Macquarie Black Card Review

Information verified correct on December 10th, 2016

Receive 60,000 bonus Macquarie Reward Points when you meet the minimum spend requirement, plus receive complimentary insurances with the Macquarie Black Card.

Manage your expenses wisely and indulge in premium features with the Macquarie Black Card. This card offers Macquarie Rewards allowing you to earn points as you spend on your card. Plus, you’ll rack up a bonus 60,000 Macquarie Reward points when you spend $3,000 within 60 days of approval.

As well as 4 additional cards, a low balance transfer offer, complimentary insurances and up to 55 interest-free days on purchases, the card is a competitive mix of both practical and luxurious features.

Product NameMacquarie Black Card
Rewards ProgramMacquarie Credit Card Rewards Program
Balance transfer rate (p.a.)0% p.a. for 14 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Purchase Rate (20.7% p.a.)
Purchase rate (p.a.)20.70% p.a.
Annual fee$99 p.a. annual fee for the first year ($249 p.a. thereafter)
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.)21.95% 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.
$15,000
Minimum Monthly Repayment2.5% of the total balance or $50, whichever is greater
Minimum Income$70,000
Card TypeVisa
Late Payment Fee$35
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Complimentary Travel InsuranceYes
Complimentary Travel Insurance Cover3 months
Available To Temporary ResidentsNo
Minimum Income$70,000
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.
Good
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.
$15,000
Annual Fee$99 p.a. annual fee for the first year ($249 p.a. thereafter)
Minimum Repayment2.5% of the total balance or $50, whichever is greater
Late Payment Fee$35
Over Limit Fee$30
Cash Advance Fee$5 or 3% of the value of the transaction, whichever is the greater
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders4
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • A discounted annual fee of $99 applies on the first year.
  • Receive up to 60,000 bonus points when you apply, are approved and meet the required spend.
  • Earn 2 Macquarie Reward points for every $1 spent.
  • Request up to 4 additional cards for no extra fees.

Cons

  • There is a high revert standard annual fee of $249.
Rewards ProgramMacquarie Credit Card Rewards Program
Bonus Points on Sign-up60,000
Rewards Points per $ (VISA/MC)2
Rewards Points per $ (AMEX)0
Rewards Points per $ (VISA/MC) CapUncapped
Points ExpiryNever

Macquarie Black Card review

The Macquarie Black Card is designed for regular credit card users who want to get a little extra from their credit card. You’ll be rewarded with Macquarie Reward Points whenever you use your card for eligible purchases. If you’re carrying a high interest debt, you can repay it faster with the 0% p.a. interest on balance transfers for the first 14 months. Travel and spend with peace of mind thanks to a range of complimentary travel and extended warranty insurances. There's a reduced annual fee of $99 for the first year and then reverts back to the standard annual of $249 thereafter.

Benefits of the Macquarie Black Card

Some of the reasons you might want to consider the Macquarie Black Card include:

  • Bonus points offer. You’ll receive 60,000 bonus points if you spend $3,000 within the first 60 days.
  • Macquarie Rewards. You’ll earn 2 Macquarie Reward points per $1 spent on eligible purchases and a bonus of 4 Macquarie Reward points on Macquarie Personal Travel. You can then redeem these rewards for a range of travel bookings, gift cards, experiences and more.
  • Balance transfer offer. Free yourself from debt with a 0% p.a. balance transfer offer for the first 14 months after approval. This will revert to the standard interest rate on purchases when the offer ends.
  • Interest-free days. If you pay your balance in full before the due date each month, you can enjoy up to 55 interest-free days on future purchases.
  • Complimentary insurances. So long as you meet the eligibility requirements, you’ll receive Overseas Travel Insurance for you, your spouse and any dependent children. Plus, you can also take advantage of Interstate Flight Inconvenience Insurance and Extended Warranty Insurance on your purchases.
  • Concierge service. Receive top service to help organise your tasks whether you’re booking a flight, picking a restaurant or buying the perfect gift, your own professional assistant is available over the phone 24/7.
  • Limousine travel. Arrive in style by booking a limousine transfer through your 24/7 Concierge service and receive 20% off your booking. These discounts are capped at $100 per year.

Features of the Macquarie Black Card

  • Reduced annual fee. The card has a reduced annual fee of $99 for the first year and reverts back to the standard annual fee of $249 thereafter, if you sign up for the Macquarie Rewards program.
  • Additional cards. You can receive up to 4 additional cards for no extra annual fee.
  • Purchase rate. You’ll pay an interest rate of 20.7% p.a. on all purchases.
  • Cash advances. Cash advances, such as ATM withdrawals, will collect 21.95% p.a.
  • Minimum repayment. If you conduct a balance transfer, each month you’ll need to pay a minimum repayment of either 2.5% of the total balance or $50, whichever is greater.
  • Security. You can shop safely thanks to Visa’s Zero Liability policy and 24/7 online account monitoring.

How to apply for the Macquarie Black Card

If you’ve compared your options and decided to apply for this card, you can begin your online application by selecting the green “Go to Site” button. Before you apply though, make sure you’ve met the following eligibility requirements and have organised the necessary documents to improve your chances of approval.

Eligibility criteria

  • Applicants must be at least 18 years old to apply.
  • Only permanent residents of Australia can apply.
  • You’ll need to have a good credit history to receive approval.
  • You must earn a minimum taxable income of $70,000 p.a.

Required documents

  • You’ll need to provide your Australian driver’s licence number.
  • You’ll be asked to provide your gross annual salary and monthly expenses.
  • Make sure to have your current employer’s contact details (address and phone number) ready. If you’re self-employed or retired, you’ll need to provide your accountant’s details.

The Macquarie Black Card offers both premium and practical features. As this isn’t the only Black rewards card on the market though, you’ll benefit from comparing your options before applying to determine whether it’s the right card for you.

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4 Responses to Macquarie Black Card Review

  1. Default Gravatar
    | September 16, 2016

    What is MyCurrency personal shopper?
    And when does the $7 fee for information request apply as an example? Thanks

    • Staff
      Jonathan | September 20, 2016

      Hi Mariella, thanks for your inquiry!

      The MyCurrency personal shopper service is a dedicated customer consultant that sources the reward you want from almost any vendor in Australia. It requires that you have a Macquarie Black Card or Macquarie Platinum Card and have accumulated 150,000 Macquarie Reward points. The value of the item requested must also be a minimum of $1,000.

      In regards to the $7 fee for information request can you clarify where you have seen this detail please?

      Cheers,

      Jonathan

    • Default Gravatar
      | September 20, 2016

      In list of card fees and charges

      Thanks

    • Staff
      Jonathan | September 22, 2016

      Hi Mariella thanks for the response, we can’t seem to find this detail on our end. Would you mind linking us to the page where this detail is outlined?

      Cheers,

      Jonathan

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Rates last updated December 10th, 2016
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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au 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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