MyState Platinum Rewards Mastercard – Review

Who else wants a platinum credit card that comes with an introductory 0% p.a. rate on balance transfers?

The MyState Platinum Rewards Mastercard comes linked to a rewards program, and if you apply before a given date you can take advantage of a special 0% p.a. introductory rate on balance transfers, which stays in place for the first 14 months. If you're after a credit card that supports you with a competitive ongoing rate, MyState provides a Low Rate Mastercard as well.

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
Rewards ProgramCard Services Rewards Program
Bonus Points on Sign-up20,000
Rewards Points per $ (VISA/MC)1
Rewards Points per $ (AMEX)0
Rewards Points per $ (VISA/MC) Cap100,000
Rewards Points per $ (AMEX) CapN/A
Points ExpiryNever

MyState Platinum Rewards Mastercard Review

The Platinum Mastercard that you can apply for through MyState can compliment your lifestyle in more ways than one. You get a number of options when it comes to redeeming your reward points, and this card offers round-the-clock access to a platinum concierge service. If you use the card in the right manner, you can get up to 55 interest-free days on purchases.

Benefits of MyState Platinum Rewards Mastercard

The MyState Platinum Rewards Mastercard provides a number of benefits. Here’s what you can look forward to when using this card:

  • Earn rewards. This card comes linked to the Card Services Rewards Program where you earn 1 reward point for every dollar you spend. Make eligible purchases in-store, online, or over the phone and reap the benefits of this lucrative program.
  • Receive complimentary insurance covers. Be protected when you travel and spent in Australia and overseas. As a platinum cardholder you get access to a number of complimentary insurance covers, which include purchase cover insurance, guaranteed pricing scheme, interstate flight inconvenience insurance, international travel insurance, and transit accident insurance.
  • Access a platinum concierge service. Platinum cardholders get 24/7 access to a platinum concierge service. You can turn to this service for a assortment of travel, entertainment, and business-related services.

MyState Platinum Rewards Mastercard Features

You can use your MyState Platinum Rewards Mastercard globally, at EFTPOS terminals and at ATMs, wherever you see the Mastercard logo. Given its platinum status, it offers cardholders a number of features:

  • Pay discounted annual fee. Apply in time and you get to keep paying a discounted annual for as long as you keep using your card.
  • Balance transfers. This card allows you to transfer balances from other cards, and you can, as mentioned, look forward to paying interest for the first months when you transfer an existing card balance.
  • Rewards. Every dollar you spend on eligible purchases earns 1 reward point. You can redeem your accumulated points for flight tickets, travel and store vouchers, and in the form of cashback. You also have the option of transferring them to a frequent flyer program.
  • Interest-free days. If you don’t carry over balances from one month to the next you can get as many as 55 interest-free days on purchases.
  • Additional cards. You can get up to additional cards, and even these additional cardholders also earn you reward points.
  • Secure shopping. This is a microchip enabled card, offering you security when you spend. Fraudshield monitors your account for irregular transactions, and SecureCode provides a secondary line of defence when you shop online.

How to apply for the MyState Platinum Rewards Mastercard

You can apply for the MyState Platinum Rewards Mastercard online, just click on the ‘Go to Site’ button to get started.

Eligibility criteria

To apply for this card you have to meet certain eligibility criteria, which includes the following:

  • You’re at least 18 years old.
  • You’re a permanent resident of Australia.
  • You don’t have poor credit rating.
  • You earn a minimum of $35,000 p.a.

Required documents

To complete the application, prepare to part with different types of information, which includes the following.

  • Personal details. Your residential address, phone number, date of birth, marital status, number of dependants and your mother’s maiden name
  • Employment-related details. Your employment status and your employer’s name and contact details
  • Financial details. Your income, expenses, assets, and liabilities

If you apply online, you provide consent to receive your credit card statements and all other documentation electronically via the email address you provide. You can change this preference once your account is open.

This Platinum Mastercard is one you can use to good effect in different circumstances, from balance transfers and interest-free days, to using the platinum concierge service. While this card might be a good option for you, remember to compare your options before you apply to ensure you're getting a good deal.

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Credit Cards Comparison

Rates last updated October 20th, 2017
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
NAB Premium Card - Exclusive Offer
19.74% p.a.
0% p.a. for 24 months
$90 p.a.
Exclusive to finder.com.au and available until 12 November 2017, enjoy a no BT fee, long-term balance transfer offer and complimentary insurances.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
20.74% p.a.
0% p.a. for 18 months
$129 p.a.
Earn 3 bonus Velocity Points per $1 for the first 3 months, a first year annual fee refund and a yearly $129 Virgin Australia Gift Voucher.
St.George Vertigo Platinum
12.74% p.a.
0% p.a. for 24 months with 2% balance transfer fee
$99 p.a.
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
ANZ Platinum Credit Card - Exclusive Offer
0% p.a. for 3 months (reverts to 19.74% p.a.)
0% p.a. for 12 months
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Exclusive to finder, receive 0% p.a. interest on purchases for 3 months and 0% p.a. on balance transfers for 12 months with no balance transfer fee.

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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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