heritage Bank rewards card

  • Overspending. This is the biggest mistake to avoid, since overspending can quickly lead you into debt. Make sure you’re earning more than you spend, and make sure you’re always able to repay what you’ve spent on the credit card.
  • Carrying a balance. If you don’t fully pay off your monthly credit card bills, interest charges could quickly outweigh the value of your Heritage Credits.
  • Making new purchases when you have transferred a balance. Once you have an outstanding balance on your credit card account, whether it’s because you’ve forgotten to pay a bill or because you’ve had a balance transfer done, you will not be able to enjoy the interest-free period on purchases. Instead, interest will be charged on all new transactions from the time you make them, which can result in unmanageable interest fees in the long run.
  • Not considering the standard features. Promotional rates and features only apply during the promotional period. Make sure you know when the introductory period ends and what standard features will apply. In the case of Heritage cards, the promotional purchase interest rate of 8.95% only lasts for 12 months, after which the standard rate of 16.75% will kick in.
  • Not using other complimentary extras. Make sure you’re paying for complimentary extras that you’ll actually use. For example, if you seldom travel or call a concierge, it would be wiser to choose the Heritage Classic card. This would save you $70 a year.
  • Making cash advance transactions. Cash advances include ATM withdrawals as well as certain bill and government payments. Gambling transactions and purchases of prepaid or gift cards are also considered cash advances. Cash advances incur cash advance fees and accrue interest immediately at the higher cash advance interest rate.
  • Not using Heritage Credits before they expire. Heritage credits expire on 31 December three years after you have earned them. This means that credits you earned on 1 January, 2013 and on 30 December, 2013 will both expire on 31 December, 2016.

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How to apply for a Heritage Rewards credit card

These steps will guide you in applying for your Heritage credit card.

  1. Compare cards. Read our finder credit card reviews and weigh up the features of several competing credit cards before deciding which one will suit you best.
  2. Apply online. Head to the Heritage credit card page and hit “Apply now” to go to the bank’s secure online application page.
  3. Read all the terms and conditions. Check the facts and fine print to ensure that you understand all the terms and conditions pertaining to your chosen card.
  4. Fill out the form. You will be asked for personal details such as your full name, date of birth, street address, driver’s licence number and passport number. Current and past employment details, information about your income, expenses, assets and debt will also be required.
  5. Submit the application. Once you’ve completed the application and authorised a credit check, hit the “Submit application” button. You should get a response from the issuer within a few minutes, either via email or directly on the webpage. If you have received conditional approval, you will also be given instructions about how to proceed and submit supporting documentation for your application, such as images of your passport and driver's licence, payslips or income statements.

The Heritage Credits rewards program could be valuable if you generate high monthly expenses and can take advantage of opportunities to earn bonus and promotional credits. But remember to compare other card and rewards program options before applying and weigh up costs against benefits before choosing your card.

Pictures: Shutterstock.

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