Bank Australia Platinum Rewards Visa

18.24% p.a.

No current offer

$189

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Bank Australia Platinum Rewards Visa Review

Rates and fees information correct as at 23 July 2018.

Review published: 23 June 2017

What's hot:

  • Earn 0.75 Qantas PointS per $1 spent

  • Earn bonus points on selected Qantas products and services

  • Complimentary travel insurance and concierge included

What's not:

  • $189 annual fees

  • 3% foreign exchange fee

Mozo snapshot:

The Bank Australia Platinum Rewards Visa card is perfect for frequent flyers always on the go. The more you spend on eligible purchases, the more Qantas Frequent Flyer points you’ll rack up, plus you’ll enjoy plenty of other benefits and rewards including complimentary travel insurance and concierge.

Key features:

The Platinum Rewards Visa card has a purchase rate of 18.24% p.a and an annual fee of $189 with 55 interest-free days on purchases. Customers earn 0.75 Qantas Points for each dollar spent, but be aware the amount of points you can earn is capped at 20,000 per month.

Some financial bits include an additional $59 fee for adding another cardholder to your account as well as a $26 transaction verification fee, $5 cash advance fee and 3% foreign exchange margin. However, there are no penalties for late payments and the minimum repayment amount is just $20 or 2.5%.

Who it's good for:

The Platinum Rewards Visa card is a great choice for those who like to rack up points without limits and redeem through the Qantas network.

Any catches?

While this is a great card for everyday spending, keep in mind there is a 3% foreign exchange fee for when you shop overseas or at international websites. If you're looking for a travel friendly card you can compare deals here.

How are Bank Australia credit cards rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
7.7

Based on 15
Bank Australia credit cards reviews

7.7 7.1 7.7 7.4 7.9

Read Bank Australia credit card reviews by the Mozo community

Latest review of Bank Australia Platinum Rewards Visa

Bank Australia

Bank Australia Platinum Rewards Visa credit card review

Overall rating   7 / 10

Feel-good bank, but needs an app upgrade

This card had the best Qantas points earning rate in the market when I took it up, but they reduced it shortly after! It's still better than most. I also like their company values - customer owned, focus on being a good corporate citizen. It feels...

Full review

This card had the best Qantas points earning rate in the market when I took it up, but they reduced it shortly after! It's still better than most. I also like their company values - customer owned, focus on being a good corporate citizen. It feels good banking with them. But on the downside I would like to see them add more functionality to their app ... can't see statements, can't get alerts when the balance is getting high.

    Price   8 / 10

    Features   / 10

    Customer service   / 10

    Convenience   / 10

    Trust   / 10

Less

Andrew (NSW), reviewed 8 months ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Revealing rewards

How do we do it?

To work out the "Rewards value minus fees" in our Rewards Revealer we:

  • calculate how many points you'd get each year,
  • figure out how many flights or gift cards or cashback credits you could get for those points,
  • work out what that's actually worth to you,
  • take off the annual fee you'd pay.

More details:

  • Our calculations are designed to help you compare the value of different rewards schemes. To do this, we've looked at earning a one-way Sydney-Melbourne flight excluding taxes and charges, a return Sydney-London flight excluding taxes and charges, a $100 shopping Gift Card and $100 cashback. Most cards will also offer other rewards, which may be worth more or less than the ones we've shown.
  • We have made no allowance for bonus points for using your card at specific merchants, introductory offers or special offers. We have not assigned any value to instant discounts, insurances, ticketing and concierge services or other such benefits.
  • Rewards value calculations do not take credit card interest into account. If you do not pay off your card each month you may be better off looking for a card based on interest rates than on the value of rewards.
  • In products that have more than one card, a different mix of spend between American Express / Visa / Mastercard will give different results. Mozo's Rewards Revealer lets you choose the mix based on the way you would use such a product, and gives you tailored results.
  • We assume flights purchased with airline points are 'classic' or 'reward' economy seats with restricted seat availability. 'Any seat' rewards will probably cost more.
  • To compare the value of flight rewards, we sample online retail flight prices once a quarter based on the average price on a Wednesday 3 months in advance but outside NSW school holidays. For domestic flights we take the lowest available fare from each flight on that day from Qantas Red e-deal, Virgin Australia Saver including baggage and Jetstar Starter including baggage. We calculate the average price excluding taxes and surcharges for each airline, and also the average across all airlines (which we use when rewards are travel agent vouchers). For international flights, we take the lowest available fares on that same Wednesday from each of Qantas, Emirates, Malaysian, Etihad, Singapore, Cathay Pacific and Thai, assuming a return flight 2 weeks later, calculate the average price before taxes and surcharges and use this as our assumed cost of a flight on any airline.
  • Shopping rewards are based on $100 gift cards from a major national department store.
  • We make every effort to ensure our calculations are correct and up to date but make no guarantees.

Rewards scheme

  • Points are automatically credited to the Qantas Frequent Flyer program.
  • All rewards are redeemed via Qantas Frequent Flyer.
  • Bonus points on selected Qantas products and services.

Privileges

  • Concierge
  • Travel Insurance

Value of rewards points

  • Need to spend $21,547 (Visa)

  • Need to spend $10,667 (Visa)

  • Need to spend $160,000 (Visa)

  • at 20,000 points monthly

  • Never

Details behind our 'value of rewards' calculations

  • 0.75 points per dollar on Visa, up to 20000 points per month

  • 16160 points buys a Myer $100 Gift Card

  • 8000 points buys a Qantas Sydney-Melbourne flight

  • 120000 points buys a Qantas Sydney-London flight

* How did we do it? Find out...

Rates

  • 18.24% p.a.

  • none

  • No current offer

  • no

  • 18.24% p.a.

  • 55

Fees

  • $189.00

  • none

  • none

  • none

  • $0.00

  • $5.00

  • 3.00%

  • $3.00

  • $26.00

  • $59.00

Other financial bits

  • $20.00

  • 2.5

Features

  • yes

  • none

  • none

About Bank Australia

Bank Australia is a customer owned bank. Formerly bankmecu, Bank Australia has over 130,000 customers which act as shareholders of the bank. It offers a full range of products including home loans, savings, credit cards and loan products, and because its shareholders are its customers, they benefit from lower rate and fees. Bank Australia also invests up to 4% of its profits in various community projects every year.

**Saving based on the average difference in fees and charges over 3 years between the most competitive product Mozo can refer a consumer to and the average credit card product input by 6,863 consumers (average balance of $4,262 or balance transfer balance of $5,818, interest rate of 19.6% and annual fee of $36.50) who used the Mozo Credit Card Health Check tool between 1 January 2012 to July 2012.

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