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Macquarie RateSaver Card - No International Fees, 55 Days Interest Free, 0% Balance Transfer 14 Months ($69 Annual Fee)

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Macquarie RateSaver Card - No International Fees, 55 Days Interest Free, 0% Balance Transfer 14 Months ($69 Annual Fee)
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E5TOQUE on 13/08/2019 - 22:08 macquarie.com (720 clicks)
Last edited 14/08/2019 - 08:00 by 1 other user

Macquarie appear to have released a new low fee credit card that takes on Bankwest Zero Platinum, 28 Degrees, ING Orange One and Commbank Low Fee Gold.

Specs:
  • No International Fee's
  • 55 Days Interest Free
  • 15.95% Interest
  • 0% Balance Transfer for 14 months
  • Min $2000 credit limit
  • $69 Yearly Fee
Pro/Con over Bankwest Zero:
  • Pro: Lower Min Credit Limit Requirement ($2000 vs $6000)
  • Pro: Lower Interest Rate
  • Pro: 0% Balance Transfer for 14 Months
  • Con: No Travel Insurance like Bankwest Zero
  • Con: Yearly Fee of $69, Bankwest Zero is free.
Pro/Con over 28 Degrees:
  • Pro: Lower Min Credit Limit Requirement ($2000 vs $6000)
  • Pro: Lower Interest Rate
  • Pro: 0% Balance Transfer for 14 Months
  • Con: Yearly Fee of $69, 28 Degree's is free.
  • Con: No Shoppers Protection Insurance option
Pro/Con over Commbank Low Fee Gold:
  • Pro: Lower Min Credit Limit Requirement ($2000 vs $4000)
  • Pro: Lower Interest Rate
  • Pro: 0% Balance Transfer for 14 Months
  • Con: Yearly Fee of $69, Commbank Gold Low Fee is free for 1st year, and if you spend $10,000 each year after that.
  • Con: No Travel Insurance
  • Con: No Extended Warranty
  • Con: No Price Protection
  • Con: No Purchase Protection
Pro/Con over ING Orange One:
  • Pro: 0% Balance Transfer for 14 Months
  • Pro: 55 Days interest free. ING Orange One is 44 Days
  • Pro: Not forced to have a bank account with Macqaurie to get it. ING require you have a Transaction/Savings account with them to get Orange One.
  • Con: Yearly Fee of $69, ING is free.
  • Important Note: ING Orange One is only offering zero international fee's if you deposoit $1000 per month and do x5 transaction fee's per month.
Why would you even consider this?

If you want a credit card that has no international fee, that has a low credit limit (Under $4000 to $6000), that has a 14 month 0% balance transfer option and doesn't force you to have a transaction/savings account with a deposit/transaction requirement. Outside of that ING, Commbank, Bankwest and 28 Degree's are offering better products.

Financial Credit Card

Related Stores

Macquarie Bank
Macquarie Bank

closed Comments

  • freewhere on 13/08/2019 - 22:25
    +15

    "No need to spend $10,000 each year to waive yearly fee."
    While $65/yr fee applies!! what!!

    • E5TOQUE on 13/08/2019 - 22:42

      Some people maybe tempted by the 14 month balance transfer offer on a credit card with no international fee's. The $69 yearly fee maybe the least of their worries.

      • freewhere on 13/08/2019 - 23:19
        +3

        And that is OK, just pointing out the odd "Benefit".

    • bigbadboogieman on 14/08/2019 - 06:59
      +1

      Yeah feels like professional sockpuppeting…

    • cakesyy on 14/08/2019 - 09:10
      +2

      No need to spend $10,000 and try to waive the yearly fee, because you can't.

  • askbargain on 13/08/2019 - 22:26
    +2

    Can be paired up with Macquarie's great transaction account

    Do the other cards restrict you from "pairing" with their transaction account?

