Bankwest More World Mastercard

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt Ask Pauline a Question about this card.

The Big Review: Bankwest More World Mastercard

An excellent option for frequent travellers, the Bankwest More World Mastercard offers airport lounge access with LoungeKey, no foreign transaction fees and a range of included travel and retail insurances. As a rewards card, it earns points on Bankwest’s own More Rewards program. Working well for big spenders, it has an uncapped earn rate of 2.5 points per $1, with 115,000 annual bonus points on offer after meeting a minimum yearly spend.

• Receive 115,000 annual bonus points (minimum spend applies)
• Earn 2.5 points per $1 spent on eligible purchases
• Uncapped points earning
• No foreign transaction fees
• 10 airport lounge visits per calendar year at over 1000 LoungeKey airport lounges worldwide
• Included insurances covering retail and travel purchases
• 0% p.a. on balance transfers for six months with a 1% balance transfer fee

• Annual Fee: $270
• Additional Cardholder Fee: $0 for up to three cardholders
• Purchase Rate: 19.99% p.a. (variable)
• Cash Advance Rate: 21.99% p.a. (variable)

This Card: The Lowdown

Designed to reward big spenders, the Bankwest More World Mastercard offers Bankwest’s highest earn rate on its More Rewards program – 2.5 points per $1 spent on all eligible purchases – with uncapped points earning potential.

Aside from earning points on their everyday spend, cardholders can also benefit from a massive 115,000 annual points bonus each year they spend a minimum of $84,000 on the card. In terms of value, that 115,000 points bonus could be converted to around $300 cashback.

Happily, that points bonus covers the card’s sizable annual fee, with some change to spare. So, as long as you spend enough on the card to receive those bonus points – and avoid interest accruing by clearing your balance each month – you can earn rewards and enjoy the various features on offer ‘for free’.

When it comes to features, these focus on travel perks, providing cardholders and their guests with 10 airport lounge access with LoungeKey per calendar year (1000 lounges worldwide), a range of travel and retail insurance covers, and no foreign transaction fees on overseas purchases made in person and at online retailers.

Digging Deeper

With the basics covered, it’s time to dig a little deeper into what’s on offer with the Bankwest More World Mastercard, so you can decide whether this card is right for you.

This Card: As a Rewards Card

While the Bankwest More World Mastercard may not have an introductory offer, it does offer cardholders annual bonus points. As long as you spend at least $84,000 on the card each year, you will be credited with 115,000 annual bonus points.

Each of Bankwest’s More Rewards cards offer annual bonus points, which are tiered according to the card’s status. The entry-level Bankwest More Card has the lowest annual fee and the lowest required yearly spend of $24,000, so it offers cardholders 19,500 annual bonus points.

A step up, the Bankwest More Platinum Card has a higher annual fee and a higher required yearly spend of $48,000, to earn 75,000 annual bonus points. As a potential cardholder, this gives you an indication of which card may be right for you based on your expected yearly spend.

If you think you’ll spend at least $84,000 on the card each year, then the Bankwest More World Mastercard may offer the most in return. Not only could you benefit from the card’s annual points bonus, you could also enjoy more points per dollar, with uncapped points earning potential.

Earning Points

As you would expect, the Bankwest More World Mastercard has the highest earn rate on Bankwest’s More Rewards cards. With the Bankwest More World Mastercard, you will earn 2.5 points per $1 spent on eligible purchases.

Meanwhile, the Bankwest More Card has an earn rate of 1.5 points per $1, capped at 150,000 points per year, and the Bankwest More Platinum Card earns 2 points per $1, with a cap of 400,000 points per year.

Taking that minimum spend of $84,000 as a starting point, you would earn 210,000 points in a year on the Bankwest More World Mastercard. Add that to the 115,000 annual points bonus, and your points total would be 325,000 points. To give you an idea of value, you could redeem 370,000 points for $1,000 cashback via the More Rewards program.

Another plus point on the Bankwest More World Mastercard is the fact that it has no points cap in place, unlike the two other More Rewards cards on offer. This is another reason why the World card would best suit bigger spenders, as they can earn points on their entire yearly spend, no matter how large it is.

However, even if the card has no points cap, the points you earn do have an expiry date. If you do not use your points within 36 months, they will expire. In addition, your points will only be credited to your account once you have spent at least $1,500 on eligible purchases, and your account has been opened for at least two months.

Redeeming Points

As Bankwest’s own rewards program, the More Rewards program may not be that familiar to you. However, More Rewards works in much the same way as most other rewards programs, providing cardholders with access to travel, merchandise, gift cards and cashback.

Starting with cashback, you can redeem the following:

• 19,500 points for $50 cashback
• 38,000 points for $100 cashback
• 75,000 points for $200 cashback
• 185,000 points for $500 cashback

As for merchandise, you can visit the online More Rewards store to redeem your points for more than 3,000 items within a wide range of categories. These include baby and kids, beauty and fashion, electrical, entertainment, fitness and outdoor, food and wine, and home and garden.

If you’re looking to redeem your points for gift cards, again, there are plenty of options to choose from.

• Travel gift cards: You could redeem 32,200 points for $100 in Jetstar Flight Vouchers, or 36,000 points for $100 in Accor Hotels gift cards.
• Retail gift cards: You could redeem 36,000 points for a $100 Myer gift card
• Entertainment gift cards: You could redeem 15,250 points for a HOYTS CineVoucher for two tickets.

