Mozo Review Bank Australia Platinum Rewards Visa Review
Last updated: 1 October 2017.
Earn 0.75 Qantas PointS per $1 spent
Earn bonus points on selected Qantas products and services
Complimentary travel insurance and concierge included
$189 annual fees
3% foreign exchange fee
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.
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.
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.
Rewards program details
Rates and fees information correct as at 24 September 2018.
What your points get you
Fly Sydney to London
Fly Sydney to Melbourne
0.75 points per dollar on Visa, up to 20000 points per month
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.
Value of rewards points
Spend $21,547 (Visa)
Spend $10,667 (Visa)
Spend $160,000 (Visa)
at 20,000 points monthly
How do we calculate these points?
How do we calculate the rewards?
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.
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.
Latest review of Bank Australia Platinum Rewards Visa
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...
Read 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.
Andrew | New South Wales
reviewed 10 months ago
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.