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 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$129 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
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
Cash Advance Fee$3.50 (or 3.50% of amount when >= $100
Overseas Cash Advance Fee$5
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
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

Review of the RACQ Platinum Mastercard

The Royal Automobile Club of Queensland offers a Platinum Rewards Mastercard that offers 30,000 bonus rewards points and a 14 month balance transfer offer. The card has an impressive rewards program that earns 1 point per dollar spent and triple points on RACQ purchases.

If you’re after a simple credit card with, RACQ also offers a Low Rate Mastercard. The Low Rate card attracts a competitive interest rate, a lifetime annual fee of $49 p.a. and 0% p.a. interest on balance transfers.

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 May 25th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
Westpac Low Rate - Online Offer
13.49% p.a.
0% p.a. for 26 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Take advantage of 0% p.a. for 26 months on balance transfers with a one-time 2% balance transfer fee and a $0 first year annual fee.
HSBC Platinum Credit Card
19.99% p.a.
0% p.a. for 22 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($129 p.a. thereafter)
Offers a 0% p.a. for 22 months balance transfer, $0 annual fee for the first year and an annual fee refund each year when you spend $6,000.
NAB Low Fee Card
19.74% p.a.
0% p.a. for 18 months with 2% balance transfer fee
$30 p.a.
Receive complimentary purchase protection insurance, a 18 month balance transfer offer and special offers from Visa Entertainment.
Citi Platinum Credit Card - 100k Bonus Points
20.99% p.a.
0% p.a. for 15 months with 1% balance transfer fee
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn 100,000 reward Points, enjoy a long-term balance transfer offer, a discounted first year annual fee and complimentary travel insurance.

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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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