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No International Fees on Macquarie Credit Cards

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No International Fees on Macquarie Credit Cards
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neilpatrickharris on 26/06/2019 - 11:25 macquarie.com (1798 clicks)
Last edited 26/06/2019 - 11:26

Just received an email from Macquarie advising that they're scrapping international fees on their credit cards, previously only applicable to their debit cards.

"From 1 July 2019, we’ll no longer charge you international transaction fees on overseas purchases, both in-store and online, and overseas cash withdrawals. Please note a cash advance fee still applies on overseas cash withdrawals. Overseas banks and ATM operators may charge you fees for these transactions.

This could mean savings for you if you regularly travel or shop online with international merchants.

You'll continue to earn rewards points on your eligible international purchases."

Financial Credit Card

Related Stores

Macquarie Bank
Macquarie Bank

Comments

  • forumninja on 26/06/2019 - 11:38
    +5

    I can almost get rid of the Latitude 28 Degrees card, the only benefits that card over my Macquarie one are the flight delay pass and global wifi. No reason to use that card anymore.

    • abc on 26/06/2019 - 17:22
      +3

      Price protection is quite good but. Any equivalent insurance with Macbank cards?

      • forumninja on 27/06/2019 - 07:59
        +2

        No price protection with Macquarie.
        Then again, 28 Degrees price protection isn't as good as Coles price protection, so this is my current recommendation for OzBargain veterans:
        Mastercard: Coles (for price protection)
        Visa: Citibank Signature
        Diners: Citibank
        Foreign spend: Macquarie Black / Bankwest Zero
        Overseas ATM withdrawal: ING
        American Express: any one of annual fee free ones, or if you can justify the annual fee for travel credit, Explorer (travel)/Platinum Edge (life essentials spend)

        • foggy10 on 28/06/2019 - 10:09

          Just checking - Coles price protection is for 24 months but costs 1% of closing monthly balance, versus 28 Degrees which covers for 12 months but at 0.5% of closing monthly balance. Is that right?

          • forumninja on 28/06/2019 - 10:45

            @foggy10: Correct. Pay your account balance to $0 before your statement comes out and the price of the insurance becomes $0.

            • foggy10 on 28/06/2019 - 13:04

              @forumninja: Isn't the closing balance independent of whether you pay off in full?

              • forumninja on 28/06/2019 - 13:09

                @foggy10: If you pay off in full within a statement period before the statement is issued, closing balance will be $0. For example, let's say you spent $123 at Coles with your card. You make a payment on the same day (or next day) for $123 to your credit card. The closing balance when the statement issued at the end of the statement period is $0.

                • sagrules on 01/07/2019 - 12:02

                  @forumninja: Wow, thats a good trick if it works. Is this what you do?

        • spiff on 22/07/2019 - 19:11

          Coles and 28D price protection insurance are similar but not the same.

          Coles:
          - 24 months
          - Same retailer requirement
          - $600 per item, $2k total claim limit per year

          28D:
          - 12 months
          - Can be any other Australian retailer
          - $1k per item, $5k total claim limit per year

    • apokalypsez on 21/07/2019 - 11:01

      agreed…credit card are great when it has those kind of benifits like cover for car rental.
      etc.

  • yotis on 26/06/2019 - 11:42
    +1

    There is still an annual fee with this deal right ?

    • neilpatrickharris on 26/06/2019 - 11:43
      +2

      Yes

      • ozbmm on 26/06/2019 - 12:02
        +2

        Gotta wait for the next deal then :-)

        • arctan on 26/06/2019 - 12:04

          They stop the Hilton visa card deals. We won't see anymore deals sadly.

          • abc on 26/06/2019 - 17:25

            @arctan: How about existing cardholders will they be transitioned away from Hilton cc's?

            • arctan on 26/06/2019 - 17:32

              @abc: Not sure as I don't own one..
              Missed out on those deals. I heard the free room voucher from Hilton hotel group including Conrad and Waldorf which costs over $900 per night. So the deal is really good.

              • scrone on 26/06/2019 - 20:09

                @arctan: Good luck getting a room. Even at mid-range hotels it's like pulling teeth trying to get them to honour the free room voucher. Hilton is a dogshit company and they don't honour their commitments, which is why they have to give away status. I'm staying with them now because they gave me diamond through the original Macquarie card, but as soon as the diamond status expires I'll never stay in a hilton again.

            • Garbotoxin on 26/06/2019 - 17:39
              +4

              @abc: I own one. They transitioned us from the Hilton card to their Black Rewards Card. No fees but we lose all the Hilton benefits.

              At the end of their Hilton Partnership they basically extended all card holders with HHonors status to 2021 and gave out 2 nights of free stay

  • roffey1 on 26/06/2019 - 11:43

    Will they use Visa's FX rates or take a wider spread on FX transactions?

    • neilpatrickharris on 26/06/2019 - 11:46

      I'm assuming using Visa's rates, as they do with their debit cards

      • serpserpserp on 26/06/2019 - 19:33

        Visa's rates have enough fat in them for a good spread anyway.

        But when you can actually confirm this, let us know.

        • neilpatrickharris on 26/06/2019 - 19:51
          +1

          That's true. I've historically uses their debit card which is on Mastercard's network and the rate has been very good. My ING debit card has typically been worse and it's Visa.

  • bozbargain on 26/06/2019 - 11:58
    +5

    Wow, given how strong they are with their home loans at the moment (3.44% variable with offset) and having a black card included in the $250 annual package fee, this is starting to make them a really strong all-in-one bank for those with mortgages! From what I hear, their online/app banking is 2nd to none as well!

