How to Apply for Your Macquarie Platinum Card

The Macquarie Platinum Card is a premium credit card from Macquarie Bank designed for Australians seeking rewards, flexibility, and robust security features.

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This card provides access to the Macquarie Rewards program, allowing cardholders to earn points on everyday purchases. Additionally, it offers interest-free periods, no international purchase fees, and various digital tools that enhance user experience.

Whether you’re looking for a card with flexible reward redemption options or one that integrates seamlessly with mobile payment systems, the Macquarie Platinum Card is worth considering.

With strong digital banking capabilities and comprehensive travel benefits, this card is tailored to frequent travelers, online shoppers, and professionals seeking financial convenience.

Benefits of the Macquarie Platinum Card

Reward Program

• Earn 1 Macquarie Reward Point per $1 spent up to $5,000 per month and 0.5 points per $1 spent beyond that amount.
• Redeem points for eGift cards from over 50 popular retailers, including Amazon, Myer, and Woolworths.
• Convert points to cashback, offering more financial flexibility.
• Track points and redemptions seamlessly via Macquarie’s online and mobile banking.

Interest-Free Purchases

Enjoy up to 55 days interest-free on purchases when the balance is paid in full by the due date.

No International Purchase Fees

• Pay zero fees on international transactions when shopping overseas or from international online retailers.
• Transactions are processed at the Visa foreign exchange rate with no extra charges.

Flexible Payment Options

• Compatible with Apple Pay and Google Pay for mobile and wearable payments.
• Lost or stolen card? Continue using mobile payments without waiting for a replacement.
• Set up automatic payments for added convenience and control over spending.

Security and Insurance

• Overseas and domestic travel insurance for the cardholder, spouse, and dependent children.
• Card Purchase Cover and Buyer’s Advantage Cover for additional purchase protection.
• Macquarie Authenticator app provides an added layer of security, allowing real-time authentication of transactions.
• Fraud protection and transaction monitoring ensure a safer banking experience.

Digital Banking Features

• Travel Mode on the Macquarie Mobile Banking app automatically updates your location and displays the local exchange rate.
• International support is easily accessible via the mobile app.
• Lock and unlock your card instantly if it gets lost or stolen.
• Receive real-time transaction alerts to monitor spending and detect unauthorized transactions.

Prerequisites for the Macquarie Platinum Card

To apply for the Macquarie Platinum Card, you must meet the following criteria:

• Be 18 years or older
• Be a permanent resident of Australia
• Have a good credit rating
• Earn a minimum taxable income of $50,000 per annum

Meet at least one of the following additional criteria:

• Be packaging the credit card with a new or existing home loan
• Be a Business Bank client

Applicants will also need to provide details about their income, expenses, employer, and Australian driver’s license (if available).

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Pros and Cons of the Macquarie Platinum Card

Pros

• Competitive reward points system with multiple redemption options.
• No international purchase fees, making it ideal for frequent travelers.
• Comprehensive travel and purchase insurance.
• Secure and convenient digital banking features.
• Up to 55 days interest-free on purchases.
• Advanced fraud protection and real-time security notifications.

Cons

• Annual fee of $149, which may be high for some users.
• Interest rate of 14.95% p.a. on purchases and cash advances.
• Limited reward point earning rate beyond $5,000 spent per month.
• Cash advance fees apply, making it costly to withdraw cash.
• The minimum income requirement of $50,000 p.a., which may exclude some applicants.

About Macquarie Bank

Macquarie Bank is one of Australia’s leading financial institutions, known for its innovative banking solutions and investment services. Founded in 1969, the bank has expanded globally, serving millions of customers with its diverse range of financial products, including credit cards, home loans, and wealth management solutions.

Macquarie is also recognized for its strong digital banking capabilities, offering customers a seamless and secure online banking experience. With its focus on technology-driven financial services, the bank continues to lead in the digital transformation of banking in Australia.

Who is the Macquarie Platinum Card For?

The Macquarie Platinum Card is best suited for:

• Frequent shoppers who want to earn and redeem rewards on everyday purchases.
• Frequent travelers, thanks to its zero international transaction fees and travel insurance coverage.
• Tech-savvy users who prefer mobile and digital banking solutions.
• Home loan customers looking to maximize benefits by combining their credit card with an offset account.
• Professionals with an annual income of $50,000 or more who can take full advantage of its features.
• Individuals seeking strong security features with real-time transaction monitoring and fraud protection.

How to Apply for the Macquarie Platinum Card

Applying for the Macquarie Platinum Card is simple and can be done online by following these steps:

1. Visit the Macquarie Bank website and navigate to the Platinum Credit Card section.
2. Click on ‘Apply Now’ to start the application process.
3. Provide personal details, including name, date of birth, and contact information.
4. Enter financial information, such as gross annual salary, monthly expenses, and employment details.
5. Submit the required documents, including proof of income and identification.
6. Review and agree to the terms and conditions before applying.
7. Wait for approval, which can take a few days, depending on the verification process.

Macquarie Platinum Card Fees and Tariffs

• Annual Fee: $149
• Interest Rate on Purchases: 14.95% p.a.
• Interest Rate on Cash Advances: 14.95% p.a.
• Cash Advance Fee: $5 or 3% of the transaction amount (whichever is higher)
• International Purchase Fee: Free
• Late Payment Fee: $20 per statement period
• Cash Advance Transaction Limit: $1,000
• VISA Contactless Limit (without PIN): $200 per transaction
• BPAY Daily Limit: Up to the available balance of the account

Conclusion

The Macquarie Platinum Card is a versatile and rewarding option for Australians looking for a premium credit card. With Macquarie Rewards, no international purchase fees, comprehensive insurance, and digital banking features, it offers great value for frequent travelers and high spenders. However, the annual fee of $149 and interest rate of 14.95% p.a. make it essential for users to manage their balances effectively.

If you meet the eligibility criteria and are looking for a credit card that combines rewards, security, and convenience, the Macquarie Platinum Card is worth considering. Before applying, make sure to assess your financial needs and spending habits to determine if this card aligns with your lifestyle.

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