Looking for your next adventure? Having teamed up with Webjet, More Rewards allows you to use your points to book flights and holiday packages instantly with Webjet. With this option, 30,300 points = $100. If you don’t have enough points, you can make up the difference on your card.

Again, giving you an idea of value, you could fly:

• Perth to Bali (return) from 241,500 points    
• Sydney to Melbourne (one way) from 19,800 points
• Brisbane to Sydney (one way) from 19,800 points

[Points correct as of 13 September 2019]

This Card: As a Travel Rewards Card

As Bankwest has named this its ‘World’ card, you would expect a few extras designed to benefit the frequent traveller. Fortunately, the Bankwest More World Mastercard doesn’t disappoint.

No Foreign Transaction Fees

The Bankwest More World Mastercard has no foreign transaction fees, allowing you to save money when shopping overseas, or when buying stuff online from international retailers.

The card should have a 2.95% foreign transaction fee, but this fee is waived on the Platinum and World cards. Bearing in mind some cards charge up to 4% of the transaction amount, the Bankwest More World Mastercard could be a great choice for frequent travellers, and lovers of international online shopping.

Airport Lounge Access

When you travel overseas, waiting around at the airport has to be one of the most tiresome parts of the journey. Lounge access can make it somewhat easier to bear. With the Bankwest More World Mastercard, you’ll have access to 10 lounge visits per calendar year at more than 1,000 airport lounges around the world via LoungeKey.

Haven’t heard of LoungeKey? Working in much the same way as Priority Pass, LoungeKey lets you hang out in airport lounges to take advantage of the various facilities they have on offer, such as complimentary food and beverages, Wi-Fi access, comfortable seating and business facilities.

Before you travel, simply visit the LoungeKey website or mobile app to find out which lounges are available within the airports you are travelling through. To give you an idea of the options available, here are some of the locations throughout the world:

• Australia: Brisbane, Cairns, Darwin, Melbourne and Sydney airports.
• New Zealand: Auckland, Christchurch and Queenstown.
• Asia: Bali (Denpasar), Beijing, Hong Kong, Phuket and Singapore international airports.
• United Arab Emirates: Abu Dhabi, Dubai and Sharjah.
• United States: Chicago, Dallas, Honolulu, Las Vegas, Miami, New York, San Francisco, Seattle and Washington.
• Canada: Calgary, Edmonton, Montreal, Quebec, Toronto and Vancouver.
• Europe: Amsterdam, Berlin, Brussels, Copenhagen, Madrid, Munich and Paris.
• United Kingdom: Belfast, Birmingham, Cardiff, Gatwick, Glasgow, Heathrow and Liverpool.

It should be pointed out that quite a few of the ‘lounge’ options are not actually lounges. These are restaurants, cafes and bars that are open to the public. For example, at Sydney airport, lounge options include Better Burger, Chicken Confidential and Peroni Bar.

So, instead of providing lounge facilities, these options generally offer a discount on your total bill. As the Bankwest More World Mastercard provides LoungeKey access, this could offer a great way to save on food and drink at the airport, even if you don’t want to visit a traditional airport lounge.

To find out what each lounge option offers – and the various conditions that may apply – it’s a good idea to check the LoungeKey site or app, to ensure you get the most value out of each visit.

Travel Insurance

Another great perk for the frequent traveller, the Bankwest More World Mastercard provides a range of travel insurances, providing cover overseas and within Australia. This cover includes:

• Overseas travel and medical insurance, including emergency dental repair, ambulance cover and hospital charges.
• Interstate flight inconvenience insurance, covering you for travel interstate within Australia on holidays up to 14 days.
• Rental vehicle insurance excess, reimbursing your excess when you hire a car overseas from a licensed rental agency.

If you generally buy standalone insurance, this feature could potentially save you a lot of money each year. But of course, as with any insurance cover, conditions and exclusions apply, so read the PDS before you travel.

This Card: Extras on Offer

As the Bankwest More World Mastercard sits on the highest rung of the More cards ladder, it provides a selection of added extras, which help to offer more value to the cardholder.

Retail Cover

Similar to many other cards of this calibre, the Bankwest More World Mastercard provides cover on eligible retail purchases, in the form of extended warranty and purchase security insurance. These can offer valuable cover, helping you to save money, while protecting your purchases.

Balance Transfer Offer

The Bankwest More World Mastercard provides 0% p.a. on balance transfers for six months, with a 1% balance transfer fee. You can transfer up to 95% of your approved credit limit from non-Bankwest branded cards.

This Card: The Essentials

As we’ve already stated, the Bankwest More World Mastercard has a pretty significant annual fee. However, if you’re willing to spend enough on the card, you could make your annual fee back in cashback from the annual points bonus. It’s worth pointing out that you can add up to three free additional cardholders to the account, helping you to earn points faster.

The card provides a nice earn rate, with no points cap, which could make it a worthy choice for big spenders. However, with its high purchase rate, cardholders would need to clear their balance by the due date each month to avoid interest adding up, thereby reducing the value of the features and rewards on offer.

As for eligibility, you must be 18 or over to apply, and you must be an Australian permanent resident. Note, the card has a minimum credit limit of $12,000, and there is only one Bankwest More Mastercard account allowed per customer.

Decision Time

Catering to the frequent traveller who spends big on their credit card, the Bankwest More World Mastercard offers a high earn rate, uncapped points earning, and 115,000 annual bonus points after meeting a minimum yearly spend. Features provided include no foreign transaction fees, travel and retail insurance covers, airport lounge access, and 0% p.a. on balance transfers for six months.