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RACQ Bank Platinum Rewards Credit Card
RACQ Bank Platinum Rewards Credit Card

RACQ Bank Credit Cards

RACQ Bank Platinum Rewards Credit Card

Updated 29 October 2019

Points Earn Rate (per $1 spent)

1

point

Rewards

Rewards Program

Rewards

Bonus Points

20,000 pts

Spend $3,000 in the first 90 days

0 points over 12 months spend

My monthly card spend

Pros and cons

  • 0% p.a. for 14 months on balance transfers (reverts to cash advance rate)
  • Get triple reward points on RACQ purchases, such as your Home and Contents Insurance, and 1 reward point per dollar spent on all other Eligible Transactions
  • 20,000 bonus rewards points when you spend $3,000 within the first 90 days
  • Complimentary International Travel Insurance, Interstate Flight Inconvenience Insurance and Purchase Cover Insurance
  • Discounted annual fee of $99 for the first year, $129 p.a. ongoing
  • RACQ member discounts

  • 3.4% foreign transaction fee

Creditcard.com.au review

Editor Review

RACQ Bank Platinum Rewards Credit Card

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

The RACQ Bank Platinum Rewards Credit Card

Offering access to Citibank’s Card Services rewards program, the RACQ Bank Platinum Rewards Credit Card is currently offering 20,000 bonus points after a $3,000 spend, plus triple points on eligible RACQ spending in the first year. The card also offers access to a range of platinum extras, as well as 0% p.a. on balance transfers for 14 months.

What we love...

Signing up for the RACQ Bank Platinum Rewards Credit Card can give you a nice boost to your points balance, with 20,000 bonus rewards points available when you spend $3,000 on the card within the first 90 days. In terms of everyday earning, you can take advantage of triple points on purchases from RACQ Insurance, Assistance and Travel for the first 12 months, and a standard earn rate of 1 point per $1 on all other eligible transactions.

So, what can those points be used for? As it is issued by Card Services, a division of Citigroup, the card earns points on the flexible Card Services rewards program. Redeeming points on this program provides a number of enticing redemption options, including points transfer to Emirates Skywards, Singapore Airlines’ KrisFlyer, Virgin Australia’s Velocity and flybuys.

You may also redeem your points within the program for travel, on flights, hotels, car hire and activities, or for merchandise, such as homewares and electronics. If that’s not your thing, you could swap your points for gift cards or cashback, for annual fee credit or to cover eligible purchases via Select and Credit.

As the RACQ Bank Platinum Rewards Credit Card also happens to be a platinum card, you may also expect a number of platinum perks. These include complimentary insurance covers (International Travel Insurance, Interstate Flight Inconvenience Insurance and Purchase Cover Insurance) and access to the card’s 24/7 concierge service.

It’s also worth pointing out that the card is also currently offering 0% p.a. on balance transfers for 14 months. While balance transfer offers can be easier to deal with on low cost cards, you may be able to use this offer to pay down existing credit card debt if you’re dedicated. Bear in mind that with a balance transfer on the account, you will not benefit from the card’s interest free feature, plus you will need to ensure you clear new spending while paying down your transferred balance.

What’s not so great...

Taking note of the card’s purchase and cash advance rates, you will notice they are relatively high. Try to avoid paying interest on this card if you want to see any real value on the rewards you earn. This is made easier if you don’t have a balance transfer, as you can clear your balance each month to take advantage of up to 55 days interest free on purchases.

Back to that balance transfer offer. You may transfer up to 80% of your approved credit limit. Also be aware that if you fail to pay off your transferred balance within the intro period, it will revert to the card’s cash advance rate.

Why should you choose this card?

If you want access to a flexible rewards program, the RACQ Bank Platinum Rewards Credit Card could give you what you need. It has a decent earn rate, with no points shaping, and provides access to an excellent range of redemption options. However, to work out whether the card actually offers value to you, check out the annual fee and weigh that against your expected annual points earn.

You may benefit from a discounted annual fee if you have an Everyday Account or home loan with RACQ Bank, or you could reduce your annual fee to $0 within a home loan package. Discounted annual fee offers must be applied for in branch.

With this card in your wallet, you can benefit from a few select extras, as well as RACQ member discounts. These can provide savings on a wide range of products and services across Australia, from discounted theme park entrance to up to 40% off movie tickets. Check out the RACQ site for more on this.

Overall Rating

Providing access to RACQ member discounts and platinum perks, the RACQ Bank Platinum Rewards Credit Card offers 20,000 bonus rewards points, triple points on RACQ products in the first year, and 0% p.a. on balance transfers for 14 months.

User reviews

RACQ Bank Platinum Rewards Credit Card ( based on 1 Creditcard.com.au user review )

56% rating based on 1 review

Rates
Fees
Rewards
Customer Service
Value

Rates and fees

Interest rates



Purchase rate 20.24% p.a.

Cash advance rate 21.74% p.a.

Interest free period on purchases up to 55 days

Balance transfer

Balance transfer rate 0% p.a. for 14 months

Balance transfer revert rate 21.74% 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 RACQ Bank

Credit limits

Minimum credit limt $N/A

Maximum credit limit N/A

Fees & repayments

Annual fee $129 p.a.

Additional card holder fee $0 p.a.

Foreign transaction fee 3.4%

Minimum repayment

Annual fee the first year $99

Cash advance fee N/A

Late payment fee $30

Rewards and points

Rewards program

Rewards Program Rewards Rewards

Bonus points 20,000 points

Annual points cap uncapped

Bonus points spend criteria Spend $3,000 in the first 90 days

Earning points with this card

Rewards Rewards points 1 point per $1 spent

Points cap per month N/A

Overseas earn rate same as standard earn rate

Additional features

Complimentary insurance

International Travel Insurance Yes

Flight Inconvenience Insurance Yes

Transit Accident Insurance No

Smartphone Screen Insurance No

Purchase Protection Insurance Yes

Extended Warranty Insurance No

Rental Vehicle Excess In Australia Insurance No

Overview

RACQ Bank Platinum Rewards Credit Card

Key features

  • 0% p.a. for 14 months on balance transfers (reverts to cash advance rate)
  • Get triple reward points on RACQ purchases, such as your Home and Contents Insurance, and 1 reward point per dollar spent on all other Eligible Transactions
  • 20,000 bonus rewards points when you spend $3,000 within the first 90 days
  • Complimentary International Travel Insurance, Interstate Flight Inconvenience Insurance and Purchase Cover Insurance
  • Discounted annual fee of $99 for the first year, $129 p.a. ongoing
  • RACQ member discounts

Minimum criteria to apply for this card

  • Be over 18 years old

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

  • Permanent Resident or Australian Citizen

  • Minimum income of $35,000 p.a.

  • 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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