The Bank of Sydney Platinum Mastercard is a cashback rewards card that offers $8 back for every $1,000 of eligible spending, which is equivalent to a 0.8% cashback rate. It also offers a 6.99% p.a. interest rate on purchases for the first 6 months, which goes to 18.49% p.a. after that. Its $129 annual fee is competitive with other cashback and platinum cards but unlike most credit cards on the market, it’s only available to new or existing Bank of Sydney home loan customers.
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Bank of Sydney Platinum Mastercard Credit Card
Terms and conditions apply
- Balance transfer rate for 6 months with no balance transfer fee
- 0% p.a.
- Purchase rate for the first 6 months (reverts to 18.49%)
- 6.99% p.a.
- Annual fee
- $129 p.a.
- Interest-free on purchases
- Up to 55 days
Our verdict
Offers an introductory 6.99% p.a. interest rate on purchases for 6 months and cashback, but is only available to eligible home loan customers.
The Bank of Sydney Platinum Mastercard offers both cashback rewards and platinum perks for current or new home loan customers of the bank, including complimentary insurances. If you have some big-ticket items to buy, the introductory 6.99% p.a. purchase rate gives you a way to save on interest for the first 6 months. The 18.49% p.a. interest rate that applies after that is on par with other similar credit cards. But if you think you’ll carry-over a balance, keep in mind that some other credit cards offer 0% interest on purchases for 6 months or more.
Pros
-
Introductory 6.99% p.a. purchase rate for 6 months
-
Competitive cashback rate of $8 per $1,000 of eligible spending
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Complimentary insurances
Cons
-
Only available to new or existing customers
-
3% foreign transaction fee
Details
Product details
| Product Name | Bank of Sydney Platinum Mastercard |
| Balance transfer rate p.a. | 0% for 6 months, then 18.49% |
| Balance transfer limit | 95% of available limit |
| Purchase rate p.a. | 6.99% for 6 months, then 18.49% |
| Interest-free period | Up to 55 days on purchases |
| Cash advance rate p.a. | 19.49% |
| Min credit limit | $6,000 |
| Card type | Mastercard |
Eligibility
| Joint application | Yes |
Rewards
| Bonus points | N/A |
Fees
| Annual fee | $129 |
| Minimum monthly repayment | 3% of the closing balance or $10, whichever is greater |
| Late payment fee | $10 |
| Foreign currency conversion fee | 3% |
| Cash advance fee | 3% or $3, whichever is greater |
| Additional cardholder fee | $0 |
How to apply
If you're a new or existing home loan customer, you can apply for a Bank of Sydney Platinum Mastercard by filling in an enquiry form online. Alternatively, you could visit a branch or call 13 95 00.
If you're eligible, you'll need to provide some key documents and details as part of the application, including:
- Bank of Sydney home loan details
- Personal details and ID
- Financial details
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Amy Finder
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