Bank of Sydney Platinum 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 Platinum Mastercard

Allowing cardholders to earn cashback rewards on their everyday spending, the Bank of Sydney Platinum Mastercard provides an appealing alternative to the traditional rewards card. Extras on this card include complimentary travel and purchase cover, access to Mastercard Travel and Lifestyle Services and Priceless Cities, and an intro rate of 6.99% p.a. on purchases and 0% p.a. on balance transfers for six months for new customers.

What we love...

Unlike many rewards cards, the Bank of Sydney Platinum Mastercard is not linked to a rewards program. Instead, it allows cardholders to earn cashback on their card spend. So, for every $1,000 you spend on eligible purchases on the card, you will get $8 credited back to your linked Bank of Sydney savings account.

This can offer a great alternative for cardholders who don’t want the complexity of a traditional rewards program. Instead of spending time finding out what you can earn points on, and what you can redeem points for, you simply get cashback straight into your account to spend as you like. There doesn’t seem to be a cap on the amount of cashback you can earn on this card – unlike the bank’s classic card – and obviously, there is no cap on the cashback you receive.

Bank of Sydney also has a two-part special introductory offer on this card for new customers. First up, you can enjoy a special introductory rate of 6.99% p.a. on purchases for six months, which could help you save a significant amount on the standard purchase rate. However, if you clear your balance each month, you could save even more with up to 55 days interest free on all purchases.

The second part of the intro offer involves balance transfers. As a new cardholder, you can benefit from a rate of 0% p.a. on balance transfers for six months, which could help you pay off an existing credit card balance faster, while paying less in interest overall. Take note, you cannot transfer a balance from another Bank of Sydney account.

What’s not so great...

As with most platinum rewards cards, the interest rate on the Bank of Sydney Platinum Mastercard is not particularly low. While it’s somewhat lower than most platinum rewards offerings, it’s still not a card you want to carry a balance on. Instead, make the most of the card by paying off the balance in full each month to avoid interest accruing.

New cardholders should also consider how much they plan to spend on this card. While its cashback system is nice, you would need to spend at least $16,000 per year on the card just to cancel out the annual fee. Like most rewards cards, this one rewards big spenders most of all.

Why should you choose this card?

If you’re looking for an alternative to the big banks, the Bank of Sydney Platinum Mastercard could be well worth a closer look. It provides a simple way to earn money back on everyday card spending, and there are no complicated rewards programs or expensive membership fees to worry about. You get cashback to spend as you like, end of story.

Aside from its rewards and intro offers, the card also provides a few platinum perks to cardholders. These include overseas travel, interstate flight, extended warranty, purchase security, and transport accident insurance, and access to one-of-a-kind experiences in some of the world's greatest cities via Mastercard’s Priceless Cities.

A personal concierge service is also provided via Mastercard, through Mastercard Travel and Lifestyle Services. This handy feature allows cardholders to call up and ask for information about the area they are in, such as where they should go for dinner or even what the weather will be like. The concierge can also assist with travel bookings, theatre reservations, arranging business services and gift sourcing and delivery.

Overall Rating

A platinum offering from a challenger bank, the Bank of Sydney Platinum Mastercard provides cashback on card spending, a range of platinum perks, and intro offers of 6.99% p.a. on purchases and 0% p.a. on balance transfers for six months.