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.

It also offers an introductory 0% p.a. interest rate on balance transfers for the first 14 months from the date your account is approved. At the end of the introductory period, the card’s 15.95% p.a. variable rate will apply to any remaining debt from the balance transfer.

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Amy Bradney-George

Last Updated Nov 5, 2020

0% p.a.

Balance transfer rate

for 14 months

15.95% p.a.

Purchase rate

$69 p.a.

Annual fee

55 days

Interest free period

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Details

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.
Annual fee	$69
Interest-free period	Up to 55 days on purchases
Cash advance rate	21.95% p.a.
Min credit limit	$2,000
Card type	Visa
Foreign currency conversion fee	0%

Minimum income	$50,000
Available to temporary residents	No
Joint application	No

Pros

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

Cons

There is no rewards program linked to this card.

Bonus points	N/A

Annual fee	$69
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

Review by

Amy Bradney-George

amy.bradney-george@finder.com

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.

Expert review

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.

Eligibility criteria

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.

Required documents

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.

Card benefits

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.

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6 Comments

Emma
January 13, 2016

Can I transfer the balance from my husband’s Westpac credit card (Which I am an additional card holder) to the Visa RateSaver Credit Card?

finder Customer Care

Jonathan
January 14, 2016

Hi Emma,

Thanks for your inquiry!

Transferring a balance between two separate primary cardholder names is not eligible even if
you are applying as a current additional cardholder. Your husband may like to compare more balance transfer credit cards

Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.

I hope this helps.

Cheers,

Jonathan

annette
August 7, 2013

we have 3 home loans with macquarie and we have 3 credit cards totalling 15,000 is there any way we can transfer all our cards over to u

finder Customer Care

Shirley
August 8, 2013

Hi Annette,

Thanks for your comment.

Please contact Macquarie directly as they can assess you against their lending criteria.

Cheers,
Shirley

Noel
November 8, 2011

Would a dual pension
be excepted ?
Balance transfer of $10.000
Thank you.
Noel

finder Customer Care

Jeremy
November 9, 2011

Hi Noel

I would suggest speaking to BoQ Customer Service to see if they can assist.

Cheers

Jeremy

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