Bank Australia Platinum Rewards Visa credit card for travel

In the market for a new Australian credit card? Maybe one with travel reward perks? There are many different credit card programs out there, each with its own pros and cons.

Some link to certain rewards programs or let you accrue airline miles as you spend while others come with complimentary insurance or special discounts just for cardholders. One option to look at is Bank Australia.

This article will explore the features, benefits and drawbacks of the Bank Australia Platinum Visa Credit Card, before taking a look at the fees to be mindful of and how the application process works.

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The Bank Australia Platinum Rewards Visa Credit card

Bank Australia offers a Platinum Rewards Visa Credit card that provides credit to the cardholder up to a certain limit to pay for purchases. For each purchase reward points can be earned. The owed money is then paid back over time, plus interest, until the full balance has been repaid.

Who is this credit card for?

The card is for people aged over 18 who have a regular source of income and are living in Australia.¹ Since some of the main benefits are travel related it’s a card with some benefits for avid travellers or people wanting their credit card spending to accrue airline points.

The main features and benefits of the Platinum Rewards Visa Credit card

Here are some of the main benefits that might appeal to you about this card.¹

• Up to 55 days interest free
• Complimentary international travel insurance
• Instant transfers from Bank Australia transaction accounts
• Earn Qantas points as you spend

Bank Australia Platinum Rewards Visa Credit card rewards

The rewards program for the Bank Australia Platinum Rewards Visa Credit card is run in conjunction with one of Australia’s largest airlines, Qantas.¹

When you spend with this credit card you’re rewarded with 0.75 Qantas Points for every $1 spent, plus an additional bonus point per $1 for money spent on Qantas services and products within Australia.

The cons of using this card

As with all finance related decisions it’s good to consider the pros and the cons. Here are some of the potential downsides to having Bank Australia’s Platinum Rewards Credit card.

• Interest can apply to purchases, so items may cost more than if you paid upfront
• The rewards points are limited to Qantas
• Set minimum monthly repayments of 2.5% or $20, whichever is greater

The credit limits you get with this card

The minimum credit limit allowed for the Platinum Rewards Visa Credit card is $1000 AUD, which is the same as the other credit cards from Bank Australia.² The maximum isn’t stated, but this is often determined by the bank based on factors like your income, debt and credit check.

What are the fees for this card

Whenever you apply for any credit card it’s always a good idea to check all of the fees and charges that can apply to the account. Here are some of the main fees to be aware of with the Bank Australia Visa Platinum Credit Card.²

Fees*	Bank Australia Platinum Rewards Visa Credit card
Maintenance fees	$189 annual fee (unless waived)
Points / cash back	Receive 0.75 Qantas Points for every $1 spent¹ Additional 1 Qantas Point per $1 spent on Qantas services and products in Australia
Local/Foreign ATM fees	$5 fee for domestic cash advances $5 fee for international cash advances plus a 3$ foreign transaction fee Note: ATM service providers may charge their own fee
Interest rate	20.24% interest rate on purchases with up to 55 days interest free
Additional card holders	$59 annual fee for an additional cardholder

*As seen on 21 June 2024

Bank Australia Platinum Rewards Visa Credit card exchange rate used

If you use this credit card to spend or withdraw funds in a foreign currency the amount is exchanged into the Australian Dollar equivalent using the Visa International foreign exchange rate. This is done on the day that Visa processes the transaction, which isn’t always the day you spent the money.⁴

The rates are available on the Visa website.

Bank Australia has a 3% foreign transaction fee that’s taken when Visa processes the transaction and is automatically included in the AUD amount put on your account.

How do you get a Bank Australia Platinum Rewards Visa Credit card

To apply for a credit card you can go to the Bank Australia and click the button to submit an application. Then follow the prompts before submitting your information for the bank to review.

What are the eligibility requirements for getting this credit card

To get a Bank Australia credit card you need to be able to meet the eligibility criteria.³

• Aged 18 or older
• Reside in Australia
• Have a regular source of income
• Have a healthy credit history

You also need to provide valid identification. If submitting your ID online you’ll need a Medicare card and a driver’s licence or passport. If you can’t provide those you can provide combinations other forms of ID in a branch or by post.

How long does it take to get the card

Bank Australia doesn’t list the current wait time, but if it’s time sensitive you could reach out to their customer service centre for more info or updates.

What else do I need to know?

If you have a Bank Australia credit card and experience financial hardship they do have a process for you to reach out and ask for assistance.⁵ They advise that you reach out early which you can do in any of these four ways.

• Call
• Email
• Visit a branch
• Complete a hardship assistance form and send it in

Once you’ve reached out and provided information they will respond within 21 days.

Contacting Bank Australia

If you want more information about the credit cards offered by Bank Australia you can try these numbers.

• Call 132 888 in Australia
• Phone +61 3 9854 4666 from abroad

The Wise Account and Debit Card

With a Wise Account you can hold money in over 40 currencies and spend it in over 150 countries. You can also order local account details in popular world currencies like AUD, NZD, USD, EUR, GBP to receive local and/or international payments like a local.

Whenever you exchange currencies it’s done using the mid-market rate with a transparent conversion fee shown upfront.

To make everyday spending easier you can order a Wise Debit card for your Wise Account and generate virtual cards as needed. If you have the local currency in your Wise Account the Wise card will use it. If you don’t have local currency converted, it uses smart technology to auto-convert your money at the mid-market rate, for a conversion fee.

The Wise card may suit you better if you’re to spend money that you’ve stored in different currencies within an existing Wise Account, and benefit from 2 or less free cash withdrawals under $350 AU, or foreign equivalent, per month (keep in mind that ATM providers may charge their own fees). You can see our full fee breakdown for ATM withdrawals here.

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Sources:

1. Bank Australia - Platinum Rewards Visa Credit card
2. Bank Australia - Credit card rates and fees
3. Bank Australia - Eligibility and document checks
4. Bank Australia - Fees, charges and transaction limits
5. Bank Australia - Hardship support

Sources checked on: 21 June 2024