    • greater mimic on 26/06/2019 - 19:30

      That does look like a nice combo

    • Ozbargainlyf on 26/06/2019 - 20:52

      Can confirm their app is actually dynamite

    • Shaddolf on 27/06/2019 - 07:08

      We are with then on this package and 100% recommend.

  • ginmi on 26/06/2019 - 11:58
    +4

    Good move by Macquarie but given all their cards come with annual fees, the Bankwest zero platinum & latitude 28 degrees are still superior imho.

    I'm tipping that within the next 3 years, the dreaded currency conversion fee will cease to exist on all Australian debit and credit cards.

    (Amex may be the one exception but their market share is miniscule anyway and has only been going down)

  • arctan on 26/06/2019 - 12:05
    +2

    Macquarie credit card is hard to get. Many people get rejected for no reasons.

    • bloomer on 26/06/2019 - 12:28
      +3

      Well, the bank certainly has its reasons… it just doesn't share them. Macquarie definitely doesn't like me - I think they're more conservative about total credit limit across your other cards (I've never got as far as having to send in income documents).

      • neilpatrickharris on 26/06/2019 - 12:54
        +2

        Correct. Numerous enquiries on your credit file will likely get you rejected.

    • maxwellian on 26/06/2019 - 12:29
      +1

      Usually you'll find they are actually rejected for a combination of bad banking history and a poor income. Not 'no reason'. Sometimes people are just too proud to admit they may be overextending them selves.

      • bobwokeup on 26/06/2019 - 19:09
        +1

        I totally disagree maxwellian. I've never had any sort of issue and my income is better than average. I got rejected for a $6k credit card and then the next week approved by ANZ for a $15k credit card.

      • potm on 26/06/2019 - 19:58
        +1

        It might actually be reversed with Macquarie. I've read that people in better financial positions got rejected.
        Maybe they want people who are likely to pay interest.

  • Maq on 26/06/2019 - 12:32
    +1

    My wife got this card a couple of years under the Hilton promotion, so no annual fee, even after Hilton left. Last last year, during an international travel, she got a message from them saying she can shop with no exchange fees.

  • coolsteps on 26/06/2019 - 13:21

    can you top up the credit card with cash and do a cash advance overseas via atm withdrawal or will fee still apply on the overseas cash withdrawals?

    • neilpatrickharris on 26/06/2019 - 13:22
      +2

      Why not just get the debit card then?

    • forumninja on 26/06/2019 - 14:03

      Cash Advance Fee $5 or 3% of the value of the transaction, whichever is the greater, applies to each cash advance made on your account, debited to your account at the time of the cash advance.

    • serpserpserp on 26/06/2019 - 19:32

      You will never find a loophole for cash advancing overseas.

  • Super8Tab on 26/06/2019 - 14:29
    +1

    Please tell me this applies to their bussiness credit cards as well, we would signup in a heartbeat

    • T-man on 26/06/2019 - 17:19
      +1

      Do they have business credit card? I don’t even see their business account.

    • coolsteps on 26/06/2019 - 20:51

      i cant seem to find their bussiness credit cards online please provide a url link? or do you need to have a business transaction account first or be a private banker to get access to it?

  • burningrage on 26/06/2019 - 18:27
    +1

    If I am not mistaken, the black card does not have:

    1. Price Guarantee Insurance
    2. Priority Pass or Lounge Key access for free

    How does this compare to Citi Signature Fee Free for life or BoM Signature?

    I think they are better unless I am missing something

    • coldazure on 26/06/2019 - 19:49

      the citibank signature VISA card does have an international transaction fee. the linked Diner's card does not but that's accepted at lesser stores than VISA cards.

      • burningrage on 27/06/2019 - 22:06

        So in effect, forgoing point 1 and 2 in exchange of free international transaction fee.

        I suppose if you spend a lot internationally and still earn good earning rate, this would make sense but if you travel/buy domestically a lot, then it wouldn't.

        Bear in mind, Citi Signature is fee free for life. This isn't although I don't think you can get Citi Signature Fee Free for Life anymore.

  • serpserpserp on 26/06/2019 - 19:31
    +1

    Don't worry, they'll just increase the exchange rate on conversions by a few basis points and probably make more money that way.

    • Ozbargainlyf on 26/06/2019 - 20:54

      Their mastercards they offer through their platinum transactions accounts are very close to spot rates

  • kanad on 26/06/2019 - 20:55
    +1

    Another new rule which would I think a first for any CC, allowing to use the CC normally while still enjoying the balance xfer

    Up to 55 days interest free on purchases while you have a balance transfer within the promotional period This change only impacts customers with a balance transfer within the promotional period.

    Currently, you must repay your closing balance, including your balance transfer but excluding any interest free finance amounts, in full to be eligible for up to 55 days interest free on purchases.

    From your first statement period that begins after 21 October 2019, you'll be eligible for up to 55 days interest free on purchases if you pay your closing balance (less any balance transfers and interest free finance amounts) by the payment due date each month.

    This change could mean you pay less interest on your purchases while you have a balance transfer within the promotional period.

  • murkywater on 26/06/2019 - 21:13

    Great news, I hope others also follow suit, though i doubt it.

  • Gelato on 02/07/2019 - 08:13

    hoping other banks will follow…

    • forumninja on 02/07/2019 - 08:56
      +1

      Considering how long they took to follow with Apple Pay, I wouldn't bank on it

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