RACQ Platinum Rewards Credit Card Review

Enjoy a 0% p.a. interest rate for 14 months on balance transfers and earn 30,000 bonus points when you meet the spend requirement.

This low fee card also offers additional benefits such as complimentary international travel insurance, purchase cover insurance and access to a 24/7 personal concierge service. In addition to 55 days interest-free on purchases, if you are an existing RACQ customer you may be eligible for an annual fee waiver or discount.

Product NameRACQ Platinum Rewards Credit Card
Rewards ProgramCard Services Rewards Program
Balance transfer rate0% 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$129 p.a.
Interest Free Period
The interest-free period is the maximum number of days during which interest is not charged on new purchases. This only applies if you pay your closing balance in full by the statement due date.
Up to 55 days on purchases
Cash advance rate (p.a.)21.74% p.a.
Card TypeMastercard
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
Minimum Income$35,000
Minimum Age18 years of age
Available To Temporary ResidentsNo
Annual fee$129 p.a.
Late Payment Fee$10
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
Cash Advance Fee$3.50 (or 3.50% of amount when >= $100
Overseas Cash Advance Fee$5
Number of Additional Cardholders0

Pros

  • Take advantage of 0% p.a. on balance transfers for the first 14 months.
  • Up to 55 days interest-free on purchases.
  • Receive 30,000 when you spend $3,000 on eligible transactions in the first 90 days.

Cons

  • This credit card charges a relatively high interest rates on purchases and cash advances.
Rewards ProgramCard Services Rewards Program
Bonus Points30,000 bonus points
Rewards Points per $ spent (VISA/MC)1

Features of the RACQ Bank Platinum Mastercard

  • Bonus points. Get 30,000 bonus rewards points when you spend $3,000 on eligible purchases within 90 days of card approval.
  • Balance transfer offer. Receive a 0% p.a. interest rate on balance transfers for up to 14 months. After this period the balance transfer rate will revert back to the cash advance rate, currently 21.74% p.a.
  • Triple points. Earn triple the amount of rewards points on RACQ purchases.
  • Annual fee. The card attracts an annual fee of $129 p.a., which is comparable to other platinum cards on the market. However, if you have other RACQ products you may be eligible for an annual fee waiver or discount.
  • Interest rate. The card charges an interest rate of 20.24% p.a. on purchases.
  • Interest-free days. With this credit card you will receive up to 55 interest-free days on purchases, giving you the opportunity to pay off your balance in full without having to pay additional interest.
  • Rewards program. The Platinum Mastercard features a rewards program that earns 1 reward point for every dollar you spend on your card. These rewards never expire.
  • 24/7 concierge. A 24/7 concierge service is available to assist you with anything from organising gifts to locating restaurants.
  • Security. The Mastercard features a secure chip which protects your details and data. It can also protect you against fraud.

Complimentary insurance policies

  • Purchase cover insurance. Receive complimentary purchase cover insurance with the Platinum Mastercard. This insurance covers loss, theft or accidental damage to a range of personal goods that were purchased on your Platinum Mastercard for a three-month period. Please note an excess applies to claims on this policy.
  • Interstate flight inconvenience insurance. The Platinum Mastercard also comes with complimentary interstate flight inconvenience cover. This protects you against any domestic flight inconvenience and covers cancellations, rental vehicle excess and more. This is perfect for those who frequently travel interstate for business.
  • International flight inconvenience insurance. Complimentary international flight inconvenience insurance is also offered for international flights and covers flight cancellations and delays, medical expenses and loss or theft of property.

If you want access to a host of rewards and features like complimentary insurance cover and 0% p.a. interest on balance transfers, compare the RACQ Platinum Rewards Mastercard with other cards available now.

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Credit Cards Comparison

Rates last updated February 22nd, 2019
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee Product Description
Qantas American Express Ultimate Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$450 p.a.
Receive 100,000 bonus Qantas Points, a $450 Qantas Travel Credit each year and 2 complimentary Qantas Club lounge invitations per year.
Citi Clear Platinum Credit Card
12.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
HSBC Platinum Credit Card
19.99% p.a.
0% p.a. for 22 months
$129 p.a.
0% p.a. for 22 months on balance transfers with no BT fee. Plus, a yearly annual fee refund when you spend $6,000 and 2 lounge passes per year.
NAB Qantas Rewards Signature Card
19.99% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$295 p.a. annual fee for the first year ($395 p.a. thereafter)
Collect 90,000 bonus Qantas Points when you spend $4,000 within 60 days of account opening. Plus, a $295 annual fee in the first year.

Compare up to 4 providers

* 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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