MyState Financial Rewards Mastercard

MyState Financial offers an excellent rewards card that comes with great benefits as well as very competitive fees. Let's review some of the ways that you will be able to benefit from this great Rewards credit card from MyState Financial.

Product NameMyState Financial Platinum Rewards MasterCard
Rewards ProgramCard Services 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.
Cash Advance Rate (21.74% p.a.)
Balance Transfer Limit80% of available credit limit
Purchase rate (p.a.)20.24% p.a.
Annual fee$99 p.a. annual fee for the first year ($159 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.)21.74% 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.
$6,000
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$30,000
Minimum Monthly Repayment3%
Minimum Income$35,000
Card TypeMastercard
Late Payment Fee$15
Foreign Currency Conversion Fee (MC)
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.
3.4% of transaction value
Complimentary Travel InsuranceYes
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Income$35,000
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.
$6,000
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$30,000
Annual Fee$99 p.a. annual fee for the first year ($159 p.a. thereafter)
Minimum Repayment3%
Late Payment Fee$15
Over Limit Fee$40
Cash Advance Fee$3.50 (or 3.50% of amount when >= $100)
Overseas Cash Advance Fee$5
Foreign Currency Conversion Fee (MC)
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.
3.4% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes
Product NameMyState Financial Platinum Rewards MasterCard
Table ImageMyState Financial Platinum Rewards MasterCard
Bonus Points20,000 bonus points
Rewards Points per $ spent
1
Rewards ProgramCard Services Rewards Program
Annual fee$99 p.a. annual fee for the first year ($159 p.a. thereafter)
Balance transfer rate (p.a.)0% p.a. for 14 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.74% p.a.)
Purchase rate (p.a.)20.24% p.a.
Cash advance rate (p.a.)21.74% p.a.
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
Card TypeMastercard
Foreign Currency Conversion Fee
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.
3.4%
of transaction value
Minimum Income$35,000
More info

Credit card fees and charges

Despite the fact that this is a rewards credit card, the annual fees are very reasonable at $99 ($159 p.a. thereafter). It is very competitive fees, especially when you take into account the rewards that are offered with the card. You will also be able to add as many as 4 additional credit cards to your account for no charge.

In addition to a great annual fee, there is an introductory balance transfer rate of only 0% p.a. for 14 months. A balance transfer is a great way for you to reduce any existing credit card debt, as you can transfer your balances to this card to take advantage of this great introductory rate. This low interest rate will mean that you can reduce your existing debts a lot faster because you will have less interest to pay.

There are also 55 interest-free days, which allows you to have a little bit more time to pay off your balances, so that you won't incur any interest charges. The purchase interest rate is 20.24% p.a.

What Rewards Can I Earn?

For each dollar that you spend, you will be rewarded with 1 point. Unlike many other reward cards, the rewards on this card do not have an expiry, so you can take as much time as you want to choose your rewards and save up for the ones that you really want.

The rewards program allows you to redeem your rewards points for things such as: travel, cashback, gift vouchers, electronics and gifts for you or your children.

What other benefits are there?

With these great credit cards you will get complimentary purchase insurance for items that you have purchased with your MyState Financial Rewards Mastercard. Items are covered from theft, loss or damage for three months after their purchase.

In addition to this, if you decide to have the Gold card, you and your family will be covered with complimentary insurance that includes overseas travel.

Is this credit card right for me?

This is a very generous credit card. It offers competitive fees and excellent rewards and will be beneficial for a lot of people. But if you do not think that you will be able to pay your balances off every month, then you may want to consider another credit card, since this card does have very high interest rates for purchases.

But if you do plan to spend a lot with this card, then will be a great rewards card for you as you will be able to accumulate a lot of reward points. Contact your local MyState branch to get more information about this great Rewards Mastercard.

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Rates last updated December 14th, 2017
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