Bankwest More Platinum Mastercard

Bankwest More Platinum Mastercard Review

Rates and fees information correct as at 24 July 2018.

Review published: 26 April 2013

What's hot:

75,000 annual bonus points each year (min. spend, T&Cs apply)
0% p.a balance transfer rate for 6 months (1% BT fee applies)
Multiple 2018 Mozo Experts Choice winner
Complimentary credit card international travel insurance

What's not:

High 21.99% cash advance rate

Mozo snapshot:

Bankwest's More Platinum Mastercard offers a luxury rewards program without the hefty price-tag. The relatively competitive $160 annual fee puts this card well within the realm of the affordable. Yet there is no compromise on rewards quality as new customers can earn 75,000 bonus points every year (min spend applies). You’ll also be happy to hear it took out a 2017 Mozo Experts Choice Award for Best Premium Retail Rewards Credit Card, as well as a suite of awards in the 2018 Mozo Experts Choice Travel Money Awards.

Key features:

The Bankwest More Platinum Mastercard makes luxury affordable. Customers can gain access to a stellar rewards program without being weighed down by hefty annual fees and purchase rates. New customers earn 75,000 bonus points every year if they manage a $48,000 annual spend on eligible purchases.

Every dollar spent is worth 2 rewards points, which can be redeemed for over 3,000 different products. Smart watches and new phones, cashback, flights and hot air balloon rides are all up for grabs - this rewards program truly does offer "more". But be sure to keep an eye on your points balance and your calendar, as points are capped at 400,000 points p.a. and expire after 36 months.

The More Platinum also comes with complimentary credit card international travel insurance, interstate flight inconvenience insurance, purchase protection and concierge service - what a package!

For those customers with existing credit card balances, the More Platinum Mastercard offers a 0% balance transfer rate for 6 months (+1% BT fee). After the 6 months is up, any remaining balance will roll over to the purchase rate, not the cash advance rate, which is great news for any wallet.

Who it's good for:

The Bankwest More Platinum Mastercard is ideal for anyone who is after a unique and extensive rewards program, travel perks and fair rates without hefty fees.

Any catches?

Late payments will cop a $25 late fee - watch out! Make sure to set up "Easy Alerts" in your Bankwest App to remind you.

Product Type	Overall Rating	Price	Features	Service	Convenience	Trust
Bankwest credit cards	7.7 Based on 298 Bankwest credit cards reviews	7.1	6.9	7.7	7.8	7.8

Product Type

Overall Rating

Price

Features

Service

Interest rate is very competitive.Online banking is great which makes monitoring my card and its use very easy.

Full review

Interest rate is very competitive.Online banking is great which makes monitoring my card and its use very easy.

Price 8 / 10

Features 8 / 10

Customer service 8 / 10

Convenience 8 / 10

Trust 8 / 10

Less

Robert (QLD), reviewed almost 3 years 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

Redeem your points for cashback, travel, gift cards, retail rewards and shopping gift cards.
Rewards are redeemed via Flight Centre or Virgin Australia vouchers.
Bonus points available from selected partner merchants.
See Bankwest site for full Terms and Conditions.

Privileges

Concierge
Travel Insurance
Extended Warranty
Purchase Protection

Special offers

Earn 75,000 annual bonus points when you spend a minimum of $48,000 on eligible purchases in that year.

Value of rewards points

Earn $100 cash back reward
Need to spend $19,000 (Mastercard)
Earn $100 gift card reward
Need to spend $18,000 (Mastercard)
Earn Flight: Sydney-Melbourne reward
Need to spend $26,280 (Mastercard)
Earn Flight: Sydney-London reward
Need to spend $212,625 (Mastercard)
Points are capped?
at 400,000 points yearly
Points expire?
36 months

Details behind our 'value of rewards' calculations

Points earning
2 points per dollar on Mastercard, up to 400000 points per year
$100 cash back
38000 points buys a $100 credit
$100 gift card
36000 points buys a Myer $100 Gift Card
Flight: Sydney-Melbourne
50400 points required. 36000 points buys a $100 Flight Centre travel voucher; assumed flight cost is $140
Flight: Sydney-London
346500 points required. 315000 points buys a $1,000 Flight Centre travel voucher; assumed flight cost is $1100

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

Rates

Purchase rate
19.99% p.a.
Intro purchase rate
none
Balance transfer rate
0% p.a. for 6 months and then 19.99% p.a. (1.00% balance transfer fee)
Balance transfer revert to cash
no
Cash advance rate
21.99% p.a.
Interest free days
44

Fees

Annual card fee
$160.00
Introductory annual fee
none
Annual fee spend threshold
none
Reward program fee
none
Late payment fee
$25.00
Cash advance fee
2%, Min $4.00
Foreign exchange margin
0%
Duplicate statement fee
$7.50
Transaction verification fee
$10.00
Additional card fee
$0.00

Other financial bits

Minimum repayment amount
$20.00
Minimum repayment percent
2.0

Features

Additional cardholders
3
Other restrictions
none
Other benefits
none

About Bankwest

Bankwest is the bank best known for Making Banking Easier, an initiative which aims to make banking a more positive experience. Originally from Western Australia, Bankwest has attracted thousands of customers around the country with its competitively priced products such as the Hero Saver. In late 2008 the bank was bought by the Commonwealth Bank, who have promised to retain the Bankwest brand. So if you like the sound of Making Banking Easier, check out Bankwest's range of personal banking products including savings accounts, bank accounts, credit cards, home loans and more.