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Bank of Sydney Platinum Mastercard
Bank of Sydney Platinum Mastercard

Bank of Sydney Platinum Mastercard

Updated 25 November 2019

Purchase Rate (p.a)

6.99% p.a.

for 6 months. Reverts to 18.49% p.a.

Balance Transfer (p.a)

0% for 6 months No BT fee. reverts to 18.49% p.a.

Annual Fee (p.a)

$129

$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
  • Overseas travel insurance
  • $8 cashback for every $1,000 spent

  • The $129 p.a. annual fee for a platinum no rewards card is on the higher scale

Creditcard.com.au review

Editor Review

Bank of Sydney Platinum 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 Platinum Mastercard

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.

What we love...

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.

What’s not so great...

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.

Why should you choose this card?

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.

Overall Rating

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.

User reviews

Bank of Sydney Platinum Mastercard ( based on 2 Creditcard.com.au user reviews )

56% rating based on 2 reviews

Rates
Fees
Rewards
Customer Service
Value

Rates and fees

Interest rates



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

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 N/A

Banks you can't balance transfer from Bank of Sydney

Credit limits

Minimum credit limt $6,000

Maximum credit limit N/A

Fees & repayments

Annual fee $129 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 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

Extras

$8 cashback for every $1,000 spent

Overview

Bank of Sydney Platinum Mastercard

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.

Key features

  • Earn $8 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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