Changes to your Macquarie credit card

What's changing

We regularly review our pricing and rates across all our products, and after careful consideration, we’re making some important changes to our credit card offering and fees from Monday 1 July 2024.

Fees

We’re reducing the number of fees we charge down to three:

an annual primary cardholder fee
a cash advance fee
a late payment fee.

We’ve made changes to our annual primary cardholder fee. This fee will be applied on the anniversary of the date we first issued a card to you (after 1 July 2024) unless in specific circumstances your fee is waived.

Macquarie Rewards

We’re reducing the rate at which you earn Macquarie Rewards Points and increasing the cost of redeeming points for eGift cards and cashbacks on our two Macquarie Rewards credit cards.

Variable purchase and cash rate

Your variable purchase and cash advance rates will both be updated to the current variable rates on our website (if you aren’t on these rates already).

Changes to each Macquarie credit card

Macquarie Rewards Black

Annual Primary Cardholder Fee

This fee is changing to $249 p.a.

This fee will be applied to your account on each anniversary of the date we first issued a card to you.

If you have a Macquarie Offset Home Loan Package, this fee is waived for the period you hold this package with us.

Macquarie rewards

You can continue to earn unlimited Macquarie Reward Points each year.

We’re changing the rate at which you earn points each statement cycle:

You’ll earn 2 points for every $1 spent on eligible purchases up to and including $10,000.
You’ll earn 0.5 points for every $1 spent on eligible purchase over $10,000.

The cost of redeeming your points for eGift cards and cashbacks is also increasing. For example, you’ll need 4,255 points to redeem a $20 eGift card or 6,250 points to redeem $20 in cashback. See below for further detail.

Variable purchase and cash advance rates

Your variable purchase and cash advance rates will both be updated to the current variable rate of 20.70% p.a. (if you are not on this rate already).

If you’re on a promotional rate offer, you’ll automatically revert to the above variable rate when the promotional period expires.

Macquarie Rewards Platinum

Annual Primary Cardholder Fee

This fee is changing to $149 p.a.

This fee will be applied to your account on each anniversary of the date we first issued a card to you.

If you have a Macquarie Offset Home Loan Package, this fee is waived for the period you hold this package with us.

Macquarie Rewards

We’re removing your annual points cap, so you can now earn unlimited Macquarie Reward Points each year.

We’re changing the rate at which you earn points each statement cycle:

You’ll earn 1 point for every $1 spent on eligible purchases up to and including $5,000.
You’ll earn 0.5 points for every $1 spent on eligible purchase over $5,000.

The cost of redeeming your points for eGift cards and cashbacks is also increasing. For example, you’ll need 4,255 points to redeem a $20 eGift card or 6,250 points to redeem $20 in cashback. See below for further detail.

Variable purchase and cash advance rates

Your variable purchase and cash advance rates will both be updated to the current variable rate of 20.70% p.a. (if you aren’t on this rate already).

If you’re on a promotional rate offer, you’ll automatically revert to the above variable rate when the promotional period expires.

Macquarie RateSaver

Annual Primary Cardholder Fee

This fee will be updated to the current fee of $69 p.a. (if you aren’t on this fee already).

This will be applied to your account on each anniversary of the date we first issued a card to you.

Macquarie Rewards

This is a lower cost credit card, which doesn’t earn Macquarie Reward Points.

Variable purchase and cash advance rates

Your variable purchase and cash advance rates will both be updated to the current variable rate of 15.95% p.a. (if you aren’t on this rate already).

If you’re on a promotional rate offer, you’ll automatically revert to the above variable rate when the promotional period expires.

When these changes will impact you

Fees

Annual primary cardholder fee – this fee is applied to your account on each anniversary of the date we first issued a card to you. Your new annual fee will be applied to your account on your anniversary date from 1 July 2024 unless in specific circumstances your fee is waived.

For example, if your anniversary date is 30 June, the new annual fee will be applied to your account on 30 June 2025 (being your first anniversary date from 1 July 2024).

There are no changes to the cash advance fee and late payment fee.

All other fees will cease to be charged from 1 July 2024.

Find out more

Macquarie Rewards

The decrease to the Macquarie Rewards Program points earn rates and the increase to the cost of the points redemption rate will both become effective from 1 July 2024.

The timing of the change to the Macquarie Rewards Program earn rate will become effective for your statement cycle commencing in July 2024. For example, if your statement billing cycle is from 15 June 2024 to 14 July 2024, these changes will become effective in your next statement billing cycle commencing 15 July 2024.

The change to the Macquarie Rewards Program redemption rate (i.e. the number of points required to redeem eGiftcards or Cashback) will be effective on 1 July 2024 for all customers.

The existing annual $200,000 annual spend limit to earn Macquarie Reward Points on the Macquarie Platinum Rewards Card will be removed on 1 July 2024.

