Australia's First Rewards Transaction Account and a Platinum Debit MasterCard with No monthly fee at Bankwest

coolsteps on 11/10/2012 - 17:31

Get rewarded for your everyday banking and buy yourself something! earn points on your balances and every time you use your Debit MasterCard

  • no overseas ATM withdrawal fees
  • no monthly account fee when you deposit at least $2,000 per month (e.g. your salary)

The only con I can see at first glance is the interest rate is 0.01% p.a. and you need to deposit 2k every month but these can be overcome by i.e probably by transferring $1000 back forth 4 times to a linked high interest savings account like the telnet saver I think?

I know another option is the ING organe account with a visa paywave as they are offering 5% cash back until 30th june 2013 but what are peoples thoughts on this new BW account?

http://www.bankwest.com.au/personal/everyday-accounts/everyd…

They also now have a Platinum Debit MasterCard with No monthly fee, simply deposit at least $4,000 per month to maintain your card. This can be achieved i.e probably by transferring $1000 back forth 4 times to a linked high interest savings account like the telnet saver i think?

Not sure if its fee free on purchases made overseas like their platinum credit cards either? what are peoples thoughts on this card?

24/7 Platinum concierge service
Our Platinum concierge service is on hand 24/7 to help you manage your busy life style. Let the stress melt away with one call to our free phone number. It’s so easy and we’re always happy to help - here are some examples of where and how.

Travel Assistance Services
Let us take the pain out of organising your travel arrangements by leaving the planning to us. We can help you with flight information, referrals and reservations and should the unfortunate occur and your luggage goes missing, we’re available to help you track it down.

Lifestyle Services
If you’re looking to celebrate a special occasion with a romantic dinner, we can help with restaurant information, referrals and reservations. We’re also on hand if you need to book tickets for sports and entertainment events. If you’re heading somewhere unfamiliar, one call to us will point you in the direction of shopping precincts or specific merchants so you can shop to your heart’s content.

Medical Assistance Services
Need a doctor in a hurry? At 3am? In Tokyo? No problem. We can provide you with details of hospitals, clinics, doctors, dentists and other medical specialists. For more details, please refer to Platinum Concierge Services and Conditions of Use.

Platinum Protection for Complimentary Insurance

Worldwide Purchase Security
Three months’ insurance cover for loss, theft or accidental damage to anything you buy with your card both at home and overseas.

Extended Warranty
Warranties on certain purchases made in Australia can be covered for a further extended period beyond the manufacturer’s warranty.

http://www.bankwest.com.au/personal/everyday-accounts/debit-…

Not sure if the two above offers are worthy of a regular post so I posted in the forums but feel free to re post if you like.

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Comments

  • c64 on 11/10/2012 - 18:17
    +1

    i think the 5% rebate from ing is better than a rewards scheme. all rewards schemes are the same - ultimately you pay for it. and then commbank is involved …

  • ethereal88 on 11/10/2012 - 18:17

    Citibank Plus Transaction still better. No stupid monthly deposit limit, no foreign transaction fee for purchase online and fee free ATM's oversea's and here from partner ATM's, Citibank will not charge you.

    • c64 on 11/10/2012 - 18:21

      are the conversion rates competitive?

      • mrhorseham on 11/10/2012 - 18:59

        I bought something in USD using the Citibank card and the conversion was very close to that posted on visa website at the time. In short, yes conversion rates are competitive.

  • No on 11/10/2012 - 18:47
    +1

    Just did a quick calculation, if you averaged a $2000 balance in your account it will take 11.2 months to get a $25.00 woolies card. Forgetting compound interest because I cbf the same amount sitting in a telenet savings account will get you $102 in the same 11.2 month period.

    Personally I think I'll bite simply because its the exact same as the westpac transaction account I have now plus I might get some rewards and there's just as many CBA / Bankwest ATM's around me.

    My banking is getting awfully complicated thanks to Ozbargain. If theres pay pass its on INGDirect, if theres no paypass but amex is accepted its on the BMW amex card. If theres no pay pass and no amex its going to be on this bankwest card.

  • No on 11/10/2012 - 18:52

    Actually on a closer look it says:

    free unlimited electronic and counter transactions^

    But in the PDF it says they charge 25 cents for pay anyone and 20 cents for bpay?!

    Edit: actually the hero transaction account looks much better 4% PA the rest seems to be the same.

  • tanoshiiki on 12/10/2012 - 10:17

    Not sure how much value you would get out of the BankWest credit card rewards?

    I'd still recommend the ING account for its 50c credit when withdrawing $200 or more via EFTPOS (and the current 5% rebate PayWave promotion) in combination with the 28 Degrees for online/overseas transactions. I don't use credit all that much, so I've not bothered to apply for the BMW Amex card, but I hear good things about it!

    I use UBank for savings, but I know it's not always the most competitive with the frequent introductory rate offers around.

    I have the Citibank account too, but I find the online interface terrible. Unfortunately, I don't drink wine, so the Dining Partners program hasn't been of any use for me. I used it when I was travelling.

  • rewardscompared on 15/10/2012 - 11:31
    +1

    Card summary:
    - Earn up to 31 points per month for every $100 in your account (points are paid at the rate of 1 point per day for every $100 in your account)
    - Make purchases at Australian based retailers with your Rewards Debit MasterCard® to earn 5 points for every eligible purchase
    - Shop overseas online or whilst abroad to earn 10 points when you use your Debit MasterCard for eligible transactions

    So hypothetically if you :
    - have an average balance of $2000 in this account, that's 20 x 30 points, 600 per month or 7200 points per year
    - make 2 purchases at Myer/JB/Caltex/etc for 10 points per month, 120 per year
    - Shop online or overseas say once a month, for another 10 points, 120 per year

    Over the course of a year you'd earn 7440 points which are worth around $33.67 (http://rewardscompared.com/program/bankwest-more-rewards/744…).

    22,150 points are needed to redeem a $100 Woolworths WISH gift card, so you'd earn one of them after 3 years

  • coolsteps on 16/10/2012 - 01:01

    do you earn points if you choose payment by eftpos? are you covered for the platinum debit card insurance if you choose payment by eftpos? if you earn interest on a bank account you have tp pay tax on it but i wonder if this type of account rewards will have to be declared to the ato and be taxable ?

  • coolsteps on 16/10/2012 - 01:01

    do you earn points if you choose payment by eftpos? are you covered for the platinum debit card insurance if you choose payment by eftpos? if you earn interest on a bank account you have to pay tax on it but i wonder if this type of account rewards will have to be declared to the ato and be taxable ?

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