Bank of Sydney

Bank of Sydney Classic Credit Card

Purchase rate

6.99% p.a. for 6 months then 11.99% p.a.

Balance transfer rate

0% p.a. for 6 months and then 11.99% p.a.

Annual fee

$49

Rewards program

Cashback Rewards

Bank of Sydney Classic Credit Card

Purchase rate

6.99% p.a. for 6 months then 11.99% p.a.

Balance transfer rate

0% p.a. for 6 months and then 11.99% p.a.

Annual fee

$49

Rewards program

Cashback Rewards

Details

Details

Mozo Review Bank of Sydney Classic Credit Card Review

Last updated: 2 July 2019.

What's hot:

$4 cashback for every $1,000 spent (min. and max. spends apply)
Low 6.99% purchase rate for 6 months (11.99% after)
0% balance transfer rate for 6 months

What's not:

$49 annual fee
Reward cap of $30,000 per year

Mozo snapshot:

On the hunt for a low rate credit card that rewards you for spending? Look no further than the Bank of Sydney Classic Credit Card, which offers a competitive purchase rate of 6.99% p.a. for six months and 11.99% p.a. after that. You’ll also have the chance to earn cashback when you spend over $5,000 each year.

Key features:

Going to the basics, the Bank of Sydney Classic Credit Card has a low introductory 6.99% p.a. purchase rate, which increases to a still very low rate of 11.99% p.a. after 6 months, and 55 interest free days.

The Bank of Sydney Classic Credit Card also comes with a 0% balance transfer rate for 6 months, giving you some breathing space to get your finances in order and pay down any debt or bills.

There’s a small late fee of $10, so missing the occasional monthly payment won’t cost you an arm and a leg. But you will need to budget for a $49 annual fee.

The Bank of Sydney Classic Credit Card has a straightforward rewards program that gives cashback according to how much you spend on the credit card. You’ll earn 1 point per dollar on Mastercard, with a cap of $30,000 yearly, but one benefit is that these points won’t expire. This means you can keep accruing awards points without fear of any going to waste.

Points are redeemed for cashback and you’ll earn $4 for every $1,000, which means spending $25,000 will get you $100 cashback. All cash rewards are credited directly to your linked Bank of Sydney Savings Account. Just keep in mind there’s a spending minimum of $5,000 and maximum of $30,000 per year.

On top of that, the Bank of Sydney Classic Credit Card is eligible for use with Google Play, Apple Pay and Samsung Pay, so you won’t even need to carry the physical card with you while shopping.

Who it's good for:

As a low rate credit card, the Bank of Sydney Classic Credit Card is a good choice for credit card beginners who are looking for uncomplicated rewards schemes and don’t want to blow the bank if they miss a monthly payment or two.

Any catches?

While existing Bank of Sydney customers can transfer to the Classic Credit Card, the 0% bank transfer rate and 6.99% purchase rate for 6 months are exclusively for new Bank of Sydney credit card customers.

Rewards program details

What your points get you

Fly Sydney to London return

Fly Sydney to Melbourne one-way

$100 Giftcard

25,000 points

$100 Cash

25,000 points

Points earning

1 point per dollar on Mastercard, up to $30,000 per year

Rewards scheme

Earn $4 for every $1000 when you spend over $5000, up to $30,000 per year.

Value of rewards points

Earn $100 cash back reward

Spend $25,000 (Mastercard)

Earn $100 gift card reward

Spend $25,000 (Mastercard)

Are points capped?

at $30,000 yearly

Do points expire?

Never

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.

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.

Rate and fee details

Rates

Purchase rate

11.99% p.a.
Intro purchase rate

6.99% p.a. for 6 months
Balance transfer rate

0% p.a. for 6 months and then 11.99% p.a.
Balance transfer revert to cash

no
Cash advance rate

19.49% p.a.
Interest free days on purchases

55

Fees

Annual card fee

$49.00
Introductory annual fee

none
Annual fee spend threshold

none
Reward program fee

none
Late payment fee

$10.00
Cash advance fee

3.00%, Min $3.00
Foreign exchange margin

3.00%
Duplicate statement fee

$10.00
Transaction verification fee

none
Additional card fee

$0.00

Features

Minimum repayment amount

$10.00
Minimum repayment percent

3.0
Additional cardholders

yes
Other restrictions

none

Payment options

Apple Pay, Google Pay, Samsung Pay

Customer Reviews

How are Bank of Sydney credit cards rated by the Mozo community?

Overall customer rating

8.6/10

Based on 8 Bank of Sydney credit card reviews

Price

8.1/10

Features

8.5/10

Customer service

8.4/10

Convenience

8.3/10

Trust

9.3/10

Bank of Sydney

About Bank of Sydney

See Bank of Sydney credit cards

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Qantas Money

Qantas Premier Everyday

balance transfer rate

0% p.a. for 12 months and then 21.99% p.a.

purchase rate

19.99% p.a.

annual fee

$49 $29 in the first year