Macquarie Bank credit card rewards program

Earn reward points for every dollar you spend to redeem for travel, gift cards and more with the Macquarie Bank Credit Card Rewards program.

Credit card rewards programs can be a great way to get extra value when paying on plastic. If you apply for the Macquarie Platinum Card or Macquarie Black Card, you will be automatically enrolled in the Macquarie Rewards Program. This credit card rewards program lets you earn points on all eligible purchases which you can redeem for a variety of rewards including travel, home and electronic appliances, gift cards and entertainment.

How does the Macquarie Rewards credit card program work?

The Macquarie Rewards Program allows you to earn points for every $1 you spend on eligible purchases when you use a Macquarie Platinum or Macquarie Black credit card. When you have earned enough points, you can redeem them for rewards.

Earning Macquarie Rewards points

The Macquarie Platinum and Macquarie Black credit cards offer the following earn rates on your spending.

Certain transactions, such as cash advances and balance transfers as well as any restricted transactions specified under the Macquarie Rewards Program’s terms and conditions, are not eligible for points.

Learn more about Macquarie credit cards

Redeeming Macquarie Rewards points

Here are some of the various rewards you can get by redeeming your points:

• Flight rewards. Redeem your points for domestic and international flights on various airlines, including Qantas, Virgin Australia, British Airways, Singapore Airlines and Jetstar.

• Other travel rewards. You can trade in your points for hotel, hostel and resort accommodations worldwide.

• Macquarie Personal Travel. Macquarie’s personalised travel agent service allows you to book flights, hotels, tours, cruises, and car rentals as well as create tailored travel packages.

• Gift cards and vouchers. You can redeem your points for gift cards or vouchers at a number of major retailers, including Myer, David Jones, JB Hi-Fi, Priceline and Woolworths.

• Merchandise. This includes personal products, fashion and beauty products, electronics, toys, sports and fitness equipment, kitchenware and homeware.

• Experiences. This category includes outdoor adventures like hot-air balloon flights and Sydney Harbour Bridge climbs as well as luxury activities such as day spa treatments.

• Entertainment. Redeem your points for theme park tickets, theatre seats or luxe cinema experiences.

• MyCurrency. MyCurrency offers you personal shopping assistance. You can spend your points on practically anything you want by having a Macquarie customer consultant source it for you. You will require at least 150,000 points and the item you wish to source must be valued above $1,000.

How to maximise Macquarie Bank credit card rewards

These are some ways to boost your points balance with a credit card that earns Macquarie Rewards:

• Sign-up bonus points. At present, you can earn 40,000 bonus Macquarie Reward points when you spend $2,000 within 60 days of approval or 60,000 bonus points when you spend $3,000 within 60 days of card approval.

• Bonus points from partners. You can also earn additional points by spending at bonus partners. For example, you can earn 3 bonus reward points per $1 spent when staying at Crown hotels in Melbourne or shopping at Wine Direct. Earn limits may apply to these transactions, so make sure you read the Macquarie Rewards terms and conditions for full details.

• Macquarie Personal Travel purchases. You can earn 2 extra bonus points per $1 spent on all travel purchases made through Macquarie Personal Travel when using a Macquarie Platinum or Macquarie Black credit card.

• Additional cardholders. With up to four free additional cardholders, you can ramp up your points earning capability by having family members spend on the same account. Of course, you will still be responsible for paying off the balance and keeping the account in good standing.

How to compare Macquarie Rewards credit cards

It is important to compare credit cards before you apply, so that you can choose one that suits your needs. When looking at Macquarie Bank reward credit cards, these key factors can help you make a decision:

• Earn rate. When it comes to maximising rewards on your everyday spending, the points earn rate can be crucial. While many cards offer 1 point per $1 spent, both the Macquarie Platinum and Macquarie Black cards offer better earn rates. The platinum card offers 1.25 points per $1 spent and the black card offers 2 points per $1 spent.
• Points cap. The Macquarie Platinum limits the number of points you can earn in a year to 250,000 points, while the Macquarie Black has no points cap.
• Points expiry. Your points do not expire as long as your account remains open.
• Bonus points offers. Special offers can be a great way to quickly earn points, but make sure you meet the eligibility criteria and that any required expenditure is worth the points gained.

• Annual fee. This is a primary concern when it comes to credit cards, since the costs of your credit card should not outweigh its benefits. Also, keep in mind that promotional annual fees will revert to higher standard fees in later years.

• Promotional interest rates. If you are prone to carrying an outstanding card balance, low promotional purchase or balance transfer rates can offer you savings on your balance when signing up for a new card.

• Ongoing interest rates. If you carry a balance on your card beyond any introductory interest period, standard interest rates will apply.

• Interest-free days. If you pay your balance in full by the due date on each statement, you can enjoy an interest-free period on purchases for up to 55 days on either the Macquarie Platinum or Macquarie Black.

• Complimentary extras. Depending on the card you choose, you could also get perks such as complimentary travel and purchase insurance, concierge services, airport lounge access and other benefits. If you make use of these extras, they can also help offset the cost of the card.

Mistakes to avoid with a Macquarie Rewards credit card

As with all credit cards, there are some pitfalls to avoid at all costs:

• Overspending. With the prospect of earning points for every $1 spent, you may find yourself tempted to buy more with a credit card, which could lead to ongoing debt.

• Carrying a balance. This is a sure route to debt, since carrying a monthly balance means paying interest on it. It also means you won’t be eligible for interest-free days in the following month, which results in even more interest fees accrued on your purchases.

• Not considering the standard rates. Even if a card’s promotional interest rate is 0%, it will eventually come to an end. Failing to consider the revert or standard rates on a card can lead to high interest fees and debt when the promotional period is over.

• Making new purchases when you have transferred a balance. As long as you carry an outstanding balance on your account, you will not enjoy interest-free days on new purchases. Whether you’ve had a balance transfer or haven’t paid your bill in full for other reasons, making new purchases on the card will incur interest fees immediately.

• Making cash advance transactions. Cash advance transactions aren’t eligible for points and commonly attract high interest charges and fees. Cash advances include ATM withdrawals as well as the purchase of money orders, foreign currencies, prepaid cards, shopping or gift cards and gambling items.

• Not using other complimentary extras. Since you’re indirectly paying for the card’s perks (via the annual fee), it would be wise to make full use of them. This is why it’s prudent to choose a card with complimentary extras that you’ll regularly use, since all these features affect the value of your card.

How to apply for a Macquarie Rewards credit card

Follow these easy steps to apply for a Macquarie Bank rewards credit card:

1. Compare cards. Weigh the features of different cards and find the one that best suits your current needs. Also, make sure that you meet all the eligibility requirements for your chosen card before applying.
2. Apply online. Applying is easy and will only take you about 15 minutes via a secure online application form. Just click “Apply now” and you’ll be taken to the bank’s secure application page.
3. Thoroughly review the card’s terms and conditions. Read and make sure you understand all of the terms and conditions of your card, especially the eligibility requirements for activating your introductory offer, as well as details of your introductory period and promotional rates.
4. Fill out the form. You’ll need to provide your personal details and specific details pertaining to your income, expenses and liabilities. You may also need to submit supporting documentation including copies of your passport and driver's licence, payslips or income tax statements.
5. Submit your application. This process only takes about a minute, after which you will receive an almost-instant response to your application. If you’ve received conditional approval, you will be given further instructions for completing the application process.

The Macquarie Rewards Program is a competitive option when it comes to rewards credit cards. But with so many other cards available, it’s important to compare all of your rewards credit card options and weigh up the costs and benefits of competing cards before deciding which one will best suit your personal needs, lifestyle and spending habits.

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