- 0% p.a. on balance transfers for the first 14 months. Reverts to the purchase rate.
- Low purchase rate of 15.95% p.a.
- $0 international transaction fees
- Up to 55 days interest free on purchases
- $69 annual fee
- Eligible with Apple Pay and Google Pay
An excellent option for anyone looking to pay down credit card debt, the Macquarie RateSaver Card is currently offering 0% p.a. on balance transfers for 14 months. For a reasonable annual fee, the card also offers up to 55 days interest free on purchases, access to Visa Entertainment, Apple Pay, and Google Pay, all backed by dedicated client service available 24/7.
If you have credit card debt you want to pay off, you’ve no doubt spent some time comparing balance transfer offers to see how much you could save by switching. With 0% p.a. on balance transfers for 14 months, the Macquarie RateSaver Card has one of the better offers in the market right now, giving new cardholders more than a year with no interest to pay on their transferred balance.
Another nice point to note on this offer is that there doesn’t seem to be a balance transfer fee to cover, helping cardholders save that little bit more. And, if you don’t manage to pay off your balance within the intro period, your balance will revert to the card’s purchase rate. This is much more appealing than balance transfers that revert to a card’s much higher cash advance rate.
Ongoing, the Macquarie RateSaver Card has plenty to offer cardholders, even if they are not in need of a balance transfer. For cardholders who clear their balance by the due date each month – and don’t have a balance transfer on their account – they can benefit from up to 55 days interest free on purchases.
In terms of ongoing interest, the card’s purchase rate is lower than average, but still not exactly low – despite the card being called a ‘RateSaver’. If you tend to carry a balance, you may want to look at cards offering a lower purchase rate. However, if you clear your balance, the purchase rate should not affect you, as you can take advantage of the card’s interest free feature.
As for fees, again, this is not low, but it’s not high either. But, you can choose to add additional cardholders to the account for a small fee per year, which can make organising the family finances a more efficient process.
This is a middle of the road low cost card. It doesn’t have a super low purchase rate or annual fee, but it can offer value if you make use of its features. You may find that you get sufficient value from the balance transfer offer alone, but whether you choose to keep the card in the long term will depend on whether you carry a balance, and whether you make good use of its extras.
Why should you choose this card?
While it may be a somewhat basic card, the Macquarie RateSaver Card is backed by dedicated customer support, available 24 hours a day, seven days a week. As a cardholder, you can also enjoy access to Visa Entertainment, providing exclusive offers on all things entertainment, from sporting events to the hottest gigs, as well as Apple Pay and Google Pay compatibility.
To be eligible for this card, you must be an Australian permanent resident, over the age of 18, with a good credit rating. You must also earn at least $50,000 per year, a minimum income requirement that is considerably higher than many other low rate cards in the market.
With its excellent intro offer providing 0% p.a. on balance transfers for 14 months, the Macquarie RateSaver Card is certainly appealing, offering a decent purchase rate and annual fee, with a few nice features thrown into the mix.
Purchase rate 15.95% p.a.
Cash advance rate 15.95% p.a.
Interest free period on purchases up to 55 days
Balance transfer rate 0% p.a. for 14 months
Balance transfer revert rate 15.95% 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 Jetstar, Macquarie Bank
Minimum credit limit $2,000
Maximum credit limit N/A
Annual fee $69 p.a.
Additional cardholder fee $10 p.a.
Foreign transaction fee 0%
Cash advance fee 3% or $5 (whichever is greater)
Late payment fee $20
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
Eligible with Apple Pay and Google Pay
The Macquarie RateSaver credit card offers a low interest rate and limited features – designed as an everyday transactions card. Get up to 55 days interest free on purchases. Annual fee is $69 and an additional cardholder can be added for $10 per year.
Be over 18 years old
Good Credit and have not applied for multiple credit cards recently
You must be a Permanent Resident of Australia
Minimum income of $50,000 p.a.
You have your personal details ready to complete the online application
Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger
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