Heritage Bank Visa Platinum Credit Card. The fees, rates & info

Whether you’re an avid traveller or new to overseas adventuring, making sure you always have an easy way to pay and access funds is vital. One option for ensuring this while abroad is to use a credit card, though this may not always be the most cost-effective solution.

In this guide, we’ll take a look at the Heritage Bank Visa Platinum Credit Card. We cover its benefits, limits, fees and charges and more when using it in Australia or internationally, so you can decide if it’s the right fit for your needs.

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The Heritage Bank Visa Platinum Credit Card

The Heritage Bank Visa Platinum Credit Card is advertised as a premium card that makes it easy to shop in person or online both in Australia and while travelling overseas.

It provides, among other things, interest-free days, 0% interest balance transfers, Platinum Insurance coverage and a bank rewards program alongside added Visa offers and perks.¹

Who is this credit card for?

This card is worth a look for anyone seeking a credit card that gives added value through extras and rewards while also facilitating flexible spending. With access to Visa travel support and complimentary travel insurance, it may also suit those who frequently head overseas.

The main features and benefits of the Visa Platinum Credit Card

Holders of this credit card with Heritage Bank can make use of several features and benefits such as¹:

• Up to 55 days interest-free on purchases
• 12 months 0% interest on balance transfers
• Access to the Heritage Credits banking rewards program
• Platinum Insurance cover both for travel overseas and purchases, extended warranties and more when in Australia
• Protection against unauthorised purchases via Visa's Zero Liability policy
• Easy, secure payments via digital wallets

Heritage Bank Visa Platinum Credit Card rewards

Heritage Bank offers an in-house rewards program through which cardholders can earn Heritage Credits on their eligible spend, through special promotions and at membership anniversaries.²

These credits can then be used to redeem home and lifestyle products or gift cards, both physical and digital, via the Heritage Credits Portal. There is no option to transfer these credits to a preferred frequent flyer program at this time.

This program is separate from the Visa Offers + Perks benefit linked to the card which may reward cardholders with or provide access to exclusive presales, offers, giveaways or other benefits. This program is managed by Visa, not Heritage Bank.

The cons of using this card

While several benefits come with this card, some potential downsides should be considered before making an application. These include:

• An annual fee of AUD$125 applies unless you spend over AUD$35,000 annually on approved Visa purchases¹
• Earning rewards can take some time depending on your typical spend with $1,500 per calendar month needing to be spent to earn just 3 Heritage Credits. For example, a Coles $50 eGift card is valued at 32 credits meaning you would have to potentially spend $16,000 on your card to be eligible for this reward²

The credit limits you get with this card

The minimum credit limit on this card is AUD$6000. The maximum limit available to you will be outlined in your credit contract that is offered following successful application.³

Requests can be made to alter the upper limit at any time, but remain subject to approval by Heritage Bank. Should you wish to lower the minimum credit limit below AUD$6000, Heritage Bank advises that you may need to switch to an alternative credit product.³

What are the fees for this card?

As with most credit cards, fees and charges apply for using Heritage Banks Visa Platinum Credit Card both in Australia and overseas.

Outlined below are the main fees associated with this credit card.

Fees*	Heritage Bank Visa Platinum Credit Card⁴
Maintenance fees	AUD$125 annually, unless AUD$35,000 of approved Visa spend is made
Points / cash back	Heritage Credits are redeemable for rewards via the bank’s reward portal. AUD$1500 monthly spend earns 3 credits.²
Late repayments	AUD$20
Local/Foreign ATM fees	2.00% of the withdrawal amount charged whether in Australia or abroad (minimum fee of $2.50) If withdrawing overseas, 3.00% of the transaction amount will also apply as a foreign exchange fee NB: ATM providers may also charge their own fees in addition to the above
Interest rates	17.99% p.a. on purchases 19.99% p.a. on cash advances
Additional cardholders	First two cards are complimentary, $7.50 per card thereafter

*As seen on 27 May 2024

Heritage Bank Visa Platinum Credit Card exchange rate used

All transactions made overseas using this credit card will be converted to AUD from the local currency using a rate determined by Visa International.³ This typically includes a margin taken by Visa as a facilitator of the transaction.

For instance, spending USD$1000 using Visa’s exchange rate will cost you $1,517.67 AUD.⁵ If we compare this to the mid-market rate used by Wise, this would be AUD$1501.68 (See pricing here). *

This alone accounts for approximately AUD$16 which is charged in addition to any other transaction fees.

*Both rates as seen on 27 May 2024

How do you get a Heritage Bank Visa Platinum Credit Card

To secure a Visa Platinum Credit Card with Heritage Bank, you will need to lodge an enquiry with them online.

You will need to provide some basic information to complete the enquiry form including your date of birth, residency and employment status, requested credit limit, details of any debts and your preferred contact number.

Once you have made an enquiry, Heritage Bank advises that they will endeavour to call you back the same day or within 2 days.¹

What are the eligibility requirements for getting this credit card

To be eligible to apply for a Heritage Bank Visa Platinum Credit Card, you must⁶:

• Be at least 18 years of age
• Be an Australian citizen or permanent resident
• Not be currently bankrupt or in a Part 9 debt agreement
• Not have applied for more than 5 loans or credit products in the past 6 months

Heritage Bank outlines in its enquiry form that as part of determining eligibility, a credit check will also be performed.⁶

What documentation is needed to apply?

Heritage Bank should advise you directly on what documentation is needed to process your application when responding to your initial enquiry.

While this is not outlined on their website at this time, as with any credit card application, you will likely be asked to provide:

• Proof of identity such as a current driver's licence or passport
• Employment and income details such as a recent payslip
• Details of your expenses and any existing debts you hold

How long does it take to get the card?

There is currently no clear advice on Heritage Bank’s website regarding how quickly a physical Platinum Credit Card will be available to approved applicants.

For further information regarding this, please speak with a Heritage Bank representative directly at the time of application.

What else do I need to know?

Before deciding if Heritage Bank’s Visa Platinum Credit Card is right for you, we recommend considering the following:

• Balance transfers and cash advances are not eligible for an interest-free period unless otherwise advised during a promotional period.³
• The earning rate for reward credits is considerably lower than many other competing credit card reward programs
• Balance transfers and cash advances are not eligible transactions for earning Heritage Credit reward points³

Contacting Heritage Bank

To speak with Heritage Bank regarding this credit card product or for help as an existing card holder, you can contact them 24/7 at:

• 13 14 22 within Australia or
• +61 7 4694 9000 from overseas

The Wise Account and Debit Card

With a Wise Account you can hold money in 40+ currencies and spend it in 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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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Note! Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or protection under the Financial Claims Scheme (for deposits up to $250,000AUD), will not be available with the Wise Account. See how Wise safeguards your money.

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Sources:

1. Heritage Bank - Visa Platinum Platinum Credit Card
2. Heritage Bank - Heritage Credits
3. Heritage Bank - Terms & Conditions pgs. 18, 25, 29
4. Heritage Bank - Fees & Charges pg. 9, 11
5. Visa - Currency Calculator
6. Heritage Bank - Eligibility

Sources checked on: 27 May 2024