    • E5TOQUE on 13/08/2019 - 22:28
      +3
      • 28 Degrees dont do transaction accounts.
      • Bankwest don't offer any transaction accounts that waive ATM Fee's and International Fee's like ING and Macquarie.
      • ING Orange one is only available if you have a ING transaction/savings account. You cant get it as a stand alone product like 28 Degree's, Bankwest, Commbank and Macquarie.
      • askbargain on 13/08/2019 - 22:29
        +2

        I am saying, nothing is stopping you from having Bankwest/28 with Macquarie's debit card. It is not a benefit of having Macquarie's credit card. Maybe stop listing random "benefits" and focus more on the cons as well.

        • E5TOQUE on 13/08/2019 - 22:37
          +1

          Con's are now listed.

      • Shwayne on 14/08/2019 - 03:26
        -1

        Bankwest does waive ATM fees with the Easy Transaction Account.

        https://www.bankwest.com.au/personal/bank-accounts/easy

        • E5TOQUE on 14/08/2019 - 06:48

          Read the fine print with BankWest, the only waive ATM fees at the big 4 banks. These banks stopped charging ATM Fees about 12 months ago or something. So it’s not actually a ‘benefit’

          ING and Macquarie will refund all ATM fees, even if it’s not one of the big 4

          • MountFranklin on 14/08/2019 - 07:02

            @E5TOQUE: Ing ATM fees are only waived if you deposit $1000 and make 5 transactions, then all ATM fees for the following month is waived. Macquarie do not have any requirements - ATM fees refunded immediately.
            Macquarie has been handy for those mobile ATM at markets with $3-4 withdrawal fees.

            Is useful for the people who already have a packaged home loan with credit/debit cards

  • G77 on 13/08/2019 - 22:27
    +2

    While the lower interest rate and lower credit limits are a bonus, the $69 AF is rather off-putting. I doubt anyone is going to drop the purchase price protection and complimentary insurances from 28D and Bankwest to favor this..

    • E5TOQUE on 13/08/2019 - 22:30

      Let's not forget that Commbank Low Fee Gold also offers

      • No International Fee's
      • Travel Insurance
      • Purchase Protection
      • Extended Warranty
      • Purchase Protection
      • Yearly fee waived if you spend $10,000 each year.
      • burp on 14/08/2019 - 11:54

        Pity they didn't have a price protection option! Should mention the higher annual fee of $89- if you do not spent $10,000- pa on the card. (Has to be purchases or cash advances.)

  • thydzik on 13/08/2019 - 22:32
    +1

    there's also the coles mastercard, no international fees, $99 but get flybuys points

  • nfr on 13/08/2019 - 22:34
    +20

    You had me at 69 then lost me at fee

    • E5TOQUE on 13/08/2019 - 22:37
      +4

      LOL! You have made my night.

    • bonezAU on 14/08/2019 - 02:58
      +1

      I got lost at the bit where the OP keeps referring to fees as "fee's"

      https://i.imgur.com/oJLl3xX.png

      FEES OP, FEES. No apostrophe needed.

  • cpho on 13/08/2019 - 23:07
    +9

    Bankwest Zero Platinum and 28 Degree still better in every way. $69/yr is a rort for a basic point-less card

  • toobzy on 13/08/2019 - 23:11

    Annual fee in title

  • Ozie on 13/08/2019 - 23:48
    +18

    And how exactly is this a deal with that hefty fee and no rewards points at all.

  • duchy on 14/08/2019 - 00:03

    That fee killed the deal.

  • jedimaster on 14/08/2019 - 00:13
    +1

    my limit for 28 degrees card was $6000
    i decreased it to $2000 so that advantage in favor of macquarie is gone.

    • gomertose on 14/08/2019 - 03:38
      -1

      How were you able to reduce it to lower than $6000? Tried it online and it says "You have requested a limit lower than the minimum credit limit, please call us to discuss options."

      • kev98 on 14/08/2019 - 06:26
        +2

        And did you call up to discuss options?

        • jedimaster on 15/08/2019 - 10:13

          yes i think i did it around march 2018 as i planning for home loan.

    • john_conner on 14/08/2019 - 13:13

      I decreased mine to 2000 as well. Maybe this is before they changed it to a platinum card…

  • Samsungnote10 on 14/08/2019 - 00:18
    +6

    Also don't forget Macquarie customer service is bad on too of credit checking is super strict.

