Macquarie Rewards is a credit card program that lets you earn points on all eligible purchases you make with a Macquarie Platinum Card or Macquarie Black Card. You can redeem your points online for cashback or eGift cards from over 50 brands including JB Hi-Fi, Myer, THE ICONIC and Woolworths.
Covid-19 Disclaimer
Due to the Covid-19 pandemic, the Macquarie Bank credit cards are not currently available for new applications. If you already have a credit card with Macquarie Rewards, we've covered the key information on earning and redeeming points – plus how to decide if this program is worth it for you.
How to earn Macquarie Rewards points
The Macquarie Platinum or Macquarie Black credit cards offer the following earn rates on your spending.
Card type | Reward points earn rate | Points cap |
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Macquarie Platinum | Earn 1.25 points per $1 spent on eligible purchases. | 200,000 points per year. |
Macquarie Black | Earn 2 points per $1 spent on eligible purchases. | None |
What counts as "eligible spending"?
Most everyday transactions are eligible to earn points, including dining out, petrol and shopping for clothes or at the supermarket. Transactions that don't earn points are less common and includes BPAY payments, cash advances, balance transfers, credit card rates and fee costs, any refunded transactions and government charges.
What rewards can you get with your points?
Currently, you have two ways to redeem Macquarie Rewards points:
- eGift cards. You can redeem your points for digital gift cards from leading brands including Bunnings Warehouse, Myer, JB Hi-Fi and Woolworths. Redemptions start from 3,850 points for a $20 digital gift card.
- Cashback. You can redeem Macquarie Rewards points for cashback to an eligible Macquarie account, starting from $20 cashback for 5,500 points.
How much are Macquarie Bank credit card rewards points worth?
Macquarie Rewards points typically give you $5.19 value per 1,000 points if you redeem them for eGift cards, or $3.64 (rounded to the nearest cent) if you redeem them for cashback.
To give you an idea, here are some examples of different reward values, based on the details shown on the Macquarie Bank website.
Points needed | Reward | Reward value in dollars | Value per 1,000 points | Good for: |
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3,850 | $20 Woolworths eGift card | $20 | $5.19 | Saving on your supermarket shopping |
19,250 | $100 Flight Centre eGift card | $100 | $5.19 | Travel you're already planning to book |
27,500 | $100 cashback | $100 | $3.64 | Saving on your card spending |
55,000 | $200 cashback | $200 | $3.64 | Helping pay off a big ticket item |
Keep in mind that point and reward values can change, so it's a good idea to log into your Macquarie Rewards credit card account to check current details.
If you want to work out values for different rewards, you can also use Finder's guide to calculating the values of rewards points as a cheat sheet.
Ways to boost your Macquarie Rewards balance
- Additional cardholders. Sharing your account with a partner or other family member gives you a way to earn points faster, as any eligible spending they do with their additional card will also earn you points. Note that you will still be responsible for paying off the balance and keeping the account in good standing.
How to redeem Macquarie Rewards points
You can redeem your Macquarie Rewards points through the Macquarie Mobile Banking app or Macquarie Online. Once you have logged in to your account, you will be able to see your point balance and browse rewards from the following two categories:
Steps to redeem Macquarie Rewards points
- Log into your account through Macquarie Online Banking or the Macquarie Mobile Banking app.
- Click through to Macquarie Marketplace.
- Choose between Cashback and eGift cards, then follow the prompts to complete your redemption.
How to decide if the Macquarie Bank credit card rewards program is worth it for you
Both the Macquarie Black and Platinum credit cards attract an annual fee, so you'll need to weigh up whether the value of the rewards you're likely to receive will offset this cost.
For the Black card the annual fee is $149, while for the Platinum card it's $99, so you'd need to spend around $14,400 and $15,400 respectively just to earn back your annual fee. And if you had the Platinum card, the maximum value you could get would be $1,290 from gift cards (based on the spending cap).
So, ask yourself how much you'll use the card and if the eGift cards or cashback rewards are actually useful and valuable to you.
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