Macquarie Black Card

20.70% p.a.

0% p.a. for 14 months and then 20.70% p.a.

$299 $99 in the first year

Macquarie Black Card Review

Review published: 25 October 2017

What's hot:

  • Mozo 2017 Experts Choice winner

  • 0% p.a. balance transfer rate for the first 14 months

  • Points automatically credited to Qantas Frequent Flyer program

What's not:

  • High 20.70% purchase rate

  • $299 annual fee

Mozo snapshot:

The Macquarie Black Card is a frequent travellers new best friend, and recently received an Experts Choice Award for Premium Rewards Credit Card. If you’re a member of the Qantas Frequent Flyer program, you’ll have two reasons to smile, thanks to the Macquarie Black Card rewards scheme. Not only are points automatically credited to your Qantas Frequent Flyer account, you’ll also be able to score bonus points on selected Qantas products and services in Australia. 


Key features:

The Macquarie Black Card is a piece of plastic that every traveller needs to have in their backpocket. If you spend $3,000 within the first 60 days of approval, you’ll receive 40,000 bonus Qantas points, which will be automatically credited to your account, or receive 60,000 Macquarie Bonus Points.

To get more specific about points, you’ll earn 1 point per dollar on Visa up to $4,000 a month and then 0.5 points per dollar, uncapped. You also won’t need to worry about the lifespan of your points, as they never expire.

Along with the Qantas Frequent Flyer rewards scheme, you’ll also be treated to other privileges, like complimentary travel insurance, extended warranty on any purchases, purchase protection and a concierge service.

If you’re ready to clear existing debt, you’ll have a 0% balance transfer rate for 14 months, before it jumps to a rate of 20.70%.

Bear in mind though, this prestigious card does come with a hefty 20.70% purchase rate along with a 21.95% cash advance rate, so to avoid these charges, you’ll need to pay off your balance in full each month and avoid the ATM. The card comes with up to 55 interest free days

There’s also a $35 late payment fee and a pricey annual fee of $299, although you’ll only pay $99 in the first year. And if you like your online shopping just as much as the next person, watch out for the 3% foreign exchange margin.


Who it's good for:

The Macquarie Black Card is a great choice for anyone who wants to use a card to fuel their travel addiction through Qantas Frequent Flyer points and other travel perks.


Any catches?

While the Macquarie Black Card is a card that offers a range of privileges to enjoy, you’ll need factor the $299 annual fee into your budget. You’ll also need to steer clear of any ATMs because of the high 21.95% cash advance rate, which isn’t unusual for a black card as they usually incur higher fees. 


How are Macquarie credit cards rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
4.9

Based on 18
Macquarie credit cards reviews

5.7 5.6 4.4 4.4 4.7

Read Macquarie credit card reviews by the Mozo community

Latest review of Macquarie Black Card

Macquarie

Macquarie Black Card (Qantas Frequent Flyer) credit card review

Overall rating   9 / 10

Excellent service across the board

Innovative and proactive. Excellent service across the board

Full review

Innovative and proactive. Excellent service across the board

    Price   9 / 10

    Features   8 / 10

    Customer service   10 / 10

    Convenience   1 / 10

    Trust   10 / 10

Less

Anthony (WA), reviewed 5 months 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

  • Points automatically credited to your Qantas Frequent Flyer account
  • All rewards are redeemed via Qantas Frequent Flyer.
  • Earn bonus points on selected Qantas products and services in Australia.

Privileges

  • Concierge
  • Travel Insurance
  • Extended Warranty
  • Purchase Protection

Special offers

  • Receive 40,000 bonus Qantas Points when you spend $3,000 within 60 days of approval.

Value of rewards points

  • Need to spend $16,160 (Visa)

  • Need to spend $8,000 (Visa)

  • Need to spend $192,000 (Visa)

  • Uncapped

  • Never

Details behind our 'value of rewards' calculations

  • 1 point per dollar on Visa, up to $4,000 per month, then
    0.5 points per dollar on Visa, uncapped

  • 16160 points buys a Myer $100 Gift Card

  • 8000 points buys a Qantas Sydney-Melbourne flight

  • 120000 points buys a Qantas Sydney-London flight

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

Rates

  • 20.70% p.a.

  • none

  • 0% p.a. for 14 months and then 20.70% p.a.

  • no

  • 21.95% p.a.

  • 55

Fees

  • $299.00

  • $99 in the first 1 year

  • none

  • none

  • $35.00

  • 3%, min $5.00

  • 3.00%

  • $7.00

  • $8.00

  • $0.00

Other financial bits

  • $50.00

  • 2.5

Features

  • 4

  • none

  • none

About Macquarie

Macquarie a global financial provider offers a variety of services to its clients. Macquarie provides a variety of products including banking, financial, advisory, investment and funds management services. Since its founding in 1969 Macquarie has become one of Australia's largest companies today.

**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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