Sifting through the range of credit card options available in Australia can get complicated. Suncorp Bank is one institution that offers a range of cards catered to different spending habits and lifestyles, especially for those that travel domestically or abroad frequently.
We’ll get to know one of these cards, the Suncorp Clear Options Platinum Credit Card, going through its features, benefits, eligibility requirements and other things to keep in mind before applying.
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The Suncorp Clear Options Platinum Credit Card is for individuals looking to access credit for their purchases or needing to move a balance over from another provider at a rate of 0% for the first 9 months. On top of accessing credit, customers using this card will gain access to certain rewards programs and complimentary travel insurances.¹
This card is for personal use only and good for paying for everyday purchases and bills.²
The Suncorp Clear Options Platinum card comes with a whole suite of features and benefits including¹:
The complimentary insurances included are a unique benefit of this card, especially for frequent travellers. The insurances included are¹:
With any type of insurance, there are strict eligibility requirements to meet to be able to successfully make a claim. Make sure to check the terms and conditions before you leave to see if you are covered.
| Read more: Prepaid Debit/Credit Card Australia Compared |
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There are two different reward programs that are connected with this card. You will need to choose which one you would like to join when you apply. These rewards programs include:
With this card, customers will be part of the Suncorp Credit Card Rewards program which gives cardholders 1.25 Suncorp Credit Rewards points for every dollar spent.
Points can be acquired by using the card to purchase common everyday purchases such as groceries, fuel, and dining out, but are subject to eligibility.
Points then can be redeemed online on cashback offers, e-vouchers and other rewards Suncorp arranges.
Customers can opt in to earn Qantas frequent flyers points on their Suncorp Clear Options platinum card for an additional annual fee of $49. For every dollar spent on this scheme, customers will earn 0.5 Qantas points, with a cap of spending $8000 per month. Eligibility for purchases apply.
Although this card does come with a few great features, there are a few cons attached with this card. These include¹:
One thing to remember about credit card use is that it’s important to pay off any used balances as soon as you can to avoid costly interest and late fees. If you are someone that knows you’re not the best at making timely payments on loans of any type, a credit card may not be the best option for you.
The credit limits that you have with this card is between $6000 and $100,000.¹
| Read more: Credit cards with no foreign transaction fees in Australia |
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Credit cards are renowned for incorporating fees when cardholders use their cards. Here is a breakdown of some of the fees attached with the Suncorp Clear Options Platinum Credit Card.
| Fees* | Suncorp Clear Options Platinum Credit Card¹ |
|---|---|
| Maintenance fees | $99 for the first year, $129 thereafter |
| Points /cash back | Earn 1.25 suncorp reward points per $1 on eligible purchases |
| Late repayments | $30 |
| Local/Foreign ATM fees | In Australia = $3.50 or 3.5% whichever is greater Outside Australia = 1.50% cash advance fee + 21.99% p.a. cash advance rate + potential foreign ATM fees + 3.40% international transaction fee Limit of $1000 per withdrawal |
| Interest/purchase rate | 20.74% |
| Additional card holders | Up to 4 for free |
*As seen on 19th April 2023
When you make purchases overseas or at an overseas merchant, you may need to access a foreign exchange conversion, especially if your card only uses Australian dollars. When spending on your Suncorp credit card, you’ll be accessing the Visa exchange rate on all purchases or ATM withdrawals.² Suncorp states that 1% of the foreign transaction fees charged on foreign purchases or withdrawals are sent to Visa for using their services.¹
To get a Suncorp Clear Options Platinum Credit Card, you can apply online through Suncorp’s website. The application process involves filling out an online form that requests you fill in³:
The form should take around 10 minutes to complete, and once submitted, the application will be processed within 5 to 7 business days.
Before you can think of applying for a Suncorp Clear Options Platinum Credit Card, you need to know if you meet the eligibility requirements. To be eligible for this credit card, you’ll need to⁴:
To prove these requirements, you’ll need to submit a few documents to Suncorp. These include:
These all can be uploaded via the online application form and you can request to get all application status updates via electronic methods.⁴
It can take up to 5 to 7 business days to receive your new credit card. You will be able to activate this credit card using the internet banking portal.³
New customers that apply for this credit card before July 31st 2023 will get a limited time offer of 120,000 suncorp credit rewards points on the first $3000 spent in the first 90 days of having the card. This amount of point is equivalent to $500 in e-vouchers.¹
If you are a new customer and need to speak to a Suncorp representative directly, you can contact Suncorp by:
If you are already an existing customer, you can get in contact via your internet banking portal or find the range of options here.
If you aren't confident that a credit card is what you’re looking for, but still want a card that saves you money when travelling, why not check out Wise.
Wise offers easy solutions for avoiding hidden foreign transaction fees — with the Wise Account and the Wise Debit card.
Not only can you use your Wise Account to hold and convert over 40 currencies, but you can order your own Wise Debit card to connect to your Wise Account and spend online or overseas at the mid-market rate — just like the one you see on Google.
Forget unexpected international transaction fees or high conversion rates, say hello to the world with the Wise Account.
Safe travels.
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Sources:
Sources checked on: 18 April 2023
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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