Macquarie RateSaver Card
Get 0% on balance transfers for 14 months, 0% foreign transaction fees and a $69 annual fee.
The Macquarie RateSaver credit card has the same 15.95% p.a. variable interest rate for purchases and cash advances.
Balance transfer rate
for 14 months
Interest free period
|Product Name||Macquarie RateSaver Card|
|Balance transfer rate||0% p.a. for 14 months|
|Balance transfer revert rate||Purchase Rate (15.95% p.a.)|
|Purchase rate||15.95% p.a.|
|Interest-free period||55 days|
|Cash advance rate||21.95% p.a.|
|Min credit limit||$2,000|
|Foreign currency conversion fee||0%|
|Available to temporary residents||No|
- 0% p.a. balance transfer for the first 14 months
- Low interest rate of 15.95% p.a. on purchases
- Up to 55 days interest-free on purchases
- There is no rewards program linked to this card.
|Minimum monthly repayment||2% of the closing balance or $50, whichever is greater|
|Late payment fee||$20|
|Foreign currency conversion fee||0%|
|Cash advance fee||3% or $5, whichever is greater|
|Additional cardholder fee||$10|
Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.
As the name suggests, the Macquarie RateSaver is designed to give you low-cost access to credit. While the 14-month balance transfer offer isn’t the longest on the market, you won’t have to pay a balance transfer fee if you move existing debt onto this card.
If you’re making new purchases, the 0% foreign transaction fees on this card could help you save on costs when you’re overseas or shopping online with retailers that are based overseas. Meanwhile, the 15.95% p.a. interest rate is lower than some cards on the market – but not as competitive as some other low rate cards.
How to apply
You can apply for the Macquarie RateSaver credit card online in around 10 minutes. Get started by checking that you meet the following eligibility criteria and have all the documents and details you need to complete the secure application.
- Minimum income. You must earn a minimum taxable income of $50,000 per year.
Residency. You must be an Australian citizen or permanent resident.
- Age. You must be at least 18 years old to apply.
- Credit rating. You must have a good credit rating.
- Personal details. This includes your full name, date of birth, email address, phone number, residential address, marital status and number of dependents. You also need to provide a valid form of ID, such as your driver's licence number.
- Employment details. As well as your pre-tax annual salary, you need to provide details such as your job title, length of employment and your employer's contact details. If you're self-employed or retired, you need to include your accountant's contact details.
- Financial details. This includes your monthly expenses, such as rent or mortgage payments, utility bills, transport and grocery costs. You also need to provide details about any existing debts or liabilities, as well as any savings or other assets.
- Balance transfer details. If you want to take advantage of the balance transfer offer on this card, you need to include the total amount of debt you want to transfer as well as the existing account's name, number and the financial institution's BSB.
- 0% balance transfer offer. Pay of existing debt with a 0% p.a. interest rate for the first 14 months. With this offer, you can transfer a minimum of $500 from banks, other financial institutions or store cards that are not issued by Macquarie. The introductory period begins on the date your Macquarie RateSaver account is approved and ends 14 months later. If you have remaining debt from your balance transfer at the end of the introductory period, the card's 15.95% p.a. interest rate will apply to the debt. Note that interest-free days do not apply to purchases when you carry a balance transfer debt.
- No foreign transaction fees. The Macquarie RateSaver offers a 0% foreign transaction fee when you use your card overseas or online with a retailer that's based overseas. This can help you save on costs compared to cards that charge fees for currency conversion.
- Mobile payments. Make payments straight from your compatible phone or device by adding this card to your Apple Pay, Google Pay, Fitbit Pay or Garmin Pay accounts.
- Visa Offers + Perks. Visit the Visa Australia website to get access to exclusive retail, travel, dining and entertainment offers around the world.
- Security features. This card offers 24/7 account monitoring and support services, as well as a zero liability policy to help protect you against fraudulent transactions.
Rates & fees
- Annual fee. This card has an annual fee of $69 p.a. for the primary cardholder, which is charged when the account is first opened and then each year around the anniversary of that date.
- Additional cardholders. Add your partner or a loved one to this account for a $10 annual fee per additional card. Note that you will still be responsible for keeping the account in good standing.
- Interest-free days. If you pay off the closing balance in full by the due date on your statement, you can get up to 55 days interest-free on purchases. Note that interest-free days are not available if you have a balance transfer.
- Interest rate. This card has a variable rate of 15.95% p.a. that will apply to your purchases when you're not eligible for interest-free days. If you use this card to withdraw cash or make any other cash advance transactions, an interest rate of 15.95% will apply from the date of the transaction. Note that cash advances are not eligible for interest-free days.
- Cash advances. A fee of $5 or 3% of the value of the transaction applies for cash advances.