- 6.99% p.a. on purchases and 0% p.a. on balance transfers for six months for new customers
- Overseas travel insurance
- $8 cashback for every $1,000 spent
Allowing cardholders to earn cashback rewards on their everyday spending, the Bank of Sydney Platinum Mastercard provides an appealing alternative to the traditional rewards card. Extras on this card include complimentary travel and purchase cover, access to Mastercard Travel and Lifestyle Services and Priceless Cities, and an intro rate of 6.99% p.a. on purchases and 0% p.a. on balance transfers for six months for new customers.
Unlike many rewards cards, the Bank of Sydney Platinum Mastercard is not linked to a rewards program. Instead, it allows cardholders to earn cashback on their card spend. So, for every $1,000 you spend on eligible purchases on the card, you will get $8 credited back to your linked Bank of Sydney savings account.
This can offer a great alternative for cardholders who don’t want the complexity of a traditional rewards program. Instead of spending time finding out what you can earn points on, and what you can redeem points for, you simply get cashback straight into your account to spend as you like. There doesn’t seem to be a cap on the amount of cashback you can earn on this card – unlike the bank’s classic card – and obviously, there is no expiry on the cashback you receive.
Bank of Sydney also has a two-part introductory offer on this card for new customers. First up, you can enjoy a special introductory rate of 6.99% p.a. on purchases, which could help you save a significant amount on the standard purchase rate. However, if you clear your balance each month, you could save even more with up to 55 days interest free on all purchases.
The second part of the intro offer involves balance transfers. As a new cardholder, you can benefit from a rate of 0% p.a. on balance transfers for six months, which could help you pay off an existing credit card balance faster, while paying less in interest overall. Take note, you cannot transfer a balance from another Bank of Sydney account.
As with most platinum rewards cards, the interest rate on the Bank of Sydney Platinum Mastercard is not particularly low. While it’s somewhat lower than most platinum rewards offerings, it’s still not a card you want to carry a balance on. Instead, make the most of the card by paying off the balance in full each month to avoid interest accruing.
New cardholders should also consider how much they plan to spend on this card. While its cashback system is nice, you would need to spend at least $16,000 per year on the card just to cancel out the annual fee. Like most rewards cards, this one rewards big spenders most of all.
If you’re looking for an alternative to the big banks, the Bank of Sydney Platinum Mastercard could be well worth a closer look. It provides a simple way to earn money back on everyday card spending, and there are no complicated rewards programs or expensive membership fees to worry about. You get cashback to spend as you like, end of story.
Aside from its rewards and intro offers, the card also provides a few platinum perks to cardholders. These include overseas travel, interstate flight, extended warranty, purchase security, and transport accident insurance, and access to one-of-a-kind experiences in some of the world's greatest cities via Mastercard’s Priceless Cities.
A personal concierge service is also provided via Mastercard, through Mastercard Travel and Lifestyle Services. This handy feature allows cardholders to call up and ask for information about the area they are in, such as where they should go for dinner or even what the weather will be like. The concierge can also assist with travel bookings, theatre reservations, arranging business services and gift sourcing and delivery.
A platinum offering from a challenger bank, the Bank of Sydney Platinum Mastercard provides cashback on card spending, a range of platinum perks, and intro offers of 6.99% p.a. on purchases and 0% p.a. on balance transfers for six months.
Purchase rate 18.49% 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 rate 0% p.a. for 6 months
Balance transfer revert rate 18.49% p.a.
Balance transfer from personal loan No
Balance transfer fee No fee
Balance transfer limit 95% of approved credit limit
Banks you can't balance transfer from Bank of Sydney
Minimum credit limit $6,000
Maximum credit limit N/A
Annual fee $129 p.a.
Additional cardholder fee N/A
Foreign transaction fee 3%
Minimum repayment 3% or $10, whichever is greater
Cash advance fee 3% or $3, whichever is greater
Late payment fee $10
International Travel Insurance Yes
Flight Inconvenience Insurance No
Transit Accident Insurance Yes
Smartphone Screen Insurance No
Purchase Protection Insurance Yes
Extended Warranty Insurance Yes
Rental Vehicle Excess In Australia Insurance No
$8 cashback for every $1,000 spent
The Bank of Sydney Platinum Mastercard offers an introductory rate of 6.99% p.a. on purchases and 0% p.a. on balance transfers for the first 6 months.
Be over 18 years old
Good Credit and have not applied for multiple credit cards recently
Resident or citizen of Australia
You have your personal details ready to complete the online application
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.
Something you need to know about this card? Ask a our credit card expert a question.Ask a question