Bankwest More World Mastercard

19.99% p.a.

0% p.a. for 6 months and then 19.99% p.a. (1.00% balance transfer fee)

$270

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Bankwest More World Mastercard Review

Rates and fees information correct as at 23 April 2018.

Review published: 29 November 2016

What's hot:

  • Unlimited complimentary airport lounge visits each year at participating lounges through LoungeKey

  • 2.5 rewards points per $1

  • 115,000 annual bonus points each year (minimum spend applies)

  • Multiple Mozo Experts Choice Award winner 2017

What's not:

  • $270 annual fee

Mozo snapshot:

With 2.5 points for every $1 you spend, no cap on how many points you earn and a 24/7 concierge service, the Bankwest More World Mastercard is a handy piece of plastic to have in your pocket if you’re serious about rewards. New customers can earn 115,000 bonus points every year as long as they spend $84,000 on eligible purchases each year. Our judges were so impressed, it was awarded in the Mozo Experts Choice Travel Money Awards for both Best Value Rewards Travel Credit Card and Platinum Travel Credit Card.

But on the flip side, the $270 annual fee is nothing to sneeze at, so make sure your budget is in order before picking up this premium card.

Key features:

The More World Mastercard is a rewards lover’s new best friend. You’ll bag 2.5 rewards points per $1 spent on this plastic, with no limit on how many points you can earn. Big spenders can really cash in on rewards value, by bagging 115,000 bonus points every year - as long as you rack up an annual spend of $84,000 on eligible purchases. 

There are also a heap of premium perks to enjoy, including a 24/7 concierge service, extended warranty, purchase protection and a guaranteed pricing scheme. Travellers aren’t forgotten either - the card comes with no foreign transaction fees on online or overseas purchases, up to 12 months of complimentary travel insurance, interstate flight inconvenience insurance and unlimited airport lounge visits each year via LoungeKey.

All these goodies do come at a price - in this case, it’s a $270 annual fee and a 19.99% interest rate. But as long as you take full advantage of the features on offer, the rewards value should more than make up for the annual fee, and interest can be avoided by paying your balance in full and on time each month.

Other fees to consider include a $25 late fee and a cash advance fee of $4 or 2% of the cash advance, whichever is larger.

If you’re looking at a balance transfer, the More World Mastercard offers a 6 month period at 0% interest p.a. (+1% BT fee), but after that any balance still owing will be charged interest at the regular rate.

Who it's good for:

While you may pay a $270 annual fee, the generous points earning power and freebies mean the Bankwest More World Mastercard is perfect for rewards point lovers.

Any catches?

Although the rewards points on offer are not too shabby at all, one thing to keep in mind is that points expire 36 months after you earn them.

The Mozo community has not yet rated Bankwest for this credit card.

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.
  • Two Priority Pass Lounge visits per year. 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 115,000 annual bonus points when you spend a minimum of $84,000 on eligible purchases in that year.

Value of rewards points

  • Need to spend $15,200 (Mastercard)

  • Need to spend $14,400 (Mastercard)

  • Need to spend $21,024 (Mastercard)

  • Need to spend $170,100 (Mastercard)

  • Uncapped

  • 36 months

Details behind our 'value of rewards' calculations

  • 2.5 points per dollar on Mastercard, uncapped

  • 38000 points buys a $100 credit

  • 36000 points buys a Myer $100 Gift Card

  • 48960 points required. 36000 points buys a $100 Flight Centre travel voucher; assumed flight cost is $136

  • 315000 points required. 315000 points buys a $1,000 Flight Centre travel voucher; assumed flight cost is $1000

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

Rates

  • 19.99% p.a.

  • none

  • 0% p.a. for 6 months and then 19.99% p.a. (1.00% balance transfer fee)

  • no

  • 21.99% p.a.

  • 44

Fees

  • $270.00

  • none

  • none

  • none

  • $25.00

  • 2%, Min $4.00

  • 0%

  • $7.50

  • $10.00

  • $0.00

Other financial bits

  • $20.00

  • 2.0

Features

  • 3

  • none

  • 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.

**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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