    Heaps of people who fulfil criteria getting rejected

    Absolutely no reasin to waste a credit check on these guys

  • KBZ on 14/08/2019 - 00:49
    +10

    I don't normally neg but I'm not seeing the benefits over the listed cards you compared.
    The annual fee is the big one ozb go to 28D and Bankwest Zero Plat even with the higher minimum credit limit required is free.

    Coupled with free travel insurance (read the pds is suited for your situation) saves you alot more going forward if we take ozb penchant for travelling overseas.

    Low interest rate… But like the previous comments on deal on Orange One if you're having to need to use this credit facility you really shouldnt be getting a CC imo.

    Best banking app.. Subjective I have the BW plat easy to login check balance access to statements and settle balance before interest date.

  • GreenRomeo on 14/08/2019 - 01:24
    +2

    I don't see much value for this card, with reasons as pointed out above. However still + for the OP's excellent write up and comparisons.

  • odysseus on 14/08/2019 - 01:28
    +7

    Reads more like a sales pitch than a fair comparison.

    The benefits listed against 28 Degrees are either highly subjective, or not applicable for many e.g. I doubt many carry a balance here so it doesn't matter what the interest rate is. And then if you're looking at that as a financial gain, it should be measured against the significant cost which was only done generally at the end.

  • cooni on 14/08/2019 - 06:16
    +8

    Annual fee, no insurances, no points. What are you even paying for? Where is the bargain?

    I can’t even think of a niche use case where there isn’t a better offering on the market.

    • ValueInvesting on 14/08/2019 - 08:05
      +2

      Agree. This post belongs in the forums

  • john71 on 14/08/2019 - 06:39
    +2

    "No International Fee's" - but plenty of free apostrophes.

  • bigspike on 14/08/2019 - 07:04

    While they list no international fees, is there a spread on the conversion rate above the official rate?

  • PorkHunt on 14/08/2019 - 07:27

    Do all these financial institutions have the same exchange rate when purchasing from overseas? Like for example if I use all of these no international fee cards to buy the same item thats worth $60 USD, will all the credit cards convert it to the same value in AUD? Or do some have better exchange rates?

  • PurchaseAnxiety on 14/08/2019 - 07:38
    +2

    Imo, any card charging an annual fee without any significant perks in return is not a bargain.

  • Javin on 14/08/2019 - 07:56
    +4

    This is not a bargain deal for credit card that has annual fee with less features compared to zero annual fee cards

  • mtr on 14/08/2019 - 07:57
    +4

    No deal here. $69 fee, no points and better competing products in the market.

  • utopia on 14/08/2019 - 08:03
    +4

    It's not even close. How can a $69 card 'take on' 28d? Delusional

  • ChatCPT on 14/08/2019 - 08:44

    Lol how did this make it to the front page? Have you seen the deals this forum serves up>

    "…new low fee credit card that takes on Bankwest Zero Platinum, 28 Degrees, ING Orange One and Commbank Low Fee Gold." No 28 degrees poops all over this "deal"

  • rocketpoweredmice on 14/08/2019 - 09:52

    A $69 fee card does NOT compete with zero fee cards.
    If you are considering a $2000 limit, then I would suggest a $69 fee is prohibitively expensive (and also a fee-free visa debit card is probably more appropriate)
    Seems more suitable for a forum post discussion, rather than a deal/bargain.
    Is not discounted from base price, nor is it the cheapest/higher value option.

  • MuddyClear on 14/08/2019 - 10:22
    +1

    The annual fee and no travel insurance kills the deal for people who are sensible (pay on time) with their credit cards.

  • john_conner on 14/08/2019 - 13:14

    Logged in just to neg.

    Just get:
    https://www1.citibank.com.au/banking/bank-accounts/citibank-…
    + 28 degrees

    /end

    • jollster101 on 14/08/2019 - 13:30

      Does anybody know if Citibank cater for fast payments via Osko with this bank account?

  • kipps on 14/08/2019 - 13:17

    This isn’t a deal. $69 annual fee kills it.

  • No ONE on 14/08/2019 - 19:17

    Thanks for the effort. How is this a deal. You have provided the comparison yourself with 28D & Bankwest and really there is nothing compared as to what it offers apart from a heft annual fee.

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