Heritage Bank Platinum

17.99% p.a.

0% p.a. for 12 months and then 17.99% p.a.

$125 $0 when you spend over $35,000 p.a

Heritage Bank Platinum Review

Rates and fees information correct as at 26 April 2018.

Review published: 25 October 2017

What's hot:

  • Mozo 2017 Experts Choice winner

  • 0% balance transfer rate for the first 12 months

  • Redeem points for gift cards or other rewards

What's not:

  • $125 annual fee

Mozo snapshot:

A card made for shopaholics everywhere is the Heritage Bank Platinum Credit Card, taking out an Experts Choice Award for Premium Retail Rewards Credit Card. This rewards card will turn your next shopping trip into your best yet with its rewards scheme, which allows you to redeem points through gift or shopping cards and other retail rewards. There’s also prestigious privileges on offer like, complimentary travel insurance, concierge services and more. But if it’s debt that has you interested, this rewards card also offers a 0% balance transfer rate for the first 12 months.

Key features:

With the Heritage Bank Platinum Credit Card, you’ll be treated to a number of exclusive privileges, including a rewards scheme that allows you to claim your points through retail rewards, like gift of shopping cards. You’ll also have access to 24/7 concierge service along with earning 3 Heritage Credits for every $1,500 spend per calendar month. You'll only need to rack up a balance of 64 credits before cashing in for a $100 gift card. But if you’re more of a social butterfly, you’ll be able to use this rewards card to grab tickets for concerts, shows and sporting events before they even hit pre-sale! 

Another privilege you can look forward to with the Heritage Bank Platinum Credit Card is complimentary insurance, such as international travel insurance, interstate flight inconvenience insurance, transit accident insurance, purchase cover insurance and extended warranty insurance. There’s also a guaranteed price scheme feature - if you purchase an item with your rewards card and find within 60 days another store is advertising the same product for a cheaper price, you’ll be able to claim the difference in price. 

This rewards card has a 17.99% purchase and cash advance rate and a minimum cash advance fee of $2.50. There’s up to 55 interest free days and a late payment fee of $20. But something you will need to factor into your budget is the $125 annual fee and the 3.00% foreign exchange margin if you like your international online shopping. 

And if you’re ready to clear that debt you’ve put off for too long, the Heritage Bank Platinum Credit Card offers a 0% balance transfer rate for the first 12 months, before this rate reverts to 17.99% for leftover debt.

Who it's good for:

The Heritage Bank Platinum Credit Card is a good choice for practical spenders who will use their points towards gift cards or shopping trips.

Any catches?

The earn rate on this card is quite a bit lower than the average rewards card, so you need to carefully consider whether or not the benefits on offer are worth the $125 annual fee.


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

Product Type Overall Rating Price Features Service Convenience Trust
8.2

Based on 44
Heritage Bank credit cards reviews

7.8 7.2 8.5 8.5 8.1

Read Heritage Bank credit card reviews by the Mozo community

Latest reviews of Heritage Bank Platinum

Heritage Bank

Heritage Bank Platinum credit card review

Overall rating   10 / 10

Great options and features on all products

Heritage have always had competitive rates and great options and features on their products.

Full review

Heritage have always had competitive rates and great options and features on their products.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Katherine (QLD), reviewed over 2 years ago

Heritage Bank

Heritage Bank Platinum credit card review

Overall rating   5 / 10

Once upon a time banking was easier

Heritage was a local building society that were good with lots of mini branches. Went to a bank and closed all the mini branches and now longer waiting time in the bank, rarely happened at a mini branch service. Was friendly, not so now.

Full review

Heritage was a local building society that were good with lots of mini branches. Went to a bank and closed all the mini branches and now longer waiting time in the bank, rarely happened at a mini branch service. Was friendly, not so now.

    Price   5 / 10

    Features   5 / 10

    Customer service   5 / 10

    Convenience   2 / 10

    Trust   2 / 10

Less

Monica (QLD), reviewed almost 3 years ago

Heritage Bank

Heritage Bank Platinum credit card review

Overall rating   10 / 10

Comes free for us

Saved on Holiday Insurance.

Full review

Saved on Holiday Insurance.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Paul (QLD), reviewed almost 3 years ago

Heritage Bank

Heritage Bank Platinum credit card review

Overall rating   10 / 10

Fantastic Customer Service

We love Heritage Bank because the staff are so efficient and friendly. They know our names and go out of their way to give us any assistance we require.

Full review

We love Heritage Bank because the staff are so efficient and friendly. They know our names and go out of their way to give us any assistance we require.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   8 / 10

    Trust   10 / 10

Less

Jill (QLD), reviewed about 3 years ago

Heritage Bank

Heritage Bank Platinum credit card review

Overall rating   7 / 10

Great reliability and customer service.

This is a local bank and they don't go in for all the hype that other banks go on with. They are reliable, honest and upfront. They don't try to bamboozle their customers. They are very approachable and always available. Their online service is...

Full review

This is a local bank and they don't go in for all the hype that other banks go on with. They are reliable, honest and upfront. They don't try to bamboozle their customers. They are very approachable and always available. Their online service is very efficient as well. Much prefer this bank to the 'main four'.

    Price   7 / 10

    Features   7 / 10

    Customer service   9 / 10

    Convenience   8 / 10

    Trust   7 / 10

Less

Jillian (QLD), reviewed over 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 gift cards, retail rewards and shopping gift cards.

Privileges

  • Concierge
  • Travel Insurance
  • Extended Warranty
  • Purchase Protection
  • Guaranteed Pricing

Value of rewards points

  • Need to spend $32,000 (Visa)

  • Uncapped

  • 36 months

Details behind our 'value of rewards' calculations

  • 0.002 points per dollar on Visa, uncapped

  • 64 points buys a Myer $100 Gift Card

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

Rates

  • 17.99% p.a.

  • none

  • 0% p.a. for 12 months and then 17.99% p.a.

  • yes

  • 17.99% p.a.

  • 55

Fees

  • $125.00

  • none

  • 35000

  • none

  • $20.00

  • 2%, Min $2.50

  • 3.00%

  • $7.50

  • $12.00

  • $0.00

Other financial bits

  • $30.00

  • 3.0

Features

  • 2

  • $7.50 per card for the 3rd and subsequent supplementary cards.

  • none

About Heritage Bank

Heritage is Australia's largest member-owned bank. With a history going back to 1875, Heritage helps Australians realise their financial dreams. Heritage focuses on putting people first, not pursuing massive profits. They offer customers a full range of competitive personal banking products from home loans, saving accounts, term deposits, credit cards and much 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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