Find out more

Variable purchase and cash advance rates

Your variable purchase and cash advance rates will both be updated to the current variable rate of 20.70% p.a. for the Macquarie Black and Platinum Cards and 15.95% p.a. for the Macquarie RateSaver Card.

These variable rates will become effective from 1 July 2024. However, this timing will vary depending on your statement billing cycle, the updated interest rates will take effect from the statement cycle that begins in July.

For example, if your statement billing cycle is from 15 June 2024 to 14 July 2024 and your variable purchase and cash advance rate is changing to 20.70%, this rate will become effective for your statement billing cycle commencing 15 July 2024.

Find out more

Fees

What's changing?

Prior to 1 July 2024, across all our cards, you may have been subject to some or all of the following fees:

additional cardholder fee
information request fee
over the counter transaction fee
dishonour fee
voucher request fee.

From 1 July 2024, we’re reducing the number of fees we charge down to three:

1. Annual Primary Cardholder Fee: This annual fee varies based on which Macquarie Credit Card you have. This can be $69, $149 or $249.

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

3. Late Payment Fee: $20 per statement period. This applies if all amounts due are not paid by the payment due date, debited to your account within five business days of the payment due date.

We note that the Cash Advance Fee and the Late Payment Fee are unchanged.

Macquarie credit cards offer $0 international transaction fees on overseas purchases, both in-store and online.

Should I be charged an annual fee?

If you have a Macquarie Offset Home Loan Package, the annual primary cardholder fee will be waived for the period you hold this Macquarie Offset Home Loan Package with us.

Experiencing financial difficulty?

The changes set out in this support page will not impact any financial assistance arrangement or payment plan you are currently under.

If you feel you may not be able to meet your regular repayments or some other financial obligation under your credit card contract(s), please contact us on 1800 674 922.

Macquarie Rewards

What's changing?

We’re reducing the rate in which you earn points per statement cycle. Please see the table below for further detail:

Up until 30 June 2024

From 1 July 2024

Macquarie Rewards Black Card

You’ll earn 2 Macquarie Reward Points for every $1 spent on eligible purchases.

Continue to earn unlimited Macquarie Reward Points each year.

Per statement cycle, you’ll earn:

2 points for every $1 spent on eligible purchases up to and including $10,000.
0.5 points for every $1 spent on eligible purchases over $10,000.

Macquarie Rewards Platinum Card

You’ll earn 1.25 Macquarie Reward Points for every $1 spent on eligible purchases up to $200,000 of spend annually.

You can now earn unlimited Macquarie Reward Points each year.

Per statement cycle, you’ll earn:

1 point for every $1 spent on eligible purchases up to and including $5,000.
0.5 points for every $1 spent on eligible purchases over $5,000.

We are also increasing the points cost to redeem eGift Cards and Cashbacks on 1 July 2024. Please see the table below for further detail:

eGift Cards

Macquarie Reward Points Required
Reward value $	Up until 30 June 2024	From 1 July 2024
$20.00	3,850	4,255
$50.00	9,625	10,638
$100.00	19,250	21,277
$200.00	38,500	42,553
$500.00	96,250	106,383
$1,000.00	192,500	212,766

Cashbacks

Macquarie Reward Points required
Reward value $	Up until 30 June 2024	From 1 July 2024
$20.00	5,500	6,250
$50.00	13,750	15,625
$100.00	27,500	31,250
$200.00	55,000	62,500
$500.00	137,500	156,250
$1,000.00	275,000	312,500

What are Macquarie Rewards?

Macquarie Rewards are the reward points earned through the Macquarie Rewards Program by eligible purchases made on your Macquarie credit card account. Learn more about how to earn and redeem Macquarie Reward Points in Help Centre.

Do Macquarie Reward Points expire?

No, your Macquarie Reward Points will not expire so long as your account remains open.

What can I earn Macquarie Rewards on?

You will earn Macquarie Reward Points for each $1 spent on eligible purchases made on your account (rounded up or down to the nearest whole dollar value of the eligible Purchase) in each statement period.

You will not earn Macquarie Reward Points on any of the following types of transactions (which will not be eligible Purchases):

GST and government charges (including fines paid to any government agency)
payments made to the Australian Tax Office
interest and other bank fees and charges (including any GST payable on any of these)
BPAY^® payments, ie bill payments and other payments made through the BPAY Electronic Payments Scheme
cash advances
transactions for items that are directly convertible to cash (including, but not limited to, purchase of foreign currency and travellers cheques) or cash equivalent transactions
balance transfers
transactions deemed by us to be for operating a business or in connection with business expenditure
transactions that are reversed (refunds)
payments for credit card protection insurance, or
transactions related to gambling (to the extent that these transactions can be made on your account).

