- 6.99% p.a. on purchases and 0% p.a. on balance transfers for six months for new customers
- $4 cashback for every $1,000 spent
- Up to 55 days interest-free period on all purchases
- Free additional cardholder
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Bank of Sydney Credit Cards
Discontinued: Bank of Sydney Classic Mastercard
Updated 1 November 2024
This card is no longer available for application. This information has been left for those who still have the card or were previously interested
As a low cost card, the Bank of Sydney Classic Mastercard offers a low annual fee and low ongoing purchase rate, following a special introductory rate of 6.99% p.a. on purchases for the first six months. The card also offer 0% p.a. on balance transfers for six months, with extras that include cashback rewards and access to Mastercard’s Priceless Cities.
Purchase Rate (p.a)
6.99% p.a.
for 6 months. Reverts to 11.99% p.a.
Balance Transfer (p.a)
0% for 6 months
No balance transfer fee.
Reverts to 11.99% p.a.
Annual Fee (p.a)
$49
Pros and cons
- For cashback there is a minimum spend of $5,000 on eligible purchases annually and capped at $30,000
Creditcard.com.au review
Editor Review
Discontinued: Bank of Sydney Classic Mastercard
Pauline Hatch
Pauline is a personal finance expert at CreditCard.com.au, with 9 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.
The Bank of Sydney Classic Mastercard
As a low cost card, the Bank of Sydney Classic Mastercard offers a low annual fee and low ongoing purchase rate, following a special introductory rate of 6.99% p.a. on purchases for the first six months. The card also offer 0% p.a. on balance transfers for six months, with extras that include cashback rewards and access to Mastercard’s Priceless Cities.
What we love...
One of the most attractive features of the Bank of Sydney Classic Mastercard is its low cost. As a classic card, it keeps things fairly simple, but it does have a low annual fee and a low ongoing purchase rate to make up for its lack of fancy features. New cardholders can enjoy even more money-saving, with a special introductory rate of 6.99% p.a. on purchases for the first six months.
Staying on the theme of interest, the card also provides up to 55 days interest free on purchases. As long as you understand how this feature works, it can help to save you on interest as you keep your balance at zero. The main point to remember is that this feature does not apply to accounts with a balance transfer, or a balance that has been carried over from the previous month.
While the card may be somewhat simple, cardholders may be interested to know that it offers cashback rewards, despite its low cost status. You will earn $4 for every $1,000 you spend on the card, helping you earn something back on your everyday card spending. These cash rewards are credited directly to your linked Bank of Sydney savings account.
Take note, there is a minimum spend of $5,000 for these cashback rewards to apply, capped at a maximum of $30,000 per year. If you spend that $30,000 on your card, you would earn $120 back within the year. Subtract the annual fee, and you have earned just over $70, to then essentially use your card for free (as long as you avoid interest accruing).
While it may not sound like much, it is a system that’s easy to understand. Unlike many of the other rewards programs out there, this is simple and doesn’t require any effort on your part. No membership fees, no excessive small print, no wondering how to make the most of your rewards. Your cashback is placed in your savings account for you to do with as you like.
Another feature worth pointing out here is the card’s balance transfer offer. As a new cardholder, you can benefit from 0% p.a. on balance transfers for six months. This could give you the time you need to pay down any existing credit card debt you have, as you pay less in interest and clear your balance faster.
What’s not so great...
As a low cost card, the Bank of Sydney Classic Mastercard keeps its offering basic. While it does offer cardholders the opportunity to earn cashback on their spending, some cardholders may prefer to earn points that can be used within a classic rewards program. If this is the case, it could be a good idea to check out what’s on offer elsewhere.
Why should you choose this card?
If you want to keep costs low while earning a little something back on your spending, the Bank of Sydney Classic Mastercard could help you do just that. With its low purchase rate – especially its intro purchase rate – it could help cardholders who carry a balance to save on the interest they pay. Similarly, with its low annual fee, it could appeal to those who simply want to save money while enjoying access to credit.
Overall Rating
Providing an alternative option from a lesser-known bank, the Bank of Sydney Classic Mastercard has a low ongoing purchase rate and low annual fee, plus an intro offer of 6.99% p.a. on purchases and 0% p.a. on balance transfers for six months.
User reviews
Rates and fees
Interest rates
Purchase rate 11.99% p.a.
Introductory purchase rate 6.99% p.a. for 6 months
Cash advance rate 19.49% p.a.
Interest free period on purchases up to 55 days
Balance transfer
Balance transfer rate 0% p.a. for 6 months
Balance transfer revert rate 11.99% p.a.
Balance transfer from personal loan No
Balance transfer fee No fee
Balance transfer limit N/A
Brands you can't balance transfer from Bank of Sydney
Credit limits
Minimum credit limit $500
Maximum credit limit N/A
Fees & repayments
Annual fee $49 p.a.
Additional cardholder fee $0 p.a.
Foreign transaction fee 3%
Minimum repayment 3% or $10, whichever is greater
Cash advance fee 3% or $3, whichever is greater
Late payment fee $10
Additional features
Complimentary insurance
International Travel Insurance No
Flight Inconvenience Insurance No
Transit Accident Insurance No
Smartphone Screen Insurance No
Purchase Protection Insurance No
Extended Warranty Insurance No
Rental Vehicle Excess In Australia Insurance No
Extras
$4 cashback for every $1,000 spent
Overview
Discontinued: Bank of Sydney Classic Mastercard
The Bank of Sydney Classic Mastercard offers an introductory rate of 6.99% p.a. on purchases and 0% p.a. on balance transfers for the first 6 months.
Key features
- Earn $4 cashback for every $1000 on all eligible purchases without expiry
- 0% p.a. for 6 months on balance transfers. Reverts to purchase rate
- 6.99% p.a. on purchases for the first 6 months
- Up to 55 days interest free period on purchases
- Free additional cardholder
Minimum criteria to apply for this card
-
Be over 18 years old
-
Good Credit and have not applied for multiple credit cards recently
-
You have your personal details ready to complete the online application
Pauline is a personal finance expert at CreditCard.com.au, with 9 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger
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