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Bank of Sydney Classic Mastercard
Bank of Sydney Classic Mastercard

Bank of Sydney Classic Mastercard

Updated 25 November 2019

Purchase Rate (p.a)

6.99% p.a.

for 6 months. Reverts to 11.99% p.a.

Balance Transfer (p.a)

0% for 6 months No BT fee. reverts to 11.99% p.a.

Annual Fee (p.a)

$49

$0 over 6 months

My transfer amount

Balance transfer from:

My annual fee

My interest rate

Pros and cons

  • 6.99% p.a. on purchases and 0% p.a. on balance transfers for six months for new customers
  • $4 cashback for every $1,000 spent

  • For cashback there is a minimum spend of $5,000 on eligible purchases annually and capped at $30,000

Creditcard.com.au review

Editor Review

Bank of Sydney Classic Mastercard

Roland Bleyer
Credit Card Expert with over 15 years card experience and the founder of Creditcard.com.au. about this card.

The Bank of Sydney Classic Mastercard

As a low cost card, the Bank of Sydney Classic Mastercard offers a low annual fee and low ongoing purchase rate, following a special introductory rate of 6.99% p.a. on purchases for the first six months. The card also offer 0% p.a. on balance transfers for six months, with extras that include cashback rewards and access to Mastercard’s Priceless Cities.

What we love...

One of the most attractive features of the Bank of Sydney Classic Mastercard is its low cost. As a classic card, it keeps things fairly simple, but it does have a low annual fee and a low ongoing purchase rate to make up for its lack of fancy features. New cardholders can enjoy even more money-saving, with a special introductory rate of 6.99% p.a. on purchases for the first six months.

Staying on the theme of interest, the card also provides up to 55 days interest free on purchases. As long as you understand how this feature works, it can help to save you on interest as you keep your balance at zero. The main point to remember is that this feature does not apply to accounts with a balance transfer, or a balance that has been carried over from the previous month.

While the card may be somewhat simple, cardholders may be interested to know that it offers cashback rewards, despite its low cost status. You will earn $4 for every $1,000 you spend on the card, helping you earn something back on your everyday card spending. These cash rewards are credited directly to your linked Bank of Sydney savings account.

Take note, there is a minimum spend of $5,000 for these cashback rewards to apply, capped at a maximum of $30,000 per year. If you spend that $30,000 on your card, you would earn $120 back within the year. Subtract the annual fee, and you have earned just over $70, to then essentially use your card for free (as long as you avoid interest accruing).

While it may not sound like much, it is a system that’s easy to understand. Unlike many of the other rewards programs out there, this is simple and doesn’t require any effort on your part. No membership fees, no excessive small print, no wondering how to make the most of your rewards. Your cashback is placed in your savings account for you to do with as you like.

Another feature worth pointing out here is the card’s balance transfer offer. As a new cardholder, you can benefit from 0% p.a. on balance transfers for six months. This could give you the time you need to pay down any existing credit card debt you have, as you pay less in interest and clear your balance faster.

What’s not so great...

As a low cost card, the Bank of Sydney Classic Mastercard keeps its offering basic. While it does offer cardholders the opportunity to earn cashback on their spending, some cardholders may prefer to earn points that can be used within a classic rewards program. If this is the case, it could be a good idea to check out what’s on offer elsewhere.

Why should you choose this card?

If you want to keep costs low while earning a little something back on your spending, the Bank of Sydney Classic Mastercard could help you do just that. With its low purchase rate – especially its intro purchase rate – it could help cardholders who carry a balance to save on the interest they pay. Similarly, with its low annual fee, it could appeal to those who simply want to save money while enjoying access to credit.

Overall Rating

Providing an alternative option from a lesser-known bank, the Bank of Sydney Classic Mastercard has a low ongoing purchase rate and low annual fee, plus an intro offer of 6.99% p.a. on purchases and 0% p.a. on balance transfers for six months.

User reviews

Bank of Sydney Classic Mastercard ( based on 1 Creditcard.com.au user review )

51% rating based on 1 review

Rates
Fees
Rewards
Customer Service
Value

Rates and fees

Interest rates



Purchase rate 11.99% p.a.

Introductory purchase rate 6.99% p.a. for 6 months

Cash advance rate 19.49% p.a.

Interest free period on purchases up to 55 days

Balance transfer

Balance transfer rate 0% p.a. for 6 months

Balance transfer revert rate 11.99% p.a.

Balance transfer from personal loan No

Balance transfer fee No fee

Balance transfer limit N/A

Banks you can't balance transfer from Bank of Sydney

Credit limits

Minimum credit limt $500

Maximum credit limit N/A

Fees & repayments

Annual fee $49 p.a.

Additional card holder fee N/A

Foreign transaction fee N/A

Minimum repayment

Cash advance fee N/A

Late payment fee $10

Additional features

Complimentary insurance

International Travel Insurance No

Flight Inconvenience Insurance No

Transit Accident Insurance No

Smartphone Screen Insurance No

Purchase Protection Insurance No

Extended Warranty Insurance No

Rental Vehicle Excess In Australia Insurance No

Extras

$4 cashback for every $1,000 spent

Overview

Bank of Sydney Classic Mastercard

The Bank of Sydney Classic Mastercard offers an introductory rate of 6.99% p.a. on purchases and 0% p.a. on balance transfers for the first 6 months.

Key features

  • Earn $4 cashback for every $1000 on all eligible purchases without expiry
  • 0% p.a. for 6 months on balance transfers. Reverts to purchase rate
  • 6.99% p.a. on purchases for the first 6 months
  • Up to 55 days interest free period on purchases

Minimum criteria to apply for this card

  • Be over 18 years old

  • Good Credit and have not applied for multiple credit cards recently

  • You have your personal details ready to complete the online application

Roland B Bleyer

Roland B Bleyer founded Creditcard.com.au in 2005 and has extensive knowledge about credit cards. He personally answers all questions and write the editor reviews for each card here. Always keen to share his passion to educate consumers and help you select better suited credit cards.

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