You won’t earn Macquarie Reward Points on any Transactions if:

your Macquarie Rewards account has been closed (including for any of the reasons set out in section 7 below), or
your credit card account is suspended, cancelled or terminated.

We may also restrict your ability to earn Macquarie Reward Points if you or an additional cardholder are in breach of the Macquarie Rewards Program Terms and Conditions or the Macquarie Credit Card Conditions of Use in a manner we reasonably consider involves a material risk to us or is materially adverse to us. We’ll act reasonably in relation to this decision. You’ll also not be able to access any functionality relating to the Macquarie Rewards Program on the Macquarie Mobile Banking App and Macquarie Online whilst your account is restricted from earning Macquarie Reward Points.

For more details, please refer to our Macquarie Terms and Conditions documents below.

Macquarie Rewards Terms and Conditions

Macquarie Rewards terms and conditions

Conditions of Use

How can I redeem my Macquarie Reward Points?

You can redeem your Macquarie Reward Points using Macquarie Online Banking or the Macquarie Mobile Banking App. For more information, visit our Help Centre page.

How can I check my Macquarie Rewards balance?

You (as the primary cardholder) can view your points at any time via Macquarie Online Banking or the Macquarie Mobile Banking App.

To view your Macquarie Reward Points balance in Macquarie Online Banking:

Hover over your credit card in the accounts list
Select I want to
Select View reward points in the menu drop-down.

To view your Macquarie Reward Points balance in the Macquarie Mobile Banking app:

Select your credit card account from the account list
Select the I want to button
Select View reward points.

Your Reward Points are displayed at the top of the screen.

What can I redeem using my Macquarie Reward Points?

You can redeem your Macquarie Reward Points for either:

eGift cards
Cashback.

You can redeem your Macquarie Reward Points for eGift cards at over 50 leading retailers including Myer, Woolworths, Harvey Norman, Amazon, Amart, JB Hi Fi and Bunnings Warehouse (as at 3 April 2024). For more information visit our Marketplace website. Note, as our program is fully digital, we don’t offer physical gift cards.

You can also choose to redeem points for cashback into an eligible Macquarie account.

Cashback can take up to four business days to appear in your nominated Macquarie account. You can view your Cashback redemption history when you log on.

Please note that if your nominated Macquarie account is a Macquarie home loan, cashback is not treated as a payment to this account. You must still pay the full contractual amount required under your Macquarie account terms and conditions.

You may be prevented from redeeming points if you haven’t activated your credit card or you’re in breach of your account Conditions of Use, for example, if you haven’t made your minimum monthly repayments.

Variable purchase and cash rate

What's changing?

What's changing?

Your variable purchase and cash advance rates will both be updated to the current variable rate.

This rate is 20.70% p.a. for the Macquarie Black and Macquarie Platinum card, and 15.95% p.a. for the Macquarie RateSaver card.

If you’re on a promotional rate offer, you’ll revert to the above variable rate when the promotional period expires.

More information

How do I find out which card I have?

To check your credit card type in Macquarie Online Banking:

Select Accounts > All accounts on the left-hand side
Scroll to the sub heading Credit Cards
Under Product the card type will be displayed (eg ‘Macquarie Black Card’)

To check your credit card type in the Macquarie Mobile Banking app:

Select your credit card account
At the top of the screen the card type will be displayed (e.g. ‘Macquarie Black Card’)

How do I switch to a different credit card?

We have temporarily paused this process until 1 July 2024.

We understand that at times our customers may experience financial difficulty and require financial assistance. If you're experiencing financial difficulty, and can’t meet your regular repayments or other financial obligations, please get in touch with us as soon as possible so we can work together to find the right solution for you.

How do I close my credit card account?

If you decide that the Macquarie credit card is no longer right for you, please follow the steps below to close your account via Macquarie Online or Macquarie Mobile Banking.

Please note in order to do this, the following conditions apply:

you must have paid off your balance in full prior to closing your account
your participation in the Macquarie Reward Program will be automatically cancelled and you’ll forfeit all Macquarie Reward Points you haven’t redeemed.

To close your credit card in Macquarie Online Banking:

Hover over your credit card account in the account list
Select I want to
Select View account details in the menu drop-down
Select Close Account. This appears on the right of the screen next to Account Summary.

To close your credit card in the Macquarie Mobile Banking app:

Select your credit card account
Select the I want to button
Select View account details
Scroll down and select Account closure.

If you are unable to close your account via Macquarie Online or Macquarie Mobile Banking, you can get in touch with us via live chat by logging into Macquarie Online via your browser.

Additional information

This information is provided by Macquarie Bank Limited (ABN 46 008 583 542, Australian Credit Licence 237502), which is the issuer of the Macquarie Credit Cards.

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